Park City, Deer Valley Homes Selling Faster in 2013 Q2
by Joel Carson
Utah Real Estate
SLBR 2012 ‘Salesperson of the Year’
Park City and Deer Valley homes sold more than 50 percent faster during the second quarter of 2013 compared to the same time period in 2012. In 2012 homes remained on the market a median 131 days. In 2013 the median “current days on market” was 65, according to a report generated by the Wasatch Front Regional Multiple Listing Service.
The number of sales dipped slightly from 80 in the second quarter of 2012 to 79 Park City/Deer Valley home sales in 2013. The great news is, the median home price increased by 21.68 percent — $452,000 in 2012 to a median $550,000 in 2013.
Home Inventory Increased Slightly
While home inventories throughout parts of the United States are decreasing, the Park City/Deer Valley area’s inventory increased slightly during the second quarter of 2013 compared to 2012; however, new listings during both years’ second quarters were significantly fewer than new listings on the market in 2010 and 2011. This year 146 new listings came on the market during the second quarter. In 2012, 136 homes were listed. In 2011, a total of 176 new listings came on the market; and, in 2010, 177 new listings appeared.
More telling than the number of new listings is the percentage of listings that sold each year. In 2010, a median 28.25 percent of new listing sold with a median asking price of $640,000. Things were looking up slightly in the second quarter of 2011 as a median 34.66 percent of new listings sold; the asking price was $699,000 (9.22 percent higher than the previous year). In 2012, sales increased; but, the asking price had decreased and that could account for the movement. A median 58.82 percent of new listings sold during the second quarter of 2012; the median asking price was almost 19 percent lower than the previous year at $566,500.
This year, the statistics are more in balance and more conducive to a healthier market. A median 54.11 percent of new listings sold during the second quarter; the new median asking price was $699,000 (23.39 percent higher than in 2012).
Browse through all of our listings anytime online at AllParkCityHomes.com.