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.

October was a good month for the number of homes sold in Salt Lake. So far, 1,027 homes in Salt Lake have been reported sold by the Wasatch Front MLS.

While the number of homes sold was good, the average price of Salt Lake homes sold was the lowest it’s been since the middle of 2006.

The average sold price for Salt Lake Utah Homes sold during October was $239,315, 29% less than the average Salt Lake list price of $330,855. While there is still a large disparity between list and sold price, the average list price continues to drop. The current average list price is nearly $7,000 less than it was just a month ago, and $75,000 less than it was 15 months ago.

Inventory of homes in Salt Lake County are dropping. There are currently 7,132 homes for sale in Salt Lake County. This is down 300 from just last month. With a higher rate of home sales in October, and less inventory, the absorption rate for Salt Lake is healthy at less than six months of active inventory.

For the first time in a long time, there are less than 20,000 homes for sale in Utah. This is good news for the recovery of real estate in Utah. As real estate inventory goes down and there is less competition, home prices will stabilize.

October was a great month for Utah Home Sales. For some areas, October was actually the best month of the year in regards to the number of homes sold. Many areas are seeing home list prices stay steady.

To view the active 19,962 homes that are listed on the MLS, visit: NorthernUtahHomeSearch.com

It looks like October was the best month of the year for the number of homes sold in Weber County Utah. Thus far, there have been 290 residential homes reported sold on the MLS. October home sales were up nearly 19% f from October of last year, and up 20% from Septembers Home Sales Numbers.

While home sales are up, prices clearly appear to be stabilizing for Weber County Homes. For the fourth straight month, the median list price of Weber County homes has been exactly $179,900. The average list price has also been pretty stable.  During May, the median sold price of Weber County Real Estate was $155,000, 14% less than the median list price.

Even though home sales were up, the amount of Inventory for Sale in Weber County happened to rise as well. During September, there were 2122 residential listings for sale in Weber County. Now there are 2135 listings. At Octobers sales price, Weber County has 7.36 months of active inventory.

It’s still a great time to buy real estate in Weber County. With the first time buyer tax credit extended, and opened up for existing home owners, home sales should be better than last year throughout the winter.

Click here to  view all active Weber County Home Listings

October was the third best month of the year for Davis County Real Estate Sales. Thus far, as reported by the WFRMLS, 320 Davis County Homes have sold. This is up by 19% compared with October of Last Month, and is up nearly 5% from Septembers home sales numbers.

Compared with last year, home prices in Davis County are down by 4.5%. During October the average price of homes sold in Davis County was $226,312.  Overall Home prices tend to be leveling off. The price of homes sold per square foot has been consistently around $90 for the last year now. The price per square footage has actually risen slightly in recent months.

Davis County Utah currently has 1909 homes for sale. At Octobers sales pace, this gives Davis County less than 6 months of active inventory, making the Davis County Real Estate Market a balanced market. In addition to a healthy amount of real estate inventory, the average days on market has also been steady over the past few months. During October, the average Davis County home sold was on the market for 77 days..

October was a pretty good month for home sales in Cache Valley. Home Sales were up 10 percent from September, and up 6 percent compared with October of last year. October was the third best month of the year in terms of home sales in Cache County.

One of the primary reasons that home sales have improved is because of the expiration of the first time home buyer tax credit, which was scheduled to expire this month. It has since been extended through April of next year, but the expiration of it did spur many Logan first time buyers into taking the steps too purchase now. These first time home buyers are purchasing the smaller, less expensive homes. During October, we had the lowest average monthly home sales price since May of 2006, and the smallest average square footage of homes sold since March of 2003!

While home sales were up, the amount of inventory on the market is down. At October’s home sales pace, Logan Real Estate now has seven and a half months of active inventory.

Good news for first time home buyers, you don’t have to rush your first time home purchase.

The federal $8,000 tax credit has been extended through April 2010.

Nearly 12% of the homes currently for sale in Weber County require short sales. This is less than other parts of Utah, but it is still a high percentage of underwater Utah homes for sale.

Weber County Short Sales

South Ogden had the lowest rate of short sales with only 5.26%, while more than 16% of the homes for sale in Roy require bank approval.

Here is the break down of Short Sales by the larger cities in Weber County:

Eden Utah Short Sales: Eden has 18 short sale listings and a total of 133 MLS listings, 13.53% are short sales, which is actually a lower percentage than I suspected.

North Ogden Short Sales: Exactly 10%, 18 of 180 listed homes in North Ogden are in need of Short Sales.

Ogden Utah Short Sales: Ogden city itself has a slightly lower average rate of short sale than Weber County as a whole. Just under 11% of Ogden Homes are short sales.

Pleasant View Short Sales: Pleasant View has a high percentage of short sale listings 15.12%.

Riverdale Utah Short Sales: Short Sales in Riverdale were less than the Weber County Average at 10.67%.

Roy Utah Short Sales: Roy has the highest rate of short sales iin Weber County with 16.13% of listed homes under this status.

South Ogden Short Sales: South Ogden has just 5.26% of its listed homes as Short Sales. There are currently only 8 short sales in all of Weber County.

West Haven Short Sales: The rate of short sales in West Haven was just over the average for Weber County at 13.04%.

Other Weber County Cities: The smaller communities of Weber County have a higher rate of short sales. There are currently 394 listed homes in these cities of which 54 are short sales, for a total of 13.71%

With median and average prices down 6%, Salt Lake County pulled out about even when looking at the number of homes sold.  Current listings are in the mid 200s.

Over 100 fewer condos were sold, slipping 19%.  Median price decreased 4% and average price decreased about 6%.  Continue reading to find out more information about the major cities in the valley.

Cottonwood Heights Real Estate: The number of homes sold decreased 4.69%, but only three fewer homes were sold.  Median price declined to the mid 200s and average sold price slipped to the low 300s.

Draper Utah Real Estate: Homes sold in Draper increased 18.25%, but median sold price decreased 15% and average sold price decreased 11%.  Current median prices are close to $400,000.

Herriman Utah Real Estate: Herriman experienced the largest increase in number of homes sold, up 34%.  Both median and average sold price took a hit and decreased about 18%.

Holladay UT Real Estate: Holladay saw a large increase as well, increasing almost 32%.  Median sold price actually increased 3% but average sold price decreased about 10%.

Kearns Utah Real Estate Median and average sold prices decreased 12% and the number of homes sold decreased 9.76%.  Houses in Kearns are some of the most affordable in the valley currently.

Magna Real Estate: Homes sold fell by more than one quarter.  Average sold price decreased 16.67% and median sold price decreased 9.94%.

Midvale Utah Real Estate: Prices fell slightly in Midvale as the number of homes sold increased 18.75%.  Homes were selling just under $220,000.

Murray Real Estate: Murray homes sold decreased 10.61%, selling about 7 fewer homes.  That being said, Murray was the only city to not to decrease in both median and average sold price.  Median sold price stayed about the same and average sold price slightly increased.

Riverton Real Estate: Homes sold decreased by about ten in Riverton.  Median price declined 1.75% and average sold price decreased 3.76%.

Salt Lake City Real Estate: The capital experienced small decreases this quarter.  Number of homes sold and median sold price slipped by just over 3% and average sold price declined just under 7%.

Davis County Utah is seeing an increase in the number of Short Sales. There are currently 279 Davis County homes for sale in need of short sale approval totalling 14.43 percent of all Davis County MLS listings.

Clearfield Utah had  had the highest rate of Davis County short sales where  20% of the homes listed on the MLS are short sales. Bountiful has the lowest percentage of listed  short sales at just 7.7%.

For more info visit DavisCountyHomes.wordpress.com