|
 The
winter season is off to a fantastic start with natural snowfall of
about 200 inches and a base close to 100 inches at both Powder
Mountain and Snowbasin!
The tardiness of this Market Update is a result of the fact that, in
the last 3+ weeks, conditions for snowboarding and skiing have been
epic. As I speak to folks on the lifts/gondolas, it is clear that
ever increasing numbers of visitors are finding their way to the
upper Ogden Valley, having a wonderful time enjoying winter sports
here, and returning home to share their experiences with others.
Utah resorts once again figured prominently in the SKI magazine 2008
Reader Resort Survey, with Powder Mountain ranked #2 for snow and #3
for value and Snowbasin at #1 for lifts, #2 for on-mountain food, and
#4 for service. The cover of the winter '07-'08 edition of
Western Snowsports, published by the Outdoors NW parent company,
announced the feature article on Ogden Valley Your Own Private Utah
Ogden
was in the spotlight once again with the January 2008 SKI article
titled The Next Best Places (to ski, live, invest, retire) and was
also one of the January '08 Sunset article's Top 10 Places you've
gotta go.
Related Items:
I'm
pleased to announce having launched Utah Resort Reservations, the
only Ogden Valley central reservations service, booking lodging for
visitors to Snowbasin, Powder Mountain, and all the major northern
Utah resorts. I hope you will explore the website
(www.UtahResortReservations.com) and let me help with your lodging
arrangements when you visit northern Utah.
The
2007 total Ogden Valley sales for single family residential (64 sold)
and condo (30 sold) properties were almost exactly half those that
occurred in 2005, at the peak of the market. Though the average
residential sales price for '07 declined from '06 by only 3% (to
$439,535), the fact that we're still in a bargain-hunting buyer's
market becomes clear when reviewing the 13 residential sales
occurring in the 4th quarter of '07, with 9 properties selling for
$400,000 or under. Had it not been for one high-end sale that closed
at $1.28 million, the average residential sales price would have been
substantially lower. The 25% increase in average condo sales price
for '07 over ‘06 was due in part to an absence of sales of units
smaller than 2 Bedrooms, coupled with twice as many sales (6) over
$500,000. Residential inventory is fairly stable with active
listings hovering around 150, and there are bargains to be found-even
the occasional bank-owned property, priced to sell.
The
slowing of the Ogden market is evident, based on the fact that 2007
4th quarter single family home sales in Ogden were down almost 33%
from the same quarter of ‘06 and total annual sales for both single
family homes and condos were down for the first time in five years,
continuing a slowing trend that started in the 2nd quarter of '07.
Despite the slow-down, the average single family residential sales
price increased by about 10% for 2007. The good news/bad news for
2007 Ogden condo sales was a decrease of 5% in numbers sold, with an
average sales price increase of 14%.
The
fact that our part of northern Utah has so much to offer, hasn't
suffered the build-out and overcrowding of so many resort areas, and
still offers good values in comparison to so many other markets will
make this buyer's market even more attractive to those interested
in investing here.
For
additional information on Ogden Valley or Ogden real estate, feel
free to contact Nancy Stukan, with Great American Realty, at
This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
or (801)-866-2848, or visit www.NancysEden.com.
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