I thought I would post the current opinion by the CEO of the Utah County Association of Realtors.  I really like studying the data of the current market and sharing my opinion and opinions of others on my blog.  Here is the internal memo:





Utah County Association of REALTORS® 
Monthly Statistics 
  
To: Brokers and Agents 
From: Taylor Oldroyd, CEO Utah County Association of REALTORS®   
Subject: Monthly Statistics--October 2008  
 
 1 The positive trend of improving sales since December 07 is starting to slow. While the number of units sold this Oct of 355 is slightly better than last Oct's 338, the bad news is the YTD sold total is off 24 percent; DOM is up 55 percent, from 63 last year to 98 this Oct; while the number of active listings is down 12.5 percent to 4,587. 
 2 The stable prices we have seen in the past have started to weaken. From July to Aug our price only fell 3 percent but from Aug to Sept  we saw a 6 percent reduction and from Sept to Oct we are now off 10.5 percent…down to $264,000. 
 3 Condo's units sold this Oct is up compared to last Oct but YTD units sold is down 36 percent and DOM is up 29 percent. But price is holding steady with less than one percent drop. Number of active units for sale is down 21 percent.  
 4 Sales of homes priced above $500K continue to struggle. The month to month comaprison is down 50 percent from 20 last year to 10 this Oct. DOM is up 70 percent and YTD sales is down 42 percent. No homes priced above a million sold in Oct. 
   
Summary: Oct showed what months of bad national news will do. While the Utah economy remains one of the strongest in the nation, the yo-yo ride on wall street and the melt-down in Washington will erode even the confidence of King Arthur. While many sit on the fence, this strong buyers market continues to offer great deals for eager investors, first-time buyers, and seasoned veterans. This may be one of the best times to purchase a home in years. For sellers agents…be creative and patient. For buyers agents…have fun and remember the trust that has been placed in you. Serve your clients well.   

Memo is courtesy of the Utah County Association of Realtors.

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Welcome to my blog!  I manage Team Teasdale of Re/max Results Realty.  We are located  in Spanish Fork, Utah.
Our group combines proven traditional real estate practices and represents the leading edge in the future of real estate marketing by merging internet technologies, service, communication, information and analysis with those traditional practices to provide our clients with an exceptional real estate experience and superior marketing.

Paul Teasdale, Associate Broker
ABR, CRS, e-PRO, QSC, Finance BYU
14 Years Experience, 750+ Homes Sold
Team Teasdale, Utah County Real Estate
Phone: 801-491-7653

http://www.UtahCountyListings.com
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