| Utah County Association of REALTORS® |
| M=
onthly
Statistics |
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| To: |
Brokers and Age=
nts |
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| From: |
Taylor Oldroyd,=
CEO Utah
County Association of REALTORS® |
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| Subject: |
Monthly
Statistics--September 2008 |
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/td>
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1) |
The market started to =
change
dramatically at this time last year. Sales in August 2007 reached 575 uni=
ts,
but just one month later dropped to 374 in September--a 35% decline.This
September, 433 units sold; this represents a 16% increase from last year.=
I'm
pleased that the trend we have seen since December 2007 of either an incr=
ease
in number of sales or percent improvement continued in September. While t=
he
total number of units sold dropped this year from 473 in August to 433 in
September, the percentage compared to last year improved dramatically. |
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2) |
September is the first=
month we
have seen a measureable drop in home prices. September's median price of
$207,500 is down 6.5% from 2007's price of $222,000. This is still
significantly below the double-digit price reduction that many economists=
and
pundits have been predicting and hoping for. This $14,500 price drop is
another indication that price and location will continue to be major fact=
ors
in real estate transactions this winter. Our relative price stability will
continue to bring buyers into the market. |
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3) |
While home sales rose =
from 374
last year to 433 this year, condo sales continued to trail last year.
September condo sales reached 73 units, down from last September's 92
sales…a 20.6% reduction. The September 2008 condo price of $157,000
also fell, but only 5% compared to last year. |
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4) |
The number of active l=
istings
fell this month from 5,323 in September 2007 to 4,775 this year. Condo
listings also fell from 798 last year to 641 in 2008. |
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5) |
Homes priced above $50=
0,000
continued to perform as sales of 18 units in September 2008 outpaced last
year's sales of 17 units. |
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| Summary: |
The Utah County market=
continues
to defy many economists who predicted dramatic reductions in price and sa=
les,
but we continue to show relative strength in both categories. While obvio=
usly
stating a 16% increase above last year's sales does not give a true
reflection of our market, neither do statements of doom and gloom. We
continue to enjoy a robust buyers market…and with the uncertainty on
Wall Street we should continue to bring in wise buyers and investors look=
ing
for a deal and a stable place to invest. Keep in mind that we enjoy strong
housing demand, job and wage growth, and competitive loan rates. All these
factors indicate that our local market is doing well. You should continue to be =
the
trusted professional your clients need and want, and together with UCAR, =
we
will continue to make a difference one family at a time. |
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