2014 Weber County Real Estate Market Update Q3
Residential Ogden Valley
The market is up but has some counter indicators that may slow appreciation, absorption or both. Median home values have increased to $352,500 in Ogden Valley representing approximately a 10% increase since the end of 2013. The largest increase occurred in first quarter of 2014 ($367,500) and then has dropped to the current value. A total of 80 homes have sold year to date. Annually 94 homes sold in each 2012 and 2013, which was up from 86 units in 2011. This year may be slightly lower than 94 but only the remaining months will tell.
If the 10% increase in value holds through the end of the year; it will be the highest increase seen since the recession. Values started increasing in 2012 with 7% and then again in 2013 with 6.7%. The inventory on the market has been steadily increasing however. Currently there are 116 homes on the market, up from a supply of 92-96 homes in the previous years. Only 42% of new listings sell which is down 2.5%.
Some things that may be affecting total sales are new projects finally coming to the market. Edgewater, a lakefront community in Huntsville has several reservations in place and there are other new projects in the area potentially diverting buyer interest from existing homes. More to come at the end of the year to see how 2014’s Ogden Valley Real Estate market wraps up.
Ogden Valley Luxury Home Market Update 2014 Q3
Luxury home sales in Ogden Valley have remained steady with 4 sales so far this year so watch out they are flying off the shelves! Unfortunately 2013 only had 4 sales over $850,000 and 2012 had 6, 2011 had 5. Fourth quarter historically has one luxury home sale for all of the past 5 years except 2013. Thus we are working very hard to get some of our beautiful luxury homes sold this quarter!
The median luxury sales price has increased this year from $1,004,490 to $1,172,000. New construction in the luxury sector is also seeing improvement. With costs of quality construction ranging from $150 and up plus the lot and landscaping, it is still a better value to buy an existing home. This is likely slowing the sales of existing luxury homes as well.
50% of new listings are selling which indicates homes priced well will sell. The average time on market for a luxury home is over a year. More to come on the Ogden Valley luxury market at the end of 2014.
Of the recent sales, two were in Eden with one sale in the Highlands of Wolf Creek for $181 per square foot and Crimson Ridge at $219 per square foot. Huntsville had two sales with one at $146 per square foot and the other in Basinview at $268 per square foot. Mountain Luxury and Brandi Hammon represented the sales over $200 per square foot.
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