I’m very excited about the market in Ogden Valley. I just pulled the stats and compared to this time last year, the numbers are phenomenal. The amount of homes sitting on market is down 50% meaning that the average days a home spends on the market is down to 3 ½ months. I’m seeing that there has been a 5% increase in appreciation, although it hasn’t been as strong compared to the rest of the state. The amount of homes sold is up 20%, which is awesome.
Given these numbers, its telling us that inventory is starting to move compared to my last update when the market was somewhat stagnant. With the inventory starting to dwindle, it’s bringing 15% more homes onto the market as well the prices of the new homes are up 14%. Sellers are becoming confident that they can get the value back out of their homes. They also believe the market is safe enough to be tested for the ski season.
The Ogden Valley is seeing a lack of inventory in the price point of $250,000-400,000 because the homes are moving extremely fast. However, new inventory will arrive as home builders are bringing in new subdivisions. Recently, Wolf Creek had land purchased and new home sites should be going up soon, too.
If you have any questions about the value of your home or some clarification on numbers, feel free to contact myself or my team at (801) 745-0745 or email me at Spring@LiveUtah.com. We’re happy to help and talk to you soon!