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

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UTAH REALTORS® REPORT OVERALL INCREASE IN SALES VOLUME,
AVERAGE SALES PRICE FOR FIRST QUARTER 2004

     Murray, Utah - According to the Utah Association of REALTORS (UAR), first quarter 2004 home sales in Utah were up 14 percent compared to first quarter 2003. Eleven of the 14 areas reporting indicated an increase in sales of single-family homes.
     The average price for a home in Utah was $163,790, which reflects a four percent increase compared to the same period last year. This statistic excludes home prices in Park City, which tend to inflate the average.
     "Another strong year for home sales appears to be on the horizon, and the modest increase in the average price for the first quarter of this year is a direct indication of a healthy housing market," said Butch Dailey, president of the Utah Association of Realtors.
     In the Salt Lake area, there was a five percent increase in the number of homes sold during the first quarter of 2004 compared to the first quarter of 2003. Condominium sales were up 19 percent. The average price for a home was $189,598, which is five percent higher than the price of a home last year at this time. The average price of a condominium was $135,442, up seven percent from last year's average price.
     Home sales in the Weber/North Davis area were up 13 percent, while condominium sales also increased 14 percent. The average price for a home was $134,056, which is slightly lower than last year's price at this time. However, the average price for a condominium was $101,302, which is eight percent higher than first quarter last year.
     The Utah County area reported a 12 percent increase in the number of homes sold and a 35 percent increase in the number of condominiums sold. Home prices decreased less than one percent to $169,600, while condominium prices rose three percent to $125,847.
     In Park City, home sales increased one percent and condominium sales increased five percent. The average price of a home was $596,000, which is 25 percent higher than last year at this time. Condominium sales were up 42 percent, with the average price at $400,000.
     In the Washington County area, homes sales were up 53 percent, with the average price increasing 12 percent to $198,559. Condominium sales rose 59 percent, with an eight percent increase in price. The average condominium price was $123,755.
     The Tooele County area reported a 121 percent increase in home sales, with a two percent decrease in the average sales price. The average price was $123,644.
     The Cache/Rich area reported an increase of three percent in the number of homes sold, with the average price up 17 percent from last year at this time. The average price of a home was $145,592. In the Brigham/Tremonton area, sales were down 10 percent with an average home price of $113,285, which reflects a four percent decrease compared to first quarter last year.
     In the Carbon/Emery area, home sales were up 21 percent with an average home price of $84,849, up 19 percent from the same time last year. In Central Utah, home sales were up two percent with a 10 percent increase in price. The average price was $93,260.
     The Grand/San Juan area reported a 28 percent decrease in home sales with an average home price of $118,625, down seven percent when compared to last year at this time. While condominium sales were up 40 percent, the average price dropped six percent to $171,912.
     In Iron County, home sales increased 25 percent, with an average price of $192,518. The area also reported a 65 percent increase in condominium sales with an average price of $67,539, down 29 percent compared to first quarter 2003.
     In the Uintah Basin area, home sales climbed 22 percent, with the average home price increasing less than one percent to $109,219. In Wasatch County, home sales decreased two percent and home prices dropped 41 percent with an average sales price of $204,352.
     "The housing sector is experiencing the best of two worlds - historically low mortgage interest rates and a growing economy," said Dailey. "We are hopeful that this will continue throughout the year, and that 2004 will be another record-setting or near record-setting year for housing."
     For a complete listing of first quarter statistics, visit the UAR web site at www.utahrealtors.com. The Utah Association of REALTORS serves as "The Voice for Real Estate in Utah," representing nearly 10,000 members involved in all aspects of the real estate industry.

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