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 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.
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 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.
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.
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.
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.
