If it sounds like a broken record…it’s a record those who are selling property will be glad to play over and over. The sizzling hot real estate market in the Ogden Valley, Mountain Green and Ogden Bench areas I have reported on for most of the past year continued through the end of 2020, and shows no signs of abating for the early part of 2021.
Once again, the Ogden Valley led the way in statistical increases in December. The median price of single family homes jumped to $790,000 from $717,000, while median price per sq. ft. increased from $213.00 to $239.00. Average days on the market dropped from 60 to 39. Median price per sq. ft. for condos and townhomes sold in the Valley climbed to $275.00 from $256.00 in November. Days on the market fell to 14 from 68.
The Mountain Green single family market saw the median sales price rise to 109% of original listing price from 99% – indicating multiple offer situations. Along the Ogden Bench area, the median sales price rose to $290,000 from $285,000 and median price per sq. ft. went to $157.00 from $150.00.
During normal years, people come to ski or board at the Valley resorts, like what they see, and decide to look at property. They start investigating the market while they are here, or after they leave. A lot of transactions that occur in the spring or summer result from interest and research that started during ski season.
This winter season will likely bring two forces that will impact the market from different directions. Due to Covid, there will be fewer out-of-town, out-of-state visitors who become interested in real estate. But at the same time, the trend toward folks wanting to own property in less congested settings could positively impact the market.
MARKET UPDATE – December 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 34 19 39 $790,000 $239.00
MGSF 4 5 8 $700,000 $171.00
OBSF 17 42 8 $290,000 $157.00
OVC/T 2 8 14 $261,000 $275.00
For comparative real estate statistics for all Utah ski resorts, click here.