Utah County September 2008 Stats - From UCAR's CEO

1- The market started to change dramatically at this time last year. Sales in August 2007 reached 575 units, but just one month later dropped to 374 in September--a 35% decline.This September, 433 units sold; this represents a 16% increase from last year. I'm pleased that the trend we have seen since December 2007 of either an increase in number of sales or percent improvement continued in September. While the total number of units sold dropped this year from 473 in August to 433 in September, the percentage compared to last year improved
dramatically.
2- September is the first month we have seen a measureable drop in home prices. September's median price of $207,500 is down 6.5% from 2007's price of $222,000. This is still significantly below the double-digit price reduction that many economists and pundits have been predicting and hoping for. This $14,500 price drop is another indication that price and location will continue to be major factors in real estate transactions this winter. Our relative price stability will continue to bring buyers into the market.
3- While home sales rose from 374 last year to 433 this year, condo sales continued to trail last year. September condo sales reached 73 units, down from last September's 92 sales…a 20.6% reduction. The September 2008 condo price of $157,000 also fell, but only 5% compared to
last year.
4- The number of active listings fell this month from 5,323 in September 2007 to 4,775 this year. Condo listings also fell from 798 last year to 641 in 2008.
5- Homes priced above $500,000 continued to perform as sales of 18 units in September 2008 outpaced last year's sales of 17 units.

Summary:
The Utah County market continues to defy many economists who predicted dramatic reductions in price and sales, but we continue to show relative strength in both categories. While obviously stating a 16% increase above last year's sales does not give a true reflection of our market, neither do statements of doom and gloom. We continue to enjoy a robust buyers market…and with the uncertainty on Wall Street we should continue to bring in wise buyers and investors looking for a deal and a stable place to invest. Keep in mind that we enjoy strong housing demand, job and wage growth, and competitive loan rates. All these factors indicate that our local market is doing well. You should continue to be the trusted professional your clients need and want, and together with UCAR, we will continue to make a difference one family at a time.