Home Sales haven’t been this slow in Utah County in almost Six Years. According to the Wasatch Front Regional MLS statistics, November had only 271 MLS listings sold during the month of November. These numbers are unofficial, and will likely rise slightly, but the last time there were this few homes sold in a single month was January of 2003 when there were only 263. Other than that month, home sales in Utah County haven’t been this low since February of 2000.
The good news is that home prices continue to decline and become more affordable. The median list price of homes for sale in Utah County has dropped to $261,000 in the last month. The median sold price of homes sold is 21% less at $219,900. With all the competition still on the market, these prices should continue to drop. There are still 4,458 active home listings in Utah County. At Novembers sales pace it will take 16.3 months to sell of the existing supply of homes for sale.
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