Listing Count decreased 55 units from last month, but
creates the third highest on record behind August 2007 with
5323 active and under contract listings represents 5244
active and under contract listings represents an increase of
about 50% over last year.
Unit sales in Oct 07 of 338 units is 45% below 2006, 45.8%
below 2005, and 28.1% below 2004.
If you look at the period of August to October 2007, sales
number are 36.8% below 2006, 36.8% below 2005, and 17.1%
below 2004 levels
The ratio of sales to listing during the summer of 2007 has
been between 10.5 and 11.5%. This is well below the 22%
level of 2006 and the 15-17% level of 2005. Current numbers
are tracking along the level of 2003 and early 2004.
Inventory relative to sales has very slightly decreased in
most categories--practically holding steady with last month.
We are still short on inventory under $200,000 price range.
Median and Average List Prices have been on a steady
decline since February of 2007, but it has not yet
translated into a noticeable decline trend in sale prices.
Listings of homes over $500,000 continue to be up 51% over
last year while YTD unit sales are up 3.6%
Condo listings are up 52% over last year with unit sales
down 4.4% YTD.
Summary
The market has certainly changed over the last six months.
It is not the fast and furious market of the last two
years. Homes are still selling and we appear to be in a
stable market at this point. The fundamentals for the
future are still
very strong.
Utah Real Estate
Sold Statistical Data includes the following cities: Alpine, American Fork, Cedar
Fort, Cedar Hills, Eagle Mountain, Elk Ridge, Genola,
Goshen, Highland, Lehi, Lindon, Mapleton, Orem, Payson,
Pleasant Grove, Provo, Salem, Santaquin, Saratoga Springs,
Springville, Woodland Hills. Provided by the Utah County
Association of Realtors.