December 2006
Ogden/Ogden Valley Real Estate Market Update

The Ogden Valley market slowed in the past year, as evidenced by a 32% decrease in the number of single family homes sold (total of 82) together with a 63% increase in new listings.  Prices have remained strong as 2006 year-end Wasatch Front MLS statistics for the Valley reveal an 18.6% increase in average sales price.  Considering the fact that this had been preceded by a 44.5% average sales price increase in 2005, it’s no surprise that the market would pause for a breath! 

Ogden Valley condo sales have followed a trend similar to that of residential sales, but with a 44% increase in average sales price and a 45% decrease in numbers sold (total of 36) for 2006.

Though the average asking price for new listings was up almost 26% in 2006, prices on many properties have been adjusted downward to reflect current Valley market conditions, resulting in opportunities for buyers.   

The Valley is in transition from a predominantly agricultural/residential community to a resort/second home community.  Resort development, with on-mountain accommodation  and associated amenities such as restaurants and shopping, could well be the catalyst for the next run-up in property values.       

The Ogden market has experienced more moderate and consistent upward movement, with a 16% increase in number of single family homes sold in 2006 (total of 3255) together with a 12.4% increase in single average sales price, up from the 8.3% average sales price increase in 2005.  The 10% increase in number of new listings in Ogden is coupled with a 19% increase in average asking price.  Month to month sales numbers for the Ogden area trended upward in 2006. 

Reports in the Ogden paper detailing the many outdoor and ski-industry related companies moving to the area, the anticipated initiation of Frontrunner light rail service between Ogden and Salt Lake City by 2008, and the fact that the 2006 average sales price of a home in the Ogden area was still very reasonable at $162,000 are all factors likely to support continued growth in that market over the coming year.

Don’t miss future quarterly Ogden/Ogden Valley Market Updates! Complete the e-mail contact form and I’ll be happy to provide you with up-to-date information on Real Estate opportunities in this area.

For additional information or answers to your questions,
 contact Nancy at Living@NancysEden.com
or by phone at 801-866-2848

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