Utah Association of REALTORSÒ
[Figures reflect sales reported by each Board's Multiple Listing Service]

Back to Quarterly Market Reports Page

Third Quarter Sales Increase in Housing Market a Surprise
Utah Association of REALTORS® releases third quarter's statistics

     Murray, Utah - In keeping pace with a national trend, the housing market in Utah surged unexpectedly during the third quarter of 2003. According to the Utah Association of REALTORS® (UAR), home sales in Utah were up 20 percent as compared to third quarter 2002. The average price for a home in Utah is $168,528, which reflects a five percent increase as compared to the same period last year. This statistic excludes home prices in Park City, which tend to inflate the average.
     "We have seen some very favorable affordability conditions throughout the entire year," said UAR President Butch Dailey, GRI, CRS. "Low interest rates and a large number of first time buyers have driven the housing market in a positive direction. We may see a slow down in sales at the end of the year, which is typical during the winter months, but the demand for housing is not about to evaporate."
     In the Salt Lake Area, there was a 24 percent increase in the number of homes sold during the third quarter of 2003 as compared to the third quarter of 2002. Condominium sales were up 26 percent. The average price for a home in the Salt Lake Area is $195,018, which is three percent higher than the price of a home last year at this time. The average price of a condominium in the Salt Lake Area is $135,381, which is up seven percent from last year.
      Home sales in the Weber/North Davis Area were up 19 percent and condominium sales were up 28 percent. The average price for a home in the Weber/North Davis Area is $146,471, up three percent from last year's price at this time. The average price for a condominium has also risen three percent to $102,243.
     The Utah County Area reported a three percent increase in the number of homes sold and a 19 percent increase in the number of condominiums sold. Home prices have risen one percent to $190,027, while condominium prices have risen seven percent to $130,962.
     In Park City, home sales have decreased by nine percent and condominium sales have increased by 38 percent. The average price of a home in Park City is $509,000, which is 38 percent higher than last year at this time. Condominium prices are down 26 percent, with the average price of a condominium in Park City at $260,000.
     In the Washington County Area, home sales increased 41 percent, with the average price of a home increasing 12 percent to $182,381. Condominium sales rose 17 percent, with a seven percent price increase. The average price of a condominium in the Washington County Area is $117,872.
     The Tooele County Area reported a 27 percent rise in home sales, with a five percent increase in the average sales price. The average price for a home in Tooele County is $125,447.
     The Cache/Rich Area reported an increase of 19 percent in the number of homes sold, with a four percent increase in price. The average price of a home in the Cache/Rich Area is $142,554. In the Brigham/Tremonton Area, sales were down one percent, with an average home price of $116,628, which reflects a seven percent increase as compared to third quarter last year.
     In the Carbon/Emery Area, home sales were up 33 percent, with an average home price of $88,034, which is up two percent from the same time last year. In Central Utah, home sales were up 22 percent with a five percent increase in price. The average home price is $93,346.
     The Grand/San Juan Area reported a 26 percent drop in home sales and a 75 percent increase in condominium sales. The average price of a home in the area dropped three percent to $118,146, with the average price of a condominium increasing five percent to $182,771.
     In Iron County, home sales increased by 14 percent, with an average price of $135,610. The area also reported a 32 percent increase in condominium sales, with an average price of $79,792.
     In the Unitah Basin Area, home sales increased 64 percent, with the average home price decreasing eight percent to $103,904. In Wasatch County, home sales rose 24 percent while home prices dropped by two percent with an average sales price of $184,995.
Home sales are expected to remain stable in 2004. "The 30-year fixed-rate mortgage is expected to rise gradually in 2004, but even with the modest increase, we would have to go back to the 1960s to see two comparably affordable years for mortgage rates," stated Dailey.
     For a complete listing of the third quarter statistics, visit the UAR Web site at www.utahrealtors.com. The Utah Association of REALTORS® serves as "The Voice for Real Estate in Utah," representing more than 9,000 members involved in all aspects of the real estate industry.

# # #