The Utah County Real Estate market, which was the hardest hit market in Northern Utah continues to see real estate values decline. For homes sold during November, the median price was $185,000 while the average sales price was $218,076. The median listed price of Utah County Homes dropped from $199,000 a month ago to $198,000; and the average list price fell to $264,459 from Novembers average value of $267,402.This declining home price trend will likely continue throughout the winter and spring. Despite the beginning of winter, real estate inventory in Utah County actually increased last month. The 3841 residential listings is nearly a years worth of real estate inventory. Unlike Salt Lake County Real Estate, where list and sales prices have met, there is still an eight percent difference the median sales price and median list price.
Utah County Home Sales were actually up 2.9% during November compared with October, but were down 24.3% from November of last year. This isn’t a real surprise as the initial home buyer tax credit expired at the end of November last year. From the MLS listings reported thus far, there were 345 residential homes sold.
Provo Real Estate sales over the next few months will likely be down. The number of homes under contract has declined from 778 last month to 690 right now.