Alan Barker - Utah Homes

In Cache County, home sales were down, home prices are up, and surprisingly, interest rates are also down.

The national housing economy has taken some interesting twists. Defaults and Foreclosures are up, Sub-prime is a thing of the past, and the economy looks like it may soon be in recession as result of the housing extremes. The national housing market has had a rippling effect on our local market. As sellers were unable to sell out of state, they were unable to buy in Cache Valley.

Here are the unofficial home sales statistics for Cache County in 2007 and their change from 2006 numbers.

Number of Houses Sold: 1,136 Down 6%
Average Sold Price: $197,668 UP 8%
Median Sales Price:$171,500
Average Days on Market:61 Down 10 days.

Number of Condos Sold: 128 Down 14%
Average Sold Price: $111,207 UP 9.5%


Number of Houses Presently on the Market:
Average asking price: $273,907
Median List Price: $240,000
Average Days on Market: 98 Days

Like much of the state, the houses on the market now have a much higher average asking price than the sold price of the previous year. Too many builders and real estate investors have built high end spec homes. These homes have been on the market for a long time, and will continue to be on the market as the demand of high end homes does not match the supply.

The Logan area is not at as much risk for a bubble burst as other Utah markets as the price did not appreciate as much, and the percentage of houses on the market in relation to home sales statistics is much more inline. Presently there are 476 single family houses on the market in Cache County. At 2007's sales pace, the current inventory of houses would be exhausted in five months if there were no additional homes listed.

The fortunate news is the 2007 statistics for the Logan Area are not nearly as out of whack as they are for the rest of the state.

Here are the unofficial number for houses sold in Weber County for 2007 broken up by major cities:

Farr West Houses Sold: 85

Average Sold Price: 279,000

Median Sales Price: 270,000

Harrisville Houses Sold: 84

Average Sold Price: 183,000

Hooper Houses Sold: 113

Average Sold Price: 278,000

Median Sales Price:266,000

North Ogden Houses Sold: 340

Average Sold Price: 215,000

Median Sales Price: 199,000

Ogden Houses Sold: 1,549

Average Sold Price: 137,286

Median Sales Price: 123,800

Plain City Houses Sold: 80

Average Sold Price: 269,000

Pleasant View Houses Sold: 77

Average Sold Price: 356,000

Median Sales Price: 349,000

Riverdale Houses Sold: 63

Average Sold Price: 195,000

Median Sales Price: 185,000

Roy Houses Sold: 672

Average Sold Price: 172,000

Median Sales Price: 168,000

South Ogden Houses Sold: 200

Average Sold Price: 190,000

Median Sales Price: 161,000

Washington Terrace Houses Sold: 115

Average Sold Price: 155,000

Median Sales Price: 138,000

West Haven Houses Sold: 150

Average Sold Price: 291,000

Median Sales Price: 288,000

Here are 2007 Unofficial Sales Stats of Davis County vs. 2006 Numbers.

Like most of Utah, There were substantially less homes sold in Davis County in '07 than there were in '06, but home prices were still up by double digits. Here are the stats to judge for yourself. Right now there are 1,922 homes for sale in Davis County. More than half the number of houses sold last year.

2007 Unofficial Numbers:
Single Family Houses Sold: 3,794 (Down 18.5%)
Average Sold Price: $254,577 (Up 10.5%)

Condos Sold: 341 (Down 11.2%)
Average Sold Price:$164,318 (Up 14.3%)

2006 Home Sales Stats:
Single Family Houses Sold: 4,655
Average Sold Price: $227,960

Condos Sold: 384
Average Sold Price: $140,873


Major Davis County Cities 2007 Home Sales Numbers:

Bountiful Houses Sold: 307
Average House Price: 347,080
Median House Price: 265,500

Centerville Houses Sold: 91

Average Price: 290,382
Median Price: 269,500

Clearfield Houses Sold: 407 Houses

Average Price: $173,126
Median Price: $164,749

Clinton: 430 Houses Sold
Average Price: 200,152
Median Price: 191,000

Farmington: 161 Houses Sold
Average Price: 330,630
Median Price: 308,700

Kaysville Houses Sold: 254
Average Price: 332,182
Median Price: 300,000

Layton Houses Sold: 997
Average Price: 239,126
Median Price: 219,900

North Salt Lake Houses Sold: 182
Average Price: 391,673
Median Price: 269,000

South Weber Houses Sold: 66
Average Price: 272,305
Median Price: 254,500

Sunset Houses Sold: 81
Average Price: 128,911
Median Price: 124,450

Syracuse Houses Sold: 449
Average Price: 261,242
Median Price: 249,900

West Point Houses Sold: 125
Average Price: 220,911
Median Price: 205,000

Woods Cross Houses Sold: 118
Average Price: 237,311
Median Price: 234,900

Some unofficial real estate sales stats for '07.

In 2007 there were 237 single family homes sold. The average price was $230,452 and the median price was $219,950.� The average time on market was just 33 days. There were also 169 condominiums sold. The average price of Midvale condominiums was $174,171 and the median sold price was almost $160,000.

Right now there are around 100 homes in Midvale that are listed for sale on the Multiple Listing Service (MLS); including condos and single family houses. The average price of houses on the market is $275,000 and the median price is $250,000. Like most of Utah, the actives are priced substantially higher than the 2007 sales. The percentags in Midvale is not as out of line as Salt Lake County as a whole.

Here are the non-official Utah County Home Sales Statistics for 2007 as compared with 2006 numbers.

Single Family Home Sales: Down 25.5%
Condominium Sales Down: Down 6.3%
Average Sold Price: Up 9.6%

2007 Statistics
Number of Single Family Homes Sold: 4,475
Number of Condos Sold: 1,292
Average Single Family Home Price: $289,311
Median Single Family Home Price: $240,000
Average Sold Condo Price: $172,248
Average Days on Market: 51

2006 Statistics
Number of Single Family Homes Sold: 6,013
Number of Condos Sold: 1,408
Average Single Family Home Price: $261,396
Average Sold Condo Price: $152,245
Average Days on Market: 50

The Utah Valley Trend is very consistent with the real estate market throughout Utah. The number of Home sales is substantially down, but home prices continue to climb in Utah county. As of January 3rd there were 3,505 single family homes listed on the MLS in Utah County. At the 2007 pace of homes sold, if no additional properties were listed it would take nine months to liquidate all Utah County houses for sale. There is way too much inventory to support continued price appreciation.

The average price of houses for sale in Utah County right now is $415,664, more than $125,000 more than the '07 average sales price. The median price of $320,000 is also statistically too high at exactly $80,000 more than the average median sold price of 2007. Homes on the market right now have already been on for an average of 90 days. The price of these homes will have to come down if they want to sell. They've just gone up too quickly, and there have been too many high end spec homes built.

Unless a miracle happens and the average Utah County resident gets a 30% pay raise, I'd expect home prices to drop and foreclosures to increase as 2008 rolls on. With that said, It is a good time to buy a house. Interest rates are much lower than anticipated, and there is lots of selection to choose from. Lower end homes will likely still increase in value.

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