Utah County Market Analysis - 1st Quarter 2010
The first quarter numbers for 2010 have just been released for Utah real estate sales and they are very revealing. I have attached several graphs with the numbers to make it easier to understand and interpret. If you would like a personalized market analysis for a specific subdivision, zip code, city or area or whatever other details, just let me know and I'll send one your way as soon as I can.
The first quarter numbers and these graphs reveal the following to me:
1. Home sales and prices in 2010 appear to be very similar to if not better than 2009. As a general trend, most of these graphs will show that more real estate sold in the first quarter of 2010 than sold during the first quarter 0f 2009.
2. Home prices are starting to stabilize and rebound. The median home prices of sold properties decreased less than expected in certain areas and actually increased in others (the winter months usually experience a decrease in both home sales and median home price).
3. An above average amount of homes were listed while only an average amount of homes were sold. In other words, the supply increased while the demand stayed the same.
4. The 2nd and 3rd quarters are the most active periods in the market.
5. Certain types of properties are selling very well while others are staying on the market much longer.
6. Great deals are going fast while overpriced properties are staying on the market a very long time.
Although it is hard to generalize, it appears that the market is stabilizing. With a surplus of supply combined with the traditionally slightly greater demand in the second and third quarters, it appears that home prices should stay relatively stable.
It will be interesting to find out the influence of the home buyer tax credit on the market. It would not be surprising to see a slight dip in prices in properties that are well suited for first time home buyers during the second quarter, but will likely be very temporary.
My observations are that good deals are going fast and overpriced properties are sitting. Buyers are still out there and many great deals are to come. Over the 2nd and 3rd quarters we are expected to have an influx of short-sales and bank owned properties (REO's). If you are qualified to buy but didn't qualify for the home buyer tax credit or couldn't buy in time to qualify, some great opportunities to buy are just around the corner!
If you can qualify for the federalhome buyer tax credit, some of the best deals to be had will be this month! It is not very often that you are given $8000 to buy a house, and that money can be used to buy furniture, help pay the mortgage, pay off other bills or for whatever else you so choose. Remember that the deadline to be under contract is April 30th to qualify for the credit!! For more information on the tax credit: http://federalhousingtaxcredit.com/
Here are some of the current best deals on the market:
Without further delay, the graphs (don't hesitate to contact me for more personalized graphs).
Utah home sales:
Utah County Home Sales:
Lehi and American Fork Home Sales:
Pleasant Grove to Springville Home Sales:
Pleasant Grove to Springville Single Family Home sales:
Pleasant Grove to Springville Townhouse and Condo sales:
Provo Home sales:
Provo Single Family Home sales:
Provo Townhouse and Condo sales:
Again, if you would like personalized charts and graphs for your current property or a type of property you want to but, don't hesitate to let me know. Thanks.
Jared Fields, JD
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