Here are my unofficial 2007 sales statistics for MLS listings in Weber County and their relation to the 2006 home sales numbers.
# of Weber County Homes Sold
2006 - 4,329
2007 - 3,669
Change -660 15% decline
Average price of homes Sold:
2006 - $166,663
2007 - $184,752
Change +18,089 Appreciation of 9.8%
Number of condos sold:
2006 - 516
2007 - 475
Change -41 decrease of 8%
Average price of condos sold:
2006 - $116,915
2007 - $133,710
Change +16,795 Appreciation of 12.6%
Sales were down, but home prices went substantially up in the Ogden Weber Area.
Right now (Jan 2nd) There are 1,830 homes for sale in the Ogden Utah Area. If no additional homes were listed it would take approximately 6 months to exhaust the existing supply at the 2007 home sales pace. Their is ample inventory and interest rates are great. The scale leans towards a buyers market in Ogden.
Of the homes listed on the market right now the average price is $290,012! This is more than $100,000 more than the average sales price of '07. This is a result of investor and builder speculation. Many of the unsold homes are new build high end homes. Either the prices must go down, or else Ogden residents need to start earning substantially more money for the homes on the market to sale in a timely manner. Expect an increase in Ogden Foreclosures and a drop in the average price of homes on the market in '08. The demand for houses for Rent in Ogden, and average rent prices will also likely go up in '08.
Unofficial 2007 Home Sales Stats for Salt Lake City, UT:
There were approximately 11,500 homes sold in Salt Lake County in 2007. The average price of single family homes sold was $296,156 and the median sales price was $249,900. Homes listed on the market were on for an average of 37 days. There were also 2,763 condo's sold. The average sold price of these condos was $192,057 and the median sales price was $171,400.
The number of actual homes sold was down 22% over '06, but the average sales price was up 9%. In '06 there were 15,180 houses sold that were listed on the MLS and 3,272 sold condos. The average sold price was $269,692 for single family homes and $163,213 for the condos.
That was 2007, but believe it or not it is now 2008.
As of Jan 2nd, there are 5,680 (half the number of total homes sold in all of '07) single family houses listed on the MLS in Salt Lake County. The average price of these homes is $443,961, and a median sales price of $329,900.
There are also 1,054 condominiums listed in Salt Lake with an average asking price of $261,193 and a median price of $219,900.
These home prices are a lot higher than what the average Salt Lake City resident can afford. Either prices will have to go down, or else we're going to have another rapid home appreciation year in Salt Lake in 2008.
Here are some unofficial numbers for homes sold in Pleasant Grove during 2007:
Number of Homes sold: 240
Average Market Time days on Market: 50
Average Home Sales Price $307,993
Median Home Price $257,500
Number of Condo Sales: 163
Average Days on Market: 37
Average Condominium Price: $193,407
Average Median Price: $191,280
Number of Homes in Preforeclosure Status: 35
Number of Bank Owned Homes: 4
Right now there are close to two hundred houses for sale in the Pleasant Grove area. Home prices have increased substantially the past few years. The average price of single family homes in Pleasant Grove listed on the MLS is $414,500 with a median price of almost $330,000. The least expensive house listed $91,000 while the most expensive home is 1.4 million. Houses have been on the market for an average of 87 days, which is much longer than the 2007 average of 50 days.� It looks to me like there has been a little too much speculative building in the high end homes, and they will likely be on the market for a while. Pleasant Grove Foreclosures will likely increase in 2008.
Data gathered from Realty Trac and the WFRMLS.
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Real Estate Specialist for Logan Utah Area Logan Real Estate - Cache Valley Real Estate Agent - Real Estate Internet Marketing Specialist - Cornerstone Real Estate Professionals
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