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Show The Tikes-Indefexde- February kt 2001 15-2- 1, Low interest rates bode well for healthy real estate market The fourth quarter of 2000 showed a decrease in sales compared to the same period in 1999, according to figures released by the Utah Association of REALTORS (UAR). The statewide average shows that sales are down over three percent from forth quarter 1999. Although there was an overall decrease in home sales during the forth quarter of 2000, we expect 2001 to be a healthy year for the real estate industry, thanks to lower mortgage interest rates, said Sam Sampson, U.AR president The average price for a home in Utah was $153,745, excluding Park City statistics, which tend to inflate the average. This is a nearly four percent increase compared to fourth quarter 1999. Out of the 14 boards reporting, eight of the boards actually experienced an increase in sales. However, a sales drop in the remaining six boards was significant enough to affect the state average. Wasatch County reported an increase of 24 percent with an average home price of $272,622. The average price for a home in the BrighamTremonton area was $108,066, and sales were up nearly 20 percent. The Salt Lake Board of Realtors reported a five percent drop in home sales and a nine percent drop in condominium sales in 4th quarter 2000 as compared to the 4th quarter of 1999. The average price of a home in the Salt Lake area is $176,479, w hich is an V County-reporte- Buyers can expect to pay $580,600 on average for a home Sal Mountain Realty - Real Estate Development Land - Residential - Commercial 435.686.2323 - Deer Haven Park Old La Sal 1.888.655.2725 $8947 ' ??' am- ri -- I-- .Sold Land La Sold i . 35 iil Sold Land Land Sold ;i Sal Mountains, Desert, i and Recreational Properties - JL U7C -- i " L & Appraisal Services Available ue , Teague Eskelsen Owner - Agent Gayla Williams Broker K d of $155,224, while condominium prices dropped 15 percent. with an average pnce of $ 107.536 According to Sampson, most condominiums in the St. George area are sold as second homes to retirees or for recreational purposes. A combination of higher interest rates and a decline in the stock market in the last quarter of 2000 caused a decline in second home sales nation wide." Comparing the 4th quarter statistics to that of the 3rd quarter of 2000. overall sales dropped nearly 1 4 percent. On average, home prices rose slightly at a little over one percent. The Utah Association of Realtors serves as The Voice for Real Estate m Utah." representing more than 7.800 members involved in all aspects of the real estate industry. in Park City and $371,500 for a condominium. In Utah County, home sales were down slightly, while condominium sales were up by five percent. The average price fora home in Utah County is $170,991, as compared to $174,695 in 4th quarter 1999, which is a drop of over two percent. In Tooele County, home sales were up a little over one percent, with an average home price of $ 122,236. The Iron County board also reported a sales increase of one percent with an average home price of $ 102,907. A two percent drop in sales was reported by the CacheRich Board, where the average home price is La I $132,317. and there was a 28 percent drop in sales in the Carbon Emery area, where the average home sells for $84,728. The Central Utah Board experienced a five percent drop in sales, with homes in the area averaging $87,991, and there was a 19 percent decline in the number of homes sold m the GrandSan Juan area, where homes average $126,248. At the southwest end of the state, Washington a significant drop in condominium sales (40) and an increase of eight percent in home sales. Home prices rose 13 percent in the area, with an average pnce increase of slightly more than two percent. Condominiums in Salt Lake average around $ 128.989, w hich is an increase of nearly 11 percent. The greater Ogden area experienced a nearly three percent increase in home sales, but a 12 percent decrease in condominium sales. Home prices were slightly higher in the area, with an average price of $136,792, w hile condominium prices dropped ten percent. Park City reported a slight increase in the number of home sales, but a significant drop in the number of condominiums sold in the area. While the average home price rose 43 percent, the average price for a condominium in Park City dropped more than three percent. ' 9 I i f M2?24E m Sold a WLr S89-4- 5 44E |