Forget about all the hype or doomsday talk in the media.  Let's examine the true and accurate facts that are backed by data.  I will be using the Utah County Association of Realtors (UCAOR) data.  This is a compilation of all sold data via a Realtor in Utah County.  Which is probably about 90% of the true home sales in Utah County.  Upon examining the data this morning it is clear that in the 1st quarter of 2009 our county experienced the lowest number of homes sold in the past 5 years.  Here is the data:

2187 homes sold in the 1st quarter of 2005
2760 homes sold in the 1st quarter of 2006
2780 homes sold in the 1st quarter of 2007
1737 homes sold in the 1st quarter of 2008
1486 homes sold in the 1st quarter of 2009

You can see that the amount of homes sold has been drastically decreasing since 2007.  Keep in mind our population has been growning.  This is why we are seeing a strongly demand for rentals.  There is one bright spot in the data.  The amount of homes for sale has finally dropped.

4691 homes for sale in May 2007
5306 homes for sale in May 2008
4455 homes for sale in May 2009

This is very good sign because less inventory is in the market.  This gives the market an opportunity to stabalize and build a base.  From a statistical point of view you have a better probability of selling your home in 2009 than 2008.  As of May 2008 we had 7.9% of the homes selling per month compared to 9.5% of the homes selling per month in May of 2009.  This means the market has about a 10 month supply of homes.  If no more homes were put on the market it would take 10 months for the buyers to finish buying all the inventory. 

In my opinion the market is slightly improving over 2008.  Not by much but it is really improving.  I am starting to get a decent amount of new out-of-state buyers contact me daily via the internet again.  I have seen this very dead part of the market start to come back.  The only difference is that it is not mostly all Californians.  Sorry California I still like you guys but I guess you are not buying homes like you used to in Utah County.  I am anxiously awaiting the revival of the California market.  Let's hope the terminator can get something done in their state rather than hand out  IOU's. If Arnold is reading my blog I have a question for you.  Can you please send me an IOU for the missing Californian commissions?  That would be appreciated.

People ask me everyday if the bottom is in.  I tell them I am not sure but we are very close.  I tell them I have been waiting for the past three years to buy a rental.  When the market was climbing I was leary.  When the market came down over the past year I waited.  I have been selling homes in Utah County for 15 years and watching this market and data like a hawk.  Three weeks ago I purchased that rental I have been waiting for.  It was a non-owner occupied home and I got a nice 5.67% interest rate.  And it wasn't a foreclosure or short sale it was priced right.  There are incredible buys out their right now you just need to sift thru alot of garbage.  I plan to purchase another rental within the next 6 months.  What are you looking to buy?  Let me know I will find you something fabulous too! 

I would love to earn your business whether that is buying or selling.  Our family owned Real Estate company will treat you like family. 

Thanks for visiting our site! 

Paul Teasdale
Princiapl Broker
Team Teasdale Realty
(801) 491-7653