Here are Davis County's set of charts:
Davis County has had a choppy ride since the downturn began. Since it is a major bedroom community to Salt Lake City, it has higher demand and commands higher prices than Weber County further north. Nevertheless, the recent down leg can only be described as spastic. March sales are up which is expected as part of the seasonal cycle.
Here are Weber County's charts:
Sales are up and following a nice orderly seasonal trend.
Now, despite this, sales volumes in both Weber and Davis are still way down from last year, which was way down from the year before. What does this mean?
A couple insights:
1) This will be the year that nearly all the part-time, unmotivated, or unprofessional Realtors get out of the market. The Exodus will begin again when board dues are payable.
2) We seem to be stabilizing as a marketplace. Our sales are now way below where they should be based on our population growth. See chart below. Economic conditions are scaring most buyers and keeping them in the rental market. That means there is pent up demand for housing that will unleash itself once this economic storm passes over. I imagine that will happen in the next two or three years.
The market isn't dead, it's just sitting in a lazyboy eating a bag of cheetos watching re-runs of Design on a Dime. Eventually it will get up again and be more active.
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