Homes for Sale/ Utah Market conditions Blog

Nibley Utah Real Estate Market Snap-shot

2008-09-02T15:03:32Z

It looks like the booming Nibley Utah real estate market has slowed down. There are currently 72 MLS homes for sale in Nibley. In the last year, only 74 listings sold. If home sales continue at the pace they've been for the last year, it will take almost a full year to sell all the existing housing inventory if no new properties were listed.

The fact is, in a town like Nibley there will only be more listings. The other dilema is that the price of the active listings is more than the price of the homes that have sold. The current active median list price is $237k the median sold price was $204k.

Nibley is a nice area, and there are many nice homes for sale. The only problem is that there are too many of them. It's a buyers market in Nibley and there is a good chance you can get quite the deal by buying from a motivated seller.

August Home Sales Numbers Struggle

2008-09-02T14:32:25Z

After looking at August home sales numbers, it looks like the Cache County real estate market won't fully correct this year. August home sales were pretty dismal and were down 30% from last year. There is still lots of real estate inventory/competition from other sellers. In August only 100 listed residential homes sold in Cache County. This puts August sales down nearly 30% from last years numbers and down 37% from 2006 August sales numbers. Many of the high end homes are slashing prices and are starting to sell. This has raised the median and average sales price. Overall prices are not up, but August had the highest ever average sales price at $204,730. The median sold price was $186,200 and the homes that were on the market were on for an average of 95 days. Currently there are 648 single family home listings and 740 total residential listings on the market. This number is gradually declining, but there are still too many homes for sale in Cache County.

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Updated Listing In Mendon

2008-08-28T15:40:50Z

This is a real neat Mendon home listing provided by Ethan Poppleton a Logan Real Estate Agent. The craftmanship is incredible and the walls are over 12 inches thick. This house has been on the market for a long time, it's been for sale by owner and by real estate agents now for nearly two years. It looks like the sellers are finally realistically doing something to help it try and sell.

Via Ethan Poppleton:

I blogged about this home in the winter, and the contract we had on it fell through. We just dropped the price 10k, so now is your chance. It is just one of many Logan Utah Real Estate options right now, but the best in Mendon. Click here to see more details on the house.

Hyde Park Utah Real Estate Update

2008-08-27T17:18:46Z

Hyde Park Utah currently has a lot of homes for sale for a town with less than 3,000. There are 49 active single family home listings on the MLS in Hyde Park. The median price of these listings is $300,000. Well above the median sold price in Cache County of $178,000. And the average listing has already been on the market for 150 days. In the last six months 26 Hyde Park Real Estate Listings sold. These listings had a median price right around $250,000.

Overall, real estate is moving slowly in Hyde Park and many sellers are reducing prices in hopes of selling.

Providence Utah Real Estate Update

2008-08-25T14:38:58Z

Overall, the real estate market in Providence Utah is in pretty bad shape. There are 77 active residential home listings with a median price at $296,950 and average price of $333,631. In the last six months 45 homes sold in Providence. These Providence Utah Real Estate listings had a median price of $234,000, average price at $256,029, and were on the market for an average of 100 days.

Providence homes priced less than $250,000 are still selling, and the low end market is actually pretty healthy. In the last six months, 27 homes less than $250,000 sold. There are currently 30 homes on the market in that price range.

There are 47 active listings priced more than $250,000 in Providence and 13 listings priced higher than $450,000. In the last six months only 18 listings above $250,000 sold; only one listing above $450,000 sold. Basically, home sales for The Bench areas are struggling.

Hold on. It could be a long winter for Providence Real Estate.

Smithfield Utah Real Estate Update

2008-08-23T15:16:31Z

Real Estate in Smithfield Utah has slown down over the past year. Here are some interesting housing numbers for Smithfield Utah Real Estate.

# of Active Listings: 55

Median Price of Active Listings: $215,400

Average Price of Active listings: $225,000

# of Listings Sold in the Last six months: 43

Median Price of Listings sold in the past six months: $196,450

Average Price of Sold Listings: $207,028.

Compared to the last six months of home sales numbers, Smithfield has almost eight months of active inventory if no new homes were listed. In reality, new homes will be listed. The other problem is that the homes on the market are more generally more expensive than the homes that are selling. In the last six months only 9 Smithfield homes priced higher than $250,000 have sold. There are 22 homes on the market with a list price above $250,000.

Overall, the real estate market in Smithfield is relatively healthy, it's a buyers market, but but it's really not that bad.

View all homes for sale in Smithfield Utah here.

Conventional vs. FHA Loans from the Sellers Perspective

2008-08-14T20:35:46Z

When considering offers, sellers should really pay attention to the loan type. It might not seem like that big of a deal, but a FHA Mortgage can be a lot more complicated and costly from a sellers perspective.

One of the big nuisances with FHA loans is the FHA appraisal. The FHA appraisal isn't just concerned about the value of the home, but they also have ridiculous requirements to ensure safety of the property. In most cases, the seller of the property is required to make these repairs. Some of the things I've seen that FHA appraisals won't allow include: missing light bulbs, holes in the wall, loose handrails, exposed wiring, chipped paint, and trees that are too close to the house. An FHA appraser also can't approve a house unles the power and utilities are on.

So, you can't really sell a property "as-is," if you want to accept a FHA loan. FHA loans also require more paperwork at closing. FHA loans can be a pain to deal with, so if you have multiple offers, make sure you take the type of mortgage loan into consideration.

6 Reasons People Need Real Estate Agents

2008-08-13T17:36:40Z

Here is a great article by Kaleb Kunz on why you should use a real estate agent.

Via Kaleb Kunz:

Here are a few real estate thoughts:

1. A real estate transaction is complicated. Most of the time, buying or selling a home requires tons of paperwork including disclosure forms, inspection reports, addendums and a 6 page (minimum) Purchase Contract. A Realtor has the knowledge and training to help you avoid delays or costly mistakes.

2. Selling or buying a home is time consuming. Even in a strong market, homes in our area stay on the market for an average of 75 days. And it usually takes another 40 days or so for the transaction to close after an offer is accepted.

3. Real estate has its own terms and vocabulary. If you don't know a CMA from a HUD or know what's the difference between title insurance and home owners insurance you can understand the importance of having the help of someone who does.

4. Real Estate Agents have gone through the process of buying and selling many times. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you've done it before, laws and regulations change. That's why having an expert on your side is critical.

5. REALTORS provide objectivity. Since a home often symbolizes family, rest, and security, not just four walls and roof, homeselling or buying is often a very emotional undertaking. And for most people, a home is the biggest purchase they'll ever make. Having a concerned, but objective, third party helps you keep focused on both the business and emotional issues most important to you.

6. REALTORS are members of the NATIONAL ASSOCIATION OF REALTORS, a trade organization of nearly 1 million members nationwide. REALTORS subscribe to a stringent code of ethics that helps guarantee the highest level of service and integrity.

Tremonton Utah Real Estate Market

2008-08-13T17:27:50Z

The real estate market in Tremonton is actually doing pretty well. Homes aren't selling quickly but when priced right they are selling. There are currently 75 single family home listings in Tremonton Utah. The median and average list price of these homes is around $196,900. Tremonton doesn't really have many high end homes, which is good as the high end market is struggling. The most expensive house for sale in Tremonton is priced at just $309,900. However, this median price is still about $30,000 higher than the median price of homes that have sold during the last six months when approximately 80 homes in Tremonton sold.

Compared to most of Utah, this is a relatively healthy supply of real estate for sale. It's local market and economy haven't been affected much by the regional housing boom and crash.

How much impact will the $7,500 first time buyer tax credit have?

2008-07-30T23:32:31Z

President Bush passed the Housing and Economic Recovery Act Today. This bill offers a $7,500 tax credit for first time home buyers. $7,500 direct tax savings just for purchasing a house as a primary residence in the next 11 months.

If I didn't already own a home, I think this tax savings would motivate me to buy. The only problem is that I'm not normal. Real Estate is all I think about, and I'm always looking for ways to find a deal. How will the general renting population act to this extra incentive? Will it be enough to form a chain reaction that will turn our housing economy around as new buyers start buying, home sellers move up, and the huge surplus of inventory returns to a normal level? Or, will it just be a nice bonus for those that happen to be buying for a first time in the next year.

There is another catch associated with this tax credit, it's really an interest free tax loan. Yes, the credit has to be paid back over the next 15 years. However, if you receive your tax credit but then sell your home with no equity, it doesn't need to be paid back. This adds a little different twist too the effectiveness of the first time buyer tax credit.

Personally, I think this tax credit will have a positive impact, I just have no idea how much. If the tax credit was the buyers to keep, I think it would help the housing market a whole lot more.

Cache County Home Sales Numbers

2008-07-22T17:17:42Z

There are currently more than 763 active residential listings in Cache County. Thats a lot of listings and there is clearly a suprlus in real estate inventory. Year to date there has only been 594 listings sold. There is a good chance that many of the active listings will remain unsold going into 2009. Here is a break down of the different price range of homes that have sold compared to the number of active listings in each price range.

Sold Homes DOM   Active Listings  DOM

$60,000      1     0      4    49     25%
$70,000      3    43    8    109    38%
$80,000      8     45    7    117    114%
$90,000      21    22    10  103     210%
$100,000    33    55    36    79    92%
$120,000    59    57    33    78    179%
$140,000   105   51    78    77    135%
$160,000    89    55    99    79    90%
$180,000    68    57    84    84    81%
$200,000    97    86    107 97    91%
$250,000    46    97    101 128    46%
$300,000    24    83    61    117    39%
$350,000    17    92    44    158    39%
$400,000    7    80    19    94    37%
$450,000    2    70    16    90    13%
$500,000    6    102   14    101    43%
$600,000    1     23    14    122    7%
$700,000    0             5    108    0%
$800,000                   5    59    0%
$900,000                    5    96    0%
$1,250,000              2    71    0%
$1,500,000               1    7    0%
$3,000,000               1    420    0%

See more at Logan Real Estate Blog

Hyrum Utah Real Estate Market Update

2008-07-19T16:03:06Z

Hyrum offers the most affordable real estate in Cache County. The median price of homes for sale in Hyrum is $159,900 and the average price is just $178,000. There are currently 55 active real estate listings in Hyrum. In the first half of 2008 43 homes were sold in Hyrum.

2008 Hyde Park Real Estate Review

2008-07-19T15:28:22Z

Hyde Park real estate has a little bit of an inventory problem. There are a lot of high end homes for sale, and people just aren't buying expensive homes right now. Hyde Park city currently has 49 active MLS real estate listings. 33 of these listings are priced above $250,000. In the last six months there have only been 9 houses sold in Hyde Park more expensive than $250,000. The active listings>$250,000 have already been on the market for an average of 168 days. The majority of these homes are new construction spec homes that have never been lived in.

If you're in the market for a nice home in Hyde Park you definitely have some negotiating room. Most of the builders/sellers are to the point where they just want to sell. They have realized that they are not going to be making the huge profits they wanted.

West Haven Real Estate Market Update

2008-07-19T14:48:02Z

Growth in one of Utahs fastest growing cities has slowed down substantially this year. There were about 100 homes sold in West Haven in the first half of the year. The average price of the homes that sold was $244,284 and the median price was $218,860.

There are currently 172 residential homes for sale in West Haven. This number continues to go up and doesn't appear to be declining any time soon.The average list price of these homes is $292,073 and the median list price is $289,000. These prices are higher than what most people are willing to pay.

It's a buyers market in West Haven, especially for the more expensive homes.

Roy Real Estate Review

2008-07-19T14:33:40Z

Real estate in Roy Utah is actually moving along quite well. Homes are selling, and there isn't a huge surplus of real estate.

In the first half of the year 309 residential homes sold in Roy. The median price of these homes was $164,400. Currently there are 253 active MLS listings. These Roy homes for sale have a median list price at almost $180,000.

The low price of homes in Roy has helped its market to keep moving. People will always need housing, in today's economic times there just isn't as much demand for really big expensive homes.

Will Ogdens low housing costs keep the real estate market going?

2008-07-18T11:47:47Z

Real Estate in Ogden is the least expensive for urban areas of Northern Utah. The 2008 median price of homes sold in Ogden is $125,000, nearly half of the Northern Utah median average sold price of $212,000. One of the big real estate problems with most of Utah is the huge surplus of high end homes. Ogden has very few "high end homes" but it still may be struggling from the fact that the average Ogden listing is still substantially more expensive than the average price people are willing to pay for Ogden Homes.

At the beginning of July, Ogden had 841 active MLS listings. This includes homes, condos, and occasionaly a mobile home. These listings had a median price 20% higher than the median sales price. At the second quarter sales pace of 115 homes sold each month, it would take 8 months to sell the remaining inventory.

North Ogden Real Estate Market Update

2008-07-18T11:35:09Z

Approximately 140 listed homes were sold in in North Ogden in the first half of the year. The average sold price of these hoes was $201,304 and the median price was $182,750. In the second quarter, 60 homes were sold with a median price at $192,000 and an avarage price of $210,000. At the Q2 pace Ogden has 8 months of available inventory.

Ad the mid year point there were 157 homes and condos for sale in N. Ogden. The average price of these listings was $252,251 and the median price was almost $240,000.

Hooper Utah Mid Year Real Estate Update

2008-07-18T11:11:02Z

How's the real estate market in Hooper?

Here are a few facts, and I'll let you determine for yourself. Currently there are 85 active MLS listings in Hooper. The median price of these listings is $282,000 and the average list price is $290,807. These listings have been on the market for an average of 99 days. The number of active MLS listings does appear to be on the decline.

In the first half of 2008 36 homes sold. These homes had an average sold price at $272,664 and a median sold price of $261,000. In the second quarter, 18 homes sold in Hooper.

Few Sold but lots of homes for sale in Eden.

2008-07-18T10:52:06Z

The Eden Real Estate market has taken the extremes. While it was one of the hottest areas a couple years ago, it is now ice cold. Almost nothing is moving in Eden, and it has more inventory per Q2 sales than any other city in Utah.

Currently there are 165 residential homes for sale in Eden. During the first half of the year, only 30 MLS listings actually sold. In the second quarter, 16 homes sold, and at the pace of 5 homes sold a month it will be nearly 3 years before the present supply of inventory is exhausted.

The median price of homes listed for sale is $419,000. The median price of homes that have sold this year in Eden is $383,000. Unless some economic factors dramatically change soon, the Eden real estate market will be slow for a while so hold on tight.

Don't you want to buy in Springville?

2008-07-17T16:47:01Z

For the first half of 2008, 115 homes sold in Springville. These homes had a median list price of $185,000 and an average price at just over $200,000. These homes really seem pretty affordable, so why aren't more homes selling?

Sure the economy is struggling, gas prices are ridiculous and financing is more difficult to obtain, but Utah County is still growing and people need places to live. One of the other reason homes in Springville aren't selling is because they are just too expensive. Currently there are 303 residential homes for sale in Springville. These listings have a median price of $225,000 (18% higher than the median sold price), and an average price at $293,000 (30% higher than average sld price). The bulk of the houses for sale are priced higher than what the average person is able and willing to buy, and in the near future this is not likely too change much.

On the positive, in the last two weeks the number of residential listings in Springville has actually decreased. If this number continues to go down the Springville real estate market won't be so weak.

Spanish Fork Mid Year Real Estate Update

2008-07-17T16:32:18Z

The year is more than half way over. After half a year about 160 homes were sold in Spanish Fork. These homes median price was $205,000 and the average sold price was $231850. Currently there are 325 active Spanish Fork MLS listings. These listings have a median price at $240,000 and an average price of $275,851. The average home for sale in Spanish Fork Utah has been on the market for 92 days.

Saratoga Springs Real Estate Market Outlook

2008-07-17T16:17:50Z

The short term real estate outlook for Saratoga Springs Utah is looking rather bleak. There were more than 130 homes sold in the first half of 2008, but this number is rather discouraging when you consider that there are currently 444 homes for sale in Saratoga Springs, and this number just keeps on rising.

Another problem with the Saratoga Springs real estate market is the affordability of the homes on the market. The homes that have sold this year have a median price of $237,743.... The median price of listed homes is nearly $307,000. It's not just that these listings are overpriced, the real problem is the size of the homes. Many of the new construction homes built were just big and costly. People aren't buying the really large homes as primary residences, and investors won't even touch them.

So if you're trying to sell a home in Saratoga Springs, hold on, it might be a while. If you're planning on buying, take your time and offer low.

Provo Real Estate Update

2008-07-17T15:37:14Z

The good news is that the Prove real estate market is about the most healthy market in Utah County. The bad news is that Utah County Real Estate is really unhealthy. From the second quarter results, Provo has nearly 10 months of active real estate inventory. There is also a huge difference in average list price vs. sold price. The average home that has sold in Provo in the first half of 2008 has sold for 34% less than the average list price. This huge disparity most likely reflects a high surplus of multi million dollar homes for sale, as the difference between median sold price and median listing price is only 12%. Nevertheless, the median price of the 350 homes that have sold in Provo is $196,500. The median list price of homes for sale in Provo is $222,900.

With the exception of the huge surplus of really expensive Provo Homes, the real estate market in Provo is still in pretty decent shape and will recover more quickly. There are still many affordable houses and condos for sale in Provo. The affordable properties are the ones that are selling in todays real estate market. There are currently 700 residential listings for sale in Provo. This number appears to still be increasing.

Pleasant Grove Mid Year Real Estate Update

2008-07-17T15:21:13Z

2008 is more than half way over. If the half way point is also the half way point for home sales, then there are going to be a lot of homes on the market that are still on the market next year.

From January to June approximately 156 residential properties sold in Pleasant Grove. At the mid year point there were also 288 active listings, and the number appears to be growing as there are now 291 homes for sale in Pleasant Grove.

To make things a little more complicated, there is a 35% price disparity between the list price and sold price. Of the home that have sold in 2008, the median sold price was $207,789. The current listings have a median price of $310,522. That's more than $100,000 difference.

Unless someone creates some really high paying jobs in Pleasant Grove, these $300,000 plus homes are going to have a really hard time selling this year.

Real Estate in the Payson Nation

2008-07-17T14:42:50Z

After six months of real estate sales in 2008 you'd think we could get a pretty good idea of what the Payson Real Estate Market is doing. One think happening is that home sales numbers are down, and very few high end homes are selling. This is driving the average sold price of Payson Real Estate Down.

From January-June 77 residential home listings sold in Payson. These properties sold for a median price of $206,982 and an average price of $190,000. The 170 homes currently for sale in Payson have a median asking price 18% higher at $230,900, and an average price that is 32% higher at $303,843. At the second quarter sales pace, it will take more than a year to sell the present supply of inventory.