Currently we have 160 homes sale pending in Lehi Utah or under contract and scheduled to close. Here is an update on the Lehi Utah Market Conditions. We still have 331 homes for sale in Lehi. Compare the sold number of homes under contract in Orem of 114 to the 160 homes sold in Lehi. Orem has a population of around 100,000 and Lehi has a population of around 50,000. Per capita Lehi is selling more than twice the amount of homes as Orem. New construction sales are booming in the Lehi area. I have not seen this kind of activity since the 2005-2006 real estate era. It is good to see the economy and real estate industry in Utah County and particularily Lehi improving.
The market is healthier than it has been in the past five years since the economic depression started. The number of homes for sale in Utah County has dropped from around 4,000 homes for sale this time last year to 2,798 home for sale today. The inventory is declining and the percentage of sales is rising. The chart below represents active listings in Utah County and the percentage of listed homes that are selling each month. If you would like to see the most recent youtube video regarding the Lehi Utah Market Conditions follow this link: Lehi Utah Market Conditions
The number of homes sold in Lehi and thru Utah County is increasing. The market appears to have taken a turn around in January 2012. It was like the buyers realized the market has been going down for five years and all made a new years resolution to finally buy a home in the new year. The graph below represents the number of homes sold in Utah County over the past six years. This data was compiled by the Association of Realtors. It represents all homes sold by Realtors.
The declining inventory trend is also occurring in Eagle Mountain and Saratoga Springs. The number of homes for sale in Eagle Mountain is down to 207 and the number of homes for sale in Saratoga Springs has declined to 236. This is a very positive sign for those that are wanting to sell and have been waiting for the market to stabalize.
If you are looking to buy a home in Lehi and are looking for a Realtor consider contacting Paul Teasdale of Team Teasdale Realty. Feel free to search our database of homes for sale in Lehi Utah. This database is a live feed from the Realtors MLS and has all 346 homes for sale in Lehi Utah. You will also be able to search all 2978 homes for sale in Utah County.
Homes SOLD in Lehi have actually been more stable than neighboring cities. I know you would think it would follow the same pattern as Eagle Mountain or Saratoga Springs. It doesn’t It’s average is more stable. Homes in Saratoga Springs and Eagle Mountain have felt are harder down turn in the market.
For example both of these cities have a population of about 20,000 residents and Lehi has a population of 46,000. Therefore, Lehi Utah has more residents than both of these cities combined.
430 Homes sold in Eagle Mountain in 2010. 364 homes sold in Saratoga Springs in 2011. 699 homes sold in Lehi in 2011.
However, Eagle Mountain and Saratoga Springs sold 794 homes combined. This is almost 100 more homes than Lehi. The same home in Lehi will sell for slightly more than a home in Saratoga Springs or Eagle Mountain, Utah.
The graph below represents homes sold in Lehi over the past five years. Basically I wanted to review how the market has been doing since the economic recession. Prior to 2007 Lehi was selling around 800 homes per year. Since 2007 Lehi is selling around 700 homes per year. If you are interested in more information about the Lehi Utah Market Conditions call Paul Teasdale today!
