In the past 30 days in Farmington, 34 homes have been listed, 43 have gone under contract, and 13 have sold. In the past 180 days, 90 homes have sold at a median price of $295,000 and an average time on the market of 80 days. There are currently 123 homes for sale.
The market in Farmington continues to be strong, more so than surrounding towns because of Farmington's low turnover. Although time on market has increased from 61 to 80 days from a year ago, prices have stayed steady and sellers aren't in any hurry to drop them. The market is probably best characterized as neutral at this time, with low inventory and prices holding to near those of the previous spring.
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.
ZIP Code: 84025 Location Characteristics: Farmington, the seat of Davis County, is located about 16 miles north of Salt Lake City. It occupies a narrow strip of land tucked snugly against the base of the Wasatch Mountains, halfway between Salt Lake City and Ogden, with the Great Salt Lake lapping at its western shores. The area around the center of Farmington is known for its beautiful old homes that bring a feeling of having stepped back in time. In contrast, many new neighborhoods are springing up on the west side of Farmington, closer to the lake, and on the lower slopes of the Wasatch Mountains which make up Farmington's eastern flank.
The community, with a population of around 16,548 (July 2008 estimate), is a place renowned for its quiet, tree lined streets, visual charm and a history as solid as the stone used in the construction of many of its pioneer homes. However, it has grown in population by 4000 residents in 6 years - proving that Farmington is a very desirable community in which to live.
About Lonnie Williams, Principal Broker:
Hi, I'm Lonnie Williams and I've been serving Buyers and Sellers in Davis & Weber counties since 2003. Integrity and honesty are my core values. Whether you're shopping for a million dollar home or a starter, if you want a Realtor who puts you first, you've come to the right place!
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
