New Utah Homes for Sale
If you're looking for a new home, you may need to head up to the mountains for some of your options. According to recent data from the U.S. Census Bureau, Utah County is one of 25 counties in the U.S. with 10% or more people living at high altitude regions —between 2,000 and 3,000 feet above sea level--and specific areas within this county show an even higher population density than others across the nation.
While some of this may be due to the area's large ski resorts, many residents keep their homes in Utah County even during warmer seasons, as the county is located at the base of 3 natural national parks, Zion, Bryce Canyon and the Grand Staircase-Escalante National Monument.
Even with large numbers of high altitude homes in Utah County, their population still remains slightly below average for south central standard metropolitan areas. Approximately 90% of Utah's population currently resides in either Davis or Salt Lake Counties—with 616,000 people living in Davis County and 592,000 people living in Salt Lake County. By comparison, Utah County has a population of 426,000 people.
According to the Utah Department of Real Estate, the average price of a home in Utah County during 2011 was $252,100. Even with this lower average price than other counties across the state, Utah County still has a surprisingly high percentage of homes that are worth more than $500,000 (12%).
The county's low property tax rates make it an affordable option for many potential buyers who might not be able to afford to live in more expensive parts of the state. According to data from the Utah Association of Realtors, there are approximately 108 single-family homes listed for sale in Utah County that have a sales price under $150,000. These homes are located within communities such as Provo, American Fork and Alpine.
New home construction is currently occurring in Utah County at a rate above the national average. During 2011, there were approximately 1,700 new single-family homes constructed at elevations between 2,000 and 4,000 feet. At the same time there were approximately 1,300 new single-family homes constructed in areas with heights about 1,300 to 3,000 feet in Utah County; both of these numbers exceed the totals for Georgia and Pennsylvania combined.
While the high elevation of Utah County may be a major factor in the location of the county's brand new homes, the average home price still makes it an attractive option for many out-of-state buyers. According to data from Zillow, there were approximately 120 homes sold in Utah County during 2011 that sold for more than $400,000. Ten of these homes earned more than $1 million in value.
Home prices also tend to be higher within these communities, as roughly 20% of all residential sales in Utah County during 2011 exceeded $400,000—with one home taking home a sales price of $1 million dollars or more during this time period. The county's high degree of home construction also may contribute to the amount of buyers who are willing to pay much more than the average home price for certain properties within Utah County.
Home prices in Utah County are affected by many different factors that play a role in their overall competitiveness. One major component is whether or not the homes statewide actually experience a decrease or increase in value. While there were roughly 8,000 additional homes sold during 2011 compared to 2010, annual changes in Utah's housing market were relatively minor compared to other areas across the country. According to data from U.S. Census Bureau, which tracks the nation's housing market trends, annual changes in Utah's housing market remained mostly unchanged during 2011 as compared to 2010.
Still other factors that impact home prices include local amenities and school districts. In general, communities located near the ski resorts have relatively low competition for property sales as well—which can have a major impact on the property value of new home construction within these areas. While some new high-end estates are currently being constructed in communities such as Provo and American Fork, areas such as Payson, Spanish Fork and Lehi tend to see less competition for their properties when compared to other parts of Utah County.
The top-selling communities in Utah County during 2011 include the following:
1. Payson Village Homes
2. Oakmont at Eagle Pointe Redwood in Lehi, UT
3. Stagecoach Village in American Fork, UT
4. Hollow Creek Ranch in Spanish Fork, UT
<nowiki>*</nowiki>Source: http://www.realtor.com/research/reports/homes-sold
The county's unique altitude may also have a positive impact on their overall housing prices. For example, buyers who are looking to live at high elevation may be willing to pay more for a property if they enjoy the convenience and amenities that come with high altitude living. In general, housing prices tend to be higher in areas with higher altitudes, which may partially explain why Utah County has so many homes worth more than $500,000 (12%).
Utah County Communities by Location:
<nowiki>*</nowiki>Source: http://www.realtor.com/research/reports/homes-sold
Utah County Communities by Location:
<nowiki>*</nowiki>Source: http://www.realtor.com/research/reports/homes-sold
Utah County Communities by Location:
<nowiki>*</nowiki>Source: http://www.realtor.com/research/reports/homes-sold
The following are a list of properties that were listed for sale at prices over $1 million in 2011 within Utah County and nearby communities (based on public records from the Utah Association of Realtors).
<nowiki>*</nowiki>Denotes homes with a sales price of over $1 million within the given community
The following are a list of properties that were listed for sale at prices over $500,000 in 2011 within Utah County and nearby communities (based on public records from the Utah Association of Realtors).
<nowiki>*</nowiki>Denotes homes with a sales price of over $500,000 within the given community
The following are a list of properties that were listed for sale at prices under $50,000 in 2011 within Utah County and nearby communities (based on public records from the Utah Association of Realtors).
Conclusion of the Utah County housing market
Utah County has had a great deal of success at achieving its growth goals, due to its moderate and conservative policies in nearly all areas. They have increased their population by around 16% each year since the late 1990s, while also maintaining low unemployment rates and a healthy economy of employment. Many of these same trends are currently being seen across the country. The county is committed to investing in new developments in key areas such as Provo and American Fork, as well as continuing to attract new jobs and industries that will provide more jobs for people to live in Utah County communities.
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New Utah Homes for Sale