Utah Real Estate Market Conditions

Payson saw the largest decrease in Utah County, with home sales way down by almost 39%. The average price decreased by 8% and the median price decreased only by about 3%.  Payson has about 10 months of inventory which is just under the county average of 11.26.  It is a buyers market and many sellers will have to reduce their price to sell the 139 homes available in Payson this upcoming year.

These numbers are not official.

Orem saw home sales decline by just under 19%. When compared with other cities in Utah County, Orem saw one of the lowest decreases. The median price of houses sold dropped by only 5% in 2008 from $207,936 to $197,000. There is currently 8.2 months of inventory and 425 homes for sale in Orem UT. Houses are continuing to sell even though they are currently overpriced by 27% on average when compared with the numbers from 2008.

These numbers are not official.

Home sales in Lehi went down by 23% in 2008 from 804 to 618. Currently there are 505 listed homes for sale in Lehi UT.  Average home prices went down by about 6%, from $294,591 to $276,022, but are still overpriced by 20%.  Median prices decreased by a little less than 6%, from $255,000 in 2007 to $240,000 in 2008.  With 9.8 months of active inventory, homes are continuing to become more affordable.

These numbers are not official 

Homes sold in Highland and Alpine dropped by 15% in 2008 and the average price went down by 25%. Even with the huge decrease in average price, it is also still overpriced by 32%.  The median home price decreased by 17% and is also overpriced, but only by 17.6%.  Because the area has 17 months of active inventory, prices many continue to drop in order to sell. With increasing affordability and 253 active listings, there are many homes available for sale in Highland and Alpine UT

 These numbers are not official

Homes sold in Eagle Mountain dropped by 21.6%, but the median sold price still somehow increased by over 1% from $205,200 to $208,731. On the other hand, average sold price decreased by 1% from $218,408 to $215,613. There are plenty of homes for sale in Eagle Mountain UT to satisfy any homebuyer's needs. About 13 months of inventory is for sale currenty in Eagle Mountain. 

These numbers are not official

2008 Home Sales in American Fork were down by about 23% compared with home sales in 2007. There were just 233 MLS listings reported sold. The average sold price of homes also dropped by about 6% from $258,404 to $242,567, and the median home price dropped from $225,500 to $215,000. Home prices are getting more affordable, and there are still plenty of homes for sale in American Fork UT. It's a buyers market, and at 2008's home sales pace, there is currently 11.2 months of active real estate inventory. The average listing in American Fork Utah is priced about 14% higher than the median sold price in 2008. Many sellers will still have to come down in price if they want their homes to sell in 2009.

These numbers are not official.