|
Utah Real Estate Summary
The Utah real estate market is growing slowly in some areas, and growing by leaps and bounds in others. The economy is strong with new jobs and a low unemployment rate of 3.3% for 2006. Utah relocation is popular among families because jobs are easy to find, education has high standards and the cost of living is affordable. Utah has many National Parks and scenery to enjoy, making it a gathering place for tourists.
Overall, Utah real estate sells for an average price of $225,000. Salt Lake City real estate is hot. There is a shortage of houses in the low to medium price ranges, and the ones that are listed in them sell within 20 days. The houses are selling for an average of $200,000, which is 100% of the asking price. There are more buyers than sellers in the current market, with limited houses to choose from.
St. George real estate is in a cooling period. Houses are on the market for 120 days before they receive an offer. Houses that do sell are only getting between 85-90% of the original asking price. The average sale price is $275,000, which is comparable to last year´s prices. The St. George market will rebound, as jobs are continuously moving in to the area. |
