The market is still flying high in Utah

Despite a slower volume of housing sales, Utah is under going the largest growth in its history, and Utah real estate markets are holding their own. The median price for a home in Salt Lake is $241,000, but with the lower volume of homes selling the market is showing signs of stabilizing.

Home prices are still below the national average, providing a promising future for the state’s growing economy.

Californians fleeing the state figured out they could move to Utah and get much more house for the dollar. Utah has the highest birthrate in the nation, nearly averaging four children per household, and the lowest death rate.

Appreciation is slowing just about everywhere in Utah. It’s transformed into a buyers market.

The Salt Lake City market is composed of luxury estates and old cottages mixed with new housing developments. It’s as varied as a community can be in a city which has attracted many new businesses, propelling its pattern of growth. Planners expect its growth to continue for many years, but at a slower pace.

Utah is known for its natural diversity and is home to arid desert areas with sand dunes to pine forests in lush mountain valleys. With the establishment of Alta Ski Area, Utah has become world renown for its skiing. The pace of life can also be slower in Utah, which is attracting many newcomers to the state for a higher quality of life. It's not a coincidence it's state slogan is "Life Elevated".

In Ogden the volume of homes selling each month is lower. The median price is also lower at $151,000 with forecasted appreciation of 2.5% for 2007. It’s going to take a while for the market in Ogden to adjust to the new higher prices. A light railway system is scheduled to be completed from Ogden to Salt Lake in 2008, providing further growth.

Provo is the home of Brigham Young University in the state that is known for being the home to more Mormons than any other. The median price is $136,000. Housing sales are off from the previous few years. The market will only muster a projected 2.7% rise in appreciation in 2007. The condominium market in Provo, however, is beginning to show sings of catching up. It had a short supply causing prices to rise in Provo, which has been rated one of America’s best places to live by numerous publications.

In Logan prices went up for years and Logan will produce another positive year in appreciation of 4.0% by year’s end. Logan is one of the more affordable places to live in Utah with a median price of just $127,000.

With Utah's phenomenal growth the real estate boom hasn’t come to a complete end. The housing market will continue to see a bright future in 2007, but just not at a frantic pace. Like any booming market some day things will come to an end.

 

Article Source http://www.housingpredictor.com/utah.html