December 18, 2008
State of the Real Estate Market in Northern Utah - November 2008 Sales Reports
Periodically we like to give our blog readers an update on the market sales for Davis, Weber, and Morgan Counties. The following links give detailed information by zip code as to the number of units sold and the average price in the zip code. The Area number is an MLS code that represents two zip codes or more. This data is important to understand the market and the trends sellers and buyers face at this time. The charts give comparisons of sales data from November of 2008 as compared with November of 2007.
For example, in the Kaysville-Layton Area (202), the number of homes sold in November of 2007 was 71 units. In 2008, the number of units sold was 52, or unit sales were down 27%. The average price in the same area was from 2008 to 2007 was also down 10%.
If you are a seller, understanding these numbers is critical in pricing your home to sell. With the market trending downward, sellers want the listing price to be lower than the current market so that the house can sell quickly. Being above the market, with value trends headed downward, means that a sale will not happen until there is a significant price reduction over time. As time goes on, with supply high and demand low, price will continue to reduce. By selling quickly you can minimize the amount of money lost in a down market.
For Buyers, homes are more affordable than they have been in years. Now is the time to act.
Conforming Fixed 30 year rate: 5%
Conforming Fixed 15 year rate: 5%
Conforming 5 year ARM: 6.25%
FHA Fixed 30 year rate: 5%
FHA Fixed 15 year rate: 5%
FHA 5 year ARM: n/a
Posted By: 
Steve Randall
Tagged With:
current northern utah real estate market
and reports
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