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Show THE OGDEN VALLEY NEWS Page 12 “"=" June 15, 2006 2006 Real Estate Market Takes Layne Sheridan, Ph.D., ABR average, because it is based on more data, shows a much more consistent Here are some answers to commonly trend than the six month aver: age. asked ale about real estate in The average price for the six months ending in April 2006 was early $117,000 Ogden Va ae Q: rices increasing as fast in higher than that for April of the prior 2006 as thes did in 2005? year. And the overall appreciation rate for the six month period ending in April, A: No. Last year’s appreciation rate 6 was 5.2 percent. So although appreciaOgden Valley Sales Appreciation tion has slowed, it is still growing at a healthy rate. $378,800 $580,000 : Why the sudden : Sale” mean sale? about a Breather 96 percent of so it will be a very watch. There seem to be a lot of “For signs in the Valley. Does this that there are more homes for : Actually, inventory is up subtantially. Throughout most of 2005, there + important variable to Q: So what are the prospects for property values in the future? A: Clearly the torrid pace of 2005 is Days on the Market 100 were 95 between 50 and 60 homes and condos for sale. That number doubled by mid-May 2006. - 90 85 Is the boom over? 80 Actually, the Q: I have read that ie slowing is partly due to the of properties increased inventory 70 means that it takes $320,000 being sold. This is Nov-05 longer for homes to always a_ difficulty $300,000 when analyzing a marsell and that this is an ket as small as Ogden indication ofa slowing Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 Valley. One million market. Increasing dollar sale or several —e— 6 month —s— 12 month one bedroom condo inventory is clearl sales can skew the important leading indicator. Chart 3 shows that, although we have been ie. One way to control for the variaexperiencing a general decline in the was nothing less than torrid, and it is not tions in the type of properties is to look number of days required for homes to surprising that things have slowed to a sell, April “days on the market” is up at the sales price per square foot. Chart more sustainable pace. In 2005, the six slightly. month rolling average (see box) sales The concept of increasing inventory price, was 62 percent. As of April 2006, is somewhat relative. An increase of 50 Another indicator that ‘the market remains strong is the fact that for the the average increase was just 1.9 percent listings, which would double Ogden higher than the end of 2005. However, past six months, sales prices have conValley inventory, would hardly be this number is a little misleading. The noticeable in Ogden. purpose of looking at a rolling average Price Per Square Foot Our current inventory is to avoid the randomness of monthly level is actually pretdata—in a market as small as Ogden ty healthy. It makes $160 pricing more rational Valley, the number of sales is so small that one or two sales can skew the averbecause there is a $150 ages. This is possible even when lookgreater likelihood of ing at six month averages. In February, finding appropriate $140 the average sales price was significantly comparison lower than either January or March, ties. And buyers typ$130 mostly because the homes that sold in ically can find more $120 February were smaller than normal. than one or tw At the same time, August of 2005— homes in their price $110 an unusually high month—dropped out range. Increased Nov-05 Dec-05 Jan-06 Feb-06 Mar-06 Apr-06 of the six month average. So, although competition decreas- $360,000 slowing? sistently averaged the listed price. $340,000 the six month average started a dip in February, it has increased steadily since then. (Although May results are not in, preliminary indications are increase will continue.) The 12 month —e—6 moavg —a— Dec-05 Mar-06 Apr-06 What is a Rolling Average? For each month, the number is simply the average of all sales prices over the previous 6 or 12 months. For example, December’s six month average covers July through December while January’s six month aver August through January. ages give a better estimate of price trends than monthly figures which can fluctuate wildly as a result of one large sale. 2005 wever, inventodrives the market, ry Feb-06 —m— 12 mo avg unsustainable over the long term—the days of doubling your money in less like a year are most likely behind us. However, there are strong indications that the Valley has not yet peaked. Home prices should continue to appreciate at healthy rates for the foreseeable future. The many attractions of the Valley continue to be “discove the outside world. At the same time, inventory of property is inherently limited by the size of the valley as well as zoning ordinances that limit development density. And it is these inherent limitations that give the Ogden Valley the atmosphere that drove most of us to move here in the first place. es the frenzy that was sometimes evident in 12 mo avg Jan-06 —e— 6 mo avg _ EL YaurR pes POINTE > =) ae UNDER ’ CONTRACT oe *| ee OAZILUETION 5293 a 3364 N.Highway 162 Elen, Circle © hod, Fairway of Wolf Creek Resort in Ogden Valley. 6,122 sq fi, 4 1/2 baths, 5 fireplaces. On 18-hole golf course, | Pinevie Re i Powder Mountain, Snowbasin, Wolf Mountain Ski Resorts & Monte Cristo Pass . $1,950,000 10.28 acres. Country estate in wildlife corridor, with nesting cranes, geese, duck, wild turkey, moose, 4 doar Ohcerv f 1 year-round from the enclosed deck or fish your own pond. $1,200,000 3634 N. Huntsmans Path Eden, Wolf Crek Resort, 5 bed, 5 bath, 2740 sq. fi., 2 rock fireplaces, deck, 2 car rage. European finishes, solid alder doors & trim, high ceilings, generous windows. Clubhouse with pool, spas, etc. Overlooks the golf 696 Neri nae Lane 7 = hi from 2 bath dford Hills with f Pinevic 1 ins. Pellet stoves upstairs and down for reduced heating costs. 3 x40"sep- 4834 E. 3900 N. Eden, UT Beautiful home with stunning _ upgrades: Granite & stainless tt kitek troweled plaster walls, up — throughout. Turn k d A en py 1 foe 451 i pie completed Sept. 2006. $499,000 Lone Cozy 5 es 4 an home on 1+ acre lot. Many trees and stunsna views of Pineview. 3 minutes fe ab Seller to sell as is, washer and dryer \ Furniture Negotiable course. Snowbasin. $575,000 UNDER ae _ bas ownnae $479,900 mus i ts Wn vr tric, 4 year old = $459,900 CONTRACT 1545 North 5900 East ur ee ieee 39 ‘il 16630 East Huntsville, UT Fy fiek hack d, Pineview lake. Flat lot with 360° mountain views. Amazing views of Snowbasin resort. Quiet dead-end street on the Eden peninsula. Perk test approved. Horse property. Best piece of property on the market in Ogden Valley. Come see for yourself. $1,600,000 Located on 17.39 stunning views of redrocks, borders National forest land, river access to south fork, pond for horses, approximate1500 ft of road frontage. 3 Approved septic tests, 8” well, 3 shares of water. A RARE FIND! 0,000 9658 Kelly Drive (900 N.) untsville, UT Bile F. bal aly: 8827 Mountain Valley Drive , Huntsville, UT Wroded lat j “ 124 This lot includi magnificent parcel has incredible and unlockable views of the lake idential bldng lot cl town Huntsville, country living and easy acess to the ily. Bridal path vate —~ biking, horse trails and Motivated seller. 3736 N. River Drive in every direction! Winter and Summer Playground! Minutes from Powder Mountain, Snowbasin & Wolf Meuntein ‘Li B, fi 7 spruce, pine, cottonwood. Build our dream home on this great en of land in pe Valley. Pineview Reservoir!! b 4143 Easties North Eden, 27 Legacy Ranch Huntsville, UT create their"Dream Home" with wide-open spaces. Prime location in Phase | of Sheep Creek. secluded 42.61 acre lot with majestic stands of pines & aspens. Incredible opportunity to own Mini Ranch andre =. No one can build in your views to Southwest. 5, Abundant wildlife, common area & access to forest lands for horses, snowmobiles, i_ etc. $159, Addie eo801.791.9104 office 801.745.2456 greg@Move20gdenValley.com www.Move20gdenValley.com cell 801.791.2114 ottie 801.745.2456 shauna@buy-utah.com www.buy-utah.com CH SOCOM MRU CMe ec) cell 801. 71 .7383 home office 801.745.9460 _ addie@bu valley.com www.buyogdenvalley.com |
