Good Afternoon Everyone,
Many of you have seen the newspaper articles that have stated that local real estate prices are still coming down, but the number of homes being sold has increased. October was no different. There were more sales in October of 2011 than in October of 2010, but with a lower average sales price. I don’t see this trend changing any time soon, and the mortgage interest rates are still amazingly low, so if you have ever wanted to invest in real estate, NOW IS THE TIME.
If you or someone you know is having a hard time making their mortgage payments, make sure you check out my website for people who need help deciding what options they have. Feel free to share it with anyone you know who it may help. It can be found at www.UtahHomeownerHelp.com . October’s market summary for Tooele and Salt Lake Counties can be found below.
Tooele County
October 1-31, 2011
Number of Homes Sold: 49
Average Sales Price: $149,973.06
Average Price Per Square Foot: $63.04
Average Days on Market: 145
Tooele County
October 1-31, 2010
Number of Homes Sold: 41
Average Sales Price: $171,582.73
Average Price Per Square Foot: $69.22
Average Days on Market: 156
The Tooele County Absorption Rate report shows we have approximately 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
October 1-31, 2011
Number of Homes Sold: 969
Average Sales Price: $215,480.28
Average Price Per Square Foot: $89.42
Average Days on Market: 117
Salt Lake County
October 1-30, 2011
Number of Homes Sold: 737
Average Sales Price: $243,588.63
Average Price Per Square Foot: $100.57
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 months of inventory.
Don’t keep me a secret! If you or any one you know is looking to buy or sell real estate, have them give me a call! If you do not wish to receive these e-mails, please send an opt-out message to andreacahoon@remax.net.
Have a very Happy Thanksgiving!
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/.
Avg. Sales Price: 379,000
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