Weber County Real Estate Market Conditions Report - March 2011
Posted by Lisa Udy on Tuesday, April 26th, 2011 at 1:33pm.Home sales in Weber County are up quite dramatically in March 2011 from February. With a total of 196 homes sold, that's a difference of 27.6%! But hold on folks. How where home sales in the same period in 2010? Well, in March of 2010 there were a total of 265 homes sold, which is a decrease year over year by 26.1%.
That's a big number to be down, but keep in mind at this time last year, the home buyer tax credit was in full affect creating more sales this early in the year. You can see how last month compares by checking out our Weber County Real Estate Market Conditions Report - February 2011.
Average price per square foot of Weber County homes in March of 2011 was $73 a slight increase of February by 2.8%. This increase is nice, but compared to March of 2010 at $83, the average price per square foot of Weber County is down 12.1% year over year. Home sales are declining in Utah at an average of 10-15% per year, so this is about normal for the state.
Average days on market for homes sold in Weber County is down slightly, which is great for home sellers, but it's still longer than it was last year. From February 2011 to March 2011, the days on market declined by 7.2%. But, in 2010 the average was 138, which means it took 12.3% longer to sell your home this year.
The average sold price took a large dip in January and hasn't rally recovered since. Average sold price for Weber County homes in in March was $156,682 which was an increase of 2.1% compared to February at $153,547. Compared to last year, the average price of homes sold in Weber County for March 2010 was $161,081, meaning we are down by 2.8% year over year. Not a bad number really, but we're still in a declining market.
Overall, the Weber County real estate market is down year over year, and it doesn't seem likely to turn around anytime soon. As a home seller, I would recommend not selling unless absolutely necessary, as you will probably lose money if you bought a home within the last 10 years.
As a buyer, prices are great, but still on the decline. If you're going to buy a home, be sure to make it a long term investment. If you think you'll have to move within the next 3 to 5 years, it may be smarter to rent. If you have any questions about the Weber County real estate market, we are always here to help!
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