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

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HOME SALES HISTORICALLY HIGH FOR THIRD QUARTER 2001
Utah Association of REALTORS® releases third quarter's statistics

     According to the Utah Association of REALTORS® (UAR), single-family home sales in the state increased an average of nearly seven percent during the third quarter of 2001 in comparison to the same period last year.
     The average sales price for a home in Utah was $158,880, excluding statistics from Park City, which tend to inflate the average. This figure is down slightly from $159,087, the average sale price of a home in the third quarter of 2000.
     "Due to the fact that mortgage rates are close to the lowest level since the 1960s, sales have remained historically high," said UAR President Sam Sampson, "in the wake of the September 11 attacks a slow down is expected for the remainder of the year. Assuming there are no major surprises, we can look forward to improvement around the second quarter of 2002 as the economy recovers."
Based on sales reported by each board's Multiple Listing Service (MLS), 11 of the 14 boards reporting experienced an increase in sales as compared to the third quarter of 2000.
     In Northern Utah, the Brigham/Tremonton Board reported a six percent increase in home sales, with a 16 percent increase in the average price of a home as compared to the third quarter of 2000. "The 16 percent increase is strongly influenced by the single sale of a home sold at over a million dollars. If that sale were to be removed from the database, the increase would be three percent, for an average sales price of $117,070," said Brigham/Tremonton Board President Doug Wight.
     The neighboring Cache/Rich Association experienced an eight percent increase in home sales, with a four percent drop in the average sales price, which was $125,993.
     The Greater Ogden Area Association reported a three percent increase in home sales and a 24 percent increase in condominium sales. The average price of a home in the Ogden area dipped four percent to $139,070. Condominium prices rose slightly with an average price of $104,863.
     The Tooele County Board experienced close to a three percent decrease in the number of sales from the third quarter of 2001 as compared to the third quarter of 2000. The average price of a home in Tooele County was reported at $127,364.
     The Park City Board reported a 26 percent increase in the number of homes sold, and a 68 percent increase in the number of condominiums sold. The average price for a home in Park City was a reported $513,400, while the average price of a condominium was $256,000. The Wasatch County Board reported a 30 percent increase in home sales, with the average price of a home at $235,000.
     The Salt Lake Area experienced a four percent increase in the number of home sales and a 15 percent increase in the number of condominium sales. Home prices remained stable, with a reported average price of $184,889. The average price of a condominium in the Salt Lake area rose nearly five percent to $132,705.
     The Utah County Association reported an eight percent increase in home sales and an eight percent drop in condominium sales. The average price of a home remained steady at $183,038, while the average price of a condominium rose ten percent in the third quarter of 2001 as compared to the third quarter in 2000, at $126,865
     According to figures released by the Grand/San Juan Association, home sales rose 53 percent, and condominium sales rose 20 percent.      The average cost of a home was $108,714, while condominium prices averaged $164,816. A 26 percent increase in home sales was reported by the Iron County Board, with the average sales price of a home at $115,268. The Central Utah Board reported a 17 percent drop in the number of homes sold, and a slight drop in the average price of a home, which was $88,505. The Carbon/Emery Board reported a 90 percent increase in home sales, with an average selling price of $80,854.
Homes sales reported through the Uintah Basin Board were up 61 percent, and the average sales price was up ten percent to $109,480. In      Washington County, home sales remained steady while condominium sales dropped 17 percent. The average price for a home in the area remained close to last year's average at $159,561, while the average price for a condominium dropped to $108,332, which is down over three percent from third quarter 2000.
     Comparing overall third quarter statistics of 2001 to those of the second quarter of 2001, the average price of a home rose from $155,731 to $158,880.
     "The housing industry has been keeping the economy afloat," said Sampson, "we hope to see it remain a positive economic factor in the future."
     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.

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