Farmington, UT Real Estate News

By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
Believe it or not, another year has come and gone. To the left  is a link to my year-end Farmington Inventory Summary which highlights real estate activity in Farmington (and Davis County) over the course of the past year. It’s been an interesting year in the local real estate industry. There was the first-time homebuyer tax credit (still available for some military families), increases in foreclosure and short sale activity, historically low interest rates and continued elevated unemployment levels. Let's start with the overall numbers: There were 554 new listings in Farmington during the year of which 39% either sold or were under contract at year-end. For the 237 properties which closed escrow during 2010 (up from 183 in 2009), the average sale price was $288,157 (down just under 6% ...
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By Kim Boekholder Utah Real Estate, Broker, Results Real Estate
(Results Real Estate 801.580.5624)
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
Well with just a few weeks left before the end of the year, here is my real estate Inventory Summary for Farmington through the end of November. There are a couple of interesting data elements that, eleven months into the year, may surprise some who haven’t followed the market throughout the year. Of note is the fact that listing activity is up over 30% from the year before and will likely end the year well above 2009 levels. With all the talk about "shadow inventory" levels and the down market, the data suggesta sellers were willing to put their homes on the market this past year. Also, a bit surprising for most casual observers is the fact unit sales activity is up over 22% from last year. Much of the increase in unit sales occurred in the first trimester of the year when the home buy...
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
I recently discussed the historically low interest rates we currently experience and how, from a leverage cost perspective, this is a wonderful time to be a buyer of real estate (not to mention all that inventory to choose from). I promised a follow up article to actually illustrate the impact small changes in interest rates have on a buyer’s purchasing power. So here it is. The spreadsheet to the left (click the image to see a full size version) provides a simple illustration of the impact interest rates (even small changes) have on a buyer’s capacity to buy. The top half of the spreadsheet illustrates the recent median sold price points for several communities here in Davis County. I then did a very simple principal and interest payment calculation based on a 3.5% down payment (common...
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
The above quote by economist Henry Rosovsky has multiple applications today as it relates to politics, science, the economy and yes, even real estate. This point was brought home recently during a listing appointment where I knew there was at least one other agent competing for the business. During the course of the “interview” I was presenting data that suggested a price point well below the price of one of the other “professionals.” What is interesting is we were both operating from a similar set of data, however, my “mistake” was providing additional contextual data around the information in question. The data element we both agreed upon was the fact that unit sales in Farmington had increased year over year since 2008 (surprising number in and of itself). Using that data element in ...
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
I met recently with representatives of CenterCal (the retail developer for the project) to get an update on the status of the project and the timeline for the completion of the retail/commercial project located in Farmington.  As has been reported previously, the construction of the large retailers' component (located on the eastern edge of the project) is underway with a Harmon's store as the anchor.  This section of the project is expected to be completed by May, 2011.  In that same time frame, the Cinemark multiplex is also expected to be open.  In addition to the Harmons grocery, other retailers targeted for that component of the complex include Best Buy, HomeGoods, Marshalls and Ross.  There are projected to be 18 retail shops in this phase of the project. They will range in size f...
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
My current Farmington Inventory Summary Summary for the quarter ending September 30, 2010 is now completed (see link to access full report). The report contains data for the first three full quarters of the year (can you believe we are already into the fall?). Year to date closed sales are up nearly 40% from the same period a year ago while average and median sales prices declined approximately 5% and 7% respectively year to date. So, although unit sales increased, the majority of the increase is occurring in the lower price ranges as you can see in the middle chart where over 60% of the sales activity in 2010 occurred in the under $300,000 price range. For reference, the median sale price for the first three quarters of 2007 was $298,450 (a 14% decrease between 2010 & 2007). The good n...
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
On Saturday I participated in the Memorial Hike to Flag Rock which occurs on the anniversary of the terrorist attacks on 9/11.  Having been in Manhattan that day on business, the memorial hike was something I had wanted to do in years past but my schedule prevented.  This year, I made sure the schedule didn't get in the way and glad I did.  About 40-50 people gathered at the Farmingtion fire house at 6:30 AM.  At 6:46 there was a moment of silence (the time locally that the American Airlines flight struck the first tower).  We then heard from Damian Darcy, a New York EMT, who responded to the scene after the first tower had collapsed.  He, his partner, and several other firefighters continued to clear floors in the second tower getting several dozen additional people out of the tower.  ...
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
Many residents of Farmington know that land preparation has been already done for the Station Park retail complex, however, the economy put a hold on the actual build out of the complex which was originally scheduled to open its first phase in the spring of 2010.  However, now two of the major tenants for the new complex have initiated the construction of their buildings.  Both Harmons Grocery and Cinemark Theaters began construction and expect to be open by May, 2011.  The Harmons facility is estimated to be just under 69,000 square feet when finished and the Cinemark theater is currently slated to be a 14-screen multiplex that will have full digital capabilities. The Harmons store will be the chain's first location in Davis County.  These two buildings anchor the 400,000 square foot i...
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
I just finished my Farmington (and Davis County) inventory summary for the year to date period ending on August 31st.  You can click on the picture to the right to see the full report.  Overall, the data continues to identify the same trend lines we have seen for the past several months.  After the expiration of the first time homebuyer tax credit, the market has slowed to a pace matching the activity levels of last year.  Because of the impact of the tax credit in the first four months of the year, year over year sales continue to run at nearly 50% above last year during the same time period.  In spite of that increase in sales activity, both average and median sale price points are down approximately 7% from last year's levels.  Much of this is due to the shift in sales volume to low...
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1144 On The Green Way Farmington, UT 84025 The Fairways of Oakridge on the Golf Course Home Photo Gallery Virtual Tour Property Map Payment Info Request Showing Contact Me Kim Novak BSBA, ABR, CDPE, CRS, CSP, ePRO, SRES, Lic# 5459481-AB00 Office:800-977-7835 Mobile:801-726-1443 Website:Visit Website Price : $250,000 Bedrooms : 4 Bathrooms : 4 Square Foot : 2,870 Lot Size : 4,356 Community : Fairways of Oakridge County : Davis Property Type : Detached Year Built : 2004 MLS Number : 986848 click for more information and pictures Property Description Fully finished south facing two story in a private, gated community just off Shepard Lane near Oakridge Country Club. The home backs up to a park with walking path and an unobstructed view of the Wasatch Mountains. Second community park with ...
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
Well believe it or not, we've already reached the half way point for 2010 (seems like it was just snowing a few weeks ago -- oh, that's right, IT WAS). As I do at the end of each calendar quarter, I completed the current review of market activity in Farmington through the second quarter of this year. Now that the first time home buyer tax credit has expired (although the June 30 deadline to close was extended recently by Congress to September 30 for properties put under contract by April 30), we can see the actual impact the tax credit had on market activity. Year to date closed sales are up over 42% from the same period a year ago (thanks again, tax credit) but average and median sales prices declined nearly 11% and 8% respectively year to date. So, although unit sales increased, the m...
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By Alan Barker
(Boomerang Leads)
Farmington real estate was one of the few to have an increase in homes sold.  Sold price, however, followed the norm by decreasing.  Median price went from $299,000 to $269,678 and average price of Farmington homes went from $338,338 to $293,298. 
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
With the expiration of the home buyer tax credit, I thought this would be a good time to establish a base line report for reference later in the year in terms of market activity. For the first four months of the year, the activity levels in Farmington have been a mixed bag. Listing activity is in line with the same period last year while sales activity is up significantly over last year (impact of the tax credit). In spite of the increase in the sales activity, average and median sale prices are down considerably from the same four month period last year. In addition, even with a similar level of new listings and an increase in sales activity, overall inventory levels, measured by “months inventory” remain elevated. So, what does all this mean??? The simple answer is our market continue...
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
I attended a meeting last night at the CenterCal offices in Farmington in which members of the city council (along with the mayor) and Craig Trottier, Vice President of Development for CenterCal Properties discussed the current status of the Station Park commercial/retail development adjacent to the Farmington FrontRunner train station. In spite of the current economic conditions which have slowed the project, it is ready to move forward with two publicly confirmed tenants in the project. Most everyone has heard that Harmons will be opening a store in Farmington Station. In addition, Cinemark has confirmed their plans for a multi-screen theater complex within the project. There has been additional leasing activity but at this time no other tenants can be publicly announced. Sufficient t...
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
You have likely heard all sorts of conflicting reports about the current state of our real estate market. It is true the local real estate market in 2009 continued its adjustment process begun in early 2008. Rather than trying to address the various media reports you may have heard, I prefer to just look at the data and see what the data reveals about local real estate activity in Farmington over the past year. Click on the thumbnail to see a copy of the full report for calendar year 2009. One thing that stands out is the clear impact the federal home buyer tax credit made on home sales activity toward the end of the year as closed sales for the last quarter of the year were nearly double over the same period last year (50 vs 29). This late surge pushed calendar year sales in Farmington...
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By Mark Watterson, Utah Real Estate
We need Positive Price Action to confirm market bottom.  One month of price improve isn't sufficient to confirm the market bottom.  We need to see appreciation month over month for three months. PRICE ACTION      Other good signs in addition to positive price action is lower DOM (days of the market), lower new listingsand higher percent of new listings being SOLD.   SUMMARY Has the Utah Real Estate Market bottomed? Currently we are not seeing the needed positive price action (along with other indicators) to confirm a market bottom.  This is NOT a good time for those investor with low and/or no risk tolerance to purchase.  Investors with a long term buy and hold strategic.  Opportunities are starting to make sense.  Contact your property resource specialist for information to make an inf...
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By Alan Barker
(Boomerang Leads)
After a small slip from 2000-2002, Farmington Real Estate rocketed in both sales price and number of homes sold for about four years.  While prices planed out after that, Farmington homes sold took a big dive for two years then experienced a slight rebound in 2009.
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By Mark Watterson, Utah Real Estate
We need Positive Price Action to confirm market bottom.  One month of price improve isn't sufficient to confirm the market bottom.  We need to see appreciation month over month for three months. PRICE ACTION   Other good signs in addition to positive price action is lower DOM (days of the market), lower new listingsand higher percent of new listings being SOLD.    SUMMARY Currently we are not seeing the needed positive price action (along with other indicators) to confirm a market bottom.  This is NOT a good time for those with low and/or no risk tolerance to purchase.  High and medium risk tolerant investors are making buying decisions and are doing some bottom fishing.  Some are trying to time the market and market timing is risky.  Trying to time the bottom is not for the inexperienc...
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By Cache Valley Homes Cornerstone Real Estate
(Cornerstone Real Estate Professionals)
Description and Features 1700 square foot Farmington Crossing Condo! 3 Bed, 3 Bath, open floor plan with granite counter tops & tons of other upgrades. Come enjoy this maintenance free living with a pool, clubhouse, hot tub, BBQ grill, park, V Ball court, fountains & free yard care! Bedrooms:3Bathrooms:2.5Parking Spaces:2Square Feet:1777Lot Size:1742Year Built:2008Floors:2MLS #:921684 Location Click to view map: 1008 Shepard Creek Pkwy #2 Farmington UT 84025 Links More Info!Virtual Tour!Farmington Utah Homes for SaleCornerstone Real EstateListing Website
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