Happy Spring!

March certainly went out like a lion instead of a lamb both weather wise and with the market. The number of homes sold was up significantly, but the average sales price was down substantially. This is most likely due to the distressed properties on the market that are being purchased at much lower prices than market value. When the inventory stabilizes, the prices should turn around. The interest rates continue to be VERY LOW and any one who wants to take advantage of the $8000 first time home buyers tax credit or the $6500 home buyer move up credit must have their homes under contract by April 30, 2010, and closed by June 30, 2010. Let me know if these are something you are someone you know are interested in. Here is March’s market summary:

Tooele County March 1-31, 2010

Number of Homes Sold: 59

Average Sales Price: $149,930

Average Price Per Square Foot: $72.91

Average Days on Market: 117

Tooele County March 1-31, 2009

Number of Homes Sold: 42

Average Sales Price: $186,013

Average Price Per Square Foot: $76.91

Average Days on Market: 117

Salt Lake County March 1-31, 2010

Number of Homes Sold: 2217

Average Sales Price: $234,022

Average Price Per Square Foot: $96.15

Average Days on Market: 136

Salt Lake County March 1-31, 2009

Number of Homes Sold: 1832

Average Sales Price: $237,505

Average Price Per Square Foot: $92.59

Average Days on Market: 137

Let me know if any of you have any questions about this information, or if you have any real estates needs that I can assist you with! If you do not wish to receive these e-mails, please send an opt-out message to andreacahoon@remax.net. THANK YOU!

Andrea Cahoon, CRS, TCRES

RE/MAX Platinum

435-850-8167