Ogden Valley First Quarter 2014 Market Update
The first quarter market results are showing strong numbers for Ogden Valley with the medium home value jumping to $367,500 up from 2013’s $320,000 final value. The volume of homes sold in Huntsville, Eden and Liberty Utah is down from 26 in Q1 in 2013 to just 20 homes in 2014. While the absorption is a little off pace the increase in value is likely the cause. It is expected median value increases will slow and absorption will accelerate in the months to come.
The total units of Single Family homes for sale are 95, approximately a one-year supply. While most markets are considered stable at a 6-month supply the Ogden Valley shows stability at a one-year supply mark. In my opinion, this is likely due to the small number of homes available in each price segment. As those 95 homes are spread across buyer ranges, the small quantity of homes in each price segment greatly reduces the options available to buyers.
Condos and townhome sales have slowed. In 2012 there were 20 units sold and in 2013 32 units sold. In the first quarter of 2014 only 4 units sold and the median value dropped. However, with so few units the sold median is too easily skewed. The market for condos recovered back in 2012 with a 46% jump followed by a 13% increase in 2013. New inventory is finally coming to the market including Edgewater located next to Pineview Reservoir in Huntsville with townhomes and single-family residences. Watch for more information on upcoming projects in the area.
Saving the best news for last is the dramatic increase in land values seen this first quarter. Median land values climbed to $115,000 up from a year-end of $67,500 in 2013. In 2013 the absorption of lots doubled from previous years, a sign the bottom was here. With the spike in value for the first quarter and sales of 20 parcels shows that all real estate in Ogden Valley is on the rise.