Real Market Report for Ogden

Posted by Buddy Blake on Tuesday, October 25, 2016 at 8:27 PM By Buddy Blake / October 25, 2016 Comment

Let's Take a Look...

at the real estate market. Currently there are 126 sales pending in the market overall, leaving 269 listings still for sale. The resulting pending ratio is 31.9% (126 divided by 395). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked! The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.

The pending ratio indicates the supply & demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.

"Current inventory is described as mildly active."

Taking a closer look, we notice that the $200K - $300K price range has a relatively large number of contracts pending sale.

We also notice that the $200K - $300K price range has a relatively large inventory of properties for sale at 74 listings. The median list price (or asking price) for all properties in this market is $355,000.

A total of 508 contracts have closed in the last 6 months with a median sold price of $250,000. Breaking it down, we notice that the $200K - $300K price range contains the highest number of sold listings.

Alternatively, a total of 164 listings have failed to sell in that same period of time. Listings may fail to sell for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $200K - $300K price range has the highest number of off-market listings at 50 properties.