Utah Association of REALTORSÒ
[Figures reflect sales reported by each Board's Multiple Listing Service]

Back to Quarterly Market Reports Page

UTAH ASSOCIATION OF REALTORS® REPORTS AN INCREASE IN FIRST QUARTER 2001 HOME SALES

Murray, Utah - According to figures released by the Utah Association of REALTORS® (UAR), the first quarter of 2001 showed an increase in sales as compared to the same period in 2000. The statewide average shows that first quarter sales are up over nine percent in comparison to the first quarter of 2000.
"We're starting to see the affects of interest rates that are near 30-year lows," said Sam Sampson, UAR president.
The average price for a home in Utah was $154,618, excluding Park City statistics, which tend to inflate the average. This is slightly more than a one percent increase compared to first quarter 2000.
Out of the 14 boards reporting, ten of the boards experienced increased home sales, with four of the boards reporting a decrease in sales.
The Salt Lake area reported an eight percent increase in home sales and a six percent increase in condominium sales. The average price of a home in the Salt Lake area is $176,679, which is an increase of slightly more than one percent as compared to first quarter 2000. The average price of a condominium in Salt Lake increased nearly twelve percent at $136,732.
The Greater Ogden area reported a twelve percent increase in home sales, while condominium sales dipped 21 percent. The average price of a home in the Greater Ogden area is $135,254, and the average price of a condominium is $99,332.
Park City reported a more than three percent decrease in the number homes sold in the area, and a six percent drop in condominium sales. The price of a home in Park City fell almost ten percent with an average home selling for $527,800. Condominium prices rose nearly two percent with an average cost of $444,600.
In Utah County, home buyers can expect to pay an average of $178,541 for a house, which is a four percent increase over what the same house would have sold for in first quarter 2000. There was an increase of almost 15 percent in homes sold in Utah County in first quarter 2001. The average price for a condominium in Utah County is $119,313, which is a slight decrease compared to the $120,480 average in first quarter 2000.
Tooele County saw a substantial rise in home sales, with a 75 percent increase in sales as compared to first quarter 2000. The average home price remained relatively unchanged at $121,432.
Another board reporting a substantial boost in sales was Wasatch County, where there was an 86 percent increase in the number of sales, with an average home price of $251,112. The Iron County Board also reported a sales increase of 43 percent with an average home price of $118,258.
Washington County reported a slight increase in the number of homes sold, while the average price of a home remained steady at $148,527. Condominium sales were up eight percent, with the average price of a condominium dropping almost five percent to $120,495.
The Central Utah Board saw a 35 percent increase in sales with an average home price of $84,311, and the Grand/San Juan Board reported a 21 percent increase in the number of homes sold with an average price of $163,622.
The Uintah Basin area experienced a sales increase of nearly 29 percent with an average home price of $88,507.
Areas of the state experiencing a decrease in sales include the Brigham/Tremonton area, where a six percent drop in sales was reported, and the Cache/Rich area, which also saw a six percent decrease. Home prices in the areas averaged $109,116 and $119,142, respectively.
The Carbon/Emery Board reported a three percent decrease in sales, with a 21 percent increase in the average price of a home, which is $90,254, for the area.
A comparison of first quarter 2001 statistics to those of the fourth quarter 2000 shows that overall sales dropped nearly 4 percent, and home prices saw a decrease of nearly two percent. However, this should not be interpreted as a set-back to the industry.
"We foresee a seasonal surge in real estate activity, which is typical for this time of year," says Sampson, "the real estate industry in general should see a fairly healthy climate for the remainder of 2001."
The Utah Association of REALTORS® serves as "The Voice for Real Estate in Utah," representing more than 7,800 members involved in all aspects of the real estate industry.

###