The good news is that the Prove real estate market is about the most healthy market in Utah County. The bad news is that Utah County Real Estate is really unhealthy. From the second quarter results, Provo has nearly 10 months of active real estate inventory. There is also a huge difference in average list price vs. sold price. The average home that has sold in Provo in the first half of 2008 has sold for 34% less than the average list price. This huge disparity most likely reflects a high surplus of multi million dollar homes for sale, as the difference between median sold price and median listing price is only 12%. Nevertheless, the median price of the 350 homes that have sold in Provo is $196,500. The median list price of homes for sale in Provo is $222,900.
With the exception of the huge surplus of really expensive Provo Homes, the real estate market in Provo is still in pretty decent shape and will recover more quickly. There are still many affordable houses and condos for sale in Provo. The affordable properties are the ones that are selling in todays real estate market. There are currently 700 residential listings for sale in Provo. This number appears to still be increasing.
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