Utah County

Provo / Orem Market Second Best In Country

By Daniel Amezcua ⋅ January 15, 2008
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Orem, Utah — 2008 President of the Utah County Association of Realtors® Kenny Parcell is pleased but not surprised by recent national reports that many Utah housing markets are defying national trends and remain healthy and robust.

Business Week recently announced the best housing markets for the third quarter with Provo/Orem coming in at a solid number two. They compared markets across the U.S. that performed the best in terms of price appreciation in the third quarter of 2007 compared with the same period in 2006. Also in the top five were Ogden-Clearfield at number four and Salt Lake City at number five.

According to Parcell, Broker in the RE/MAX Results Spanish Fork office, “We continue to enjoy a stronger market than many national areas because our economic fundamentals like a healthy job market, population growth, increasing wages, and low interest rates, to name a few, show that while slower than last year, our market is stable and represents a great buyers market.”

The Utah County Association of Realtors® reports that the third quarter average sales price for Utah County homes was $301,065 with condos coming in at $175,167. This is a rise of 5.78% for homes and 17.41% for condos from the 3 rd quarter average sales price of 2006. In addition, existing home sales show the average ‘days on market’ are only one percent longer than this same time in 2006.

“One of the factors that makes a difference for our local market is population growth. Growth indicates that demand for homes will continue into the future,” stated Association CEO Taylor Oldroyd. According to the U.S. Census Bureau, Utah is the third fastest growing state in the country.

“With the national media indicating almost daily that the housing market is in trouble, I want all potential buyers to know the facts,” said Parcell. “The fact is our market is strong. Hey, we’re the second best market in the entire country.”

  

 

 

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