Utah County Real Esate Market Report

Online, May 22, 2011 (Newswire.com) - The Utah County which has been the hardest hit real estate market in Northern Utah, William Nottoli, former Realtor and site creator, states "the market still continues to see real estate values decline, but there seems to be a faint light at the end of the tunnel". The first quarter report shows some positive signs with condo sales jumping up 23% 96 this year compared to 78 from last year. The median price also climbed from $110,200 up to $117,000, though this is not a great break through, it is a positive sign.

The rest of the market showed signs of the condo increase may not be the only good news. March sales in 2011 were down from 2010 (453 sold vs 466 sold) but the year to date is up 9% (1123 sold vs 1029 sold). The sellers it seems are becoming cautious and waiting with listing down 13% to only 3796 listing on the MLS.

Most of the communities markets are still down except for a few areas that show signs of the market improving. Saratoga Springs saw the number of sold increase from 88 in 2010 to 100 in 2011, however the median price still went down from $219,000 in 2010 to 196,088 in 2011. Provo sold 3 more units this year (140 in 2010 to 143 in 2011) but again the median price fell from $184,375 to $164,900 and drop of 11%.

It looks like Utah county has a ways to go before it climbs back up to where it was back 5 years ago. With most of the major communities in the county are showing drops in median price, it seems the market is adjusting down.

To read other articles on the real estate market you can go to www.wrnottoli.com.