Park City, Deer Valley Sales Stats Rock
by Joel Carson
Utah Real Estate P.C.
More Park City and Deer Valley homes sold in November 2012 than sold in the same month the previous four years (2008-2011). In November 21 area homes sold compared to 7 in 2008, 13 in 2009, 18 in 2010 and 13 in 2011. This year the total home sales volume (the sale price of all homes combined) was $11,757,450, the second highest in five years.
Home sales prices are still lower than we’d like to see them compared to previous years, but people are learning to price homes on the Wasatch Back to sell. The median listing price of homes sold was $429,000. The median sales price was $379,500. That means the median sales price was 88 percent of the asking price (in November 2008 sellers received a median of 69 percent, the five year low). Smaller Park City homes were more popular this year in the ski mecca in November 2012 than in most previous years (a median 1,639 square feet); and, real estate is moving faster than it has in the past five years (a median 86 days on the market compared to the five year high of 200 days in November 2008).
The Park City real estate market (including the Deer Valley area) is a little fickle when it comes to determining the most popular months for home sales. Here’s a quick rundown of the highest selling months in the past five years:
Perhaps you noticed the spike in Wasatch Back home sales in March 2010. It’s important to note the federal first-time homebuyer tax credit launched to boost housing sales expired April 30, 2010 at midnight. Many of the home sales can be attributed to the shot to our US economy.
It stands to reason home sales would be up in the fall as people prepare for each upcoming snow season. Boarders, skiers and winter-lovers everywhere hear the Rocky Mountains calling around that time of year.
October sales this year excite me and tell me our market is getting back on track. If you’re a seller, that’s fantastic news. If you’re a buyer, it’s still good news because there are many Park City vacation homes, Deer Valley townhomes, and resort condominiums on the market. Fair warning, low prices like these won’t hold out forever. As the supply thins out and demand increases, look for prices to increase too.
If you see the purchase of a new luxury home, resort home, single family home or any home in your future, this is the perfect place and time to buy. Shop AllParkCityHomes.com right now online and call me at 801-673-3333 to lock in your investment.