Home prices up in Weber County?

Weber County real estate continues to do amazing things. Despite the fact that home sales in July were down by 25% compared to last year, home prices rose by almost 5%. 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.

The State of Weber Real Estate

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.

Summary of May Home Sales in Ogden

For the Month of May home sales were down 26%, but prices were up 6%. The average price of homes sold in Weber County in May was $183,665, and 309 Ogden houses have been reported as sold. These sold homes were on the market for an average of 68 days.

Currently there are 2,015 active single family homes for sale in Weber County, and 331 Condos listed for sale in the Ogden Area.

The average price of single family home listings in Weber County is $285,978, and the average active listing has already been on the market for 92 days. The math still isn’t working out here where the average sold price is more than $100,000 less than the average list price. If you have a high end home in Weber County, good luck trying to sell it.

Utah 10 Year Home Appreciation

 

What is a healthy appreciation rate for real estate? It has to be more than the rate of inflation because more real estate cannot be created. It becomes more and more scarce as the population grows, and the population of Utah is growing. To make math simple, I picked 5% as an easy to figure out appreciation rate and ran a few numbers comparing the actual real estate appreciation rate to the 5% amount for the past 10 years for the major Utah Counties.

If 5% appreciation is an accurate and healthy rate for real estate appreciation, then compared to the 1998 average home value, Salt Lake and Utah Counties are overvalued while Davis County is almost right on, and Cache and Weber County’s real estate is undervalued.

 

Weber Real Estate Looking Decent

Real Estate in Weber County Utah definitely isn’t booming like it was the last few years. In February, homes sales were unofficially down 34%, but average sold price was up 11%when compared to home sales in February of 2007. This doesn’t necessarily mean that real estate has appreciated 11%, it might be that there were a few more expensive homes sold this year than last year.  My unofficial stats show that 202 properties were sold with an average sold price of $188,779 in February of this year, and 304 properties were sold last year at an average sold price of $166, 461.The decline in home sales may also partially be attributed to a much harsher winter. Who wants to look for houses during a snow storm? Home sales will pick up as spring approaches and the weather gets better. With that said, the Weber market is just “decent.” It is a buyers market and there is lots of available Ogden Utah Homes for Sale. Currently there are 2,155 residential listings on the market. Click the link below to search homes for sale in Ogden Utah. Search for Homes in Weber County on the Utah MLS