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
