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

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Fourth Quarter Market Report Shows Increase in Home Sales
Utah Association of REALTORS® releases fourth quarter's statistics

     Murray, Utah - According to the Utah Association of REALTORS® (UAR), fourth quarter 2003 home sales in Utah were up 14 percent as compared to fourth quarter 2002. Twelve of the 14 areas reporting indicated an increase in sales of single family homes.
     The average price for a home in Utah is $163,797, which reflects a 3 percent increase as compared to the same period last year. This statistic excludes home prices in Park City, which tend to inflate the average.
     "We've been expecting the pace of home sales to slow down, but based on the fourth quarter statistics, we can see that there's still a lot of life in this market," said UAR President Butch Dailey, CRS, GRI. "The biggest factor is a continuation of favorable mortgage interest rates, which have remained lower than expected."
     In the Salt Lake Area, there was a 13 percent increase in the number of homes sold during the fourth quarter of 2003 as compared to the fourth quarter of 2002. Condominium sales were up 14 percent. The average price for a home in the Salt Lake Area is $190,064, which is 3
percent higher than the price of a home last year at this time. The average price of a condominium in the Salt Lake Area is $134,599, which is comparable with last year's average price.
     Home sales in the Weber/North Davis Area were up 11 percent, while condominium sales dropped 20 percent. The average price for a home in the Weber/North Davis area is $138,751, which is slightly lower than last year's price at this time. The average price for a condominium is $98,190, which is 5 percent higher than fourth quarter last year.
     The Utah County Area reported a 12 percent increase in the number of homes sold and a 23 percent increase in the number of condominiums sold. Home prices decreased 2 percent to $178,237, while condominium prices rose 4 percent to $129,337.
     In Park City, home sales decreased by 2 percent and condominium sales increased by 27 percent. The average price of a home in Park City is $515,000, which is 27
percent higher than last year at this time. Condominium prices are down 7 percent, with the average price of a condominium in Park City at $304,000.
     In the Washington County Area, home sales increased 38 percent, with the average price of a home increasing 10 percent to $180,089. Condominium sales rose 11 percent, with a 3 percent decrease in price. The average price of a condominium in the Washington County Area is $118,397.
     The Tooele County area reported a 20 percent increase in home sales, with a 16 percent drop in the average sales price. The average price for a home in Tooele County is $108,116.
     The Cache/Rich Area reported an increase of 5 percent in the number of homes sold, with the average price of a home comparable to the price of a home last year at this time. The average price of a home in the Cache/Rich Area is $140,718. In the Brigham/Tremonton Area, sales were up 26 percent, with an average home price of $119,356, which reflects an 8 percent increase as compared to fourth quarter last year.
     In the Carbon/Emery Area, home sales were up 6 percent, with an average home price of $80,670, which is down 8 percent from the same time last year. In Central Utah, home sales were up 35 percent with a 14 percent decrease in price. The average home price is $84,606.
     The Grand/San Juan Area reported a 6 percent increase in home sales with an average home price in the area at $127,853, which is comparable to the price of a home last year at this time. The average price of a condominium increased 13 percent to $205,726.
     In Iron County, home sales increased by 26 percent, with an average price of $141,831. The area also reported a 14 percent increase in condominium sales, with an average price of $65,356, a 12 percent drop in price as compared to fourth quarter 2002.
     In the Uintah Basin Area, home sales fell 4 percent, with the average home price increasing 14 percent to $111,958. In Wasatch County, home sales rose 2 percent and home prices rose 3 percent with an average sales price of $198,737.
     "The year 2002 was the best year we had ever seen in the residential real estate market. Then along came 2003 and broke even the 2002 records," said Dailey. "Although the interest rates may rise a bit during 2004, we still expect to see near record numbers. We probably won't break the 2003 record, but it might be close."
     For a complete listing of the fourth 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 more than 9,000 members involved in all aspects of the real estate industry.

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