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

Back to Quarterly Market Reports Page

HOME SALES DECREASE DURING FIRST QUARTER OF 2002
Utah Association of REALTORS® releases first quarter's statistics

     According to the Utah Association of REALTORS® (UAR), there was an overall decline in the number of single-family homes sold during the first quarter of 2002 in comparison to the same period last year. Of the 14 areas reporting, eight reported a decrease in sales, while six, mostly outside of the Wasatch Front area, experienced an increase in sales.
     The average sales price of a home in Utah is $151,457. This is two percent less than what the average sales price of a home was last year at this time. These numbers exclude statistics from Park City, which tend to inflate the average.
     "Considering that we have been in a recession, the housing market has remained relatively stable," said UAR President, John Harr, Jr. "We have seen a modest increase in mortgage rates over the last couple of months, but from a historical prospective, they are still at record lows. As the economy improves, we'll probably see the housing market pick up right along with it. We still may witness a record year in 2002."
     Several of the areas reported an increase in condominium sales with a decrease in single family home sales. According to Harr, this may be due to the number of fist-time buyers in these areas. "Fist-time buyers, who must struggle with down payment and closing costs while making the transition from renting to owning, must often consider a small starter home or a condo," said Harr.
     The Salt Lake Area reported an eight percent decrease in home sales, and a 16 percent increase in condominium sales. The average cost for a home in the Salt Lake Area is $174,679, while the average price for a condominium is $133,896. These prices are slightly lower than those reported in the first quarter of 2001.
     The Greater Ogden Area reported a 20 percent decrease in home sales and a ten percent increase in condominium sales. The average price of a home is $132,022, down two percent from the price of a home during the first quarter of 2001.
     The average cost of a condominium is $94,042, which is down five percent from the average sales price during the first quarter of 2001.
     In Park City, there was a 12 percent decrease in the number of homes sold during the first quarter of 2002 as compared to the first quarter of 2001. Condominium sales were up by 36 percent. The average cost of a home in Park City is $524,000, which is down one percent from last year, while the average cost of a condominium is $293,000, which is down 34 percent from last year at this time.
     In Utah County, home sales were up by 13 percent, while condominium sales were down 20 percent. The average price of a home in Utah County is $175,906, which is one percent lower than what it was last year at this time. The average price of a condominium is $114,769, which is four percent lower than last year.
     Tooele County reported a nine percent decrease in sales, with the average home price remaining stable at $121,467.
     In Washington County, home sales increased 26 percent during the first quarter of 2002 as compared to the first quarter of 2001. Condominium sales were also up by nine percent in this area. The average price of a home in Washington County is $157,381, and the average price of a condominium is $111,314.
     The Brigham/Tremonton Area reported a 34 percent increase in the number of homes sold, with an average selling price of $110,360. In the Cache/Rich area, there was a 50 percent increase in the number of homes sold, with an average selling price of $119,336. Prices in both areas were comparable to prices a year ago at this time.
     Carbon/Emery Counties experienced an 89 percent increase in the number of homes sold, with an average selling price of $88,812, and Central Utah experienced an 8 percent drop in home sales, with an average selling price of $105,273.
     Grand/San Juan Counties reported a 35 percent decrease in home sales and a 71 percent decrease in condominium sales. The average price of a home in the Grand/San Juan Area is $89,953, which is a 45 percent decrease compared to first quarter 2001. The average price of a condominium has dropped 19 percent to $129,303.
     The Iron County Area reported a three percent decrease in sales with an average selling price of $124,625. The Uintah Basin Area reported a six percent decrease in sales, with the average price of a home reported to be $94,457.
     In Wasatch County, sales were up by 15 percent, while home prices were down by 36 percent. The average price of a home in Wasatch County was reported to be $159,851, down from last year's average price at this time, which was $251,112.
     Comparing the first quarter of 2002 to the fourth quarter of 2001, the average price of a home increased less than one percent.
     The Utah Association of REALTORS® serves as "The Voice for Real Estate in Utah," representing more than 8,000 members involved in all aspects of the real estate industry."

# # #