In the past 30 days in Davis County, 476 homes were listed for sale, 167 went under contract, and 194 were sold. In the past 180 days, 1598 homes were sold at a median price of $225,000 and an average market time of 74 days. There are currently 2077 homes for sale in Davis County. The national slowdown in real estate has had little affect on Davis County, where demand for homes is still high and prices have remained stable.
Overall prices are stable at this time and there is very little change in the statistics from 2 months ago except the seasonal fall-off in new listings. The market is neutral overall in Davis County at this time.
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.
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.
