Wow! I am loving the gorgeous, mild weather we are having. I keep reminding myself that this is Utah, so it could change at any minute! In this past month I have seen both positive and negative changes in the market. The days on market (DOM) seems to be decreasing (yeah!) but so is the average sold price and average price per square foot (boo if you are a seller and yeah if you are a buyer). The number of homes sold in May of 2009 and May of 2010 in Tooele County was exactly the same. We will have to watch closely as the summer selling season is upon us and hopefully we will see a market stabilization! Here are the numbers for you:
Tooele County
May 1-31, 2010
Number of Homes Sold: 57
Average Sales Price: $166,960.32
Average Price Per Square Foot: $70.45
Average Days on Market: 130
Tooele County
May 1-31, 2009
Number of Homes Sold: 57
Average Sales Price: $188,256.23
Average Price Per Square Foot: $85.78
Average Days on Market: 143
Salt Lake County
May 1-31, 2010
Number of Homes Sold: 1178
Average Sales Price: $235,680.60
Average Price Per Square Foot: $103.30
Average Days on Market: 111
Salt Lake County
May 1-31, 2009
Number of Homes Sold: 1014
Average Sales Price: $262,710.59
Average Price Per Square Foot: $108.23
Average Days on Market: 132
I have noticed that 30 year mortage rates are running about 4.8% to 5% right now. I hope you are all enjoying the long summer days with your children! If you have any questions about this report or real estate, please let me know and I would be glad to help in any way I can! Until next month!
Andrea Cahoon, CRS, TCRES, CNHS
RE/MAX Platinum
435-850-8167
Avg. Sales Price: 379,000
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