Market Conditions for Davis County, Utah Reported by Lonnie Williams, Principal Broker, REALTOR, GRI, CSP, e-PRO Updated September 23, 2009.

Current Market Rating: 2 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 3 1 2 3 4 5 Falling Rising

In the past 30 days in Davis County, 1937 homes were listed for sale, 513 went under contract, and 280 were sold. In the past 180 days, 1,791 homes were sold at a median price of $219,050 and an average market time of 82 days. There are currently 1,937 homes for sale in Davis County.

The overall sold price of homes in Davis County remains generally steady. New listings are up and sales have increased slightly, signalling the beginning of the spring market. Expect prices to remain stable but number of sales will increase.

Davis County home inventories are only slightly lower than they were last year at this time. In addition, prices in Davis County have dropped only about 5% over the past year, in contrast to the real estate meltdown in other parts of the country. Homeowners seem to be OK with letting their homes sit on the market longer (79 days, vs. 49 days a year ago) rather than drop their prices. You could say that the Utah real estate market is in denial. Whatever you want to call it, sellers seem to be hunkered down for the long haul and aren't offering any bargains to prospective buyers.

WHAT YOU SHOULD KNOW ABOUT
UTAH REAL ESTATE

According to the Utah Association of Realtors, the Utah real estate market is stable, and buying a home here is an excellent investment. Here's why:

1. UTAH HAS DEMAND FOR HOMES In 2007, Utah had record population growth of nearly 85,000 people, which translates into about 25,000 to 30,000 new households. With the state expected to add another 84,000 people to the population in 2008, this growth is forecasted to continue into next year and beyond.

2. UTAHNS ARE EMPLOYED About 52,500 new jobs were created in Utah over the past year, and wages have been growing between 5 and 10 percent per year. Utah unemployment has averaged about 2.6 percent over the past year, just over half the U.S. average of 4.6 percent.

3. AFFORDABLE LOANS ARE AVAILABLE Mortgage interest rages are at historic lows, hovering around 6 percent. Conventional financing is readily available for qualified borrowers, and FHA loans are becoming popular for those with less-than-perfect credit. Even jumbo loan rates are edging downward.

Utah home appreciation continues to outperform that of any other state in the country. With home prices increasing 12.9 percent over the past year, compared to the national increase of 1.8 percent during the same period, Utah has consistently led the U.S. in home price gains.


Location Characteristics: Davis County is located immediately north of Salt Lake City, Utah. It is bordered by the Great Salt Lake on the west, the Wasatch Mountains on the east, and Weber County on the north. Davis County has a long and rich history, beginning with the Mormon pioneers who settled in the area in the 1800's. These early settlers would hardly recognize the place now. Davis County is home to roughly 295,000 citizens (2008 estimate) and boasts a robust economy with a good mix of industry, retail, agricultural and service jobs. Hill Air Force Base is by far the largest employer with approx. 29,000 jobs. With an unemployment rate of only about 2.5%, Davis County is a great place to live and work.

Davis County consists of the communities of: North Salt Lake, Woods Cross, Centerville, Bountiful, Farmington, Kaysville/Fruit Heights, Layton, Syracuse, Clearfield, West Point, Clinton, Sunset and a little piece of Hooper.

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