Browsing Posts From: Research

The market is doing some strange things with prices soaring and sales slumping.  Meanwhile, homes under contract appear to be going missing.  What’s going on?  Find out!

The past 12 months were like nothing we have seen in Northern Utah in over 25 years.  Here is a video explaining what made 2020’s real estate market so wild and crazy.   If you want to find out what your home is worth in today’s market, give me a call.

House prices have been on a tear for years now along the Wasatch Front.   New construction is in high demand as housing supply has not kept up with population growth.  Since land prices are a component of the cost of new construction, I thought it was time to take a look at the value of lots in Weber County and see how they were trending. Here is today’s chart on this subject:   This chart represents the price per acre of residential lots sold in Weber County from 1995-2020.  The […]

Broker Jeremy Peterson explains the unprecedented surge in house prices in Weber County Utah and reveals what is happening behind the headline housing numbers.

Thanks to Ron Pippin and Taylor Archibald with Cardinal Mortgage for hosting me on their Agent vs. Lender Podcast.  We discuss property management, current real estate market conditions, Ogden history, talk about historic homes, tell war stories, and more.  Check it out.  

Listing inventory of homes for sale has been a persistent problem for buyers over the past several years.  While the pattern of available homes follows a predictable seasonal cycle that troughs in the winter and peaks in the summer, some years are better or worse than others.   Today we want to look at a chart that illustrates the severe drought we are facing in Weber County when it comes to homes on the market for sale.  Let’s take a look.     This information comes from the MLS and […]

Last year the University of Utah’s Kem C. Gardner Policy Institute made some predictions about the direction of the housing market.  Meanwhile, we made our own.   Here is how things turned out:   2019 Predictions: Weber County House Prices KGPI : +10% Vesta:  +3% What Actually Happened: +10.1%   Sales Volume KGPI: +4% Vesta: -5% What Actually Happened:  +1.5%   Last year we thought that increasing interest rates would put a sag into sales and cap prices somewhat.  Our predictions failed as interest rates surprisingly dropped back to historic lows.   This year the housing […]

Watch as we discuss the strange happenings in Northern Utah’s real estate market as mortgage payments are falling faster than house prices are rising. Charts included!    

Weber County home sales growth is a good measure of how the real estate market is performing locally.  For Realtors, this measurement dictates whether being in the business is easy or hard.  During periods of sales growth, agents enjoy a bountiful harvest of sales until word gets out about how easy it is and new agents join the ranks to take their share of the crop.  When sales are shrinking (usually after a period of growth) agents joust with each other for business and work overtime in order to make […]

    One of the perks of a real estate boom is increasing values and improving home equity.  During the Great Recession, many homeowners with mortgages saw their home’s value plummet below the balance they owed on their mortgage.  Being “upside down” on their homes led many owners to short sell or simply give up and let the bank foreclose.  In Utah, time has healed that wound and CoreLogic has come out with new figures showing just how robust Utah’s recovery has continued.   Here you can see that Utah’s […]

The news cycle has been filled with stories of the affordable housing problem we are experiencing here in Utah. The problem is nationwide but there are some unique features to our problems locally. First, a lack of land prevents the continued suburban sprawl that is the hallmark of the last 60 years of Utah’s development. Compounding the problem is that zoning laws in most of Utah’s small municipalities shun higher density housing projects which could alleviate the imbalance of supply and demand for housing.   Despite these macro forces creating […]

Explore the latest market info to answer questions about affordability and the future of Northern Utah house prices with Broker Jeremy Peterson.  

The numbers are in for December as we finally close the book on an interesting 2018.  Numbers for the last month of the year show that the market is beginning to move in a new direction for the first time in 7 years.  But first, lets take a look at the big picture…   This is our long standing historical record for real estate transaction volume in Weber County over the past 22 years.  The gray bars represent monthly sales.  The red line represents the 12 month moving average.  You […]

The Northern Wasatch Association of Realtors recently held its annual Economic Forecast Breakfast at the Davis Conference Center in Layton.  As has happened in previous meetings, the Kem C. Gardner Policy Institute at the University of Utah presented their best guesses as to what would happen in the housing market for 2019.   A couple years ago I attended the summit and they predicted that house prices would go up about 10% for that year.  I didn’t believe them.  But they were right.  House prices did the same thing last […]

Utah’s housing shortage and affordability crises has been making headlines for the past year or so.  In April, I explained why I thought December of 2018 might be the turning point for affordability in the housing market.  At the time, I suggested that home values would top out around $125/SQFT if mortgage rates reached 5.5%.   We aren’t there yet…but we’re close.  Today rates are at 4.87% and homes in Weber County are valued around $123/SQFT.   You can see how those figures, combined with inflation, have shown up in our […]