Weber County Real Estate Market Conditions Report - February 2011
Posted by Lisa Udy on Tuesday, March 15th, 2011 at 1:17pm.Weber County home sales continue to show declines and it doesn't look like the market will rebound anytime this year. From the peak of home sales in 2007, we have seen quite a dramatic decline. Below you can see the graphs and judge for yourself:
Average days on market for Weber County homes is definitely on an upward trend. In February 2011 average days on market was at 166 while February of 2010 avg. DOM was 135. That's in increase of 18.7% comparatively. If you need to sell your home fast, it's recommended you price competitively, possible below market value to entice buyers to submit an offer.
Price per square foot in January was really low, and February showed a slight increase. But, as we can see from previous months, at $71 a square foot, it's still quite low overall. In February 2010 price per sq. ft. was $77 a difference of 8%. If price per square foot continues to stay at these levels, housing affordability will continue to remain low.
Average sold price for Weber County real estate has jumped up and down over the last 8 months but the lowest point was in February of this year. With an average price of $153,256 you can tell that most homes sold are in the first time home buyer's bracket. Average sold price in Feb. 2010 was $159,000 a decline of 3.4%.
Total homes sold in February is at 139 compared to 2010 with 155 homes sold. That's quite a large decline at 10.4%. Home sales are way down this year compared to the peak in 2007 where there were a whopping 306 homes sold in the same month. That's a decline of over 50%! Will we ever see numbers like that again in Weber County? Most likely not.
Just like all real estate markets in Utah, Weber County is on the decline. Until our economy starts to pick up steam and more jobs are created, we can expect home sales to continue on the trend. The bright side is for home buyers. If you're looking to buy, be sure to put enough money down to stay above water, but housing affordability is great right now. And, although the latest news from Japan is devastating, it has caused interest rates to dip for the time being making housing even more affordable.
Blog Tags
Print
ShareBe the first to comment on this blog entry!
