Below is an update to my periodic posts on the Ogden Valley single family home market.
In a previous blog post from mid-2009, I called the bottom of the Ogden Valley real estate market, when home sales averaged $93/FT2 for the 2nd and 3rd quarter of 2009.
The data below provide monthly single family home sales data from our local MLS system for 2000 through 11/26/2010.
During the five year 2000-2004 period, sales volume doubled between 2000 (50) and 2004 (100), as Utah and the Ogden Valley were discovered by out of state buyers, helped by the 2002 Olympics. Even with this volume increase, pricing remained stable, and a baseline was established, with an annual range of $80 to $90/FT2.
Volume peaked in 2005 at 115 homes sold. Between demand and reduced inventory, prices really started heading up at this point. 2006 - 2008 saw significant price appreciation, with homes selling in the $140-160/FT2 range. Note that sales volume declined each of these years.
Looking back to my July 2009 blog post, I called the bottom of the market. At that point, our average through mid-2009 was $91.64/FT2, and we climbed from there, ended 2009 at an average $100/FT2.
As I have said before, although $/FT2 is not a perfect measure, it provides a good view of the market overall, and helps identify trends. A large percentage of our single family home sales continue to be distressed properties, meaning many are short sales, REO or bank-owned properties continue to drive the overall market. In spite of this, the Ogden Valley market continues to absorb these distressed sales, and prices have held up well since 2009, and more recent sales data shows that our market has begun to firm up from the mid-2009 levels.
Please don't hesitate to contact me if I can answer any questions or provide assistance with the sale or purchase of Ogden Valley and Northern Utah real estate.
YEAR HOMES SOLD AVG SALES PRICE AVG SQ FT AVG $/SQ FT
2000 50 $301,849 2,897 $88.95
2001 56 $226,303 2,902 $79.13
2002 74 $248,568 2,878 $83.21
2003 87 $256,575 3,081 $83.35
2004 100 $266,801 2,966 $88.59
2005 115 $391,378 3,502 $112.25
2006 81 $454,620 3,001 $151.54
2007 63 $445,401 2,980 $145.71
2008 48 $552,998 2,839 $162.91
2009 61 $343,258 3,397 $100.36
*2010 60 $379,250 2,689 $107.76
Prudential Utah Real Estate - Eden