| Utah County Association of REALTORS® | | | |
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| Monthly Statistics--August 2008 | |
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| 1) | Sales in August continued to climb from a low of 269 in Dec 2007 to 473 in Aug 2008, marking the 8th month | |
| | in a row of increased sales improvement. Aug sales of 473 units is down 17.8% from 575 units sold in Aug | |
| | of 2007. | | |
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| 2) | The median sales price in Aug 2008 of $225,000 inched up slightly compared to Aug 2007 price of $215,000. | |
| | Price stability is one of the reasons why the Milken Institute awarded Provo/Orem First Place for | |
| | "Best Performing Metro Area." First in the nation is a result of a stable housing market, strong job growth, | |
| | wage appreciation, and a strong high-tech sector. | |
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| 3) | Condo sales in Aug 2008 of 87 units are down 44% from 156 in Aug 2007. Condo prices are also down slightly | |
| | from $162,900 in Aug 2007 to $156,069 in Aug 2008. | |
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| 4) | Homes priced above $500,000 showed strong resurgence with sales of 32 units this Aug compared to 33 units | |
| | in Aug 2007. This sector of the market is talking longer to sell (105 DOM this year compared to 56 last year) | |
| | but at least they are selling. | |
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| 5) | One final observation is the number of active listings in Aug of 4,890 is down compared to 5,323 in Aug 2007. | |
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| Summary: | REALTORS® in Utah County have a great story to tell: strong economic fundamentals have lead to increased | |
| sales each month since Dec 2007 and prices are stable. With the recent happenings on Wall Street, I think | |
| the advice of Dave Ramsey is well stated, "You MUST use an experienced real estate agent. Research shows | |
| that the best realtors are worth more than they cost." | |
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