Layton Utah Market Conditions Update

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