Happy August!
As I prepared the latest real estate market summaries to send out to you, I couldn’t help but think that since the federal tax credits have ended the market is now trying to make a real recovery, which is going to take a bit of time. The real estate market has been sustained by these tax credits over the past couple of years so it hasn’t had to make its own recovery. Now it is doing so, so the market is taking longer to stabilize than those in the industry had hoped.
I hope that the industry will stabilize quickly and turn around so that homeowners everywhere can maintain the equity in their homes. However, the declining prices makes good news for buyers as home prices continue to decrease, becoming more affordable, and the mortgage interest rates have been at historic lows. I have heard of people locking interest rates at 4.25% for a 30 year fixed loan in the last little while.
Only time will tell how long the market recovery will take. Here are the July market summaries:
Tooele County
July 1-31, 2010
Number of Homes Sold: 49
Average Sales Price: $184,801.43
Average Price Per Square Foot: $75.67
Average Days on Market: 142
Tooele County
July 1-31, 2009
Number of Homes Sold: 65
Average Sales Price: $171,378.26
Average Price Per Square Foot: $75.23
Average Days on Market: 118
Salt Lake County
July 1-31, 2010
Number of Homes Sold: 672
Average Sales Price: $262,291.96
Average Price Per Square Foot: $99.51
Average Days on Market: 115
Salt Lake County
July 1-31, 2009
Number of Homes Sold: 1112
Average Sales Price: $257,535.25
Average Price Per Square Foot: $101.55
Average Days on Market: 125
If any of you have any questions about this report or any other real estate issues, give me a call! I would be happy to help! Let me know if a move is in your future or any of your friends and family’s future and I would love to help get you on your way! Enjoy the last days of summer before school starts and the days get shorter and cooler!
Andrea Cahoon, CRS, TCRES, CNHS
RE/MAX Platinum
435-850-8167
Avg. Sales Price: 379,000
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