October 2007
Ogden/Ogden Valley Real Estate Market Update

Ogden Valley residential sales activity picked up during the summer with double digit monthly sales activity from June through August, for the first time since June 2007.  Third quarter single family sales totaled 17, an increase from the 3rd quarter ’06 sales of 14; and condo sales totaled 12, up from 5 for the same quarter of ’06.  However, 2007 YTD sales for both houses and condos are still ~24% below ’06 YTD numbers.  Sellers and their agents are becoming more realistic about pricing as it has become more apparent that the market correction affecting so much of the country is also affecting Valley real estate sales.  At the same time, buyers see an opportunity to buy into the Valley at prices that are still reasonable in comparison to many other resort markets. 
 
After reaching a peak of 158 in the past month, there are 140 active residential listings in the Ogden Valley area as of mid-October.  The YTD average listing price is in the high $500,000s while the average sales price is in the mid-$400,000s -- a function of significant price reductions for many properties that have sold and buyer interest in less expensive properties.  While there are currently 22 properties listed at a million dollars or more, three of which are under contract, only one sale in this price range has closed in the past year.

Third quarter ’07 sales numbers for Ogden, both residential and condos, were both down by 20-25% in comparison to 3rd quarter ’06 but sales prices have continued to be strong, with an 11% increase for single family homes and a 17% increase for condos over the same quarter ’06.  The Ogden market is still a relative bargain, with YTD average single family sales price in the mid-$170,000s and average condo sales price close to $120,000.  Ogden’s Mayor Godfrey recently spoke before a Weber-North Davis Association of Realtors luncheon meeting, outlining the ongoing urban renewal programs taking place there.  The world’s only free-standing, refrigerated ice-climbing tower, anticipated to open sometime in the winter of ’07-’08, should be yet another draw to a city that is increasingly recognized for its proximity to outdoor recreational activities.

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

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