Third Quarter Sales Stats Great for Park City, Deer Valley
by Joel Carson
Utah Real Estate P.C.
So far 2012 has been good to the Park City and Deer Valley areas. A year-to-date comparison of residential home sales in these Summit County mountain communities shows more homes are selling faster and at higher prices than they did in 2011.
Keep in mind we’re a month into the fourth quarter of this year; but, October statistics indicate the upward trend will continue. Based on statistics generated by the Wasatch Front Regional MLS on Nov. 1, residential sales in the Park City and Deer Valley areas are up 32.39 percent compared to the same time period in 2011. In the first three quarters of 2011 a total of 176 homes were sold. In 2012 a total of 233 residential units were purchased.
Sometimes when we see increased sales, we see decreased sales prices too. Not so here. The median sales price is actually 13.44 percent higher this year ($515,000) than it was during the first three quarters of 2011 ($454,000).
Park City Homes and Deer Valley Homes Selling Faster
During the first three quarters of 2012 homes spent a median 13.28 percent less time on the market than they did during the same period in 2011. Residential units spent a median of 128 days on the market in 2011 compared to 111 days on the market in 2012.
It appears the amount of new inventory entering the market is leveling out too. During the first three quarters of 2011 a total of 527 new listings came on the market; of those new listings, 33.40 percent sold. In 2012, 444 new listings came on the market and 52.48 percent of those sold. That’s an amazing 57.13 percent increase in the number of new listings sold.
Even the asking price for homes in this exclusive area is up. This year’s median asking price is $674,500 compared to $668,000 in 2011 ( a .97 percent increase).
October Sales Reflect Upward Trend
In October 2011 a total of 19 residential units in the Park City and Dear Valley areas of Summit County, Utah a total of 19 homes sold for a total sales volume of $10,873,000 (just over a median $243 per square foot).
In the month of October 2012, 32 homes sold at a total volume of $24,578,700 (just over a median $250 per square foot).
Utah Real Estate still has a fantastic inventory of luxury homes, townhomes, condominiums and single family units in this area! Please take time to browse through them at www.AllParkCityHomes.com or call me today at 801-673-3333.
Note, Table 1: This report was generated automatically by the Wasatch Front Regional MLS on 11/01/2012 and prepared by Joel Carson. Copyright 2012 Wasatch Front Regional MLS All Rights Reserved