Utah Counties Real Estate Market is Not Healthy For the second straight month the number of homes on the market in Utah Valley has gone down. Currently there are 4,662 active residential listings for sale in Utah County. The bad news is that the inventory supplies aren't declining because of home sales. During October, just 344 homes were reported sold in Utah county by the Wasatch Front Regional MLS. This is the lowest single month home sales total since January. At Octobers home sales pace, Utah County has 14 months of active home inventory.
Home sales in Utah County are very comparable to last October when 350 Utah County homes were sold. The big difference is in the average price of sold homes. Last year the average October sold price was $267,495; this year, $242,241.
Overall the Utah County real estate market appears to be on the right path towards correction. List prices are continuing to drop to more affordable levels. The current median list price is $265,000, $45,000 higher than Octobers median sales price, but $55,000 less than the median list price just nine months ago. It's a great time to buy real estate in Utah County as there are lots of homes for sale.
Did housing appreciate too fast in Utah County the last few years? Is the market over priced? Will there be a decline in home sales this year?
Real estate in Utah County seems to be the least healthy in Utah. Compared to the second quarter numbers, Utah County has the most inventory 4,548 active listings (13.4 months), and the second largest disparity between list price and sold price. For Q2 2008, Utah county homes sold for 22% less than the median sales price and 32% less than the average sales price.
The average price of 968 Utah County single family homes sold during the second quarter of 2008 was $270,234. The average price of 228 Utah County Condos was $168,500. Single family home sales were down 29.7% for 2007's Q2 numbers, and the average sold price was down by an 9.5%.
Home prices for July in Utah County were down 14.5% compared with July of 2007. Home sales were down nearly 23%, and Condo sales were down by more than 40%. The Utah County real estate market continues to struggle after appreciating too fast the past few years.
For June home sales in Utah County were down 27.8% compared to 2007. The average price is also down 8.75% to a June average sold price of $276,477. Condo sales were less than half of what they were last year. Only 61 condos were sold in Utah County this year at an average price of $166,632.
These numbers are not official.
During the first quarter of 2008 home sales were down nearly 42% in Utah County. Average home price was also down 5 and a half percent. The average price of homes sold in the first quarter was $264,954.
In January's alone, there were 269 single family houses sold in Utah County in January. Almost half as many as the 452 sold last year. In addition, the average sold price is down almost 10% over '07's stats. $241,136 vs. $265,231 last year. Homes sold in January were on the market 17 days longer than the average of 53 days on market last year.
Interest rates are incredibly low right now, and this should stimulate incentive to purchase Utah County Real Estate. 30 year fixed mortgages can be obtained for almost 5.5%!
Right now there are 3,675 single family homes listed in Utah County. These homes have an average price of $414,000 and have already been on the market for 86 days. It is definitely a buyers market in Utah Valley. Lots of selection, great interest rates, and motivated sellers.
_______________________________________________________2007 Home Sales Numbers
For the Third Quarter of 2007 Provo/Orem was number two in price appreciation nationally. Since that period the real estate market has softened considerably. Here are the non-official Utah County Home Sales Statistics for 2007 as compared with 2006 numbers.
Single Family Home Sales: Down 25.5% Condominium Sales Down: Down 6.3% Average Sold Price: Up 9.6%
2007 Statistics Number of Single Family Homes Sold: 4,475 Number of Condos Sold: 1,292 Average Single Family Home Price: $289,311 Median Single Family Home Price: $240,000 Average Sold Condo Price: $172,248 Average Days on Market: 51
2006 Statistics Number of Single Family Homes Sold: 6,013 Number of Condos Sold: 1,408 Average Single Family Home Price: $261,396 Average Sold Condo Price: $152,245 Average Days on Market: 50
The Utah Valley Trend is very consistent with the state as a whole. Number of Home sales is substantially down, but home prices continue to climb in Utah county. As of January 3rd there were 3,505 single family homes listed on the MLS in Utah County. At the 2007 pace of homes sold, if no additional properties were listed it would take nine months to liquidate all Utah County houses for sale.
The average price of houses on the market is $415,664, with a median price of $320,000, exactly $80,000 more than the average median sold price of 2007. Homes on the market right now have already been on for an average of 90 days. The price of these homes will have to come down if they want to sell. They've just gone up too quickly, and there have been too many high end spec homes built.
ZIP Codes: 84601, 84602, 84603, 84604, 84605, 85606 Approximate Location Boundaries: The Heart of Utah County and home of BYU
Location Characteristics: Provo is the heart of Utah Valley. It is an interesting city flooded by thousands of students who attend BYU and UVU, as well as graduates and non students who just can't leave. It is a very fast growing area and boasts one of the youngest average population age in the United States.
About Provo Homes - Utah County Real Estate:
I specialize in working with buyers with residential and investment properties in Cache Valley. I focus on providing the best communication and technology to assist us in the real estate transaction. I focus on serving my clients, and on being available whenever needed. I am a licensed real estate agent in both Utah and Idaho. To find out more about me visit my website www.AlanSharpBarker.com.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
