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.  

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