South Salt Lake, Utah Real Estate, Has the Market Bottomed?

By
Real Estate Agent 5660894-PB00

We need Positive Price Action to confirm market bottom.  One month of price improve isn't sufficient to confirm the market bottom.  We need to see appreciation month over month for three months.

PRICE ACTION

 South Salt Lake

 

 

 

Other good signs in addition to positive price action is lower DOM (days of the market), lower new listings and higher percent of new listings being SOLD.  

 

 SUMMARY

Currently we are not seeing the needed positive price action (along with other indictors) to confirm a market bottom.  This is NOT a good time for conservative buyers to purchase. 

High risk tolerant investors and speculators are doing some bottom fishingSome are trying to time the market and market timing is risky.  Trying to time the bottom is not for the inexperienced buyer. 

Also it is good to note that those waiting for a market bottom confirmation will miss the bottom.  This is because confirming factors are lagging indicators.

Buy and hold is the best buying strategic for owner/occupied and investor purchases.

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Data considered accurate... However is NOT Guaranteed.  Contact your Mark Watterson your Local Property Resource Specialist for the most up-to-date data

Comments (4)

Toula Rosebrock
Diane Turton, Realtors, Forked River, NJ - Lacey Township, NJ
Broker/Sales Associate, Realtor, Lacey Township,

Hi Mark:

I read your posts everyday with the market conditions in each area.  I appears from your stats that Utah is not doing well.

Any hope for a turn-around soon?  What do others say?

ToulaRosebrock.com

Jan 21, 2009 11:11 PM
Mark Watterson
Salt Lake City, UT
Utah Real Estate

Toula- The data I publish is from our local MLS database and the numbers are not great.  They are not even hinting at a bottom at this time.  The Utah market normally (in the past) runs in opposite trends of the national markets.  In August 2007 when everything rolled over we followed. 

Jan 21, 2009 11:44 PM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Mark,

We're seeing something here in Tucson that I haven't seen for a year and a half:  bidding wars.  That's a good sign!

Mike in Tucson

Jan 23, 2009 10:42 PM
Mark Watterson
Salt Lake City, UT
Utah Real Estate

Mike- We do see multiple offers on wholesale priced homes.  We really need to see multiple offers on our retail priced homes that would a positive sign.

Jan 24, 2009 01:16 AM