Davis County Real Estate Market Report - March 2011
Posted by Lisa Udy on Tuesday, April 26th, 2011 at 2:05pm.Davis County home sales increased from february to March from 171 homes sold to 232 homes sold which is an increase in home sales by 26.3%. However, home sales are down quite dramatically year over year compared to March 2010's numbers where there were 308 total homes sold, a decline of 24.7%. With such a large decrease in overall sales, average home prices will suffer as you can see in the graphs below.
Average price per square foot of homes sold in Davis County was $82 a square foot in March compared to $80 in February, an increase of 2.5%. Although average square foot was up this year, it's still down by 7.9% from last year at the same time with March 2010 homes selling on average at $89 a square foot.
With declining home prices, days on market will go up, and that is the case over the first three months of 2011. Average days on market for homes sold in Davis County was 144 days in March down slightly from the 147 day mark in February, but compared to March of 2010's 112 days, the market is taking longer to get rid of inventory. As inventory levels go up, average prices go down as we can see in the next graph.
Average sold price is on a rollercoaster ride right now for the Davis County real estate market. Average sold price dropped another 5% in March from February, and is down 8.9% from March of last year where the average price of sold homes was $215,722. If the market continues on this steep slope, home prices will be back around 2005 numbers.
All in all home sales were up in March but down overall from last year and the market peaks of 2006-07. Homes are selling at lower prices and taking longer to sell. What does this mean for you? As a home seller, I wouldn't recommend selling unless it's an absolute necessity. As a buyer, homes are very affordable and getting better everyday. If you plan to buy, be sure to stick around for a while as buying and selling quickly isn't a great idea during a declining market. If you have any questions about the Davis County real estate market, we are always here to help.
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