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.

Utah County Home Sales UP

The Utah County Real Estate market may have bottomed out, and just might be on the road to recovery. There are a couple signs that show that real estate in Utah Valley is improving:

1. Home Sales Are Up.

For the month of March, Utah County Home Sales were up 31% compared with February, and up nearly 5% compared with March of last year. WFRMLS stats show that 351 residential homes in Utah County sold last month.

2. Real Estate Inventory is Down.

Normally, March is a popular month for listing homes for sale. The amount of active real estate inventory generally goes up. Right now there are 4,472 residential homes for sale in Utah County. Last month at this time there were 4,472.

Prices of homes for sale continue to decline in Utah County. The median list price dropped to $242,990 and the average list price dropped to $328,385. The average price per square footage of $85 has stayed consistent for last three months in Utah County.

Finally we have some positive news for Provo Real Estate.

Homes Selling in Utah County are Bigger and Cheaper

During the month of February, the average home sold in Utah County was more than 3,000 square feet. It was also just $85 per square foot.

A year and a half ago I observed that a good portion of the homes on the market were substantially bigger, and more expensive than the homes that were actually selling. Many of these homes never sold, and now they are selling at a fraction of the cost of what they were originally listed at. These graphs show the trends of average square footage, and price per square footage for Utah County Homes.

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There are currently 4493 active residential home listings in Utah County. The median price of these listings is $247,000 (15% higher than February’s median sold price) and the average list price is $335,336 (23% higher than February’s average sold price).

At February’s sales pace, Utah County has 19 months of active inventory, and prices look like they will continue to decline.

Click this link to view Utah County Real Estate for Sale.

These numbers are unofficial and include data from: Alpine, Highland, American Fork, Eagle Mountain, Orem, Payson, Provo, Saratoga Springs, Spanish Fork, Springville, and smaller towns in Utah County, Utah.

Economy in Utah County Doing Well

According to the Deseret News, the overall economy of Utah County is doing well. This is great news to help aid the recovery of the struggling Utah County housing market.

While much of the country faces difficult financial times, Utah County is “rolling along economically,” said County Commissioner Gary Anderson.

Anderson and fellow Utah County Commissioners Steve White and Larry Ellertson were optimistic during their state-of-the-county remarks Friday to the Provo/Orem Chamber of Commerce.

Anderson said the economy in Utah County is strong and backed by great universities, a great workforce and a tremendous atmosphere for manufacturing, business and services.

“I would say we’re the hottest in the state, and the state’s the hottest in the nation,” he said. “So it’s an exciting place to be.”

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Slowest Month of Home Sales for Utah County in nearly a Decade.

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.

Inventory of Utah County Homes Down

For the second straight month the number of homes on the market in Utah Valley has gone down. Currently there are 4,662 active residential listings for sale in Utah County. The bad news is that the inventory supplies aren’t declining because of home sales. During October, just 344 homes were reported sold in Utah county by the Wasatch Front Regional MLS. This is the lowest single month home sales total since January. At Octobers home sales pace, Utah County has 14 months of active home inventory. 

Home sales in Utah County are very comparable to last October when 350 Utah County homes were sold. The big difference is in the average price of sold homes. Last year the average October sold price was $267,495; this year, $242,241. 

Overall the Utah County real estate market appears to be on the right path towards correction. List prices are continuing to drop to more affordable levels. The current median list price is $265,000, $45,000 higher than Octobers median sales price, but $55,000 less than the median list price just nine months ago. It’s a great time to buy real estate in Utah County as there are lots of homes for sale.

Positive Signs for Utah County Real Estate

By looking at the home sales stats and numbers for Utah County, there are actually some positive signs for Utah County Real Estate. Home Sales this September were up from last year’s numbers, and prices are actually becoming more affordable again. The median list price of $270,000 is $50,000 less than what it was in March.

That’s right home sales this September were actually better than they were a year ago. It was a little over a year ago that the market really began to shift, so that’s not saying a lot, but it’s nice to not report a huge drop in sales for once. My unofficial statistics from the Wasatch Front MLS show that 401 homes were sold in September compared to 397 last year. The average price of these sold homes was $239,320; down 7.76% from last Septembers home prices. The average sold price was $94 per square foot, the lowest average per square foot since March of 2006. The median sold price of Utah County Homes was about $210,000.

Despite the positives, the Utah County Real Estate market is still in pretty bad shape. The median list price of $275,000 is still 31% higher than the median sold price. At Septembers sales pace, Utah County still has more than a years worth of real estate inventory. Currently there are 4,820 active MLS listings in Utah County.