This month's news may sound familiar, but there are some significant changes to the housing market that may affect your real estate decisions. The big news from last month's NAR statistics is that Inventory is low. If this sounds familiar it's because inventory has been steadily declining for the past two years. From February 2011 - Feb. 2012 the number of homes on the market in Salt Lake County has been more than 10% LOWER than the number of homes on the market the year before. Starting in March 2012 that number dipped to 30% lower and stayed there for a year! In the past few months things have started to change.

  [caption id="attachment_3038" align="aligncenter" width="300" caption="See Utah's Current Housing Statistics Here"][/caption]

Since

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The statistics haven't even been finalized yet, but everyone is extremely excited about the housing market. How come?

Right now we are seeing indicators that suggest we may be breaking records for home sales. The current number of homes under contract indicate that we have TRIPLE the amount of normal activity on the housing market.

Here is an example:

In South Jordan, in the $400K - $500K price range we normally see approximately 15 homes under contract at a time. With the number of homes on the market this represents a 5-6 month inventory. In the past few weeks those number have Tripled!

Currently there are approximately 45 homes Under Contract. That's three times the normal 15 homes. With the current inventory of 54 homes available on the

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Spring is upon us and it is time to look ahead. The clocks have already moved ahead one hour, so make sure you don't miss one more minute. We need to assess our goals for summer before it's gone.    The housing market almost always increases during the spring and summer months. This year conditions are perfect for an even more significant improvement! Inventory is 30% down, mortgage rates may have hit bottom and the number of homes sold each month has been increasing all year. If you're considering moving this year NOW is the time to do it.   I track the statistics for you so you can know where to buy, where to sell, and when the time is right! If you think this may be the year you finally make the move, contact me ASAP so we can get the…

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The Associated Press just released an article about the Daybreak community in South Jordan.

The Associated Press reports: “Kennecott’s Daybreak community ranked sixth for 2009 home sales among leading U.S. planned communities.” 365 homes were sold in Daybreak during 2009.

They attribute Daybreak’s success to the homes individually as well as the appeal of the community as a whole: ”Daybreak offers houses with traditional porches, pocket parks, lots of trails and wide-open surrounding spaces.”

Click here to view all available homes for sale in Daybreak.

Are we going up or down in Utah Real Estate?

Lets look at the numbers for Salt Lake County.

Sales in 2007

Oct 1033 November 927 December 803 Jan 2008 645 Feb 2008 766

Sales in 2008

Oct 846 November 592 December 687 Jan 2009 Predicted: 575 Feb 2009 Predicted: 700

So what happened year over year?

Oct 18% decrease November 36% decrease December 14% decrease Jan Predicted decrease 10% Feb Predicted decrease 8% Decrease.

What can we look forward too?

Our sales numbers have hit bottom. We had huge decreases and there isnt a way for it to decrease anymore. And actually we are receiving multiple offers on many homes. Our number of actives in Salt Lake have decreased to 7500. Last year there were 10,500 homes sold. So at the current rate

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Current Situation…and the CRYSTAL BALL for the future

A week ago we were talking in our office about demand. We have been watching ‘pending’ home sales decline and decline. This is typical during this time of year. Generally 1rst quarter after 4th quarter is where it bottoms out. So we thought, when was the last time home sales have been this low? We can’t find data that goes back that far. We speculated it must be as far back as the 1980′s. It also seems like the demand should be there to buy homes, but where are the buyers? We speculated as well that the demand is there and that it would arise soon. Im not an economist (Im a salesperson, I sell real estate not analyze numbers, we are diffrent breeds) and I dont have the data they do, so I looked

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