Utah Association of REALTORSÒ
[Figures reflect sales reported by each Board's
Multiple Listing Service]
|
Third Quarter |
No.Sales |
No Sales |
No. Sales |
Ave. Sale |
Ave. Sale |
Ave. Price |
|
Brigham/ |
|
|
|
|
|
|
|
Cache/Rich |
242 |
173 |
(28.51%) |
$122,570 |
$128,489 |
4.83% |
|
Carbon/Emery |
51 |
58 |
13.73% |
$72,128 |
$83,734 |
16.09 |
|
Central Utah |
80 |
75 |
(6.25%) |
$96,477 |
$87,381 |
(9.43%) |
|
Grand/SanJuan |
29 |
33 |
13.79% |
$120,534 |
$128,185 |
6.35% |
|
Iron County |
92 |
128 |
39.13% |
$103,760 |
$104,703 |
0.91% |
|
Ogden |
|
|
|
|
|
|
|
Park City |
|
|
|
|
|
|
|
Salt Lake |
|
|
|
|
|
|
|
Tooele County |
112 |
99 |
(11.61%) |
$116,729 |
$134,653 |
15.36% |
|
Uintah Basin |
68 |
73 |
7.35% |
$85,548 |
$105,643 |
23.49% |
|
Utah County |
|
|
|
|
|
|
|
Wasatch County |
32 |
37 |
15.63% |
$205,766 |
$247,334 |
20.20% |
|
Washington County |
|
|
|
|
|
|
|
3rd Quarter /1999 Utah Average Sales Price for Homes = $165,792 |
||||||
Utah REALTORS® Report Decrease
In Sales For Third Quarter 1999
Experts Say Market Continues to Stabilize
SALT LAKE CITY—The third quarter of 1999 showed a decrease in single-family homes sales compared to the same period last year, according to figures released by the Utah Association of REALTORS® (UAR). Statewide, sales are down 3.28 percent from this quarter last year.
"Utah’s market is slowing down from what many characterize as a very hot market. Home sales are still moving forward, but there is an abundance of homes for sale. The market is now moving towards a buyer’s market—making it a good time to buy a home," says UAR President Ed Tugaw.
Utah homes sold for an average price of $165,792—rising 5.53 percent from third quarter 1998 and .76 percent from second quarter 1999. When excluding Park City homes, whose high end prices skew the overall data, the state’s third quarter 1999 average home price was $154,746. This is a 2.4 percent increase in home prices from third quarter 1998 excluding Park City data.
The state experienced regional growth in both prices and sales. Compared to third quarter 1998, average home prices rose in 13 of 14 boards and sales increased in eight boards.
"This is still a good market for first-time home buyers and those who may want to upgrade to a new home," says Tugaw. "Utah’s overall price averages are a little misleading. We have had some high-end sales that raise the average, but as a whole prices are actually coming down."
Utah’s figures fall in line with national trends, according to information released by the National Association of REALTORS® (NAR). "The current level of housing affordability remains very strong, showing that the typical family’s income is still well above the minimum needed to qualify for a home at the national median price," explains NAR President Sharon A. Millett.
In Northern Utah, the Brigham/Tremonton Board reported a 12.64 percent decrease in single-family home sales in the third quarter of 1999 versus the third quarter of 1998 and an average home price of $109,277; the Logan-based Cache/Rich Association of REALTORS® experienced an 28.51 percent drop in sales from the same time period in 1998, with an average home price of $128,489; and the Greater Ogden Area Association of REALTORS® showed a 1.24 percent increase in sales and an average price of $138,366. The Tooele County Board of REALTORS® experienced a 11.61 percent drop in sales from third quarter 1998 with an average selling price of $134,653.
Salt Lake area home sales dropped 6.29 percent from the same period in 1998, according to the Salt Lake Board of REALTORS®. The average home price was $179,140. Condominium sales decreased 14.12 percent with an average price of $123,707 compared with third quarter 1998.
The Carbon/Emery Board of REALTORS® reported a 13.73 percent rise in sales from third quarter 1998 with an average home price of $83,734; the Central Utah Board
saw a 6.25 percent decline in sales with an average price of $87,381; and sales at the Grand/San Juan Board in Moab climbed 13.79 percent with homes selling for an average price of $128,185.
Home sales in Park City rose 23.97 percent compared to third quarter 1998, according to the Park City Board of REALTORS®. The average selling price was $446,028. Condominium sales decreased 31.11 percent with an average price of $367,700.
"We’ve had a strong third quarter," says Park City Board President Chuck Zurcher. "A number of our sales this quarter have come from new developments, which are relatively affordable for our home buyers."
The Wasatch County Board experienced a 15.63 percent rise in sales from third quarter 1998. Homes sold for an average price of $247,334. "We are selling a large portion of our homes to Salt Lake and Utah County families who want an escape from crowded city life," says Wasatch County Board President Martin Cline.
The Utah County Board reported a 22.05 percent decrease in home sales from third quarter 1998. The average sale price was $168,187. The Uintah Basin Board saw a 7.35 percent rise in sales with an average home price of $105,643, which represents a 23.49 percent increase in price over third quarter 1998.
In Southern Utah, the Washington County Board of REALTORS® showed a 9.82 percent rise in sales compared to third quarter 1998 and an average selling price of $144,560. Condominium sales dropped 11.97 percent, with an average price of $110,600. The Iron County Board saw a strong increase of 39.13 percent. Homes sold for an average price of $104,703.
"We are seeing many more out-of-town buyers," says Iron County Board President Rett Shakespear. "People from larger cities are moving to more rural areas like Iron County."
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.
Copyright © 1998 Utah Association of REALTORS®. All Rights Reserved.