Hello Everyone!

I think I am beginning to feel fall in the air this week and have noticed some of the leaves are turning on some trees and bushes.  The market is still slow since the federal tax credits expired, but I am glad that the market will now be able to recover without any outside “stimulation” from the government.  It will be slow going for a while, but it will come back.  As children go back to school, the market will pick up a bit as people return to their routines!   I have received a request to include the Absorption Rate, which is simply the number of homes on the market divided by the number of homes sold.  The Wasatch Front Regional Multiple Listing Service reports this in the following increments:  2 month, 3 month, 4 month, 5 month, 6 month, and twelve month.  I will include the 2 and 3 month numbers in this report.  Here is the sales information for Tooele and Salt Lake Counties for August 2010:

 

 

 

2 month Absorption Rate:  44.5 per month; 13.46 months of inventory

3 month Absorption Rate:  52.33 per month; 11.45 months of inventory