The Ogden Valley resort property market has finally stopped its avalanche down the slopes of price decline. Our one-year moving average indicates that homes are selling around $100/SQFT. One thing to consider in this figure though is how land is accounted for in sales. The MLS doesn't give $/acre data on home sales so this trendline you see is here just a helpful benchmark. Lots sizes vary widely in Ogden Valley and thus the $/SQFT will be specific to each property. Nevertheless, our trendline does indicate the direction of prices are moving up, not down. This is good news.
Our next chart shows Ogden's East Bench Neighborhoods which are east of Harrison Blvd. and occupy the space between 20th and 36th Streets. As you can see here, there is a very nice looking recovery going on in house prices. House prices are approximately back to late 2010 levels. This neighborhood is characterized by a high concentration of owner-occupied homes and above average household incomes.
Finally we turn our attention to Ogden's Historic Core (aka. The Trolley District) which encompasses the vintage neighborhoods between Washington Blvd. and Harrison Blvd. and 20th Streets and 30th Streets. As you can see, there has been a long and steady decline since 2008 with a sudden and sharp increase over the past year. Part of this increase may be due to huge capital expenditures going on within this neighborhood to restore, rebuild, and redevelop this part of the city.
The market is healing and the real estate business is returning to a "normal" state of affairs. If you are considering buying or selling a home in today's market, CONTACT ME, and lets see what opportunity the market has in store for you.
What about the neighborhood East of Harrison and North of 20th, say up to 7th or 9th street. Is this also considered East Bench?
ReplyDeleteMark, the bifurcation of Harrison north of 12th St. isn't as strong as it is south of it. I would call that area "North East" bench. But, as long as I have lived here, I have never heard that area given a nickname. Have you? Here are the neighborhood names I am familiar with:
ReplyDelete1. East Central/Trolley District/Historic Downtown
2. Lorin Farr
3. Five Points
4. Ron Claire
5. East Bench
6. Sullivan Hollow
This doesn't cover every part of the but I havn't heard names given for some of the other part of town.