Park City Home Sales Up in 2012
2012 Sales volume increased 35% over 2011
by Joel Carson
Utah Real Estate P.C.
More signs of economic recovery in the Park City, Deer Valley area are evident in the Wasatch Front Multiple Listing Service (WFMLS) year-end stats. Homes are selling faster, prices are beginning to rise, and more homes sold in 2012 that in either 2010 or 2011.
Homes Selling Faster
In 2010 it took a median 132 days for a Park City residential property or Deer Valley home to sell. In 2011, the market had started to move a little and homes were selling in a median 127 days. In 2012, homes were selling in 111 days, that’s 12.60 percent faster than the year before.
More Homes Sold, Fewer Homes Listed
In 2010 a total of 201 homes sold in the Park City, Utah and Deer Valley areas. Sales increased only slightly in 2011 when 208 homes sold. In 2012, home sales increased 35.10 percent to 281.
The gap between buyers and sellers is closing slightly as new listings have declined significantly; and, a greater percentage of new listings are being sold. In 2010 and 2011 a total of 627 new listings were recorded for each year; however, 2012 brought a 14.04 percent decrease in new listings. In 2010 only 32.06 percent of new listings sold. In 2011 that percentage increased slightly to 33.17 percent. It’s great to see though that 52.13 percent of all new listings in 2012 sold, that’s a 57 percent increase over the prior year.
Home Prices Still Low
Unfortunately (or fortunately if you’re looking to buy) median prices remain low. They are starting to climb slightly based on the three year history, 2010-2012.
The median home price in 2010 was $700,000 in the Park City/Deer Valley area of the Wasatch Back. Prices plummeted to a median $462,500 in 2011. In 2012 the median sold price went up 8.11 percent over 2011 to $500,000.
Consumer Optimism Wavered
The Conference Board Consumer Confidence Index® report issued Dec. 27 indicated consumer confidence is repressed for the short term, but the long term outlook is a little more optimistic:
‘Consumers’ optimism about the short-term outlook plummeted in December. The percentage of consumers expecting business conditions to improve over the next six months declined to 17.6 percent from 21.3 percent, while those expecting business conditions to worsen increased to 21.5 percent from 15.8 percent.
‘Consumers’ outlook for the labor market also turned more pessimistic. Those anticipating more jobs in the months ahead declined to 17.0 percent from 19.5 percent, while those expecting fewer jobs increased to 27.3 percent from 21.2 percent. The proportion of consumers expecting an increase in their incomes was virtually unchanged at 15.4 percent. However, those expecting their incomes to decline rose to 18.7 percent from 15.6 percent.’
Buy Your New Home Now
I’m looking forward to a great and successful year in 2013. If you have considered purchasing a Park City vacation home, a Deer Valley luxury home, or any home in Utah, please feel free to browse through our online home listings. Contact me at 801-673-3333 for assistance in making your real estate dreams come true!