Utah Real Estate Market Conditions

Magna UT homes saw a big hit in 2008, with number sold dropping by almost 40%.  The median and average prices only decreased slightly by about 3%. Median price of homes is currently about 2% higher than what the median sold price was in 2008.  This means the homes are priced at what they should be.  There are 7 months of active inventory and 190 active listings to satisfy a variety of needs.

These numbers are not official.

Homes sold in Kearns saw a big drop of 37.5% in 2008.  Median and average prices have barely changed at all which seems to be the case of a few other cities in Salt Lake County as well.  Because prices have stayed relatively the same and because there are 5.82 months of inventory, the market is considered "balanced".  There are 80 houses for sale in Kearns and they are among the most affordable in the valley.

These numbers are not official.

Homes sold in Holladay followed the trend and dropped by almost 30%.  Median price went down by 11.75% to $278,000.  Average price decreased by 16.37% to $315,114. Even though prices decreased last year, Holladay has an over priced inventory.  The median price is higher than last years sold price by 36% and the average price has more than doubled to $716,896. With over one year of inventory, there are 243 homes for sale in Holladay UT. Buyers have the advantage in the current market, and sellers of many of these expensive homes may have to decrease their price before they will sell.

These numbers are not official.

Herriman was one of the few cities in the state to see an increase in homes sold from 2007 to 2008.  The median price went down by over $10,000 to $289,500 and the average price went down by over $20,000 to $308,749.  There are 10.35 months of inventory and plenty of homes for sale in Herriman with 383 homes on the market now. Both median and average price are currently listed at about 10% above what homes sold for last year.

These numbers are not official.

Homes sold in Draper went down by 18.25 percent in 2008.  There is currently more homes listed now than what sold in 2008 so there are plenty of homes in Draper for any buyer to consider.  Median sold price decreased 6% from $367,000 to $345,000. Average price also decreased, but by 7.4% from $437,456 to $405,037. Draper also has just over 13 months of active inventory.  Because the current average price of homes are 27% greater than what homes sold for last year, prices may continue to decrease.

 These numbers are not official.

There was one more home sold in 2008 than there was in 2007 in Cottonwood Heights. Comparing to the other cities in Utah, it is a rare thing this year to see a city where homes sold actually increased.  The price of homes decreased by about 3% and there are currently 7.81 months of active inventory. With 175 active listings, there are still plenty of homes to choose from in Cottonwood Heights.  If the trend continues, homes will continue to sale at a decreased price from what they are currently shown at.

 These numbers are not official.

Spanish Fork home sales decreased by about 30%. Average home prices declined by 6.7%, from $237,200 to $221,315. Median home prices declined by 5.14% from $212,950 to $202,000.  Currently there is 9.7 months of inventory on the 264 MLS houses listed for sale. It is a good time to be a buyer, and there are plenty of great homes in Spanish Fork UT.

These numbers are not official.

Saratoga Springs saw a slight decrease in house prices from 2007 to 2008.  Median sold price barely went down from $240,000 to $238,600 and the average sold price decreased a little more from $264,563 to $238,600.  With a decline in sales by almost 20% and 14.77 months of inventory, there are a lot of homes for sale in Saratoga Springs UT. There are currently more homes listed than what sold in 2008 so sellers will most likely need to lower their prices even more than what they have in order to sale.

 These numbers are not official

Provo was the only city in the county to see an increase in both median and average sales price. The average price increased from $219,804 to $221,670 and the median price actually had an increase of 4%from $185,000 to $193,000 in 2008. Total home sales decreased by a pretty big margin of 26%, and there is 9.65 months of inventory.  With the most active listings in the county, there are homes for sale in Provo UT for any type of buyer. On average, sellers are trying to get a lot more for their homes than what they sold for last year.

Provo Condo sales also decreased.

 These numbers are not official.

Following the trend of the rest of the state, houses sold in Pleasant Grove decreased 28%. Unlike many other cities, the median price actually had a small increase. There are 238 homes for sale in Pleasant Grove and the current price is above what they sold for last year. With 9.7 months of active inventory, prices may continue to decrease.

 These numbers are not official.