The housing market in northern Utah looks healthy. We have half as many homes on the market as we did at the peak of the crisis in August 2008, when we had over 8600 homes on the market. All indicators point towards a continued mild recovery.

As of January 1, 2012, we have 4,750 homes and condos for sale in Salt Lake County. 1,470 are listed as short sales and 153 are REO bank owned properties. We have consistently had 1/3 of the properties in our market listed as distressed, or lender mitigated. 11,177 homes and condos sold last year and there are another 1,324 sales pending. The absorption rate is down to six months! A far cry from the 18 months we once had. Interest rates re still hovering at or below 4%. Economists don't see this changing in the foreseeable future.

Happy New Year!