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Utah real estate

Utah – Homebuyers Starting to Swarm in the Beehive State

During the height of the Great Recession, 8% of Utahans were unemployed. The suffering here may not have been as widespread as it was in other states, but the people here weren’t exactly rushing out to buy new homes, either. Now that the recession is officially over, Utahans think it’s time for their housing market to finally be on the road back to health.

But realtors in Utah aren’t just crossing their fingers and hoping for the best. They’ve got solid facts and figures to back up their optimism. According to Fiserv Case-Shiller, a group of economists that study the average home price changes in certain markets, home sales in Utah are about to get a whole lot more profitable. They say home prices around the state will rise 7% between mid-2013 and mid-2014.

Why?

A big reason for the predicted jump is the decrease in foreclosures around the Beehive State. When foreclosures stop dragging down sales prices, “normal” homeowners will see bigger jumps in value – especially in Salt Lake City, a place that has been dominated by foreclosures in recent years.

In addition to predictions, realtors in southern Utah already have something strong working on their side – the jobs market. The southern part of the state has a strong technology sector, and throughout 2012, it posted about a 6% job growth rate. That’s still about half as fast as the area was adding jobs before the housing bubble burst, but it’s definitely a step in the right direction – and it’s far better than what the U.S. is doing as a whole.

Because the Beehive State is making strides, expect to see a glut of new homes for sale around Utah in 2013. In St. George, for example, new homes are going up at rates not seen since before the housing bubble burst. In fact, realtors here are calling it a boom that could be strong enough to extend to other parts of the state!

St. George isn’t the only place that’s generating excitement, though. Thanks to home values that have increased more than 20% since 2011, Provo has been named one of the top cities in the country when it comes to recovery.

Why are home values rising so much here?

It’s due to a combination of things. First, the inventory of available homes is low – which leads to a lower supply and, thus, higher demand. Second, the economy here is getting stronger – which is also leading to an increase in demand. As a result, the homes for sale in Provo are selling quickly, and for prices that have realtors and sellers smiling!

And, if all of these trends can continue, it will give Utahans plenty of other reasons to smile!

Living in Utah

There aren’t many states that offer the rigors of city life and majestic snowcapped mountains. Luckily, Utah is one of them!

Utah has been deemed the most religiously homogeneous state in the country, as more than 60% of the population here are said to be members of The Church of Jesus Christ of Latter-day Saints.

Because it sits more than 4,000 feet above sea level, Utah’s winters are very cold and its summers can be extremely hot. If you’re a snow lover, you’ll be happy to hear that some parts of the state boast more than 550 inches annually!

Before you head off to Utah, let’s go over some of the fast facts:

  • What is the population of Utah?
  • The population of Utah is 2,855,287
  • What is the capital of Utah?
  • The capital of Utah is Salt Lake City
  • What is the largest city in Utah?
  • The largest city is Salt Lake City

From hiking and skiing to snowboarding and ice skating, there are endless recreation opportunities here! And because of all those opportunities, Utah’s industry revolves around tourism and outdoor activities. So, if you want a job that involves being around people and being outdoors, this is the place to look!

This is also the place for nature lovers, thanks to its five national parks and seven national monuments. Arches National Park in eastern Utah, for example, is well-known for preserving more than 2,000 natural sandstone arches to include the infamous Delicate Arch.

Got a family of sports lovers? Utah is also home to the Olympic Park built for the 2002 Winter Olympics. Located 28 miles east of Salt Lake City, the park hosted the ski jumping, bobsleigh, skeleton, luge and Nordic combined events. Today, the facility is used as a training center and boasts a bobsled track, skiing and a mountain coaster. In the summer, ski jumpers are able to practice on plastic runways and landing zones. A 750,000-gallon training pool is used for freestyle aerialists practice.

Bottom line – no matter what kind of adventure you’re up for, Utah’s got it!

This is the Census data for Utah

Population

Total population estimate for Utah (July 1) 2012
2,855,287
Total population change for Utah- April 1, 2010 to July 1, 2012
3.3%

Age

Percentage of the population that's under 5 years old in Utah, 2011
9.3%
Percentage of the population that's under 18 years years old in Utah, 2011
31.2%
Percentage of the population that's 65 years and over Utah, 2011
9.2%

Gender

Percentage of the population that are females in Utah, 2011
49.8%

Race breakdown for Utah in percentages

White alone, 2011
91.9%
Black alone, 2011
1.3%
American Indian and Alaska Native alone,2011
1.5%
Asian alone, percent, 2011
2.2%
Native Hawaiian and Other Pacific Islander alone, 2011
1.0%
Two or more races, 2011
2.2%
Hispanic or Latino Origin, 2011
13.2%
Not Hispanic, White alone, 2011
80.1%

A little more about the residents of Utah

Percentage of residents who lived in the same house 1 year ago, 2007-2011
82.3%
Percent of residents who are foreign born 2007-2011
8.2%
Percent speaking a language other than English at home, 2007-2011
14.3%

Education

Percent high school graduates or higher for residents 25 years old and over in Utah, 2007-2011
90.6%
Percent with a bachelor's degree or higher for residents 25 years old and over in Utah, 2007-2011
29.6%

Veterans

Total number of Veterans living in Utah 2007-2011
147,944

Communting

The average travel time to work for workers in Utah (16 years and over not working at home), 2007-2011
21.4 mins

Real estate stats in Utah

Housing unit estimates, 2011
993,060
Owner-occupied housing units - percent of total occupied housing units, 2007-2011
70.7%
Housing units by units in structure - multi-dwelling structure, percent, 2007-2011
21.3%
Median value of specified owner-occupied housing units, 2007-2011
$221,300.00
Households, 2007-2011
871,358
Average household size, 2007-2011
3.06

Income

Per capita income for Utah in the past 12 months (in 2011 inflation-adjusted dollars), 2007-2011
$23,650.00
Median household income in Utah, 2007-2011
$57,783.00
Percentage of people living in poverty in Utah 2007-2011
11.4%

Business and commerce info for Utah

Private nonfarm establishments, 2010
68,820
Private nonfarm employment for pay period including March 12, 2010
1,021,143
Private nonfarm employment for pay period including March 12, 2010, percent change, 2000-2010
11.3%
Total number of businesses in Utah, 2007
246,393
Percentage of Black-owned businesses in Utah, 2007
0.5%
Percentage of American Indian- and Alaska Native-owned businesses in Utah , 2007
0.6%
Percentage of Asian-owned businesses in Utah, 2007
1.9%
Percentage of Native Hawaiian- and Other Pacific Islander-owned businesses in Utah, 2007
0.3%
Percentage of Hispanic-owned businesses in Utah, 2007
3.7%
Percentage of Women-owned businesses in Utah, 2007
24.9%

Land size and population

Size of Utah in Square Miles, 2010
82,169.62 mi²
Population per square mile in Utah, 2010
33.6

Utah real estate