Utah Real Estate Market Conditions

Here are the unofficial number for houses sold in Weber County for 2007 broken up by major cities:

Farr West Houses Sold: 85

Average Sold Price: 279,000

Median Sales Price: 270,000

Harrisville Houses Sold: 84

Average Sold Price: 183,000

Hooper Houses Sold: 113

Average Sold Price: 278,000

Median Sales Price:266,000

North Ogden Houses Sold: 340

Average Sold Price: 215,000

Median Sales Price: 199,000

Ogden Houses Sold: 1,549

Average Sold Price: 137,286

Median Sales Price: 123,800

Plain City Houses Sold: 80

Average Sold Price: 269,000

Pleasant View Houses Sold: 77

Average Sold Price: 356,000

Median Sales Price: 349,000

Riverdale Houses Sold: 63

Average Sold Price: 195,000

Median Sales Price: 185,000

Roy Houses Sold: 672

Average Sold Price: 172,000

Median Sales Price: 168,000

South Ogden Houses Sold: 200

Average Sold Price: 190,000

Median Sales Price: 161,000

Washington Terrace Houses Sold:  115

Average Sold Price: 155,000

Median Sales Price: 138,000

West Haven Houses Sold:  150

Average Sold Price: 291,000

Median Sales Price: 288,000

Single Family Home Sales: Down 25.5%
Condominium Sales Down: Down 6.3%
Average Sold Price: Up 9.6%


2007 Statistics
Number of Single Family Homes Sold: 4,475
Number of Condos Sold: 1,292
Average Single Family Home Price: $289,311
Median Single Family Home Price: $240,000
Average Sold Condo Price: $172,248
Average Days on Market: 51

2006 Statistics
Number of Single Family Homes Sold: 6,013
Number of Condos Sold: 1,408
Average Single Family Home Price: $261,396
Average Sold Condo Price: $152,245
Average Days on Market: 50

The Utah Valley Trend is very consistent with the state as a whole. Number of Home sales is substantially down, but home prices continue to climb in Utah county. As of January 3rd there were 3,505 single family homes listed on the MLS in Utah County. At the 2007 pace of homes sold, if no additional properties were listed it would take nine months to liquidate all Utah County houses for sale.

The average price of houses on the market is $415,664, with a median price of $320,000, exactly $80,000 more than the average median sold price of 2007. Homes on the market right now have already been on for an average of 90 days.

Alpine Houses Sold:62

Average Sold Price: 808,430

Median Sold Price: 615,000

American Fork Houses Sold: 233

Average Sold Price: 280,041

Median Sold Price: 240,000

Cedar Hills Houses Sold: 85

Average Sold Price:388,000

Median Sold Price: 350,000

Eagle Mountain Houses Sold: 364

Average Sold Price: 242.000

Median Sold Price: 218.000

Highland Houses Sold: 141

Average Sold Price: 562,062

Median Sold Price: 516,465

Lehi Houses Sold: 691

Average Sold Price: 309,000

Median Sold Price: 269,000

Lindon Houses Sold: 56

Average Sold Price: 418,000

Median Sold Price: 370,000

Mapleton Houses Sold: 59

Average Sold Price: 415,000

Median Sold Price: 389,000

Orem Houses Sold: 529

Average Sold Price: 261,000

Median Sold Price: 225,000

Payson Houses Sold: 227

Average Sold Price: 222,000

Median Sold Price: 200,000

Pleasant Grove Houses Sold: 242

Average Sold Price: 307,000

Median Sold Price: 257,000

Provo Houses Sold:580

Average Sold Price: 252,700

Median Sold Price: 206,000

Santaquin Houses Sold: 115

Average Sold Price: 226,000

Median Sold Price: 215,000

Spanish Fork Houses Sold: 429

Average Sold Price: 243,000

Median Sold Price: 218,000

Saratoga Springs Houses Sold: 252

Average Sold Price: 301,000

Median Sold Price: 270,000

Springville Houses Sold: 309

Average Sold Price: 237,000

Median Sold Price: 208,000

There were approximately 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 sales price was $192,057 and the median sales price was $171,400.

The numbers of actual homes sold was down 22%, but average sales price was up 9%. In '06 there were 15,180 homes and 3,272 condos sold. The average sold price was $269,692 for single family homes and $163,213 for condos.


As of Jan 2nd, there are 5,680 Single Family Homes 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 with an average asking price of $261,193 and a median price of $219,900

The price of homes on the market now is substantially more than the average of homes sold. Either listing prices must come down, or else Salt Lake prices will continue to go up. Both will likely happen in 2008. There's a lot more inventory than there has been any time the last few years. Interest rates are low. It's a good time to buy in SLC.

Major Salt Lake County Cities 2007 Sales

Bluffdale Houses Sold: 533
Average Price: 459,702
Median Price: 420,000

Cottonwood Heights Houses Sold:214
Average Sold Price: 374,402
Median Sales Price: 315,000

Draper Houses Sold: 511
Average Sold Price: 491,955
Median Sales Price: 417,758

Herriman Houses Sold: 365
Average Sold Price: 348,670
Median Sales Price: 315,750

Holladay Houses Sold: 187
Average Sold Price: 491,331
Median Sales Price: 380,000

Kearns Houses Sold: 249
Average Sold Price: 173,064
Median Sales Price: 166,000

Magna Houses Sold: 496
Average Sold Price: 181,234
Median Sales Price: 174,900

Midvale Houses Sold: 237
Average Sold Price: 230,452
Median Sales Price: 219,950

Murray Houses Sold: 262
Average Sold Price: 272,853
Median Sales Price: 242,000

Riverton Houses Sold: 440
Average Sold Price: 338,192
Median Sales Price: 301,350

SLC Houses Sold: 3,544
Average Sold Price: 294,705
Median Sales Price: 235,000

Sandy Houses Sold: 1,145
Average Sold Price: 369,280
Median Sales Price: 300,000

South Jordan Houses Sold: 544
Average Sold Price: 385,273
Median Sales Price: 354,500

Taylorsville Houses Sold: 468
Average Sold Price: 218,383
Median Sales Price: 204,450

West Jordan Houses Sold: 1,434
Average Sold Price: 252,276
Median Sales Price: 240,900

West Valley City Houses Sold: 1168
Average Sold Price: 206,380
Median Sales Price: 198,000

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: 4,655
Average Sold Price: $227,960

Condos Sold: 384
Average Sold Price: $140,873


Major Davis County Cities 2007 Home Sales Numbers:

Bountiful Houses Sold: 307
Average House Price: 347,080
Median House Price: 265,500

Centerville Houses Sold: 91

Average Price: 290,382
Median Price: 269,500

Clearfield Houses Sold: 407 Houses

Average Price: $173,126
Median Price: $164,749

Clinton: 430 Houses Sold
Average Price: 200,152
Median Price: 191,000

Farmington: 161 Houses Sold
Average Price: 330,630
Median Price: 308,700

Kaysville Houses Sold: 254
Average Price: 332,182
Median Price: 300,000

Layton Houses Sold: 997
Average Price: 239,126
Median Price: 219,900

North Salt Lake Houses Sold: 182
Average Price: 391,673
Median Price: 269,000

South Weber Houses Sold: 66
Average Price: 272,305
Median Price: 254,500

Sunset Houses Sold: 81
Average Price: 128,911
Median Price: 124,450

Syracuse Houses Sold: 449
Average Price: 261,242
Median Price: 249,900

West Point Houses Sold: 125
Average Price: 220,911
Median Price: 205,000

Woods Cross Houses Sold: 118
Average Price: 237,311
Median Price: 234,900

Here are the non-official Utah County Home Sales Statistics for 2007 as compared with 2006 numbers.

Single Family Home Sales: Down 25.5%
Condominium Sales Down: Down 6.3%
Average Sold Price: Up 9.6%

2007 Statistics
Number of Single Family Homes Sold: 4,475
Number of Condos Sold: 1,292
Average Single Family Home Price: $289,311
Median Single Family Home Price: $240,000
Average Sold Condo Price: $172,248
Average Days on Market: 51

2006 Statistics
Number of Single Family Homes Sold: 6,013
Number of Condos Sold: 1,408
Average Single Family Home Price: $261,396
Average Sold Condo Price: $152,245
Average Days on Market: 50

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. As of January 3rd there were 3,505 single family homes listed on the MLS in Utah County. At the 2007 pace of homes sold, if no additional properties were listed it would take nine months to liquidate all Utah County houses for sale. There is way too much inventory to support continued price appreciation.

The average price of houses for sale in Utah County right now is $415,664, more than $125,000 more than the '07 average sales price. The median price of $320,000 is also statistically too high at exactly $80,000 more than the average median sold price of 2007. Homes on the market right now have already been on for an average of 90 days. The price of these homes will have to come down if they want to sell. They've just gone up too quickly, and there have been too many high end spec homes built.

Unless a miracle happens and the average Utah County resident gets a 30% pay raise, I'd expect home prices to drop and foreclosures to increase as 2008 rolls on. With that said, It is a good time to buy a house. Interest rates are much lower than anticipated, and there is lots of selection to choose from. Lower end homes will likely still increase in value.  

View Provo MLS Listings 

Unofficial 2007 Home Sales Stats for Salt Lake City, UT:

There were approximately 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.

These home prices are a lot higher than what the average Salt Lake City resident can afford. Either prices will have to go down, or else we're going to have another rapid home appreciation year in Salt Lake in 2008.