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2010-10-11 14:31:35
2010 Third Quarter Market Report

Believe it or not, we just entered the fourth quarter of 2010. Besides meaning that time is flying and it will be 2011 before we know it, it also means that it is time for a quarterly market analysis to better understand Utah's current real estate market. This market analysis will provide a very insightful look into the current trends within different aspects of the real estate market here in Utah.


I have included 16 different home sales graphs in this analysis. I have tried to put together graphs that would be insightful for just about all of my website users. For obvious reasons, many of these graphs have been left general to be applicable to more users. I would be more than happy, however, to create custom graphs according to your criteria and/or create a comparative market analysis for a specific property. Do not hesitate to ask me for a more detailed market analysis to be performed according to your exact needs and criteria. 


These graphs reveal trends in three different important aspects of the real estate market:

1. Median Sold Price (Blue Line)

2. Total Number of Homes Sold (Red Line)

3. Total Number of Homes Listed (Green Line)


In regards to these different aspects of the market, the following trends are revealed by these graphs:


1. Median Sold Price - In just about every graph, the median sold price has either increased or remained steady from the last quarter (the market is stabilizing in most if not all areas if not increasing in these areas).

Where this is most evident is in newer single family residences in Utah County with at least 3000 sq.ft. This is most likely due to the fact that these properties took the biggest hit during this recession as the majority of short sales and foreclosures happening to these properties. Many buyers have been waiting for the best time to upgrade to one of these homes and the graph shows that now may be the time. 


2. Total Number of Homes Sold - The total numbers of homes sold since 2002 has been very consistent and stable in most areas and has even continued to increase in several others. In other words, homes have continued to consistently sale during the recession but home prices dropped. So to sale your home, the list price had to be very competitive. 


3. Total Number of Homes Listed - During 2006, 2007 and 2008, there was a ridiculous amount of properties listed. Naturally, the principles of supply (increase) and demand (steady) caused the median sold price to decrease over time. In 2009 and especially in 2010, however, we have seen a steep decrease in supply, more closely matching the demand and the trends experienced prior to the 2006 housing boom. For this reason, it is thought that most types of real estate in Utah are not only stabilizing but will experience an  increase in prices during the next buying cycle. 

 

I would also expect to see a noticeable increase in the median sold prices in Saratoga Springs and Eagle Mountain with the completion of Pioneer Crossing and the refunding of the USDA Rural Development loan (which requires zero down payment and there are no mortgage insurance premiums or payments). 

 

It is my honest opinion that the best time to buy most types of real estate in most parts of Utah is right now until this Spring. A combination of low home prices, a slight increase in inventory (due to non-buying season), a slight decrease in demand (again due to non-buying season), and amazing interest rates combined with some amazing loan programs should provide very favorable buying conditions until April or so. This is an educated guess/speculation, but I feel strongly enough about this that my wife and I plan to buy before next April.


Be sure to review the next blog on current interest rates and loan programs to learn how great todays market truly is.


The quarterly home sales graphs are in the following order:

1. Utah home sales

2. Salt Lake County home sales

3. Wasatch County home sales

4. Utah County home sales

5. Utah County single family home sales built 2002-2007, 3000-5000 sq.ft. and at least .25 acres and a 3 car garage

6. Provo and Orem home sales

7. Provo and Orem single family home sales built 1995 or newer and at least 2500 sq.ft. and .2 acres

8. Provo and Orem condo and townhouse sales built 1990 or newer with at least 3 bedrooms

9. Lehi, American Fork and Pleasant Grove home sales

10. Lehi, American Fork and Pleasant Grove single family home sales built 2000 or newer with at least 3000 sq.ft. and .2 acres

11. Lehi, American Fork and Pleasant Grove condo and townhouse sales built 2000 or newer with at least 3 bedrooms

12. Springville, Mapleton and Spanish Fork home sales

13. Springville, Mapleton and Spanish Fork single family home sales built 1998 to 2007 with at least 3000 sq.ft and .23 acres. 

14. Springville, Mapleton and Spanish Fork condos and townhouse sales built 2000 or newer with 2-3 bedrooms

15. Payson, Salem and Santaquin home sales

16. Eagle Mountain and Saratoga Springs home sales


1. Utah home sales

Home Sales in Utah


2. Salt Lake County home sales

Salt Lake County Home Sales


3. Wasatch County Home Sales

Homes Sales in Wasatch County Utah


4. Utah County home sales

Utah County Home Sales


5. Utah County single family home sales built 2002 to 2007 with 3000 to 5000 sq.ft with at least 3 car garage and .25 acres

Utah County Single Family Home Sales with 3000-5000 sqft, 3+ car garage, .25 acres and built between 2002 to 2007


6. Provo and Orem home sales

Provo Orem Home Sales


7. Provo and Orem single family home sales built 1995 or newer

 

 
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