Yes, Utah County home sales have flatlined.  If you notice the graph below "sales as a percentage of homes sold" provided by the Utah County Association of Realtors.  The percentage of homes sold from September 2007 to April 2008 has been around 7%.  This means that about 7% of the current inventory is selling every month.  We have a 14 month saturation rate in the market (100/7=14).  Compare this to the summer of 2006 of a 5 month saturation rate. 



I don't believe the saturation rate will dip below the 7% range.  Nor do I believe we will see a 25% saturation rate for several years.  One can view the market as continuing to collapse or see the market as a buying opportunity.  I think it is a great time to buy in many sectors of the market.  Buyers are able to negotiate some awesome prices especially in the higher end homes.  I love some of the bank repo deals I see out their right now.

In fact, Team Teasdale has sold $6.7 million in Real Estate since the new year (01/01/08 to 05/08/08).  This equals 24 homes sold.  Why do people think nothing is selling???  Homes are selling that are priced correctly.

I have been selling for 13 years in Utah County and I considered the 1st quarter extremely busy.  It may be due to many part time and flaky Realtors quiting the business and getting real jobs.  This may have created excess work for those remaining in the business.  We have been busy with many buyers.  About half of the buyers were from out-of-state that have been buying homes.  Many of our listings priced between $500-$1million have been purchased with cash.  This is due to the jumbo loan problem and some rich Californians. 

If you have any comments about the market direction add to our blog.