Park City, Deer Valley 2013 First Quarter Sales Up 31%

Professional real estate manby Joel Carson
President/Principal Broker
Utah Real Estate
‘2012 SLBR Salesperson of the Year’

Utah’s Park City-Deer Valley area saw a 30.91 percent increase in the number of homes sold in the first quarter of 2013 compared to the same period in 2012. This year 72 homes sold compared to 55 last year. The median home price is up this year by 16.25 percent, according to data provided by the Wasatch Front Regional Multiple Listing Service (WFR-MLS).

In the first quarter of 2012 the median home price was $600,000. This year the median price jumped to $697,500 – a major improvement over the 2011 median price of $401,500.

New listings were down slightly in the first quarter of 2013 compared to the first quarter of 2012. In 2012, 142 new listings hit the Park City-Deer Valley area compared to 137 in 2013 (-3.52 percent). While fewer homes are being listed, a greater percentage of those homes sold in the first quarter of 2013 than sold in the same period in 2012. In 2012 38.73 percent of new listings sold whole 52.55 percent sold in 2013 (a difference of 35.69 percent).

The new median asking price for Park City homes for sale and Deer Valley homes for sale is $682,000, 2.43 percent less than the median asking price for the first quarter of 2012 which was $699,000.

Park City homes are a little slower to sell this year than they were during the first quarter last year. In 2012 the median current days on market was 105 compared to 138 percent this year (an increase of 31.43 percent).

Summit County 2013 Q1 Statistics Show 33.33% Price Increase

Throughout Summit County homes were a little slower to sell in the first quarter of 2013 compared to the same period in 2012 (it took a median 91 days for a home to sell in 2012 compared to 122 days in 2013 – a 34.07 percent increase).

Although sales took longer, the number of homes sold leaped 15.23 percent compared to the first quarter of 2012. In the first quarter of 2013, 174 homes sold compared to 151 in 2012.

The real news in Summit County is the price increase; the median sold price is up an impressive 33.33 percent this year. The median sold price for 2012 was $375,000. In 2013 the median first quarter sales price was $500,000.

New listings in Summit County are up 2.75 percent (could patient sellers be jumping on the bandwagon now that prices are up?). In the first quarter of 2012, 363 new homes came on the market and 41.6 percent of those sold. In the same period this year 373 new listings came on the market and 46.65 percent sold.

Summit County Communities include the following:

SUMMIT COUNTY

Cities

  • Coalville
  • Kamas
  • Oakley
  • Park City
  • Towns
  • Francis
  • Henefer

Census-designated places

  • North Snyderville Basin
  • Samak
  • South Snyderville Basin
  • Summit Park
  • Woodland

Other localities

  • Echo
  • Hoytsville
  • Peoa

Utah Home Prices Up Overall

Utah homes sold faster and at higher prices in the first quarter of 2013 compared to the first quarter of 2012. Statistics from the Wasatch Front Multiple Listing Service (WFMLS) report a 37.97 percent reduction in the number of days it took to sell a home in January, February and March compared to the same period last year. The median sold price was up 11.80 percent throughout the state.

The number of homes sold declined slightly — .25 percent – but then, there were fewer listings this year and a higher percentage of listings sold in the first quarter of 2013 compared to the first quarter in 2012.

There are still some great deals to be found on Park City homes for sale and Deer Valley homes for sale, but the market seems to be turning toward favoring sellers. If you’re ready to buy your resort home, dream vacation home or condominium contact me today at 801-673-3333. Email me at 8016733333@gmob.com or browse our area listings online anytime at www.allparkcityhomes.com.

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