Statistical Indicators Strengthening, Consistent – At Least for the Moment, a Buyer’s Market is Emerging
For the third straight month, through August, the key statistical categories of units sold, median price per sq. ft., and days on the market in the Ogden Valley, Mountain Green, and Ogden Bench areas, point to an emerging buyers market relative to the recent, multi-year seller’s market.
Examples of the trend were evident in the Ogden Valley, where condos and town homes showed a drop in median sales price from $437,000 in July to $408,000 in August. Median price per sq. ft. dropped from $420.00 to $380.00. In addition to rising mortgage rates, inflation, and uncertainty in the economy, there are two additional factors that might have affected the downward statistical trend in the Valley for condos and town homes. 95% of single family residences legal for nightly rentals fall into this category, and the prices had reached a level that could make the numbers hard to pencil out. Also, most of the condo and town home sales were on the lower end of the median sales price, which can skew the sales price and price per sq. ft. downward.
Along the Ogden Bench, the inventory of single family homes for sale jumped from 73 in July to 94 in August, median days on the market rose to 29 from 7, and the median price per sq. ft. dropped to $200.00 from $222.00.
Will the emerging buyer’s market continue, or revert to a seller’s market as soon as interest rates and inflation pressures ease? Stay tuned. Prices in the Ogden area, and in particular the Ogden Valley, are still well below other major ski resort areas (e.g. Park City/Deer Valley/Canyons), and for that reason may not remain stagnant, or even in a slight decline, for very long.
August 2022 Real Estate Statistics
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 56 14 41 $763,000 $311.00
MGSF 21 4 8 $778,000 $202.00
OBSF 94 33 29 $475,000 $200.00
OVC/T 18 5 21 $408,000 $380.00
For comparative real estate statistics for all Utah ski resorts, click here.