About Weber County, UT

100 less Ogden homes were sold, dropping 37% when comparing with the first quarter of 2008. 166 homes sold over the first quarter of 2009. There are 13.28 months of active inventory and 735 homes currently listed which is pretty normal for the area right now. Sold price increased a few percent. Median sold price of homes in Ogden rose 2.86% and average sold price is up 9.03%

Home Sales in Weber County Utah were up 25% compared with February. Compared with March of 2008, they were down 28%. Nearly 200 residential Homes in Weber County sold last month. The Ogden Utah Real Estate market appears to be stabilizing.

The average price of homes sold in Weber County in March was $176,999 and the median price was $159,750. On the market right now, Weber County Utah has 2,138 active Listings for Sale. These homes have a median price of $189,900 and an average list price at $249,958. If homes continued to sell at March's sales pace, and there were no new listings taken, Weber County would have 10 months of active real estate inventory. List prices in Weber County have steadily declined over the past ten months. Prices of Homes Sold has remained fairly stable.

I've decided it would be nice look at the history of sales in the Weber County area. So I started with last month's sales and compared year over year for March. The report includes everything on record.

Things I find most note worthy

1- Sales showing the lowest on record since 1997.

2- (DOM) days on the market close to record levels.

3- Trend is to buy less expensive home. Some of the lower prices is deflation of the market and part is the appetite of the buyers for upgrades is waning.

There is a silver lining.

The State of Utah announced a grant for buyers who purchase new construction that has never been lived in. Many buyers have gotten off the fence and into the market over the past couple of weeks. If this trend continues for a couple of months, we will see better numbers and the market bottom will be in place.

Currently we are not seeing the needed positive price action (along with other indictors) to confirm a market bottom.

Data considered accurate... However is NOT Guaranteed. Contact Mark Watterson your Local Realtor for the most up-to-date data.

We need Positive Price Action to confirm market bottom. One month of price improve isn't sufficient to confirm the market bottom. We need to see appreciation month over month for three months.

PRICE ACTION

Other good signs in addition to positive price action is lower DOM (days of the market), lower new listings and higher percent of new listings being SOLD.

We are seeing the risk indictor move from High to Medium range. This still is NOT a good time for those with low and/or no risk tolerance to purchase.

A strong case can be made that those who are looking for a home for their family with plans to stay long term. Why not buy now? Especially if the numbers make sense, i.e. Owning vs. Renting. Even, if the market retracts more (which is extremely likely) in the future. Between the coming market bounce and future normal cycle of appreciation, buying now might make sense. Why not make an informed buying or waiting decision?

High and medium risk tolerant buyers are making buying decisions at this time.

Those waiting for a market bottom confirmation will (almost always) miss the bottom. This is because confirming factors are lagging indicators. Thus making it extremely (if not impossible) difficult to time any market bottom, in combination with the majority of home buyers afraid to purchase at this time. I believe we will see an un-preceded pent up demand at the market bottom that will cause a bounce in home prices.

Data considered accurate... However is NOT Guaranteed. Contact Mark Watterson your Local Property Resource Specialist for the most up-to-date data.

We need Positive Price Action to confirm market bottom. One month of price improve isn't sufficient to confirm the market bottom. We need to see appreciation month over month for three months.

PRICE ACTION

Other good signs in addition to positive price action is lower DOM (days of the market), lower new listings and higher percent of new listings being SOLD.

We are seeing the risk indictor move from High to Medium range. This still is NOT a good time for those with low and/or no risk tolerance to purchase.

A strong case can be made that those who are looking for a home for their family with plans to stay long term. Why not buy now? Especially if the numbers make sense, i.e. Owning vs. Renting. Even, if the market retracts more (which is extremely likely) in the future. Between the coming market bounce and future normal cycle of appreciation, buying now might make sense. Why not make an informed buying or waiting decision?

High and medium risk tolerant buyers are making buying decisions at this time.

Those waiting for a market bottom confirmation will (almost always) miss the bottom. This is because confirming factors are lagging indicators. Thus making it extremely (if not impossible) difficult to time any market bottom, in combination with the majority of home buyers afraid to purchase at this time. I believe we will see an un-preceded pent up demand at the market bottom that will cause a bounce in home prices.

Data considered accurate... However is NOT Guaranteed. Contact Mark Watterson your Local Property Resource Specialist for the most up-to-date data.