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.