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Lehi Utah Market 

Updates on the Lehi Utah Real Estate Market

The number of homes for sale in Lehi Utah typically fluctuates between 50-100 available homes. The Lehi Utah real estate market was slow between 2007-2011. The market was full of Lehi Utah short sales and Lehi Utah bank foreclosures. In fact, during these years about 50% of the homes were distressed properties. However, at the begining of 2012 the Lehi Utah Market started moving again and prices started increasing thru 2013 and 2016.

Paul Teasdale the principal broker of Team Teasdale Realty makes regular youtube videos about the current Lehi Utah Market. This video is very relevant to the Lehi Utah Market. I encourage you to watch it and familiarize yourself with the current direction of the Lehi market. If you have specific questions about the real estate market feel free to contact Paul Teasdale directly. Contact Paul Teasdale

Homes Sales in Lehi

Homes are really selling quickly in Lehi Utah right now. The number of homes currently for sale in Lehi UT is 207. About 93 of those homes are new construction. Lehi Utah home sales are increasing in new construction. Approximately 44% of the homes currently for sale are either under construction or to be built on the MLS.

Lehi Utah Market Trends

The Lehi Utah market trends contributes to the determination of fair market value. For example, if pricing a Lehi property for sale, the laws of supply and demand apply. In a seller’s market, the supply of real estate property is lower than the demand of qualified buyers. Therefore, the fair market value in a seller’s market would be higher. In a buyer’s market, the supply of real estate property is greater than the demand of qualified buyers. In that case, the fair market value would be lower. 

It is important to understand if the Lehi Utah market is a buyer's market or a seller's market. If you are a buyer or a seller in Lehi you need to know the current market trends. Feel free to conact Paul or one of his Lehi Utah Realtors for an update of the current Lehi UT market trends.

Homes Sold in Lehi Utah: Homes are Selling!

The Lehi Utah market is still moving.  369 homes sold in Lehi Utah in the first half of 2012.  Compare this to 2011 with 385 during the same period and 380 in 2010.  The real estate market in Lehi has been one of the strongest in Utah County.  Lehi has outsold many other cities in Utah County.

Lehi outsold Orem during this same period:  Homes Sold in Orem UT: 316
Lehi outsold Provo during this same period:  Home Sold in Provo UT:  138
Lehi outsold Springville during this same period: Home Sold in Springville UT: 161
Lehi outsold Spanish Fork during this same period: Home Sold in Spanish Fork UT: 235


lehi sold real estate

Lehi Utah Homes Sale Remain Hot!

In fact, more homes sold in Lehi than Provo and Springville combined.  The Lehi UT market is very hot and has been for the past few years.  The location to Salt Lake City and the surrounding cities around the point of the mountain has helped sales.  Also, Adobe and other large high-tech firms continue to move into this area.  Buying a home in Lehi is a smart move compared to some of the other cities in Utah County.

Lehi Utah has 330 Homes on the Lehi Market in May 2012

The number of homes on the Lehi market in Lehi Utah has increased since December 2011.  The number of homes for sale in December was 257.  The number of homes for sale has increased by 73 homes or 23%.

However, the inventory in May is typically much higher than we are experiencing.  This is a strange anomaly in the market that the inventory is so low in the Spring.  These are clear signs the market is changing.  We are seeing a shift from the type of homes for sale.  For example we are seeing less Bank Foreclosures, short sales and HUD homes for sale and seeing more home owner selling their homes.  The home owners are finally able to breathe after being smothered by distressed properties for the past five years.  The Lehi Utah real estate market is finally stabilizing and improving.  The prices are on the rise and the market is the strongest it has been for five years.

Lehi Real Estate Listing Inventory

The graph below shows the number of homes currently for sale by the home owner which is currently at 330.  Lehi Utah currently has 73 short sales for sale and 3 bank foreclosures and 2 HUD homes.  Lehi does not traditionally get very many HUD homes for sale.  The number of short sales and bank foreclosures has been declining throughout Utah County over the past six months.

Hire a Lehi Utah Realtor

Are you looking for a local Lehi Realtor?  Paul Teasdale has been selling homes in Lehi Utah for 18 years.  A local Lehi Realtor can really help you when searching for a home.

lehi listings

When to Buy a Home in Lehi Utah 

Over the past few years around 25% of the homes for sale in Lehi were short sales. The number of short sales is currently down to 24 and the majority of these homes has an offer in first position. Lehi Utah Home Sales have decreased. The Short Sale and Bank Foreclosure Market is diminishing. Many buyer call wanting short sales and bank foreclosures in Lehi Utah but they are becoming more difficult to find ones available.

In the past few years 50% of the Lehi UT real estate market was from Short Sales and Bank Foreclosures. If you are looking for a short sale in Lehi contact Team Teasdale Realty. Our team will do our best to find you a short sale or bank foreclosure in Lehi.

Active Lehi Homes

The graph below actually represents the number of active listings for sale in Utah County. The inventory of homes for sale in Utah County has been decreasing. Our highest inventory was in 2007 and 2008. The inventory in 2009 and 2010 seemed quite constant with between 3,800 to 4,500 for sale throughout the year. The breakdown in inventory started in 2011 and in 2012 we saw a sharp decline in homes for sale. The Lehi Utah home sales followed these same inventory patterns. In January of 2013 we saw the lowest level of homes for sale in Utah County with around 1,900 homes for sale. Lehi Utah Home Sales will continue to be strong in 2013.

                                 Lehi utah market

Homes SOLD in Lehi

The number of homes sold in Lehi Utah is increasing. Approximately 29% of the homes on the MLS sold in May of 2013. Historically this is a very high number. The Lehi Utah real estate market is a strong sellers market at this time and should remain strong unless interest rates rise up to the 6-7% range. If you look at the graph below you will notice the percentage of homes selling in Utah County has increased every years since 2007. We have to be careful not to create another bubble like the 2004-2007 market run up.

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