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.

 

Foreclosures up nationally, but down in Utah in ‘07

Foreclosures nearly doubled nationally in 2007, but Utah and its hot real estate market curbed that trend. Foreclosures in Utah actually decreased by 26% according to Bloomberg News and Realty Trac.read more | digg story

2007 Houses Sold in Utah County Cities

Here are the unofficial sales numbers for the different Utah County Cities with a minimum of 50 houses sold in ‘07.Alpine Houses Sold:62Average Sold Price: 808,430Median Sold Price: 615,000American Fork Houses Sold: 233Average Sold Price: 280,041Median Sold Price: 240,000Cedar Hills Houses Sold: 85Average Sold Price:388,000Median Sold Price: 350,000Eagle Mountain Houses Sold: 364Average Sold Price: 242.000Median Sold Price: 218.000Highland Houses Sold: 141Average Sold Price: 562,062Median Sold Price: 516,465Lehi Houses Sold: 691Average Sold Price: 309,000Median Sold Price: 269,000Lindon Houses Sold: 56Average Sold Price: 418,000Median Sold Price: 370,000Mapleton Houses Sold: 59Average Sold Price: 415,000Median Sold Price: 389,000Orem Houses Sold: 529Average Sold Price: 261,000Median Sold Price: 225,000Payson Houses Sold: 227Average Sold Price: 222,000Median Sold Price: 200,000Pleasant Grove Houses Sold: 242Average Sold Price: 307,000Median Sold Price: 257,000Provo Houses Sold:580Average Sold Price: 252,700Median Sold Price: 206,000Santaquin Houses Sold: 115Average Sold Price: 226,000Median Sold Price: 215,000Spanish Fork Houses Sold: 429Average Sold Price: 243,000Median Sold Price: 218,000Saratoga Springs Houses Sold: 252Average Sold Price: 301,000Median Sold Price: 270,000Springville Houses Sold: 309Average Sold Price: 237,000Median Sold Price: 208,000read more | digg story

Davis County UT Real Estate Market Stats for ‘07

Here are 2007 Unofficial Sales Stats of Davis County vs. 2006 Numbers.Like most of Utah, There were substantially less homes sold in Davis County in ‘07 than there were in ‘06, but home prices were still up by double digits. Here are the stats to judge for yourself. Right now there are 1,922 homes for sale in Davis County. More than half the number of houses sold last year.2007 Unofficial Numbers:Single Family Houses Sold: 3,794 (Down 18.5%)Average Sold Price: $254,577 (Up 10.5%)Condos Sold: 341 (Down 11.2%)Average Sold Price:$164,318 (Up 14.3%)2006 Home Sales Stats:Single Family Houses Sold: 4,655Average Sold Price: $227,960Condos Sold: 384Average Sold Price: $140,873read more | digg story

Midvale Utah Home Sales Summary for 2007

Some unofficial real estate sales stats for ‘07.In 2007 there were 237 single family homes sold. The average price was $230,452 and the median price was $219,950. The average time on market was just 33 days. There were also 169 condominiums sold. The average price of Midvale condominiums was $174,171 and the median sold price was almost $160,000.Right now there are around 100 homes in Midvale that are listed for sale on the Multiple Listing Service (MLS); including condos and single family houses. The average price of houses on the market is $275,000 and the median price is $250,000. Like most of Utah, the actives are priced substantially higher than the 2007 sales. The percentags in Midvale is not as out of line as Salt Lake County as a whole.read more | digg story

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%

View Current Ogden MLS Houses, Ogden Condos, Ogden Foreclosures, Weber County Homes for Sale read more | digg story

Salt Lake County Home Sales Stats for ‘07 Sales down 22%

Unofficial 2007 Home Sales Stats for Salt Lake City, UT:11,500 homes sold in Salt Lake County in 2007.The average price of single family homes sold was $296,156 and the median sales price was $249,900.Homes listed on the market were on for an average of 37 days.There were also 2,763 condo’s sold. The average sold price of these condos was $192,057 and the median sales price was $171,400.The number of actual homes sold was down 22% over ‘06, but the average sales price was up 9%. In ‘06 there were 15,180 houses sold that were listed on the MLS and 3,272 sold condos. The average sold price was $269,692 for single family homes and $163,213 for the condos.That was 2007, but believe it or not it is now 2008.As of Jan 2nd, there are 5,680 (half the number of total homes sold in all of ‘07) single family houses listed on the MLS in Salt Lake County. The average price of these homes is $443,961, and a median sales price of $329,900.There are also 1,054 condominiums listed in Salt Lake with an average asking price of $261,193 and a median price of $219,900.read more | digg story

2007 Home Sales Stats for Pleasant Grove Utah

It was a great year for home sales in Pleasant Grove in 2007, Here are the Statistics:

• Number of Homes sold: 240
• Average Market Time days on Market: 50
• Average Home Sales Price $307,993
• Median Home Price $257,500
• Number of Condo Sales: 163
• Average Days on Market: 37
• Average Condominium Price: $193,407
• Average Median Price: $191,280
• Number of Homes in Preforeclosure Status: 35
• Number of Bank Owned Homes: 4

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2007 Riverton Utah Home Sales Statistics

Home sales were down in Riverton in ‘07 vs ‘06, but the average price of homes for sale was a lot more expensive. Homes on the market now are even more expensive topping $400,000.According to my unofficial stats there were 441 single family homes sold. The average price of these homes sold was $338,060 and the Median sales price was $301,175. The least expensive house sold for $137,000 while the most expensive Riverton House was $1,067,150. Homes for sale were on the market for an average of just 42 days.read more | digg story