As anticipated, an increase in sales activity for the first half of 2010 dropped off in July as the federal homebuyers' tax credit program drew to a close. Following a busy spring, the number of Ogden closed sales in July dropped to 116, from over 200 closed sales/month in April and May--the lowest July sales total since prior to 1996; and the 4 closed sales in the valley was the lowest July figure since 1999.
Despite the current economy, Ogden Valley real estate continues to attract buyers. A downward trend in pricing has continued despite a somewhat misleading 20% increase in 2nd quarter median sales price to $282k (for condos and single family residential combined), compared to the same quarter in '09--the result of two sales above $1.8 million. Year-to-date (YTD) numbers provide a more accurate picture, as the valley had a 10% decrease in median sales price compared to the same period in 2009, despite a 45% increase in number of closed transactions.
Recent Ogden Valley sales include a bank-owned Moose Hollow 2 bedroom condo sale for $130k, a fully furnished Moose Hollow 3 bedroom condo sale at $160k, and a Cascades 5 bedroom townhome short sale at $390k. Lakeside had a 2 bedroom bank-owned sale for $177k. Currently, there is a bank-owned Moose Hollow 2 bedroom condo on the market just under $120k. New inventory is coming on the market almost daily, and the number of properties somewhere along the path to foreclosure has remained fairly steady for both Ogden and the valley.
Vacant land prices have shown a downward trend also, with Highlands lots priced as low as $109k (lowest 2010 sale at $110k) and a short sale lot at the Chalets at Ski Lake down to $69k (lowest 2010 sale at $113k).
For Ogden, the YTD overall residential median sales price is 7% below that for the same period in 2009, with total sales increased by about 2% over numbers for the same period in 2009.
Snowbasin has initiated what representatives describe as a 50 year process of developing an all-season resort, on 8000 acres in Morgan County and 3800 acres in Weber County. 1500 units are proposed at Earl's Village, near the existing Earl's Lodge, with another 500 units to the southeast of that and 300 units near Hwy 39. Snowbasin has taken a consensus building approach to development so far, inviting local residents to an open house to view their proposal prior to the Weber County Planning Commission's public comment hearing early in August--perhaps having learned from the public outcry created by Powder Mountain's development efforts.
The Snowbasin plan potentially includes hotels, single family homes, condos, townhouses, parking, new ski lifts, fire station, wastewater treatment, three golf courses, ice skating, fishing, spas, an amphitheater, grocery store, restaurants, retail space; and horse, biking and hiking trails between the two counties.
