Northern Utah Homes & Real Estate Blog

Yesterday I posted statistics on home sales for Weber County for the month of March.  Here is a brief summary of what the numbers are saying: 

1. Home prices are up 9.5% compared to last March
2. Number of home sales fell -33.6% from 407 to 270
3. Average days on market are up from 58 days to 65 days
4. The number of new listings fell only -4.4%

My take:

Even though home prices are up over last year, we’ll more than likely begin to see them start to flatten out. Mainly in part to the number of homes sales plummeting in comparison to last year.  Unfortunately, the number of new listings didn’t match in decline so the increase in inventory is really what will be at the source of the softening prices.

However, it is unlikely that the average sales price will see anything but a modest decline unlike whats bieng experienced in more volotile markets like California, Arizona & Nevada.  Our local appreciation has been realistic and healthy.  In fact, much of the appreciation realized in the last 4 years has been largely an upward correction from the flat market in the 7-8 years prior.

That’s the good news.  The not-so-good news is that it will become increasingly more challenging to sell.  If your home is currently on the market or if you’re thinking about putting  your house up for sale soon then here is a bit of advice: 

a) Don’t procrastinate:  If you are getting little to no activity, then take action now!…see “re: Why isn’t my home selling”.  And if you haven’t put your home up, do it now.  If prices are going to slip, better to sell sooner than later.

b) If you don’t have to sell, then reconsider:  If you don’t have to sell then chances are you will ask more for your house than someone who does.  And unless  you’re willing to compete… then statistically, your home will continue to sit while thier homes sell.  Actually, your house will help them sell.  In addition, the extra inventory weighs the market down.  Instead, either wait until the gap between homes on market to homes sold ratio narrows and get your price or lease your home (local rental market is growing) and buy another.