July 2007
Ogden/Ogden Valley Real Estate Market Update

Northern Utah is hot these days, not only in terms of weather, but also with regard to activities, entertainment, and national exposure!  The Salomon Center, newly opened at The Junction in Ogden last month, features the iRock climbing wall, Flowrider pool, and iFly wind tunnel, as well as Gold’s Gym, a bowling alley, restaurants, and a nearby Megaplex 13 theatre.  Ogden was highlighted in a New York Times article on June 22 (click here to read).
 
Though Mayor Godfrey has recently withdrawn his backing for a city-supported gondola from Ogden’s downtown transportation center to Weber State University, interest in local outdoor activity venues continues to increase, as exemplified by the recent announcement that Snowbasin will host the U.S. National Snowshoe Championship on March 8, 2008, to be held in conjunction with the inaugural Xterra Winter World Championship.                  

Following Ogden Valley’s frenzied market run-up from mid-2004 to mid-2006, we’re now experiencing growing inventory, increasing DOM (days on market), and reductions in single family residential average listing and sales prices year-to-date (YTD) for 2007.  A review of all YTD closed residential sales reveals frequent price reductions of 5-10%, with some even higher, from initial listing price to final sold price.  These dynamics are creating opportunities for Buyers, who are currently showing a preference for lower-priced properties as evidenced by the fact that well over half of the 265 new YTD Valley residential listings were priced above $450,000 but less than a third of the 56 sales in 2007 have been over $450,000.

For the first time in the past three years, Ogden statistics show a small decrease in numbers of single family residential sales and percentage of new listings sold.  DOM has continued to decrease and average sales prices have increased, by about 9% YTD, for both condos and single family homes, and average listing prices are up by about 20%.  The continued strength of the Ogden market will be tied to the success of Mayor Godfrey’s ongoing campaign to strengthen the socioeconomic infrastructure there. 

Fortunately, Utah has not experienced the epidemic of foreclosures seen in other places due to its strong economy and lower prevalence of sub-prime loans. 

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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