You could say the housing market in Utah County is in pretty bad shape. Home sales in the first quarter were almost half of what they were in ‘2007. There were 511 less residential homes sold this year than last, and home prices even declined by about 5%. Happy Valley may not be so happy in the real estate market.
Only 717 residential houses and condos were sold in Utah County during the first Quarter. Currently there are 4,945 single family homes for sale in Utah County. At the first quarter rate of 239 homes sold each month, it would take 1 year and 8 months just to sell the homes currently for sale, and more homes are listed every day.
If you are trying to sell in Utah County, I would recommend dropping the price now, otherwise your property will be on the market for a very long time.
If you are looking to buy, you have plenty of selection. Unless the property you like is a screaming deal, make your offer low, the seller isn’t very likely to be receiving many other offers any time soon.
April 28, 2008 at 8:49 pm
Wow, I had no idea the numbers would come in so low. Yea, If you wanna sell drop the price now! I wonder how many FSBO’s are out there.