I thought the other day that I have spent plenty of time talking about the troubles that Utah mortgages are in, so I needed to spend a little time on something a little more positive. As a result, I went on the hunt for national statistics to compare Utah real estate values with. Instead of the normal comparisons, I found a chart that was put together by the U.S. Census Bureau in 2009 regarding some very interesting statistics that relate to home owners.

I understand that these are from 2009, but believe it or not, that is the most current data that is available in some of these categories. I thought it would be cool for you to see how your home stacks up against other homes across the country. I did get this graphic from another website which you can see on the actual flyer. Let’s review some of the more interesting facts:

1. The median purchase price of an existing home is $107,500. I am not sure where they are buying these homes as the median listing price of a home in Utah right now is $199,500 according to zillow.com. Salt Lake County, Park City, and even St. George are all a tough higher than that right now, but not by much. The bad news is the average listing price is 13.1% lower in December 2010 when compared to December 2009. We are still not at the bottom of the market because foreclosures in Utah have still not cleared the system. Here is how the last five years have looked for listing prices in several key counties in Utah:

That is seriously ugly people. I wouldn’t count on home values going up for the majority of 2011.

2. Foreclosures make up 25% of home sales nationally. But here in Utah, only 20% of home sales were of properties that had been foreclosed according to a December 6, 2010 article in the Deseret News (Foreclosure Sales Down in Utah). According to the same article, the median sales price of a foreclosed home in Utah is $214,472 compared with $169,523 nationally.

3. While Salt Lake County has a lower number of foreclosures per house that most counties in the state, the total number of foreclosures are by far the highest. With the high number of home in foreclosure and the low number that are selling, banks should be ready to deal with a buyer right now. Here are the numbers by county:

4. The problem with an increase in foreclosures in Utah is it has a direct impact on the average sales price of all homes in the state.  Take a look at this chart and the relationship between foreclosures in Utah and the average home price sold during the same month:

Scary, huh? While it does not happen every month, when foreclosure activity increases during a month it is more likely that home prices will also drop.

Why should I pay attention to this?

If you are a buyer, I wouldn’t suggest you try and time the market, but now is a great time to purchase a home. I would give myself plenty of time to look for the right combination of home — a home that meets the needs of your family balanced with a price that your budget can sustain. You will find a great deal on the market if you don’t rush yourself. I promise, good homes aren’t going to fly off the market anytime soon.

If you are a seller, you need to think about holding onto your home for a couple of years before you put your home on the market. I would look to sell my home once the number of foreclosures in my county have dropped significantly. If you can make your payments, I would count on continuing to make them for a while longer.