The chart below represents the real estate trends in the Ogden Valley beginning with the first quarter of 2008 through the first quarter of 2013. A quick glance will tell you that the real estate market tumbled significantly in 2008 and continued its downward spiral for some time before it began the gradual climb back up. But you'd have to have been locked in a closet for the last several years not to know that. Since we're just a couple of weeks away from the end of the first quarter of 2013, that's the part of the chart that's we're examining at this time.
The end of last year saw that the inventory of homes on the market was the lowest of any point from the beginning of 2008, however the first quarter of 2013 brought a flurry of new listings to the market place (green line). Most likely because in the world of real estate agents the buzz was all about getting more listings because there were seemingly more buyers than sellers, something that hadn't been seen in years. The blue line shows that since the beginning of the first quarter of 2013 the median sold price was flat, as was the total number of homes sold. In part, I feel the reason these numbers were flat was because the inventory was low at the beginning of the quarter, and the average home buyer takes several months to research before they buy, but there wasn't much to choose from so there weren't a lot of sales. With the inventory on the rise I think we'll see an increase of sales in the 2nd quarter.
What does this mean to buyers and sellers? Good news for both. This is still a great time for sellers to get their home on the market as prices have increased slightly. As for buyers, there is a little more to choose from and most sellers are becoming more reasonable about the value of their home in today's market.
If you're interested in getting your home on the market call me at 801-791-3955, or email me at wendycrook@kw.com. If you want to view the homes that are currently listed and even set up an alert to tell you when a new listing comes on the market you can go to www.wendycrookhomes.com, register for an account and access all real estate listings on the multiple listing service as well as lots of statistics about the industry. Don't hesitate to give me a shout. I'll respond to your call, text or email, and look forward to helping you either as a seller or a buyer of Ogden Valley real estate.
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