Despite the fact that home sales in July were down by 25% compared to last year, home prices rose by almost 5% in Weber County. The average price of Weber County homes was $193,015. This doesn't necessarily mean that home values are up, it just shows that the average price of the 266 homes that sold were more expensive than the 354 homes that sold last year.
Currently there are 2,113 single family homes for sale and 272 condos in Weber County Utah. The median price of these houses is $219,950, and average price is $283,530. Condos for sale in Weber County have a median price at $154,900 and an average price at $200,000. The average condo listed has already been on the market for 127 days.
Weber County Real Estate sales down 30% for Q2
Real Estate sales in Weber County are not surprisingly down. Compared to the second quarter of 2007 they are actually down by more than 30%. For June the numbers was even worse as only 262 homes were sold compared to 381 single family homes sold last year.
While sales numbers are down, the average price of homes sold has still managed to rise. For the second quarter, the average price of homes sold was $190,824. That's nearly $8,000 more than the average sold price last year.
There are currently 2400 residential listings in Weber County. The average list price is $281,787 and the Median list price sits at about 220,000. At Q2's sales rate there is 8.1 months of real estate inventory in Weber County Utah.
Home Sales down 33% in 1st Quarter for Weber County.
For the first Quarter of 2008 home sales in Weber County declined 33%. Somehow, they did manage to increase in average price rising 7.5% for an average Q1 sold price of $189,353.
The Real Estate Market in the Ogden Metro is substantially slower than it was a year ago. For January, there were only 172 single family homes sold, down 40.3% from 2007's value of 288 houses sold. This is the lowest amount of homes sold in 72 months since January of 2002. Home sales have been on the decline for the last six months now.
While the number of home sales is down, the average price actually rose slightly to $162,744.
Declining home sales actually creates a great time to buy. Home buyers have more selection, and right now interest rates are the lowest they've been in years. This makes housing substantially more affordable.There are currently 1,834 houses on the market in Weber County.
Home prices were up in the third quarter where Ogden was named one of the top 5 appreciating markets in the country with appreciation of near 14%. But that was more than three months ago, has the market shifted?
Here are my unofficial 2007 sales statistics for MLS listings in Weber County and their relation to the 2006 home sales numbers.
# of Weber County Homes Sold 2006 - 4,329 2007 - 3,669 Change -660 15% decline
Average price of homes Sold: 2006 - $166,663 2007 - $184,752 Change +18,089 Appreciation of 9.8%
Number of condos sold: 2006 - 516 2007 - 475 Change -41 decrease of 8%
Average price of condos sold: 2006 - $116,915 2007 - $133,710 Change +16,795 Appreciation of 12.6%
Sales were down, but home prices went substantially up in the Ogden Weber Area.
Right now (Jan 2nd) There are 1,830 homes on the market in Weber County. If no additional homes were listed it would take approximately 6 months to exhaust the existing supply at a normal home sales pace. There is ample inventory and interest rates are great. The scale leans towards a buyers market in Ogden.
ZIP Code: 84201 Approximate Location Boundaries: 84201, 84244, 84402, 84403, 84404, 84405, 84407, 84408, 84409, 84412, 84414, 84415
Location Characteristics: Area North of Salt Lake and home of Weber State University and Hill Air Force Base.
About Ogden Homes - Weber Real Estate:
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These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
