Update - Ogden Valley Single Family Home Prices

Cost per Square Foot is not a perfect measure, but this metric provides a good snapshot of how the market is behaving overall.  Listed below is annual data providing a historical view of the Ogden Valley market.  I use the 2002-2004 period to define the baseline, when home prices were very stable.  The 2002-2004 period reflected an average of $85 per square foot for all homes sold.  Conversely, 2006-2008 represented the peak in home prices (mirrored the rest of the county) reflecting an average of $151 per square foot, or 77% above the 2002-2004 market baseline.   The local market has largely moved back closer to the baseline established in 2002-2004, with home sales so far in 2010 (through early May 2010) reflecting an average value of $96/FT2 (down 36% from the 2006-2008 peak).  A large percentage of home sales over the past 18 months are distressed, meaning many were short sales or  REO (bank-owned) properties.  Until the high inventory of distressed properties are sold through, these will continue to be the primary drivers in determining value in this and other  real estate markets.  

There are exceptions to the changes from peak pricing to where the market is now.  Unique homes in unique settings have held their values much better than many other nondescript properties.  Also, recreational properties or homes with year around access that are adjacent to recreational areas have tended to hold their values much better than homes in traditional subdivisions.

Year     MEDIAN $/FT2

2000    $90/FT2

2001    $78/FT2

2002    $83/FT2

2003    $84/FT2

2004    $89/FT2

2005    $110/FT2

2006    $152/FT2

2007    $148/FT2

2008    $153/FT2

2009    $105/FT2

*2010  $96/FT2

* Through Early May 2010

Please don't hesitate to contact me with questions or requests for additional information.

Thanks,

John Allaire

Prudential Utah Real Estate - Eden