Fourth Quarter 1998

UTAH ASSOCIATION OF REALTORS
[Figures reflect sales reported by each Board=s Multiple Listing Service.]

Fourth Quarter 1998 Market Report BOARD	# of Sales 4^th Qtr. 1997	# of Sales 4^th Qtr. 1998	# of Sales % Up/ (Down)	Avg. Sales Price 4^th Qtr. 1997	Avg. Sales Price 4^th Qtr. 1998	Avg. Price % Up/ (Down)
Brigham/ Tremonton	82	68	(17.07%)	$106,531	$125,720	18.01%
Cache/Rich	141	148	4.96%	$105,887	$127,553	20.46%
Carbon/Emery	41	55	34.15%	$88,684	$85,900	(3.14%)
Central Utah	47	54	14.89%	$76,232	$100,013	31.20%
Grand/San Juan	18	23	27.78%	$106,667	$129,211	21.13%
Iron County	110	91	(17.27%)	$110,941	$103,117	(7.05%)
Ogden - homes -condos	931 n/a	958 n/a	2.90% n/a	$125,787 n/a	$131,424 n/a	4.48% n/a
Park City - homes - condos	141 184	141 188	0.00% 2.17%	$375,006 $270,856	$438,511 $305,300	16.93% 12.72%
Salt Lake - homes - condos	2,185 323	2,304 366	5.45% 13.31%	$164,270 $19,7528	$167,592 $123,138	2.02% 2.83%
Tooele County	117	129	10.26%	$114,857	$115,733	0.76%
Uintah Basin	65	59	(9.23%)	$85,042	$86,901	2.19%
Utah County - homes - condos	598 n/a	584 118	(2.34) n/a	$139,054 n/a	$161,701 $103,560	16.29% n/a
Wasatch County	24	24	0.00%	$186,017	$202,194	8.70%
Washington County - homes - condos	204 106	235 108	15.20% 1.89%	$130,880 $118,726	$138,732 $116,999	6.00% (1.45%)

4th Quarter/1998 Utah Average Sales Price for Homes = $159,187

Date: Feb. 1, 1999

Media Contact: Cami Rozanas (801) 364-0088

SALT LAKE CITYCSingle-family home sales increased during the fourth quarter 1998 compared to the same period last year, according to figures released today by the Utah Association of REALTORS7 (UAR). Statewide, sales rose 7.52 percent while home prices increased 4.68 percent.

AWe are seeing a sustained growth in sales because interest rates continue to be low while home prices are not going up tremendously,@ says UAR President Ed Tugaw. AA large cross section of people are finding they can afford to buy.@

Utah homes sold for an average price of $159,187 in fourth quarter 1998, up $7,116 or 4.68 percent from fourth quarter 1997. A comparison of fourth quarter 1998 with third quarter 1998 shows an average home price increase of 3.24 percent. When excluding homes in Park City, whose sizeable average price of $438,511 skews the overall data, the state=s fourth quarter 1998 average home price was $150,864.

Local boards throughout the state experienced a healthy growth in both home prices and sales. Twelve of 14 boards reported a rise in average home price and eight boards reported a sales increase as compared to fourth quarter 1997.

AReal estate continues to be an excellent investment,@ says Tugaw, noting a steady increase in overall value throughout the state.

Utah=s sales figures are in line with national trends, according to information released by the National Association of REALTORS7 (NAR). AThis is both a seller=s and a buyer=s market,@ explains NAR President Sharon A. Millett. AContinuous low interest rates and the healthy economy have created a steady flow of buyers moving up to second and third homes. They feel comfortable doing so because there are so many first-time buyers in a solid position to buy.@

In Northern Utah, the Cache/Rich Association of REALTORS7 in Logan reported a 4.96 percent increase in sales of single-family homes in the fourth quarter of 1998 versus fourth quarter 1997, with an average sale price of $127,553; the Brigham/Tremonton Board experienced a 17.07 percent drop in sales from the same period in 1997, with an average price of $125,720; and the Tooele County Board of REALTORS7 reported a 10.26 percent rise in sales from fourth quarter 1997, at an average price of $115,733. The Greater Ogden Area Association of REALTORS7 saw a 2.9 percent increase in home sales with an average sale price of $131,424.

Home sales rose 5.45 percent from the same period in 1997,according to the Salt Lake Board of REALTORS7. The average home price was $167,592. Condominium sales rose 13.31 percent with an average price of $123,138.

The Carbon/Emery Board of REALTORS7 reported a 34.15 percent increase in sales from fourth quarter 1997, with an average selling price of $85,900; the Central Utah Board saw a 14.89 percent increase from the same period in 1997, with an average

price of $100,013; and the Grand/San Juan Board in Moab experienced a 27.78 percent jump in sales during fourth quarter 1998 with an average price of $129,211.

Home sales in Park City remained the same as fourth quarter 1997 according to the Park City Board of REALTORS7. The average home price was $438,511. Condominium sales increased 2.17 percent with an average price of $305,300.

The Wasatch County Board also reported that home sales remained the same as fourth quarter 1997. Homes sold for an average price of $202,194.

The Utah County Board reported a 2.34 percent decrease in home sales from fourth quarter 1997. The average sale price was $161,701. The Uintah Basin Board experienced a 9.23 percent drop in sales, with an average home price of $86,901.

In Southern Utah, the Washington County Board of REALTORS7 saw a 15.20 percent rise in home sales during fourth quarter 1998, at an average price of $138,732. Condominium sales rose 1.89 percent at an average price of 116,999. The Iron County Board reported a 17.27 percent decrease in home sales from the same period in 1997, with an average selling price of $103,117.

The Utah Association of REALTORS7 serves as AThe Voice for Real Estate in Utah,@ representing more than 7,500 members involved in all aspects of the real estate industry.

The Utah Association of REALTORSÒ serves as AThe 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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