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Weber County Real Estate Market Conditions Report - May 2011

Posted by Lisa Udy on Monday, July 11th, 2011 at 11:10am.

Home sales for Weber County in May were the same as April at 214 homes sold. This is a great number as the market remained steady month over month. In 2010, there were a total of 288 homes sold in May which was due to the home buyer tax credit expiring, but it's still 25% more homes sold than this years total. We can't really judge May's home sales this year with last years because of the credit however.

The average days on market for homes sold in May declined slightly to 155 days compared to April's 160, which is a decrease of 3.2%. Days on market for May 2010 was at 135 days, which is a year over year increase of about 13%. Days on market is expected to remain high as there just aren't enough buyers in the Weber County market to keep up with the supply.

The average sold price for homes in May decreased slightly to $154,775 compared to April, which was a decline of 2.8%. With so much inventory and foreclosures + short sales making up a large part of the market, this is to be expected. Home prices are still declining, and we can expect that as long as inventory remains high. In May 2010 the average price of sold homes was at $164,642, which is a year over year decline of about 6%.

Price per square foot of homes sold in May took a dip again to $69 a square foot compared to April's $75 per, that's a decline of 8%. In may 2010 the average price per square foot of homes sold in Weber County was $79, which is a year over year decline of 12.7%. That's a large decline in a year and as a home seller it can be quite frustrating.

Overall the Weber County real estate market is declining, yet home sales are still holding ground during this spring selling season. June should have a nice increase of homes sold compared to last year to make up some ground over the buyer tax credit, and we can start to see how the market is fairing once that's out of the way. If you have any questions about real estate in Weber County, fee free to contact us.

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