MLS Listings in Utah County are declining
Listings in Utah County have been falling every months since May of 2011 and look to follow this same trend in 2012. Listings have gone from around 3800 homes for sale between January to May of 2011 to our current inventory on January 31st 2012 of 2978. Homes are really selling!
Is this the Bottom of the Real Estate Market in Utah County?
Look at the purple line below this line represents the amount of homes for sale in Utah County. The bank foreclosure, approved shorts sales and hud homes are becoming harder to buy in this market. If this is not the bottom this is the first surge our real estate market has enjoyed in the past five years. Buyers are realizing a 30 year loan at 3.5% is a good deal. Buyers are discovering that they can finally get into their dream home. It is the most competitive real estate market I have experienced in the past 5 years. What is going on?? If I can find a good bank foreclosure or short sale it already has an offer and we have to fight for first position.
My Buyer Wanted to See Homes Today But . . .
I had a buyer today send me a list of five active homes for sale. Two of them were short sales and once I looked on the MLS had indicated they had received offers in first position. I called on the other three and they had all received offers in the past few days and the Realtor was just changing the status. What a joke!! I had to call my buyer back and tell them all five homes were under contract. I had another offer out today with another buyer and two other offers came in at the last minute and we lost it.
I am just puzzled because this is January 31st not April or June. I seriously think and will predict that our inventory will go down to 2,500 or below by the summer. In my opinion we will see a short squeeze on prices and values. I was enjoying selling the bank foreclosures but we may be in for a completely different market in 6 to 12 months from now.
Real Estate Inventory for Utah County
Here is a list of the amount of homes for sale in Utah County. Listed by a few of the cities:
Mapleton, Utah: 65 Homes
Springville, Utah: 283 Homes
Spanish Fork, Utah: 314 Homes
Orem, Utah: 273 Homes
Provo, Utah: 400 Homes
Lehi, Utah: 346 Homes
Santaquin, Utah: 111 Homes
Eagle Mountain, Utah: 207 Homes
Saratoga Springs, Utah: 236 Homes
Payson, Utah: 109 Homes
Pleasant Grove, Utah: 118 Homes
The inventory in all of these cities has been declining. The interesting note is that Springville, Spanish Fork and Lehi each have more homes for sale that Orem. Orem has a larger population that all three of these cities combined. Orem has the most stable real estate market in the County.
It is still possible to get a good deal on a home. You must be looking every day and jump on a bank foreclosure the day it comes for sale. If it is a bargain and you wait you will be competing with a few other buyers. If you need help finding a bargain on home for sale feel free to contact me. Paul Teasdale with Team Teasdale Realty at 801-491-7653.
