Weber County Real Estate Market Conditions Report - April 2011
Posted by Lisa Udy on Wednesday, May 18th, 2011 at 12:04pm.Total homes sold in Weber County in April 2011 was exactly the same as May. Not much to say about that other than the market is remaining steady. One thing we can compare to is homes sold in April of 2010 at 300, so year over year the Weber County real estate market is down by 44%. That's a huge decline in sales, but don't get panicked yet. In 2009 there were only 226 homes sold in April. So why the huge increase in April 2010? The first time home buyer tax credit skewed the numbers quite dramatically.
Average days on Market for April 2011 of Weber County homes sold was 162 days, up just slightly from March by 2.5%. Home sellers are struggling to keep up with declining home prices making days on market remain high. Also, short sales have a large part of the market in Weber County, which take an average of four to six months to close. These sales are pushing the average days on market upwards, and until the distressed property market clears out, it will remain.
Average sold price of Weber County homes increased in April by 2.8% at $161,053 compared to March where the average sold price was $156,682. If we compare year over year, homes sold in April 2010 averaged $174,591 which means we are down by 7.8% this year. Home prices are still declining, the only reason average sold price went up slightly in April was due to some higher end homes selling.
Price per square foot for homes in Weber County in April 2011 was at $75, a slight increase by 2.7% over March's $73. Compared to April 2010 where the average price per square foot was $81, a year over year decline of 7.5%. Home prices are still declining in Weber County just like most of the state.
Overall the Weber County real estate market is down year over year, but there has been a slight uptick for the spring selling season in both average price per square foot and average sold price. Home sales are down year over year, but as a home seller sales should be picking up nicely as we go into the best selling months of the year. If the sun would shine, sales will pick up quite well. As a buyer, prices are still falling so if you're planning on buying a home, be sure to think long term, otherwise I wouldn't recommend buying right now.
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