Housing Market - Conditions Summary for Northern Utah Real Estate

January 9, 2006

Jaren Davis, president of the Utah Association of Realtors, says Utah has become highly attractive to out-of-state buyers. “The country went into fast appreciation while we were stagnant,” he says. “We were identified as one of the most affordable housing markets in America.”

And while 20-year real estate veteran Davis says 2005 has been a record year for him, the word “bubble” shouldn’t be applied to Utah or anywhere else in the country. “If there were a real estate bubble—and there isn’t—it absolutely does not exist in Utah,” he says. Since growth in the market can be attributed to good-value properties—“nice homes in great neighborhoods”—Davis doesn’t see a boom that could lead to a bust.

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Quote from- Utah Association of Realtors - March 10, 2006

National housing predicted to slow to normal activity; Utah market stays strong

The national housing market is expected to decelerate to a normal level of activity, despite statistics failing to definitively indicate the direction of the market, according to Freddie Mac’s March 2006 Economic Outlook released Wednesday.

Nationally, the annual growth in home values hit 13 percent, and housing starts in January were at their highest pace since 1973. However, sales of new and existing homes fell in January, and inventories of existing single-family homes and condominiums rose to their highest levels since 1999. The report said these contradictory statistics are signs of a national slowdown. Freddie Mac economists also said they believe the housing market crested during the third quarter of 2005, and single-digit appreciation is expected in 2006.

However, Utah real estate isn’t seeing the same trend.

“ Utah ’s market has got substantially stronger in the last 18 months,” said Jeff Thredgold, president of Thredgold Economic Associates.

In previous years, Utah real estate had fallen behind the national market while nearby states experienced huge appreciation gains. In 2003, Utah ranked dead last in appreciation, Thredgold said. But in the most recent report from the Federal Office of Housing Enterprise Oversight, Utah ranked no. 18. Thredgold said he expects that Utah will move into the top 10 or top 12 in appreciation.

“ Utah real estate on a relative basis had fallen behind,” Thredgold said. “A lot of money had been in Arizona , Nevada , California , but a lot of that spec money is now coming to this market.”

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Market Report for Ogden Valley

In the early of 2005 the Real Estate market started heating up the pace of home & land sales in Ogden Valley. The property values are strong and undervalued for a second home or a vacation home market in a resort area. This combined with favorable interest rates makes it a true buyer's market and the ideal time to purchase the home of your dreams.

Open Printable Market Report

Links to Utah Economy, Population & Job Growth Forecasts

http://governor.utah.gov/dea/Forecasts.html

http://deseretnews.com/dn/view/0,1249,635170660,00.html

http://www.zionsbancorporation.com/zionsbank/sbi/ut200502.html

http://www.utahbusiness.com/parser.php?nav=article&article_id=3899

The above information is provided by Shauna Jensen of Prudential Utah Real Estate and is taken from a reliable source that is deemed to be accurate, but the accuracy is not guaranteed. 

For more information call Shauna at 801-791-2114

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