Utah 10 Year Home Appreciation

 

What is a healthy appreciation rate for real estate? It has to be more than the rate of inflation because more real estate cannot be created. It becomes more and more scarce as the population grows, and the population of Utah is growing. To make math simple, I picked 5% as an easy to figure out appreciation rate and ran a few numbers comparing the actual real estate appreciation rate to the 5% amount for the past 10 years for the major Utah Counties.

If 5% appreciation is an accurate and healthy rate for real estate appreciation, then compared to the 1998 average home value, Salt Lake and Utah Counties are overvalued while Davis County is almost right on, and Cache and Weber County’s real estate is undervalued.

 

Provo/Orem UT Home Sales Stats for 2007

The Utah Valley trend is very consistent with the real estate market throughout Utah. The number of Home sales is substantially down, but home prices continue to climb in Utah County. But will their be a upcoming price drops in Happy Valley?Here are the 2007 Home Sales Stats as compared with 2006.

Single Family Home Sales: Down 25.5%Condominium Sales Down: Down 6.3%Average Sold Price: Up 9.6%2007 StatisticsNumber of Single Family Homes Sold: 4,475Number of Condos Sold: 1,292Average Single Family Home Price: $289,311Median Single Family Home Price: $240,000Average Sold Condo Price: $172,248Average Days on Market: 51

2006 Statistics

Number of Single Family Homes Sold: 6,013Number of Condos Sold: 1,408Average Single Family Home Price: $261,396Average Sold Condo Price: $152,245Average Days on Market: 50

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Home prices up 9%, but sales down 15% in Weber County

A few unofficial home sales numbers, and stats of 2006 vs 2007. And some market predictions for 2008 for the Ogden UT Area.# of Weber County Homes Sold 

2006 - 4,3292007 - 3,669Change -660 15% decline

 Average price of homes Sold:

2006 - $166,6632007 - $184,752Change +18,089 Appreciation of 9.8%

 Number of condos sold:

2006 - 5162007 - 475Change -41 decrease of 8%

 Average price of condos sold:

2006 - $116,9152007 - $133,710Change +16,795 Appreciation of 12.6%

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2006 Utah Home Sales Statistics

These are the homes sold statistics as reported by the Wasatch Front Regional Multiple Listings Service. These sold home statistics only show houses in Utah that were listed on the MLS, and not homes listed for sale by owner or sold at foreclosure auctions.  Real Estate is Regional, and home prices and averages greatly vary depending on which part of the state of Utah you are interested in.These statistics will be helpful for determining Utah price appreciation as we will soon have available 2007 statistics to compare with. Salt Lake County, Single Family Homes Sold 15,178Average Sales Price $269,704Average Days on Market 32 Including: Cottonwood, Draper, East Millcreek, Holladay, Kearns, Magna, Midvale, Millcreek, Murray, Riverton, SLC, Sandy, South Jordan, South Salt Lake, Taylorsville, West Jordan, and West Valley City. Utah County Single Family Homes Sold: 6,013Average Sales Price: $261,396Average Days on Market: 50Including the cities of: American Fork, Lehi, Orem, Payson, Pleasant Grove, and Provo.  Weber County Single Family Homes Sold: 4,329 Average Sales Price: $166,663 Average Days on Market: 57Davis County Single Family Homes Sold: 4,655 Average Sales Price: $227,960 Average Days on Market: 43