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Good Afternoon to you all! It has been a couple of years since I began sending this monthly report out, so I felt it was time to remind you of what the report entails. The report has the sales data for Tooele County and Salt Lake County for 2 years, 2010 and 2011, as real estate is very cyclical, It is more accurate to compare July of one year to the previous July to see how the market is doing than to compare June to July in the same year. That is why there are two sets of numbers for each county listed. The report also has the absorption rate which is the number of homes on the market divided by the number sold so that you can see how long it would take to get rid of all of the inventory. Provided below is the data for August.

Another thought about the Tooele market: I am sure that many of you read the Tooele Transcript Bulletin Article from September 6, 2011, that is titled, “Study: DCD closure could be devastating.” This article discusses a study that was conducted to see what the closure of the chemical weapons incinerator would do to Tooele County. It forecasted that the closure would affect 620 households in Tooele County. Of these families they expect will be affected by the closure, they anticipate that 54% will try to stay in the area to find work. The DCD is also staggering the layoffs so that every one is not laid off at once. However, even the 46% of people that they expect will need to leave the area will have a significant affect on the Tooele housing market. If I were considering selling a property in the next year, I would do it sooner, rather than later, as the DCD closure will affect the Tooele housing market and property values adversely. If you have any questions about this, or have a property you want to sell, please contact me.

Here is the market summary:

Tooele County

August 1-31, 2011

Number of Homes Sold: 70

Average Sales Price: $158,894.91

Average Price Per Square Foot: $64.81

Average Days on Market: 143

Tooele County

 August 1-31, 2010

 Number of Homes Sold:

36 Average Sales Price: $190,133.05

Average Price Per Square Foot: $70.78

Average Days on Market: 117

The Tooele County Absorption Rate report shows we have approximately 4.5 months of inventory when you include sold and under contract listings together in the equation. If the under contract listings are included with the active listings, the absorption rate increases to about 9 months of inventory.

Salt Lake County

 August 1-31, 2011

 Number of Homes Sold: 1,062

Average Sales Price: $218,811.98

Average Price Per Square Foot: $88.20

Average Days on Market: 116

Salt Lake County

 August 1-31, 2010

Number of Homes Sold: 784

Average Sales Price: $254,302.63

Average Price Per Square Foot: $99.36

Average Days on Market: 123

The absorption rate for Salt Lake County is approximately approximately 4 months of inventory when you include sold and under contract listings together in the equation. If the under contract listings are included with the active listings, the absorption rate increases to about 7.5 months of inventory.

If you or any one you know is looking to buy or sell real estate, have them give me a call! Also if you know of anyone having trouble making their house payments, please call me. There are many options available, and I would be happy to help you or your friend work through the tough times that they are facing so foreclosure can be avoided! If you do not wish to receive these e-mails, please send an opt-out message to andreacahoon@remax.net.

Andrea Cahoon, CDPE, CRS, TCRES, CNHS

RE/MAX Platinum

 435-850-8167

 P.S. You can view this market summary report, and others from past months at my blog located at http://inside-real-estate.com/andreacahoon/.