Roy, UT

Roy experienced the smallest decline in number of homes sold. That being said, the number of Roy homes sold still decreased 24%. There is a healthy 7.42 months of inventory and 245 active homes in Roy listed. Median sold price saw a small decrease of 1.39% and average sold price saw a decrease of 4.8%.

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.

We are seeing the risk indictor move from High to Medium range. This still is NOT a good time for those with low and/or no risk tolerance to purchase.

A strong case can be made that those who are looking for a home for their family with plans to stay long term. Why not buy now? Especially if the numbers make sense, i.e. Owning vs. Renting. Even, if the market retracts more (which is extremely likely) in the future. Between the coming market bounce and future normal cycle of appreciation, buying now might make sense. Why not make an informed buying or waiting decision?

High and medium risk tolerant buyers are making buying decisions at this time.

Those waiting for a market bottom confirmation will (almost always) miss the bottom. This is because confirming factors are lagging indicators. Thus making it extremely (if not impossible) difficult to time any market bottom, in combination with the majority of home buyers afraid to purchase at this time. I believe we will see an un-preceded pent up demand at the market bottom that will cause a bounce in home prices.

Data considered accurate... However is NOT Guaranteed. Contact Mark Watterson your Local Property Resource Specialist for the most up-to-date data.

Roy has a lot to offer: variety, convenience, and reasonable housing prices. The home prices have been averaging $180,537 for the last 30 days making it affordable for many first time buyers. The result is that homes in Roy have been moving. They have been selling in less time than the County average.

In the Roy area there have been 28 homes sold in the last 30 days. They have ranged in price from $5,900 to $579,000 with an average of 92 days to get sold. Homes under $150,000 are moving at a rate of 74 days on the market compared to homes over $150,000 that are taking an average of 63 days to sell. Normally the lower priced homes sell quicker. Are we seeing a change in the market? The next few months will tell. At the time of this report there were 250 homes for sale in Roy. There is 8.9 months worth of inventory available in Roy making it a slight buyers market.

For more information visit my web site at www.jimmcewen.com or give me a call at 801-686-5550

If you are looking for a home try our free web site. http://www.FindYourUtahHome.com

Number of homes sold in Roy went down 16.32%, which is about 10% less than average in Weber County. Median price went down 2.34% from $166,800 to $162,900. Average price went down 3.55% from $168,244 to $162,278. Median prices for Roy homes are 4% higher than what they sold for last year so it is possible that sellers will have to lower their price by at least a few percent in order to sell. There are 5.12 months of inventory and 254 homes listed.

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 (14.17) % 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.