June was a really slow month for Davis County Real Estate, which is probably the healthiest Utah Real Estate market. There were just 263 residential homes sold compared with 362 during June of last year. This represents a 28% decrease in home sales.

Interestingly enough, the home sales stats show us that there is probably less activity from first time home buyers. Most of the first time buyers who would have purchased a home during June, moved their buying activity up to take advantage of the government home buying incentives. The homes that sold during June were far more expensive than we have see during the previous months. The median sold price was $217,000 and the average sold price of $245,126 was up by nearly 8% from last year, and up 12% compared with last year.

The gap between the list price and sales price of homes during June really narrowed as sold prices increased, and list prices continued to drop. An equal list price and sales price is one sign of a balanced market. The median difference for June was just 3.18%. Now, it’s definitely too early to say that the market really is balanced, especially after such a weak performance in total home sales. During June the number was likely skewed because there just weren’t the normal amount of first time home buyer sales, making the average home sales price higher than what it really is.

The other major factor for balanced real estate, months of inventory, took a step in the wrong direction as a result of the low June home sales. While Davis County real estate inventory slightly declined over the last month, the slow home sales gives Davis County almost 9 months of inventory.

The good news is that real estate inventory did actually go down. Currently, there are 2330 Davis County Homes for Sale, and 434 homes under contract.

The decrease in June Home Sales in Davis County was really surprising. Not that it was a decrease, but by how big the decrease really was. The big increase in home prices though probably tells the story that first time home buyer sales in Davis County were pretty much just down.