Is the Real Estate Home Market Improving in Utah County?
Here is the opinion of Paul Teasdale the Principal Broker of Team Teasdale Realty:
The summer of 2011 has been very busy. Our team has outsold the previous two years. Buyer's are attracted to the foreclosures, short sales and properly priced homes. Homes are selling. I have closed 42 homes since the start of 2011. Many Realtors are experiencing a nice summer boom. This is a relief since last summer did not feel the upswing.
Short sales are getting a little easier to get approval than compared to past years. I think it is an excellent time to buy and have personally bought two rental homes this year. I am putting my money where my mouth is and buying. I think the market may go down slightly over the next year or two. However, interest rates are at a forty year low. If you buy smart you will be able to avoid any real equity loss in a gentle declining market. As my Finance teacher taught at BYU many years ago, "Buy when everyone else is selling and Sell when everyone else is buying." The general feeling and mood is changing in Utah County.
Here is the opinion of Taylor Oldroyd, CEO of the Utah County Association of Realtors:
Sales continued to outpace last year, rising 26% from 360 in July of 2010 to 455 this July. That makes each month this year above last with the only exception last April when the incentive money was running out and buyers flooded the market.
Also trending ahead of last year is total year to date (YTD) sales, which are a solid 8% above last year, and hit 3,092 compared to 2,892. You have to go back to 2007 to see an YTD above 3K in July.
Condo sales might be the best example of the market improving: sales increased 61% from last month to 50 units, YTD is up 7% to 265 for the year, DOM is better by 12% to only 67 days, and active listings are down 18% to 346…this should help stabilize the price, which is down 19% from $129,900 to $105K.
Home prices did fall 12.5% from $199K to $174K but with active listing down 17% from 4,325 to 3,592, soon the rule of supply and demand will take hold and stabilize the prices.
I think there is a lot in July's stats to get excited about: price increased from last month, sales are up, DOM are down, and inventory is the lowest it’s been since Jan of 2007. The market reminds me of the quote from Bernadette Devlin: Yesterday I dared to struggle. Today I dare to win.
See Utah County Statistical graphs.
Welcome to my Utah County Real Estate blog! We are located in Mapleton, Utah. Our team 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, Principal Broker
ABR, CRS, e-PRO, QSC, Finance BYU
16 Years Experience, 850+ Homes Sold
Team Teasdale Realty, Utah County Real Estate
Phone: 801-491-7653
The summer of 2011 has been very busy. Our team has outsold the previous two years. Buyer's are attracted to the foreclosures, short sales and properly priced homes. Homes are selling. I have closed 42 homes since the start of 2011. Many Realtors are experiencing a nice summer boom. This is a relief since last summer did not feel the upswing.
Short sales are getting a little easier to get approval than compared to past years. I think it is an excellent time to buy and have personally bought two rental homes this year. I am putting my money where my mouth is and buying. I think the market may go down slightly over the next year or two. However, interest rates are at a forty year low. If you buy smart you will be able to avoid any real equity loss in a gentle declining market. As my Finance teacher taught at BYU many years ago, "Buy when everyone else is selling and Sell when everyone else is buying." The general feeling and mood is changing in Utah County.
Here is the opinion of Taylor Oldroyd, CEO of the Utah County Association of Realtors:
Sales continued to outpace last year, rising 26% from 360 in July of 2010 to 455 this July. That makes each month this year above last with the only exception last April when the incentive money was running out and buyers flooded the market.
Also trending ahead of last year is total year to date (YTD) sales, which are a solid 8% above last year, and hit 3,092 compared to 2,892. You have to go back to 2007 to see an YTD above 3K in July.
Condo sales might be the best example of the market improving: sales increased 61% from last month to 50 units, YTD is up 7% to 265 for the year, DOM is better by 12% to only 67 days, and active listings are down 18% to 346…this should help stabilize the price, which is down 19% from $129,900 to $105K.
Home prices did fall 12.5% from $199K to $174K but with active listing down 17% from 4,325 to 3,592, soon the rule of supply and demand will take hold and stabilize the prices.
I think there is a lot in July's stats to get excited about: price increased from last month, sales are up, DOM are down, and inventory is the lowest it’s been since Jan of 2007. The market reminds me of the quote from Bernadette Devlin: Yesterday I dared to struggle. Today I dare to win.
See Utah County Statistical graphs.
Welcome to my Utah County Real Estate blog! We are located in Mapleton, Utah. Our team 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, Principal Broker
ABR, CRS, e-PRO, QSC, Finance BYU
16 Years Experience, 850+ Homes Sold
Team Teasdale Realty, Utah County Real Estate
Phone: 801-491-7653
Posted by Paul Teasdale - Utah Broker at 8/30/2011 9:04 AM 
Categories: Utah Market Conditions, Utah Economy, Utah Short Sales
Tags: statistics graphs market conditions short sales utah county utah county association of realtors summer 2011 market improving real estate homes
Categories: Utah Market Conditions, Utah Economy, Utah Short Sales
Tags: statistics graphs market conditions short sales utah county utah county association of realtors summer 2011 market improving real estate homes
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