Fall has arrived within the Ogden Valley & you know what that means – ski season is around the corner. As we gear up for our winter selling season, I was lucky enough to head out with the photographer to get some aerial shots of our newest developments & listings. I wanted to give you a snip it of how beautiful the Ogden Valley is at this time of year. I hope you enjoy it as much as I did.
While the gorgeous colors of fall are making the area irresistible as it is, the real estate market is also attracting buyers from everywhere. As the weather cools off, it seems the market may be heating up. Let’s take a quick look at some of the numbers that were reported recently by the Utah Association of Realtors.
We just received some numbers that looked at the local market by county for September 2011. The number of closed sales across the entire state was 2,823 for the month. When we compared that with September 2010, that is an increase of 21%. This is obviously a great sign for the real estate market in Utah! While many areas of the U.S. are still struggling with a weak marketplace, Utah is experiencing signs of improvement.
Year to date sales for 2011 are 24,505 while they were 23,266 at this time last year. That is an increase of 5.3%. The median sales price in 2011 is $168,750 while it was $187,000 just one year ago. This is likely due to foreclosures being sold off over the last 10 months. That is a loss of 9.8%. For savvy home buyers, this temporary drop in price is allowing for fantastic deals to be had.
At the time of this writing, there are about 17,202 properties listed for sale in Utah. The vast majority of these are in the median price ranges of $100,000 to $249,999. That is great news for first time and move-up home buyers who are looking for more home for the money.
Currently, there are also about 4,101 homes under contract. Again, most of these are in the median price ranges which shows how affordable Utah homes are right now.
I wanted to share these encouraging numbers with you because the news media tends to talk negatively about the “national” housing market. There really is no national market because housing is not sold that way. Some markets are doing better while others have awhile to go before they improve. Thankfully, Utah is improving all the time.
Overall, Utah has seen new listings decrease while pending sales have been on the upswing. Inventory is going down which is a great sign of stability. Although prices are softer, days on market has gone down which means sellers have less time that they have to hold on to a property.
All indications point to the idea that Utah’s real estate market is growing month after month. Savvy buyers will cash in on these great deals while sellers can expect a shorter time waiting for their homes to sell.