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2019-11-30 17:55:04
Utah County November Housing Market Update
Daily Herald Link

Home prices in Utah County continue to rise, although the market is changing, according to the Wasatch Front Multiple Listing System.

Still, the typical four-bedroom, three-bath home with just under 2,500 square feet sold for a median average of $323,785 over the last 12 months. During that same period Utah County prices for all types of homes rose 7.7%. About 850 homes sold on a median average every month. Homebuyers who paid a median price of $302,000 in November 2018 will now pay a median price of about $333,000 with a price per square foot of $133.

Time on the market is just under 30 days.

However, looking at different price ranges the market varies. In the Provo/Orem area the median price for a single-family home rose from $300,500 12 months ago to $312,250 in October, an overall median average of about $341,000, an increase of just under 4%. A median average of just fewer than 110 homes sold monthly.

The typical Provo/Orem home had 4.3 bedrooms and 2.75 baths and sold in about 26 days, for 106% on the asking price. Price per square foot had a median average of $155.

The north county area from Lindon to Cedar Fort saw more activity with a median average of 322 homes selling monthly at a median average of $407,062 and a 10.7% increase in price over the last 12 months. The typical home in that area is more than 3,200 square feet, $138 a square foot with 4.3 bedrooms and 3.25 baths taking nearly 40 days to sell.

Looking south, from Springville to Goshen a median average of 149 homes sold monthly in the last 12 months for a median average of $370,786, up more than 14%. Sellers walked away with a median average of 107% of their asking price. The typical home in that area has more than 3,000 square feet, 4.3 bedrooms and 3.25 baths, selling in 36 days. Price per square foot is about $135.

In Suncrest, primarily a mountainous region of Draper in Utah County, a median average of just over six homes sold each month during the last 12 months for a median average price of $529,889, 107% over asking price. The typical homes at that price measures nearly 3,900 square feet with four bedrooms and three baths at $138 a square foot and selling in 23 days.

In October seven homes sold in a median average of 47 days at a median price of $550,000, while a month earlier it took only a average median of 12 days to sell 11 homes at an average median price of $557,859 indicating a change in the market.

Not every home is selling during the typical listing period, generally six months. More than 3,200 listings were either canceled or expired over the last 12 months, around 266 per month. Sellers and their agents still need to price their homes according to the market to get a timely sale or get it sold at all.

 
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