Ogden Valley / Park City Real Estate Market Update

Single Family Home and Condo sales statistics for the Ogden Valley (Snowbasin / Powder Mountain / Huntsville / Eden / Liberty) and Summit County (Park City / Deer Valley) are shown in the chart below. Note: Both markets experienced declines in Single Family Home (SFH) average sales prices (Summit County: -14%; Ogden Valley: -24%) and Sales Price per Square Foot (Summit County: -15%; Ogden Valley: -15%) since my April update. Average days on the market decreased significantly for SFH and Condos in both markets. For the Ogden Valley market, SFH sales volume was 50% greater than the previous 90 day period. In my opinion, this data may be indicating the soft real estate market the Ogden Valley has experienced over the past year may be turning around.

Looking at inventory and transaction activity over the past month, SFH and to a lesser extent the condo market in the Ogden Valley have both started to turn around, where 17 SFHs went under contract and/or sold in the past 30 days. Following are the # of SFHs and condos that went under contract and/or sold over the following time periods:

30 Days: 17 - SFHs / 4 - Condos
60 Days: 27 - SFHs / 5 - Condos
90 Days: 34 - SFHs / 9 - Condos
120 Days: 38 - SFHs / 11 - Condos
150 Days: 44 - SFHs / 13 - Condos
180 Days: 49 - SFHs / 15 - Condos

Sellers are beginning to reduce list prices in the Ogden Valley. Also, the real estate market along the I-15 corridor (SLC - Ogden) has experienced significant sales price increases over the past 24 months. These factors are working together to make the Ogden Valley market more attractive to local and out of state buyers.

I would be happy to answer any questions regarding Utah real estate. Please send inquiries to info@RockyMountainHomes.net or go to www.RockyMountainHomes.net for more information.

Thanks,

John Allaire