Eagle Mountain Utah Real Estate market is changing. The total number of homes for sale in Eagle Mountain, Utah was 211 in December of 2011. The number of homes for sale has dropped to 196 in May of 2012. Historically year after year the number of homes for sale is much greater in the Spring as compared to the Summer. Here we are will a lower supply of homes for sale in the Spring of 2012. How could this happen? It is simple. After five years of a suppressed real estate market and low interest rates buyers are back and buying homes in Eagle Mountain.
It is interesting to note the number of short sales in Eagle Mountain Utah has been in decline over the past few months. In fact, we had 80 unapproved and approved short sales for sale in December of 2011. We now have 63 unapproved and approved short sales for sale in Eagle Mountain.
Bank Foreclosures in Eagle Mountain
The number of Bank Foreclosures in Eagle Mountain have remain the same over the past six months. We currently have 3 bank foreclosures and 2 HUD homes for sale in Eagle Mountain. The number of bank foreclosures and HUD homes have been decreasing in Utah County over the past six months. Many buyers and sellers welcome the new healthier real estate market to Eagle Mountain. One thing that could send this market back down is interest rates. Currently buyers in Utah County are getting loans between 3.5 to 4% on their homes. If the rates jump the market will drop. Many buyers are taking advantage of the low interest rates. If you are looking for a Realtor in Eagle Mountain contact Team Teasdale Realty.
The average sales price in 2007 was around $260,000. The average sales price dropped in 2008, 2009, 2010 and 2011. The average sales price in 2012 has seen a slight upward move from January to February. It crossed the $200k barrier. Thus, the average sales price in Utah County is around $202,000 at the moment. I anticipate this number to climb throughout the year. The average price on homes has been increasing in Eagle Mountain. This is largely due to the decreasing number of short sales and foreclosures. Also, builders have started building again in Eagle Mountain. The new construction starts to slightly drive the prices up as buyers usually prefer a brand new home to an existing one. Eagle Mountain Utah Home Buyers will be curious to know that the average price has been dropping.
The number of homes for sale in Eagle Mountain is decreasing. The graph below represents the listing inventory of homes for sale in Utah County. Please note the number of listings in Utah County is currently around 2,800 homes for sale. This number was around 3,800 the same time last year. The decreasing inventory and increasing demand will simply cause a short squeeze on prices. I anticipate that home prices in Eagle Mountain, Utah will increase in 2012 between 2-5%. The prices in Eagle Mountain have decrease for five years and the real estate market has stabalized.
The number of homes that have sold in Utah County has been increasing. About 350 homes, condos, twin homes and townhomes are selling every month in Utah County. This increase is being felt in Eagle Mountain. The graph below represents the number of homes sold by Realtors in Utah County over the past six years. I have been following these charts for about 20 years. The chart looks ready to explode. The real estate market conditions are about to change. Interest rates at 4% is adding to the momentum. It is a really exciting time to watch the real estate market in Eagle Mountain.
Eagle Moutain Market Conditions.
