February home sales for Weber County Utah weren’t exactly steller. Lumped right in the middle of the expiration of the first tax credit (November) and the extension (April) home buyers didn’t have too much incentive to close during February.
Weber County Real Estate had just 146 residential sales during February. This is down by nearly 10% compared with February of last year. However, March and April home sales look to be especially promising.
Homes for Sale in Weber County Utah
Right now there are 468 properties in Weber County under contract. 186 properties have had accepted offers just in the last two weeks. Most closings happen 4-6 weeks after the contract date. This means that we will be seeing large numbers of closings in Weber County next month, as people are urgent about purchasing new homes while they can still get the government tax credits and killer mortgage interest rates.
With the air getting warmer, there are also a lot of new Weber County home listings. In the last two weeks there has been 312 new home listings. In total, there are more than 2,200 homes for sale in Weber County Utah.
Like the rest of Utah, real estate sales in Utah County were up during March. Unofficially, 443 residential homes sold marking a 18% increase from a year ago, and a 33% increase from February.
Compared with the homes that sold during March of last year, the average price of homes that sold was down by 5.72%. The average price of homes sold this March was $224,393. The median sold price for Utah County Homes was $191,000.
Although many of the homes that have recently sold in Utah Valley have been less expensive, the average price per square foot is actually up over the last two months. During March, the average Utah County home that sold went for $82.07 per square foot.
The number of homes for sale in Utah County is also up, as is typical for spring. Right now there are 4220 residential Utah County Real Estate listings. These listings have a median list price of $207,157, and an average list price at $278,266. The average list price of Utah County Homes for sale has dropped every month for the last two and a half years.
Total home sales in Cache County were up by about 9 and a half percent in the First Quarter of 2010, compared with the first quarter of 2009. There were 16 more residential homes sold this year compared with last year when just 155 homes sold during Q1. February and March were relatively strong months for Cache County Real Estate after a slow January.
While home sales are up, the price of Cache Valley Real Estate is down by quite a bit. The median sold price this year was just $152,150; 8.34% less than last year. The average sold price was also down by 7.62% from $184.796 to $170,721. The average third quarter sales price was almost as low as 2006.
While Q1 home sales are improved compared with last year, they are still substantially less than 2006, 2007, and 2008. 261 Cache County homes sold during the first quarter of 2007.
Davis County Real Estate sales for February were actually pretty slow, but April looks like it will be a huge month for home sales.
During February, just 168 residential listings in Davis County sold. This is down 6.7% compared with February home sales of 2009. The median sold price of these properties was $204,000.
Graph Showing Home Sales per Month in Davis County Utah
In the last month more than 333 properties in Davis County have gone under contract. This is huge, as a large portion of these properties will be April Closings. There will be nearly twice as many home sales in April, as there was during February. In total, Davis County has 504 listed homes that are under contract. This increase in buyer activity can partially be attributed to the upcoming expiration of the home buyer tax credits.
The spring weather has also brought out huge number of sellers. Even with the large number of homes going under contract, the amount of total homes for sale in Davis County has actually risen over the past months. There are currently more than 2,100 listings. This is up 8% from last month.
Home Sales in Cache County for February were much improved over January. They weren’t stellar by any means, but they improved compared with February of last year.
52 residential Cache County Homes sold last month as reported on the WFRMLS. This is up by more than 17% compared with February of last year when just 43 residential homes sold. The average price of these properties was $180,232, and the median sales price was at $164,495. This is the highest monthly average for home prices in five months. It is also up by 4% compared with the average sold price in February of last year.
Some positive news is that the amount of new listings in Cache Valley only slightly increased compared with last month. There are currently 752 homes for sale in the Logan Utah area. At February’s home sales pace this represents an absorption rate of a little over 14 months.