April 2008
Ogden/Ogden Valley Real Estate Market Update

Ogden Valley residential listings have continued to increase, with 173 single family properties currently on the market.  Total first quarter sales for homes and condos were unchanged from those in 2007 and of the 14 single family home sales closed, 4 sold for over a million dollars, markedly skewing the average sales price to $825,750—a 75% increase over the first quarter of 2007.  However, half those sales were for $535,000 or lower and 2 properties were bank-owned or short sales, reflecting the ongoing buyer’s market.  Condo sales totaled 5, though another 6 sales have closed since the beginning of April.  The 25% decrease in average condo sales price over first quarter ’07 prices is likely a reverse phenomenon of the marked increase in residential price as the majority were less expensive units in Wolf Lodge.

While Weber County home sales have traditionally hit yearly lows in the first quarter, the numbers this year have dropped back down to those of early 2004.

Ogden single family residential sales declined by one-third in the first quarter, with an average sales price increase of about 3%.  April sales are down more sharply to less than half of the numbers in April ’07.  Condo sales have declined by about 20%, but with an increase in average sales price of about 13%.  Overall inventory in Ogden has also continued to grow with new listings up by about 8% over the first quarter a year ago.

The premier Xterra Winter World Championship, held at Snowbasin in March, was a success and is anticipated to draw a larger crowd in coming years.  Though not official, a source deemed reliable has said that Powder Mountain had a 10% increase in skier days this season—not that most of us are oblivious to the increasing interest in the Ogden Valley!  While Utah is feeling the impact of the economic turmoil seen nationally this past quarter, local economists still consider it to have one of the strongest state economies.  According to Manpower Inc, Ogden has one of the best job markets in the country.  Frontrunner light rail service from Ogden to Salt Lake City made a timely debut recently.  CQ press, a division of Congressional Quarterly, Utah ranks as the second most livable state, merely confirming an opinion already held by many of us.

Wolf Creek has recently made a name change to Wolf Creek Utah, distinguishing itself from other resorts with similar names; and its facilities (including golf course and dining) will now be open only to members and guests of their lodging properties, though Wolf Mountain will remain open to the public.

For additional information or answers to your questions,
 contact Nancy or by phone at 801-866-2848

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