Farmington, UT Real Estate News

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 listings and 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 inexperien...
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By Alan Barker
(Boomerang Leads)
Farmington went from selling 44 homes to selling 41.  Median sold price of Farmington Real Estate decreased 4% but average sold price increased about 4%.  Today's median home prices are in the mid 300's and average prices are in the mid 400's.  With 139 active listings, inventory in Farmington is 10 months.
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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 listings and 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 inexperien...
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
Well we finished a rather interesting first quarter (how’s that for a euphemism?). My current Farmington market snapshot report for the most recent quarter is included for your review. We are starting to distance ourselves from the frozen credit markets and corresponding near screeching halt in the realty market experienced in the fourth quarter of 2008 and after the first of the year. However, the local real estate market is still a bit sluggish. As I mentioned in my fourth quarter report, the impact of elevated inventory levels and the increase in distressed properties (e.g. short sales, foreclosures) is being felt as these properties are now getting offers and closed and the price impacts being reported. The impact on average sale prices is now materializing as sellers are forced to ...
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
Many of us here in Farmington know of and have seen the activities taking place with the Station Park development across from the commuter rail station. Many are also aware that the project has slowed somewhat due to the national and local economic slowdown. I had an opportunity to visit briefly by phone with Mayor Harbertson and in person with Craig Trottier, Center Cal VP of Development to discuss the current status of the Station Park project. The current recession has caused many of the retailers to delay their expansion plans around the country (including Station Park). It is important to note that these are "delays" and not "cancellations." The project is still moving forward but the projected opening of 2010 has been pushed to 2011. All of the projected anchor tenants continue to...
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
When you do something for a living on a day-to-day basis is easy to become somewhat myopic in terms of what you see going on around you. It really doesn't matter if you're a surgeon, a plumber, an accountant, an attorney, a mechanic, or a real estate agent . In my line of work there's been a lot of time and focus both within our industry and by me personally as to the effects of the recent stimulus bill and housing recovery proposal. Don't worry I won't be spending any time on those items in this blog post. I received a small but effective little push outside of my small worldview by recent correspondence I received from my brother who is currently serving in Iraq. He is the second of my siblings to serve in Iraq: my youngest brother served during the push into Falluja and Ramadi a few ...
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
So in the current real estate market place with unemployment increasing, interest rates fluctuating, stimulus packages being debated (and apparently passed in the Senate today), the banking system collapsing, and an overall the "sky is falling" mentality, do simple economic principles still help explain what's going on? In a word: yes. We've all heard and used the expression supply versus demand. It's interesting in our industry as we embrace the Internet, statistical metrics, buyer & seller behavior patterns, home staging expertise, and any number of other factors to explain what's occurring in our markets when the simplest answer may be the most accurate (Occam's razor anyone?)  In our quasi- free market economy, pricing should be a reflection of the relative supply and demand of a pa...
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
Clearly, 2008 is going to be noted as a "transitional" year for any number of reasons relating to economics, politics and international actions. Those of you who know me, understand that I am clearly not as qualified as the talking heads on television and radio to discuss the political and international market issues which developed in 2008 (although that doesn’t stop me from trying). However, I can provide some insight and overview as to the economic implications for our local real estate market. If you would like to see the actual data reports I reference in this article, follow this link to access both Davis County and Salt Lake County data reports for the fourth quarter 2008. I am an analytical type of person and, as such, tend not to get carried away with the typical "the sky is fa...
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
As I’ve worked with buyers over the last six months of the current economic “crisis,” I am regularly asked if the market has reached “bottom?” My response is generally in the form of an observation, that you don't know the bottom of any market (whether it be the real estate market, the stock market, or a commodities market) until prices begin to trend upward. Then you can look back with confidence and say “Oh, that was the bottom.” Now of course there are, depending on who you talk to, some potential leading indicators as to where market begins to shift. In the real estate market many agents will use certain data points such as days on market, aggregate inventory levels, and to a lesser extent stabilizing sale price points to ascertain a market shift. I confess to using all of these and...
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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 listings and higher percent of new listings being SOLD.  On a year over year, YTD comparison currently (13.71) % of new listings are being sold.         SUMMARY  Currently we are not seeing the needed positive price action (along with other indictors) to confirm a market bottom.  This is NOT a good time for conservative buyers to purchase.  High risk tolerant investors and speculators are doing some bottom fishing. For more details or just to chat about market conditions please feel ...
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By Craig Frazer, Real Estate, RE/MAX Metro, Davis & Salt Lake County
Who would’ve thought since my last market update we would have seen the complete meltdown of the American economic system?  OK, perhaps a slight overstatement but when Alan Greenspan uses the term “credit tsunami” it certainly perks people’s interest.  Overall, as you’ve read, heard and seen, the housing market throughout the United States has hit some rough water.  Not only are inventory levels up but the credit markets have tightened to the point of choking off a good deal of the buyer demand.  The good news is the Utah market, to date, is handling the crisis a bit better than many parts of the country.  As you will see in the attached reports, although we have been impacted by current economic events, the devastation we see in some isolated markets around the country has not yet reac...
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By Gerald Richards
(Team One - The Franklin Group)
There are as of 1 October 2008, 136 active homes on the market with another 12 homes under contract for a total of 148.  By calculating what percentage of the total the 12 homes under contract are you know if Farmington is a buyers or a sellers market. 12 divided by 148 = 8%. If the % is under 25 percent then it is a buyers market.  If it's over 25% then it's a sellers market. So Farmington, UT is currently experiencing a buyer's market. To find out more about market conditions in Utah just give me a call at 801-540-3825.
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By Alan Barker
(Boomerang Leads)
Farmington leads Davis County real estate for the most inventory on the market. At the second quarters pace of 14 homes sold per month, if there were no new listings and all the current listings were affordable, it would take nearly a year to sell all of the 160 homes currently for sale. Being that not all of the homes for sale in Farmington are affordable, and knowing that there will be new homes listed, it will take a lot more time than just a year to sell some of the Farmington homes for sale. The average list price of the homes for sale in Farmington is $453,969, the median list priceis $351,900. In 2008 the median price of Farmington homes sold is less than $300,000 and the average sold price is just $327,000. So if there is an investor out there who wants to buy lots of high price...
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By Jennifer Sokol
(Keller Williams Realty)
This market report is as of the 1st of August 2007 to date.New listings for SFR                  45Median Price                              $347,450.00Average Price                             $375,950.00Price Range                                $169,999.00 to $624,900.00Average Market Time                 15 daysSold listings for SFR                  10Median Price                              $345,500.00Average Price                             $355,950.00Price Range                               $236,000.00 to $770,000.00Average Market Time                 59 daysUnder Contract SFR                   8Median Price                              $369,900.00Average Price                             $359,937.00Price Range                               $229,900.00 to $509,999.00Average Ma...
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