Month: September 2020

Red hot is an apt description of the current real estate market in the Ogden Valley! Within the week I have had a house go under contract within 48 hrs. of the listing going live, and within the past month I have sold two lots within a week of listing them.  One of the lots received multiple offers.

Until recently, land sales in the Valley lagged well behind home, condo and townhouse sales.  But starting a couple of months ago, land sales have picked up dramatically.  Inventory has dwindled, and as many people have become interested in moving out of congested cities, all aspects of the residential property market in the Valley are on quite a roll.

Not only have the number of units sold increased and days on the market decreased, prices are also rising.  Dramatically at some price points.  A number of homes that were valued in the $800,000-$900,000 range just six months ago are now selling for over $1,000,000.

 

 

The real estate market remained on an upward trend in the Ogden Valley, Mountain Green and the Ogden Bench in August.

One of the issues contributing to the continued strong market is a lack of inventory.  An example – the Ogden Valley had only nine condos and town homes for sale in early September.

Other notable numbers rising in August were sales of single family homes in the Ogden Valley that jumped from 19 to 30, median sales price that went to  $662,000 from $575,000, and medial price per sq. ft. that was up to $181.00 from $179.00.  Condo and town home sales in the Valley went from 4 units to 11 units.

Median price per sq. ft. for single family home sales in the Mountain Green area was $159.99, up from $139.00.  Days on the market dropped from 34 to 11 – again, evidence of a lack of inventory.  Along the Ogden Bench, median price per sq. ft. for single family homes was $136.00 up from $130.00.

With Covid still a significant threat and constantly in the news, property in areas without the congestion of major cities are attracting a lot of interest – in particular the Ogden Valley.  There is widespread thought that even after the pandemic subsides, many more individuals will be able to work from remote locations, as the efficiency and cost savings have become obvious.  If that is the case, the strong real estate market in our area would have an additional stimulus well into the future.

MARKET UPDATE – August 2020

OVSF- Ogden Valley Singe Family; MGSF – Mountain Green Single Family; OBSF – Ogden Bench Single Family; OV C/T – Ogden Valley Condominiums & Townhomes

Prop. for Sale   Prop. Sold   Med. Days on Mkt.   Med. Price   Med. Sq. Ft.

OVSF          44                    30                      34                       $662,000       $181.00

MGSF         10                     10                      11                        $386,000       $159.00

OBSF           26                    66                     16                       $316,000       $136.00

OVC/T          9                     11                      104                      $300,000      $238.00

For comparative real estate statistics for all Utah ski resorts,  click here.