May 2007
Ogden/Ogden Valley Real Estate Market Update

In spite of Utah’s limited snowfall this past winter, skier enthusiasm was high, and both Ogden and Ogden Valley continued to receive accolades in the media.  A March DenverPost.com article, as well as January’s Cheap Skiing Guide, extolled the virtues of Powder Mountain while a Sports Guide magazine article quoted Mayor Godfrey’s description of Ogden’s transition from a town in decline to “The Silicon Valley of Skiing”.  For those wondering if his remarks were overly optimistic, a Forbes study ranking Ogden at 11th for careers and business served to confirm his views.

The Ogden Valley residential real estate market was slow throughout the ski season, reflected by a reduction in number of single family home sales for 1st quarter 2007 to 13, roughly half the sales in the 1st quarter of 2006.  Condos sales fared similarly with 6 sales in 1st quarter ’07 versus 11 in ’06.  Despite the reduction in numbers of sales, the average sales price increased by about 15% for both houses and condos.  New residential listings were also up by close to 50% for 1st quarter ’07 vs. ’06 with a minimal change in average listing price.  Buyers have a much wider choice of inventory and prices on many properties are gradually coming down as we transition to a Buyers’ market here in the Valley. 

The Ogden market continues to surge as evidenced by 1st quarter statistics showing a marked reduction in number of days on market with a 10+% increase in average sales price and numbers of sales.   The Ogden condo market has followed suit, but with a more modest increase in sales price, close to 5%.  The strength of Ogden’s market is confirmed by the fact that half of new listings sold in the first quarter despite a 25% increase in listing price.

With Fortune magazine’s December 2006 prediction that Salt Lake City will be among the top 10 hottest home markets in 2007 and 2008, and the growing reputation of our Valley ski areas, real estate investment in northern Utah continues to be an excellent opportunity!

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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