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

Back to Quarterly Market Reports Page

Home Sales Remain Solid
Utah Association of REALTORS® releases first quarter's statistics

     Murray, Utah - According to the Utah Association of REALTORS® (UAR), there was a 15 percent overall increase in the number of single-family homes sold during the first quarter of 2003 in comparison to the same period last year. Home sales were up in 12 of the 14 areas reporting, and condominium sales increased in five of the seven areas that reported condominium sales.
     The average price of a home in Utah is $157,256, which reflects a four percent increase as compared to the first quarter of 2002. This price excludes statistics from Park City, which tend to inflate the average.
     "We may see a slight increase in mortgage rates this year," states UAR President Mike Sloan, "however, home prices have begun to level off, so we still expect affordability conditions to remain favorable for the vast majority of Utah households."
    In the Salt Lake Area, there was a 20 percent increase in the number of homes sold during the first quarter of 2003 as compared to the first quarter of 2002. Condominium sales were down ten percent. The average price for a home in the Salt Lake Area is $180,130, which is up three percent from last year at this time. The average price of a condominium in the Salt Lake Area is $126,237, which is down six percent from last year.
    Home sales in the Greater Ogden Area increased by 11 percent, while condominium sales increased 10 percent. The average price for a home in the Greater Ogden Area is $136,169, up four percent from last year's price. The average price for a condominium has dropped one percent to $93,768.
    The Utah County Area reported a 22 percent increase in the number of homes sold, and a one percent decrease in the number of condominiums sold. Home prices have dropped three percent to $171,283, while condominium prices have risen six percent to $121,785.
     In Park City, home sales have increased by 39 percent, and condominium sales have increased by 25 percent. The average price of a home in Park City is $475,000, which is nine percent lower than last year. Condominium prices are down four percent, with the average price of a condominium in Park City at $281,000.
     In the Washington County Area, home sales increased by 13 percent, with the average price of a home increasing 13 percent to $177,688. Condominium sales rose 11 percent, with a three percent price increase. The average price of a condominium in the Washington County Area is $144,679.
     The Cache/Rich Area reported a 15 percent increase in the number of homes sold, with a four percent increase in price. The average price of a home in the Cache/Rich Area is $124,407. In the Brigham/Tremonton Area, sales were up five percent, with an average price of $117,829, a seven percent increase.
     In the Carbon/Emery Area, home sales were down 11 percent, with an average home price of $71,177, which is down 20 percent from first quarter 2002. In Central Utah, home sales were up 36 percent and the average price of a home dropped 19 percent to $84,886.
     The Grand/San Juan Area reported a 93 percent increase in home sales and a 150 percent increase in condominium sales. The average price of a home in the area increased 42 percent to $128,014, with the average price of a condominium increasing 42 percent to $183,480.
     In Iron County, home sales increased by one percent, with an average price of $134,540. The Iron County Area also reported a 113 percent increase in condominium sales, with an average price of $94,875.
     In the Uintah Basin Area, home sales increased 17 percent, with the average home price rising 15 percent to $108,232. In Wasatch County, home sales increased by 43 percent and home prices increased by 117 percent with an average sales price of $346,769.
     The Tooele County Area reported a 13 percent drop in home sales, with a four percent increase in price. The average price for a home in Tooele County is $126,234.
     Comparing the first quarter of 2003 with the fourth quarter of 2002, the average price of a home decreased two percent. The number of homes sold during the first quarter of 2003 as compared to the fourth quarter of 2002 decreased 12 percent.
     The Utah Association of REALTORS® serves as "The Voice for Real Estate in Utah," representing more than 8,800 members involved in all aspects of the real estate industry.

###