Fourth Quarter 1997

UTAH ASSOCIATION OF REALTORS

[Figures reflect sales reported by each Board's Multiple Listing Service.]

Fourth Quarter 1997 Market Report BOARD	# of Sales 4th Qtr 1996	# of Sales 4th Qtr. 1997	# of Sales % Up/ (Down)	Avg. Sales Price 4th Qtr. 1996	Avg. Sales Price 4th Qtr. 1997	Avg. Price % Up/ (Down)
Brigham/ Tremonton	87	82	(5.75%)	$99,948.00	$106,531.00	6.59%
Cache/Rich	121	141	16.53	$120,957.00	$105,887.00	(12.46%)
Carbon/Emery	37	41	10.81%	$78,183.00	$88,684.00	13.43%
Central Utah	28	47	67.86%	$74,057.00	$76,232.00	2.94%
Grand/San Juan	27	18	(33.33%)	$108,118.00	$106,667.00	(1.34%)
Iron County	84	110	30.95%	$95,294.00	$110,941.00	16.42%
Ogden	734	931	26.84%	$109,973.00	$125,787.00	15.01%
Park City - homes - condos	166 112	141 184	(15.06%) 64.29%	$366,944.00 $260,618.00	$375,006.00 $270,856.00	2.20% 3.93%
Salt Lake - homes - condos	2,050 324	2,185 323	6.59% (0.31%)	$152,012.00 $112,628.00	$164,270.00 $119.752.00	8.06% 6.33%
Tooele County	79	117	48.1%	$107,741.00	$114,857.00	6.6%
Uintah Basin	52	65	25%	$65,078.00	$85,042.00	30.68%
Utah County	648	598	(7.72%)	$133,696.00	$139,054.00	4.01%
Wasatch County	34	24	(29.41%)	$185,352.00	$186,017.00	(0.36%)
Washington County - homes - condos	226 129	204 106	(9.73%) (17.83%)	$120,040.00 $110,888.00	$130,880.00 $118,726.00	9.03% 7.07%

4th Quarter/1997 Utah Average Sales Price for Homes = $152,071.00

UTAH REALTORSÒ REPORT AN INCREASE IN SALES

FOR FOURTH QUARTER 1997

SALT LAKE CITY -- Single-family home sales in Utah increased during fourth quarter 1997 -- marking the first gain since third quarter 1996 -- according to figures released today by the Utah Association of REALTORS7 (UAR). Statewide sales rose 7.68 percent compared to fourth quarter 1996, while home prices rose 7.32 percent over the same quarter last year.

"These fourth quarter sales reflect a substantial increase from fourth quarter last year," said Nancy Davis, UAR president. "Two majors reasons we're experiencing this growth are low interest rates and a strong economy. To see these numbers during the fourth quarter -- traditionally our slowest quarter of the year -- is very impressive."

Home prices, like home sales, showed healthy growth among the boards. The average price of a single-family home in fourth quarter 1997 was $152,071, up $10,370 or 7.32 percent, from fourth quarter 1996. A comparison of fourth quarter 1997 figures with third quarter 1997 shows a slight increase in the average home price by 1.33 percent.

"We are finding these increases are consistent throughout the entire state," said Davis. "More than half of the 14 UAR boards showed an increase in the number of sales and 12 of 14 boards experienced a spike upwards in average sales price. These figures indicate that real estate is a sound investment right now and should continue to be for the foreseeable future."

In Northern Utah, the Brigham/Tremonton Board of REALTORSÒ reported a 5.75 percent drop in sales of single-family homes in the fourth quarter of this year versus fourth quarter 1996, with an average sales price of $106,531; the Cache/Rich Association of REALTORSÒ in Logan experienced a 16.53 percent increase in homes sales at an average price of $105,887; and the Tooele County Board of REALTORSÒ reported another big quarter with a 48.10 percent increase in home sales at an average sales price of $114,857. The Greater Ogden Area Association of REALTORSÒ experienced a 26.84 percent increase in home sales at an average sales price of $125,787.

The Salt Lake Board experienced a 6.59 percent increase in home sales, from the same period in 1996, at an average sales price of $164,270 and reported a less than 1 percent dip in condominium sales at an average sales price of $119,752.

The Carbon/Emery Board of REALTORSÒ reported a 10.81 percent increase in home sales at an average price of $88,684; the Central Utah Board reported a sizable 67.86 percent increase in home sales during the fourth quarter of 1997, with an average sales price of $76,232; and the Grand/San Juan Association of REALTORS in Moab reported a 33.33 percent decrease in home sales with an average sales price of $120,609.

The Uintah Basin Board of REALTORSÒ experienced 25 percent increase in home sales during the fourth quarter, versus fourth quarter 1996, at an average sales price of $85,042. The Utah County Association of REALTORSÒ reported a 7.72 percent decrease in home sales over fourth quarter 1996, with an average sales price of $139,054.

The Park City Board experienced a 15.06 percent decrease in sales of homes at an average sales price of $375,006 and a 64.21 percent increase in condominium sales at an average sales price of $270,856. Wasatch County reported a 29.41 percent decrease in home sales at an average sales price of $186,017

In Southern Utah, the Washington County Board of REALTORSÒ reported a 9.73 percent decrease in home sales during fourth quarter at an average price of $130,880 and a 17.83 percent decrease in condominium sales at an average price of $118,726. The Iron County Board of REALTORSÒ reported a 30.95 percent decrease in homes sales at an average sales price of $110,941.

The Utah Association of REALTORSÒ serves as "The Voice for Real Estate in Utah," representing more than 7,300 members involved in all aspects of the real estate industry.

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