It was a rough year for real estate in Utah County. But it has improved. Overall, Home Sales in Utah County were down by 24.77 % and Utah County has an average of 11.26 months of active inventory. The average price of homes sold dropped by more than 5%. Unless something drastic happens, Utah County Real Estate will likely still have a buyers market through 2009.
Here is a quick break down comparing 2007 Utah County Home Sales Stats and 2008 real estate sales broken down by cities. Cells highlighted in green actually saw improvements in the year over year comparison.
Utah County 2008 Home Sales Stats
American Fork Homes: Home Sales in American Fork were down by 23%. Average sold price also dropped by about 5%. There is currently 11.2 months of inventory.
Eagle Mountain Homes: Home sales in Eagle Mountain were down by 21.6%, but the median sold price somehow went up by 1%. Eagle Mountain currently has 13 months of inventory for sale.
Highland/Alpine Homes: Home Sales Down in Highland and Alpine Utah were just down by 15%, but the average price of homes sold dropped by 25%. This much lower average price is also still overpriced by 32% and the Highland/Alpine area has 17 months of active inventory.
Lehi Utah Homes: Lehi saw home sales drop by 23%. Home prices declined by about 6%, and there is 9.8 months of inventory.
Orem Utah Homes: Orem led Utah County with home sales declines of 19%. The median price of homes sold dropped by 5% and is now less than $200,000. Orem has 8.2 months of inventory with 425 active homes for sale.
Utah County Home Sales Stats
Payson Utah Homes: Payson saw home sales go way down by nearly 39%. The average price of homes sold dropped by 8% and Payson currently has 10 months of active inventory for 139 homes currently for sale.
Pleasant Grove Utah Homes: Home Sales in Pleasant Grove went down 28%. The median price of these sold homes actually had a slight increase. Pleasant Grove has 9.7 months of inventory.
Provo Utah Homes: Provo actually had an increase in sold price of homes as the median price of $193,000 in ‘08 was up 4% from ‘07. Total home sales were down by 26%, and there is still 9.65 months of inventory for nearly 600 active listings. Provo Condo sales also declined.
Saratoga Springs Homes: Saratoga Springs saw home sales decline by nearly 20% for 2008. Prices dropped slightly, and there are still lots of homes for sale in Saratoga Springs 14.77 months of active inventory.
Spanish Fork Homes: Home sales in Spanish Fork were down by almost 30%. Home prices also saw declines of about 6% and there is currently 9.7 months of active inventory on 264 MLS homes for Sale.
These stats are not official, and are not guaranteed to be accurate.
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