Half of Utah County Homes Sold Less than $200,000

Home prices in Utah County, Utah continue to drop. During October, the median sold price of Utah County Homes was less than $200,000 for the first time in years. The average list price of Provo homes also continues to decline as shown by this graph.

October was a pretty good month for home sales, the fourth best of the year for Utah County.  Home sales were up by nearly 5% from last month, as 470 residential homes sold, and were up by 22% compared with a year ago.  Many of these home sales can be attributed to the then expiration of the first time buyer tax credit.

Utah County currently has 3,896 residential homes for sale. This is 16% less inventory than a year ago. At Octobers sales pace, Utah County has 8.36 months of active inventory.

Utah County 3rd Qtr 08-09

The number of homes sold in Utah county increased by almost 15%.  Median sold price declined 6% and average sold price decreased about 10%.

Utah Valley condos experienced an increase of 5%.  Median price slipped 7% and average price fell about 9%.  More information about  individual cities is below.

American Fork Real Estate: One more home sold this quarter when comparing to the third quarter of 2008.  Median sold price slipped 3.5% and average price decreased just less than 1% so not much change has taken place over the past year.

Eagle Mountain Real Estate: Eagle Mountain sold 44% more homes this past quarter.  Median sold price slipped 14% to the upper 100s and average sold price fell 9% just barely staying in the 200s.

Highland/Alpine Homes: Highland and Alpine homes sold combined to increase 26%.  Average sold price decreased 9% and median sold price decreased 5%.  Homes sold in the mid 400s and are currently priced in the half million dollar range.

Lehi Real Estate: 32 more homes sold this quarter.  Median sold price decreased about $6,000 and average sold price dropped close to$22,000.

Orem Real Estate: The number of homes sold also increased in Orem.  Median and average sold price both decreased about 10%.

Payson Real Estate: Homes sold slipped 19% as about 8 fewer homes were sold.  Median price declined 7% and average sold price just slipped 1%.

Pleasant Grove Real Estate: Pleasant Grove sold 3 more homes this quarter, increasing about 5%.  Prices took a big drop as median price decreased 14% and average price decreased 28%.

Provo Ut Real Estate: About 20 fewer homes sold last quarter.  Both median and average sold price also declined by about 12%.

Saratoga Springs Real Estate: Homes sold in Saratoga Springs more than doubled as prices slipped over 10% to around $230,000.

Spanish Fork Real Estate: Just three fewer homes sold, down 3.6%.  Median and average sold prices dropped from the lower 200s to the upper 100s.

Utah County Real Estate inventory below 4000

For the first time since March of 2008 there are less than 4,000 active listings of homes for sale in Utah County, Utah. While the number of homes for sale is down, the supply of inventory is up. Home sales during September were down by 12% compared with last month. 449 MLS listed homes have been reported sold thus far. This is up 2% from sales numbers of September of last years.

Number of MLS Listings in Utah County

Home sales prices in Utah County continue to decline. The average sold price during September was $230,726, down 3.6% from last year. The average home sold in Utah County was 2789 square feet, and sold for $83 per square foot.

Utah County Sales up for 3rd Straight Month

Home Sales in Utah County were up in a year over year comparison for the third straight month. during August, Utah County Home Sales were up by more than 6% compared with August of last year. According to Utah County MLS data, home sales 512 residential homes sold.

The average sold price of $232,630 was down by nearly 9% compared with last year.

Real Estate in the Provo Utah area continues to see a larger average home size than previous years. These were just the homes that were built during the boom, and now that prices have been slashed, some of them are selling.

The average price per square footage seems to be leveling off for real estate in Utah County. The average price per square foot is holding out around $85.

Inventory of Provo Utah Homes also continues to decline. There are currently 4145 homes for sale in Utah County, Utah.

Utah County Real Estate Market Continues to Improve

The Utah Valley Real Estate market is the only area in Utah that saw a monthly increase in home sales from June to July. From the home sales reported by the WFRMLS, July home sales in Utah County are up 1.83% from last month, and up 16% from July of 2008.

One of the reasons home sales in Utah County are up is because home prices are down. The average price of homes sold in Utah County during July was $230,706. This is down 9% from Utah County Home prices a year ago. The median price of Utah County Homes sold in July was $205,000.

Real Estate inventory also continues to decline in Utah County. There is currently less than 8 months of active inventory for Provo Real Estate, and the lower price ranges are clearly on their way towards full recovery.

June Utah County Home Sales up 25%

The awful Utah County Real Estate market is definitely improving. In fact, Utah County home sales in June were up 25% compared with June of 2008 and up 25% compared with last month. It was the best month for home sales since August of 2007.

At June’s Sales pace, there are now less than 9 months of active inventory. Currently there are 4371 homes for sale in Utah County.

Utah County 2nd Quarter 08-09

There was actually an overall increase in the number of sold homes in Utah County. Numbers went from 1,006 during the second quarter of 2008 to 1,138 during the second quarter of 2009. Sold price decreased 10.22% on average and 8.52% on median.

Condos in Utah County saw losses across the board. 20% less homes were sold and prices also decreased, but by less than 5%. Continue reading to find more information about individual cities.

American Fork Homes: Three more homes sold during the 2nd quarter of 2009 than what sold during the second quarter of 2008. Median sold price decreased 6.5% and average price decreased 16.22%. Inventory is 9.31 months.

Eagle Mountain Homes: Eagle Mountain had a large increase in number of homes sold, up 27%. On the other hand, prices decreased 13-14%.

Highland/Alpine Homes: Homes in Highland and homes in Alpine also had an increase, selling 13 more homes last quarter. Yet median and average sold price both decreased more than 10%.

Lehi Homes: Lehi experienced a 1% increase in the number of homes that sold last quarter. The increase in homes sold most likely came at the cost of median price dropping 16.84% and average price dropping 19.36%.

Orem Homes: Orem increased the number of homes sold from 119 to 123. Median price slipped from $227,000 to $197,700 and average price went from $263,599 to $224,803.

Payson Homes: Payson had the largest decrease in percentage of homes sold in the valley but actually only sold 7 less homes. Sold price decreased less than 3% and inventory is 14 months.

Pleasant Grove Homes: The only city to have both increases in price and in the number of homes sold was Pleasant Grove. Home sales were up 11.54%, median sold price was up 8% and average sold price was up 1.65%.

Provo Homes: Home sales in Provo decreased 17.12%. Median price decreased 12.39% to the upper 100’s and average price decreased 2.52% to the lower-mid 200’s. Inventory is close to one year.

Saratoga Springs Homes: Saratoga Springs had an unbelievable increase in number of homes sold, doubling what was sold one year ago. More homes were sold in Saratoga Springs than any other city in the county with the exception of Lehi. Median price decreased 6.27% and average sold price dropped 14.42%.

Spanish Fork Homes: Spanish Fork realized decreases of more than 15% in number of homes sold and prices they were sold at. Inventory is currently at 10.33 months.

These stats are not official

Utah County May Home Sales Numbers

Prices of active home listings in Utah County Utah just keep dropping. The current median list price is $234,900, $5,000 less than it was just a month ago. The average list price of Utah County Real Estate is $321,182.

The good news is that compared to last months sales totals, and its relationship to the number of total homes on the market, real estate inventory is going down.

Thus far, 403 residential homes in Utah County have been reported sold on the MLS for May. This is down 5.4% compared with May of last year, but up 3.72% from April. The median price of homes sold during May in Utah county was $205,250 while the average sold price was $229,907.

April Utah County Home Sales Numbers

Unlike March, Home Sales in Utah County were down by almost 7% compared to last year as 377 Utah County MLS Homes were Sold.

Prices of homes sold in Utah County for April was $203,200. This is the lowest median home price Utah County has had in years.

Home prices and list prices continue to drop for Utah County Real Estate.

The number of home listings in the Provo area continues to decline. This is good news for the health and recovery of the Utah Valley real estate market. At April’s home sales pace, there is less than one year of active inventory of Utah County Homes for Sale.

Utah County 1st Quarter 08-09

During the first quarter of 2009, Utah County sold just over 100 homes less than what was sold during the first quarter of 2008.  Sold price saw only a slight drop and only time will tell if the buyers market forces prices even lower as the year progresses.  Below, each individual city is analyzed during this same time period.

American Fork homes: Number of homes sold decreased slightly but sold prices actually increased over the first quarter of this year.

Eagle Mountain homes: Homes sold saw a decrease of less than 5% but sold prices saw decreases of around 13%.

Highland homes/Alpine homes: These two cities were some of the few in the county to actually see an increase in the number of homes sold.  Median sold price is down but average sold price increased.

Lehi homes: Lehi has seen better days.  A 26% decrease in homes sold was witnessed and price has also dropped by over 10%

Orem homes: While the number of homes sold decreased by almost 25%, the prices increased by over 5%.

Payson homes: Number of homes sold was pretty close to what it was one year ago.  What has decreased by a significant margin is the prices homes were sold at.

Pleasant Grove homes: Pleasant Grove saw the largest decrease in number of homes sold in the County and was down 37%.  On the other hand, actual sold price increased.

Provo homes: A very small decrease in number of homes sold was seen in Provo.  Median sold price almost stayed the same and average price went up 13%

Saratoga Springs homes: Not much has changed in Saratoga Springs.  The numbers have just barely decreased.

Spanish Fork homes: Not only did the number of homes sold decrease by 30% over the past year, sold price went down by close to 10% as well.