Weber County Home Sales comparison of 2006 vs. 2007
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.
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