Layton, UT

Layton is the largest city in Weber County and also had the greatest decline in number of houses sold, 36%. Yet, sold price did not change much for Layton homes. Median sold price increased by $15 and average sold price decreased by $5,325. There are 505 homes in Layton for sale and inventory is just under one year.

In the Layton area there have been 40 homes sold in the last 30 days. They have ranged in price from $39.900 to $525,000 with an average of 90 days to get sold. Homes under $250,000 are moving at a much faster rate of 81 days on the market compared to homes over $250,000 that are taking an average of 115 days to sell. At the time of this report there are 505 homes for sale in Layton.

A balanced market has about 6 months of inventory for sale. Right now Layton has about 12.6 months of inventory.

Many buyers have expressed a concern about the availability of loans to buy a new home. There is money available. Those who want to buy using FHA will have no problem as long as they have good credit, 3.5% down and closing costs (unless you can get the seller to pay them). Rates are still good too. Right now they are around 5%. Of course with the market being so active rates change as much as a couple times a day.

If you are looking for a home visit my free home search site http://www.FindYourUtahHome.com

For more information visit my website at http://www.jimmcewen.com

Home sales dropped below 1,000 in 2008, down 23.82%. Median and average sold prices also decreased. Median price went down 4.78% to $203,950 and average price stopped at $226,187, down 2.16%. Houses have been marked up quite a bit so there should be room for some negotiation. With 496 listed, there are still plenty of homes for sale in Layton.

These numbers are not official.

We need Positive Price Action to confirm market bottom. One month of price improve isn't sufficient to confirm the market bottom. We need to see appreciation month over month for three months.

PRICE ACTION

Other good signs in addition to positive price action is lower DOM (days of the market), lower new listings and higher percent of new listings being SOLD.

On a year over year, YTD comparison currently (7.97) % of new listings are being sold.

SUMMARY

Currently we are not seeing the needed positive price action (along with other indictors) to confirm a market bottom. This is NOT a good time for conservative buyers to purchase. High risk tolerant investors and speculators are doing some bottom fishing.

For more details or just to chat about market conditions please feel free to contact me.

Data considered accurate... However is NOT Guaranteed. Contact your Local Realtor for the most up-to-date data.

In the Layton area there have been 55 homes sold in the last 30 days. They have ranged in price from $24,900 to $795,000 with an average of 103 days to get sold. Homes under $250,000 are moving at a much faster rate of 96 days on the market compared to homes over $250,000 that are taking an average of 132 days to sell. At the time of this report there are 547 homes for sale in Layton.

A balanced market has about 6 months of inventory for sale. Right now Layton has about 10 months worth of inventory.

Many buyers have expressed a concern about the availability of loans to buy a new home. There is money available. Those who want to buy using FHA will have no problem as long as they have good credit and 3% down (3.5% after the first of the year). Rates are still good too. Right now they are around 6.5%. Of course with the market being so active rates change as much as a couple times a day.

Find out more on my web site at www.jimmcewen.com