Author: LisaKaramfuller

The Local Real Estate Market is Holding Steady – Few Consistent Signs of Advancing, or Retreating. 

There is not much to report in terns of trends in real estate statistics for February in the Ogden Valley, Mountain Green, and Ogden Bench areas.  Hopefully, the upcoming meeting of the Fed will provide some good news for a market seemingly stuck in heavy mud.

For every sign of increased sales, rising prices , fewer days on the market…there are signs indicating a move in the opposite direction.  An example – in the Mountain Green single family home market, the average sales price increased from $644,000 to $832,000, but the price per sq. ft. decreased from $239 to $219, and days on the market rose to 68 from 60.

Most notable statistic – condo and townhome sales in the Ogden Valley.  In January there was not a single  unit sold; in February, nine units sold.  But average days on the market was 87.  At the height of the seller’s market in 2022, condos/townhomes (which can be rented short-term/nightly) would often sell within a few days.

February 2024 Real Estate Statistics

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

Prop. for Sale          Prop. Sold      Avg. Days/Mkt.   Avg. Sold $     Avg. $ Sq. Ft.

OVSF           60                          4                       56                   $1,077,000        $365.00

OVC/T          11                           9                       87                   $602,000           $399.00

MGSF          26                          8                       68                    $832,000           $219.00

OBSF           47                         20                      44                    $415,000           $188.00

The Local Real Estate Market Could be Showing Signs of Life…while still on life support.

After an extended period of rising interest rates and plummeting sales of existing properties, an increasing inventory and promises from the Federal Reserve to start cutting interest rates is offering hope to the Ogden Valley, Mountain Green, and Ogden Bench real estate markets.  While the smart money is on no rate cuts at the March meeting of the Fed, the smart money could be wrong; and even if it’s late spring or early summer, a rate drop should have a significant impact.

Will the market come back slowly?  Will pent-up demand cause a rush to purchase properties before even lower rates cause upward pressure on prices?  Will other (political uncertainty?) issues have an effect on any market recovery?

We’ll try, in addition to providing the sales statistics listed below, to read the tea leaves each month and give our thoughts on where the market is headed.

January 2024 Real Estate Statistics

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

Prop. for Sale          Prop. Sold      Avg. Days/Mkt.   Avg. Sold $     Avg. $ Sq. Ft.

OVSF           51                          4                       49                   $1,009,000        $288.00

OVC/T          9                         0                         0                           0                            0

MGSF          25                         4                       60                    $644,000          $239.00

OBSF           56                       22                      76                      $470,000          $193.00

 

The Local Real Estate Market is Approaching a Standstill.  According to real estate sales statistics across the Ogden Valley, Mountain Green and Ogden Bench areas, there is little movement in either direction, and one previously vibrant market segment came to a complete halt.

The condo and townhome market had been torrid for over a year in the Ogden Valley.  In particular, the ability to rent these properties short term, along with rising real estate prices across the Valley in general, resulted in lofty prices and properties purchased as soon as they went on the market.  In October – there were no (0) sales of condos or townhomes in the Valley.  Properties in this category have now been on the market for months, with few potential buyers even looking.

Median sales prices and price per sq. ft. dropped slightly in some areas, but much of that decline can be attributed to the fact most sales were on the lower end of the price scale, where price per sq. ft. is typically lower than on the upper end of the scale.

October 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          48                       10                       19                    $845,000        $288.00

MGSF         23                        7                        22                    $675,000        $256.00

OBSF           68                      31                       17                   $344,000        $192.00

OVC/T         15                        0                         0                           0                       0

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

 

Pace of Local Real Estate Market Continues to Slow

The September real estate statistics across the Ogden Valley, Mountain Green and Ogden Bench areas continues to show a slowing market, although primarily in terms of extended days on the market and increased inventory for sale rather than a significant drop in prices.

In the Ogden Valley, median days on the market for single family homes jumped from 41 in August (a significant increase over previous months) to 74 in September.  In the Mountain Green area, the median days on the market was 35, a dramatic increase from 8 days in August.

While the median sales price dropped from $475,000 in August to $400,000 in September for single family homes along the Ogden Bench, the same statistic in the Ogden Valley showed an increase to $880,000 from $763,000.  And the median price per sq. ft. in the Mountain Green area jumped to $220 from $202.

Yes, the market is slowing from its’ frantic pace of last spring and summer, but there is still some good news for sellers as well as buyers.

September 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          55                       11                       74                    $880,000        $309.00

MGSF         18                        7                        35                    $740,000        $220.00

OBSF           86                      39                       31                   $400,000        $198.00

OVC/T         15                        4                         7                    $383,000        $387.00

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

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.

Mixed messages from July’s real estate sales statistics indicate a changing, but still strong, local market.

For a second straight month, real estate market statistics for the Ogden Valley, Mountain Green, and Ogden Bench areas showed significant changes from the nearly two years of a strengthening seller’s market.  But those changes again reflect a market that contains some confusion. The seller’s market transitioning to a buyer’s market? Or only in certain areas, with selected properties?  Prices remain generally strong, particularly in the Ogden Valley.  But there are far more properties on the market, they stay on the market longer, and there are more price reductions.

The July sales statistics show single family home median sales price per sq. ft. in the Valley at a still robust $370.00, but the median days on the market was 65, up from 20.  Median sales price showed no significant change at $953,000.  Days on the market for condos and townhomes in the Valley actually dropped to 8 from 29.

In Mountain Green, the price per sq. ft. for single family homes dropped to $210.00 from $235.00, and days on the market jumped from 16 to 39. Along the Ogden Bench, single family homes on the market showed a big increase to 73 from 40, but median price per sq. ft. rose to $222.00 from $201.00 in June.

It will take a few more months of sales statistics to determine if any of these changes become significant trends.  Local, national and international forces affecting the economy, and the real estate market, are both varied and impactful.  Stay tuned.

July 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          57                       10                       65                     $953,000        $370.00

MGSF         20                        7                       39                     $705,000        $210.00

OBSF           73                      25                        7                      $405,000        $222.00

OVC/T          14                       3                         8                     $437,000        $420.00

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

 

Big Changes in Local Market Indicated by Latest Statistics

The June real estate statistics for the Ogden Valley, Mountain Green, and the Ogden Bench reflect a market with significant changes, but holding steady in relation to prices.

Number of properties for sale, properties sold, and median days on the market indicated a softening market; but again, prices did not.  Ogden Valley single family homes on the market rose to 55 from 48 in May.  Along the Ogden Bench the number jumped to 40 from 30, while there were 14 condos and townhomes on the market in the Valley, up from 9.  Single family home sales in the Valley dropped to 5 from 13, to 10 from 16 in Mountain Green, and to an eye-popping 11 from 45 along the Ogden Bench.   Median days on the market for single family homes jumped to 16 from 12 in Mountain Green, and to 29 from 9 for condos and townhomes in the Valley.  More properties on the market, fewer sales, and more days on the market are indicators of increased inventory and slower, and fewer, decisions for offers.

Single family median price per sq. ft. in the Ogden Valley remained relatively stable at $1,000,000, while it jumped to $235.00 from $220.00 in Mountain Green.  Price per sq. ft. for condos and townhomes in the Valley jumped to $486.00 from $479.00 in May.  Median sales price for single family homes increased from $765,000 to $900,000 in the Mountain Green area, and from $451,000 to $471,000 along the Ogden Bench.

The local real estate market is surely slowing from the torrid pace it has kept for the past two years.  But prices are still strong, relatively stable, and the increases in days on the market and properties for sale, along with the decreases in properties sold, are not dramatic enough to indicate a downturn.

 

June 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          55                        5                       20                     $1,000,000     $283.00

MGSF         19                       10                       16                     $900,000        $235.00

OBSF           40                      11                        11                      $471,000        $201.00

OVC/T          14                       5                        29                     $710,000        $456.00

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

Local Real Estate Market Possibly Shifting

As median sales price and median price per sq. ft. remained relatively stable in the Ogden Valley, Mountain Green and Ogden Bench areas, there was a noticeable increase in inventory and properties sold, which could point to the early stages of a shift away from such a strong seller’s market.  To be sure, there were some fluctuations in sales price and price per sq. ft. from April to May; but again, at this point there is no discernable trend related to prices.

Price per sq. ft. for condos and townhomes in the Ogden Valley reached a record of $479.00 in May, and single family homes median sales price jumped from $1,150,ooo to $1,225,000.  But the price per sq. ft. for single family homes dropped from $339.00 to $284.  The number of properties on the market made a dramatic rise to 48 from 23 in April.

Single family homes for sale in the Mountain Green area also jumped significantly, from 13 in April, to 20 in May.  Along the Ogden Bench the median sales price increased to $451,000 from $402,000, while the price per sq. ft. dropped to $206.00 from $221.00.  There were 45 properties sold, up from 33 in April.

Again, no significant, consistent slowdown, but the streak of months with a consistent upward trend in all statistical sales categories has come to an end.

May 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          48                      13                      21                      $1,150,000     $284.00

MGSF         20                      16                       12                     $765,000        $220.00

OBSF           30                      45                       6                      $451,000        $206.00

OVC/T          9                        5                         9                     $929,000        $479.00

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

More ups than downs show up in April’s real estate sales statistics for the Ogden Valley, Mountain Green and Ogden Bench areas.  The strong market appears to be holding.

The most significant increases in sales numbers came in the Ogden Valley. Single family homes median sales price was $1,255,000, up from $1,076,000 in March, and median sales price for condos and townhomes made a dramatic jump from $380,000 to $845,000.  The mitigating factor for condo sales is that there was only 3 transactions, which can skew the median. Single family sales in the Valley also showed an increase in days on the market from 6 to 31, a possible indicator of a moderating market.

In the Mountain Green area, median sales price increased from $675,000 to $765,000, median price per sq. ft. to $233.00 from $200.00, while days on the market dropped from 11 to 6.

Along the Ogden Bench median price per sq. ft. jumped to $221.00 from $209.00, but the median sales price dropped from $440,000 to $402,000.

Interest rates are rising and inflation is soaring from pandemic dynamics.  China’s economy is slowing, as is most of the developed world’s, also due to Covid, and a major war rages in Ukraine.  Economists can’t agree on what comes next.  But our strong local real estate market appears to be holding.  Stay tuned.  The next six months should be telling.

April 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          23                      12                      31                      $1,225,000     $339.00

MGSF         13                        9                        6                     $765,000        $233.00

OBSF           27                      33                       5                      $402,000        $221.00

OVC/T         3                         6                         6                     $845,000         $419.00

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

Some eye-popping numbers and new highs appeared in the March real estate sales statistics for the Ogden Valley, Mountain Green and Ogden Bench areas.

In the Ogden Valley the median price per sq. ft. for single family homes crossed the $400.00 benchmark for the first time, rising to $403.00 from $333.00 in February.  Median days on the market dropped to a mere 4. Median price per sq. ft. for condos and townhomes climbed to $417.00.

Along the Ogden Bench, another threshold was crossed as median price per sq. ft. for single family homes jumped to $209.00.  Median sales price rose to $440,000 from $410,000 and median days on the market dropped to 5 from an already low 11 in February.

With the end of ski season approaching, the seller’s market has remained strong.

March 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          21                        6                         4                     $1,076,000    $403.00

MGSF          9                       10                       11                     $675,000        $200.00

OBSF           16                      40                      5                      $440,000        $209.00

OVC/T         2                         3                         2                     $380,000         $417.00

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