Current Local Market Report
Current Real Estate Market Report
For excel spreadsheets and current statistics:
Click here for Park City statistics
Click here for Midway statistics
Click here for Heber City statistics
Click here for Summit County quarterly home sales graph
Click here for Wasatch County quarterly home sales graph
Click here for Summit County home sales report
Click here for Wasatch County home sales report
Click here for Summit County land sales report
Click here for Wasatch County land sales report
Statistics courtesy of WFRMLS & PCMLS.
July 14, 2008
Are people still buying & selling homes??
The answer is yes! People are still moving in & out of homes. The number has declined over what it was a couple of years ago but people are still moving. The investors have mostly left the market and this has contributed to the lower number of sales. Another factor is the current state of the mortgage industry. Fewer people can qualify for loans now and those that do have to have higher credit scores.
Buyer's are now in a very good market. Inventory is up and this means more choices. Interest rates are still low resulting in more buying power. If you are looking to buy now is a good time. If you make an offer you may be only one of one. As a buyer you will have more negotiating power.
A special note to move up buyers. If you need to sell your present home to purchase a larger home the current market presents a unique opportunity. For example if you have a $300,000 house now and want to move up to a $450,000 house this is the market for you. If your house goes down 10% in market value to $270,000, and you sell, the $450,000 house has also gone down 10% in value to $405,000. If you had moved up last year you would have had to come up with a net difference of $150,000. Now the net difference is $135,000. In the current market you will save $15,000. Look at it this way. If you are a move up buyer the market has come down just for you!
May 1, 2008
Are we now in a buyers market?
That's the question that sellers are asking. You can judge for yourself. In the greater Park City area as of today there are 1251 residential listings. Since January 1 of this year 680 listings have expired or been removed from the market, 423 listings are pending and 261 have sold.
In Wasatch County currently there are 537 listings available, 49 under contract and since January 1 of this year 61 listings have sold and 263 have expired or been removed from the market.
By definition a buyers market exists when sellers out number buyers. April 1, 2008
Are we beginning to experience a market correction?
That’s the question that’s finally reached the Heber Valley. To answer that lets look at some statistics. Going back to the 4th quarter of 2003 the total number of homes listed in Wasatch County was under 300 until the 2nd quarter of 2007 when the number of listings peaked at 356 and the year ended with 320 homes for sale. As of today there are 505 homes listed for sale. The total number of homes sold peaked at 170 in the 4th quarter of 2005. During the first quarter of this year 47 homes actually closed. The previous low was 43 sales in the first quarter of 2004. Inventory is at the highest level it’s been by far in the last 5 years while sales are at the lowest level of the last 5 years.
To view the graph of average home sales per quarter click here.
What I have observed personally is that about 1 listing in 6 comes on the market priced at what homes have actually been selling for while the other 5 are overpriced some by as much as $100,000. It seems there are still buyers for correctly priced properties but there are fewer buyers to go around. What has been happening is some buyers are offering way below list price thinking huge discounts are available. Neither the seller who overprices nor the buyer who “low-balls” are being successful.
What needs to happen is both buyers and sellers need to speak with a knowledgeable agent and request that the agent conduct a Total Market Overview which is a study of the whole market in town and not just a few hand picked comparables. Armed with this information both the buyer and seller will then know the fair market value of a particular property.
Click here for more about a Total Market Overview.
During the last month 18 homes closed in Wasatch County while 58 homes sold in Summit County this compared to 505 listings in Wasatch County and 1,418 in Summit County.
(Scroll down for statistical reports)
February 1, 2008
The year has started with 38 homes & 10 vacant lots selling in Summit County. Wasatch County meanwhile saw 14 homes & 3 vacant lots sell in January. The market continues to see fewer sales and more listings. Buyers who are sitting on the fence need to realize with the inventory currently available and the current interest rates that now is a good time to buy. Many sellers have priced their homes at what they would like to get but they are secretly hoping for any reasonable offer. There are still lots of loans available to buyers. Notably the “NINJNA” (no income, no job, no assets) loans of the past are no longer available but buyers with reasonable credit can still get loans.
Year End Report
As of January 15, 2008
According to all the media reports 2007 was mostly a down roller coaster ride for real estate. Foreclosures are up, buyers can no longer qualify, prices are falling and mortgage lenders are no longer making loans. What does this mean to someone who wants to buy or sell a home in Summit or Wasatch County?
First you must realize that real estate is a local market. Remember location location location. Supply and demand are the controlling factors in any market and since real estate is a local market local supply & demand are determining factors. The subprime mortgage market is about 25% of the total mortgage market and 75% of those are currently performing, yet publicity surrounding this relatively small portion (6%) of the market has caused many buyers to postpone their plans for now. In our market there are still good lenders who have money to lend and now there are now more homes to choose from than in the recent past.
According to Utah Realtor Magazine the Utah market is expected to stabilize in 2008. Population & jobs are continuing to grow in Utah faster that the national average. Unemployment is at an all time low in Utah and the state’s economy is the strongest in the country. Utah is expected to have the best job growth in the country for 2008.
While here on the Wasatch Back we are a part of Utah and the whole country our market is separate and different. Our market is driven in part by the resort & vacation home market.
So what are the numbers for the year? The average Park City single family home sale price gained 16.82% over 2006 although the number of sales declined 8.89%. In Midway the average single family home sale price rose 22.87% over the previous year but the number of sales dropped 28.87%. In Heber City the average sale price rose 5.28% annually but the number of sales declined 25.96%. As a comparison in Salt Lake County the annual appreciation rate was 9.77% while Utah County was up 10.58%.
So what does all this mean? As an example Heber City appreciation rates in each quarter of last year were +16%, -17%, +15%, +16% with a year end of 5%. This volatile market is a good example of why a total market overview is more important now that ever before. You need to know where the market has been as well as where the market appears to be heading. For example if the market is declining 5% per month and homes similar to yours are taking 6 months to sell and you price your home equal to what homes like yours sold for even last month you will probably be overpriced and likely without showings or offers. Conversely in a hot appreciating market to price at the level of recent sales may result in a quick sale but leave money on the table. In the end pricing is part art & part science but the bottom line is that for the most successful sale you need to start with as much information as possible.
Statistics courtesy of WFRMLS & PCMLS
