Second Quarter 1999

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

Second Quarter 1999 Market Report	No.Sales 2^nd QTR. 1998	No Sales 2^nd QTR. 1999	No. Sales %Up/ (Down)	Ave. Sale Price 2^nd Qtr. 1998	Ave. Sale Price 2^nd Qtr. 1999	Ave. Price %Up/ (Down)
Brigham/ Tremonton	72	81	12.50%	$107,618	$115,766	7.57%
Cache/Rich	146	122	(16.44%)	$126,616	$121,473	(4.06%)
Carbon/Emery	56	57	1.79%	$83,053	$91,035	9.61%
Central Utah	54	65	20.37%	$83,158	$89,408	7.52%
Grand/SanJuan	26	39	50.00%	$134,604	$108,972	(19.04%)
Iron County	69	57	(17.39%)	$105,656	$102,421	(3.06%)
Ogden homes condos	932 n/a	1060 61	13.73% n/a	$130,576 n/a	$133,163 $99,398	1.98% n/a
Park City homes condos	124 144	166 97	33.87% (32.64%)	$583,617 $339,900	$478,577 $368,600	(18.00%) 8.44%
Salt Lake homes condos	2,713 341	2,616 398	(3.58%) 16.72%	$168,188 $114,726	$174,693 $118,802	3.87% 3.55%
Tooele County	108	105	(2.78%)	$121,630	$116,459	(4.25%)
Uintah Basin	88	68	(22.73%)	$79,771	$86,479	8.41%
Utah County homes condos	782 n/a	687 176	(12.15%) n/a	$175,527 n/a	$163,658 $109,166	(6.76%) n/a
Wasatch County	22	36	63.64%	$152,370	$208,496	36.84%
Washington County homes condos	234 100	278 125	18.80% 25.00%	$146,119 $119,239	$148,935 $113,246	1.93% (5.03%)
2^nd Quarter /1999 Utah Average Sales Price for Homes = $162,822

Home Sales Continue to Rise In Second Quarter 1999
Utah REALTORS® Say Market is Beginning to Stabilize

SALT LAKE CITY—Sales of single-family homes increased in the second quarter of 1999 compared to the same time period last year, according to figures released by the Utah Association of REALTORS® (UAR). Statewide, sales rose 4.71 percent. "We are still riding the crest of what has been an incredibly robust market," says UAR President Ed Tugaw. "Interest rates remain relatively low, and that’s good for both buyers and sellers." Utah’s average home price decreased slightly during second quarter 1999. Homes sold for an average price of $162,822—a .9 percent decrease from second quarter 1998.

When excluding Park City homes, whose high-end prices skew the overall data, the state’s average home price was $150, 821—down .45 percent compared to second quarter 1998. "I think it’s fair to say that the market is starting to level out," says Tugaw. "We’ve seen a substantial increase in inventory and that is stabilizing prices a bit. It’s a great time to buy." Though Utah home prices dipped slightly overall, many local boards experienced a healthy increase in price. Compared to second quarter 1998, prices rose in eight of 14 boards. The same number of boards also reported an increase in sales. "Home owners can still sell and sell well," says Tugaw.

Utah’s market reflects the health of the national economy. According to a recent news release from the National Association of REALTORS®, NAR Chief Economist James F. Smith expects sales to remain strong throughout the year. "The nation’s economy has continued to grow at an impressive rate in the second quarter of this year. This has translated to a healthy existing-home sales market," says Smith.

In Northern Utah, the Brigham/Tremonton Board reported a 12.5 percent increase in sales of single-family homes in the second quarter of 1999 versus second quarter 1998 and an average home price of $115, 766; the Logan-based Cache/Rich Association of REALTORS® experienced a 16.44 percent drop in sales from the same time period in 1998 with homes selling for an average price of $121,473; and the Greater Ogden Area Association of REALTORS® showed a 13.73 increase in sales and an average home price of $133,163.

The Tooele County Board of REALTORS® had a 2.78 percent dip in sales and homes sold for an average price of $116,459.

The Salt Lake Board of REALTORS® reported a 3.58 percent decrease in home sales compared to second quarter 1998 and an average price of $174,693. Condominium sales were up 16.72 percent, with an average price of $118, 802.

The Carbon/Emery Board of REALTORS® showed a 1.79 percent gain in home sales compared to second quarter 1998 and an average price of $91,035; the Central Utah Board saw a 20.37 percent jump in sales with homes going for an average price of $89,408; and sales at the Grand/San Juan Board in Moab climbed 50 percent with an average home price of $108,972.

Home sales in Park City rose 33.87 percent from second quarter 1998, according to the Park City Board of REALTORS®. The average selling price was $478,577. Condominium sales dropped 32.64 percent, selling for an average price of $368,600.

The Wasatch County Board experienced a 63.64 percent climb in sales over second quarter 1998 with homes selling for an average price of $208,496.

The Utah County Board reported a 12.15 decline in sales during second quarter 1999 compared to the same time period last year. The average home price was $163,658.

The Uintah Basin Board reported home sales were down 22.73 percent with an average selling price of $86,479.

In Southern Utah, the Washington County Board of REALTORS® saw an 18.8 percent increase in home sales for second quarter 1999 versus second quarter 1998. The average home price was $148,935. Condominium sales rose 25 percent with an average price of $113,246. The Iron County board showed a 17.39 percent decrease in sales and an average home price of $102,421.

The Utah Association of REALTORS® serves as "The Voice for Real Estate in Utah," representing more than 7,500 members involved in all aspects of the real estate industry.

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