Optimistic Future for Utah Real Estate

Most Realtors I talk to are pretty optimistic about the housing market in Utah. They say that activity is increasing and more homes are being shown. Buyers are becoming more optimistic, and believe that the low interest rates and lower home prices make this a good time to buy. This should spread to an overall increase in the health of the Utah Housing Market, and the states economy.

The fact is, it can't get much worse. Last Month was one of the slowest months real estate sales in Utah have ever experienced. In Salt Lake, it was the slowest month for Salt Lake Real Estate sales since MLS records started 14 years ago. Just 432 residential in Salt Lake were reported sold.Utah County had its slowest single month of real estate since February of 1999 with just 212 homes were sold. Davis County suffered their slowest month of Home sales in 7 years. 173 homes in Davis County sold in January. Weber County had its lowest single month of home sales  in 13 years. Cache County had their slowest month of home sales since February of 2001. Just 41 Homes in Cache Valley sold during January. Tooele County Utah had their slowest month of home sales since December of 2000 with just 34 residential homes reported as sold.

Overall the Utah Real Estate market reveals that their is a surplus of homes for sale in Utah, and a substantial portion of these Utah homes for sale are bigger and more expensive than those that are actually selling. Many sellers won't sell their Utah properties this year. The foreclosure rate and number of homes requiring short sales will also go up as we experience a recession. Prices will likely decline in most areas, but real estate home sales will start going up, at-least in comparison to January's 2009 home sales.

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