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2nd-quarter home sales up 5%

Buyers ignore rising prices to boost new figures over 1999’s

SHARE 2nd-quarter home sales up 5%

Utah homebuyers ignored rising prices in the second quarter and boosted sales of single-family homes by 5 percent over the same period last year, according to figures compiled by the Utah Association of Realtors.

The second-quarter survey showed the average price of a home in Utah rose 3 percent in April, May and June to $168,414, up 3 percent from a year ago.

As usual, though, that average price was skewed by the figures reported by the Park City Board of Realtors, which found the average price of a single-family home in that posh resort community to be a whopping $546,319, up 14 percent from the second quarter of 1999. However total sales in Park City were down 13 percent from last year.

Overall condominium sales in Park City were 3 percent lower than last year with prices averaging $399,500.

With Park City housing removed from the mix, the average price of a home in Utah was some $12,000 lower at $156,452.

But that's still better than last year's second quarter, said Mac Brubaker, UAR president.

"Overall, the Wasatch Front housing market continues strong with year-to-year prices running 3 to 4 percent higher than in 1999, and the number of homes sold up 3 percent to 10 percent, depending on the individual community," said Brubaker.

He cited the tight labor market in Utah for the rising home prices, along with higher impact fees and governmental land use controls.

The residential real estate market varied across the state in the second quarter, but 13 of the UAR boards reported average price increases in home prices while only the board overseeing Carbon and Emery counties reported an average price decline.

Nine of the boards reported higher total sales — led by Iron county with a 56 percent increase — while five had fewer homes sold in the quarter — led by Wasatch County with a 67 percent drop in overall sales.

Here are the reports from the various boards of realtors across the state:

Salt Lake-area home sales were up 10 percent with the average home price at $180,967. Condo sales also had a modest 0.75 percent increase with an average price of $121,267.

Utah County reported a 5 percent increase in homes sales from second quarter 1999. The average sale price was $168,985. Condo sales, however, were down 21 percent with an average selling price of $115,680

The Greater Ogden Area Association showed a 4 percent increase in sales and an average price of $137,854. Condo sales were up 8 percent with an average selling price of $102,628.

In northern Utah, the Brigham/Tremonton Board reported an 11 percent increase in single-family home sales for the second quarter, with an average price of $121,371.

The Tooele County Board reported a 30 percent drop in sales with an average price of $116,789. Brubaker said the number of homes sold in Tooele over the past few years set historic highs that are not being maintained this year.

The Cache/Rich Association reported a 41 percent gain in sales volume over the second quarter last year and an average home price of $127,913.

The Carbon/Emery Board reported an 11 percent decline in sales and an average home price of $85,098. Central Utah saw a 6 percent increase in sales with an average price of $92,278.

Sales at the Grand/San Juan Association in Moab decreased 22 percent with homes selling for an average $127,331, an increase of 30 percent. Condo sales were down 33 percent at an average price of $140,577.

The Wasatch County Board reported a 67 percent decrease in sales. Homes sold for an average price of $210,564.

The Uintah Basin Board saw a 26 percent rise in sales with an average price of $91,128. "This area continues to see a resurgence in oil and gas exploration and production," said Brubaker. "This factor coupled with four major government and private construction projects creates a more active market."

In southern Utah, the Washington County Board showed a 4 percent rise in sales compared to second quarter 1999 and an average selling price of $153,247. Condominium sales also increased slightly, just under 1 percent with an average price of $113,476.

Iron County saw a substantial increase in home sales of 56 percent. The board cited an influx of out-of-town buyers for the rise in sales. Homes there sold for an average of $107,347.


E-MAIL: max@desnews.com