Did housing appreciate too fast in Utah County the last few years? Is the market over priced? Will there be a decline in home sales this year?
From January's sales stats, this just may be the case.
There were 269 single family houses sold in Utah County in January. Almost half as many as the 452 sold last year. In addition, the average sold price is down almost 10% over '07's stats. $241,136 vs. $265,231 last year. Homes sold in January were on the market 17 days longer than the average of 53 days on market last year. The trend is consistent in the bigger cities like Orem and Provo, but also as Alpine, Cedar Hills, Elk Ridge, Eagle Mountain, Lindon, Lehi, Highland, etc.
Interest rates are incredibly low right now, and this should stimulate incentive to purchase Utah County Real Estate. 30 year fixed mortgages can be obtained for almost 5.5%!
Right now there are 3,675 single family homes listed in Utah County. These homes have an average price of $414,000 and have already been on the market for 86 days. It is definitely a buyers market in Utah Valley. Lots of selection, great interest rates, and motivated sellers. Visit this site to view MLS listings of Utah County Homes for Sale Now.
