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by Joel Carson
President/Principal Broker
Utah Real Estate
SLBR 2012 'Salesperson of the Year'
President/Principal Broker
Utah Real Estate
SLBR 2012 'Salesperson of the Year'
Home sales in the Park City and Deer Valley areas increased 18.44 percent in 2013 compared to the number of homes sold in 2012. We’re seeing these kinds of numbers all over the state and it’s great to see just how much things are looking up.
A report from the Wasatch Front Regional Multiple Listing Service (WF-MLS) notes a total of 282 homes were sold in 2012. That’s when we saw a mind-blowing 35.58 percent increase in home sales over 2011 when only 208 Park City homes and Deer Valley homes sold. The growth slowed somewhat from 2012 to 2013 when 334 homes sold throughout the year. Slow, steady growth is more desirable than false housing bubbles that confuse the market, so I’m encouraged by what I see.
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Those of us in the real estate industry often look at “current days on market” (CDOM) for housing market health indications. Granted, no single statistic will tell us how the local housing market is fairing; but, when you look at the big picture including how fast homes are selling, how many homes sell, the price at which they sell, and new inventory, it’s easy to get a good feel for the current situation.
Park City, Deer Valley Homes Sold Faster in 2013
We saw the market begin its recovery in 2011 when the median CDOM was 127 days. That’s a long time to wait for a home to sell and it has a tendency to make people nervous. In 2012 that number decreased by 14.17 percent to 109 days. In 2013 the median CDOM was just 87 – that’s 20.18 percent faster than in 2012.
Buyer Beware, Prices Rising
In 2011 the median home price in the Park City/Deer Valley area was $462,500. Now, that’s obviously higher than the state median home price; remember, we’re talking about world-class resorts here where high-dollar homes are in good supply. Believe it or not, that price was disconcerting to some homeowners (because it was low for the area). In 2012 the median home sold price increased 8.7 percent to $502,750. We all said, “That’s better.” In 2013 the median home sold price climbed to $590,000 (a 17.35 percent increase). For the time being, it’s nowhere but up from here. Prices in the area can still be considered bargains; and, interest rates are still very appealing. The bottom line? It’s time to buy. Please note in the stats chart that the median asking price for homes was $725,000.
Inventory Holding Steady
Park City’s home inventory, and Deer Valley’s inventory is holding steady. New listings were up slightly in 2013 compared to 2012 (.74 percent higher). In 2013 a total of 544 new listings came on the market at a median asking price of $725,000. Of the new listings added in 2013, 61.40 percent sold.
In 2012, homeowners listed 540 homes on the WF-MLS. The median asking price was $675,000 and 52.22 percent of those sold.
In 2011, WF-MLS added 626 new listings at a median asking price of $685,000. Yes, the asking price was higher than what we saw the following year; but then, only 33.23 percent of those listings sold.
The inventory in these areas of Summit County is looking good and we’re seeing the market come back into balance.
If you are in the market for a Park City home for sale or a Deer Valley home for sale, please visit www.allparkcityhomes.com today. If I can help you find that vacation home, an executive home for sale or the perfect family home, call me at 801-673-3333. I’m here to make sure you find the right Utah real estate for you.
