Holladay, UT

Homes sold in Holladay followed the trend and dropped by almost 30%. Median price went down by 11.75% to $278,000. Average price decreased by 16.37% to $315,114. Even though prices decreased last year, Holladay has an over priced inventory. The median price is higher than last years sold price by 36% and the average price has more than doubled to $716,896. With over one year of inventory, there are 243 homes for sale in Holladay UT. Buyers have the advantage in the current market, and sellers of many of these expensive homes may have to decrease their price before they will sell.

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.

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. Some are trying to time the market and market timing is risky. Trying to time the bottom is not for the inexperienced buyer.

Also it is good to note that those waiting for a market bottom confirmation will miss the bottom. This is because confirming factors are lagging indicators.

Buy and hold is the best buying strategic for owner/occupied and investor purchases.

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

We still are having a low percent of new listings being SOLD. Currently (4.22)% on a year over year, YTD comparison and we need positive % of listings sold, with positive price action to confirm market bottom.

Please see data below.

PRICE ACTION

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

SUMMARY

Currently we are not seeing the needed positive price action 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.

Thank you

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