July 2013 Summit County Home Sales, Prices Shape Up
by Joel Carson
Utah Real Estate
SLBR 2012 ‘Salesperson of the Year’
July Summit County home sales were 200 percent higher this year than they were in 2011, and nearly 152 percent higher than last year. The median sold price of these homes is up dramatically from previous years and the price per square foot is steadily rising.
In July a total of 100 homes sold compared to 66 homes during the same period in 2012; only 50 homes sold in the entire county in July 2011. This year’s July total is almost double that of July 2008.
Summit County Residential Property Prices Climb
Park City homes for sale and Deer Valley properties account for the majority of high-value homes in Summit County. Residential real estate surrounding the world-class resort tends to come with a price. In addition to being in a highly-desirable location, many homes feature particularly high quality features and luxury amenities.
Summit County communities include:
Total sold prices can be deceiving; there are many variables to be considered, so if you want to further analyze housing market trends look at median price per square foot. Now remember, the median price is the midway point of all the houses/units sold over a set period. If 101 houses sold during July and you listed the prices from highest to lowest, the median price would be the one in the middle. There will be 50 home prices above it and 50 home prices below it. It’s not a sure fire way to determine trends, but if you look at them over time, it can be a pretty good indicator.
In July 2008 the median home price in Summit County was $470,000. It took a dangerous dip in 2009 to $415,000; and, it fell further to $397,499 in 2010. The median price began to rally in July 2011 at $420,000. It dipped again in July 2012 to $414,750. This year Summit County’s median sold price was $455,000—the highest it’s been since 2009.
If you were to only look at the median home price in Park City and Deer Valley, you would find the median sold price during July 2013 was $531,500; whereas the median sold price in the combined areas of Murray, Taylorsville and Midvale was $198,950.
Now let’s look at the median Summit County home prices per square foot: The trend is very similar to the total sold price. In July 2008 the price was $214.15. In July 2009 it was $188.58; July 2010 it was $184.69; 2011’s median was $196.44; 2012 saw a dip to $192.67; and, the median price rallied to $201.85 in July 2013.
Again, the Park City/Deer Valley market price per square foot was significantly higher than Murray, Taylorsville, and Midvale combined (all are Summit County communities; but, the markets are very different). The median price per square foot in Park City/Deer Valley was $301.35 in July 2013 compared to $109.32 in the Murray, Taylorsville, Midvale demographic region.
Trend Encouraging throughout Summit County
The number of July sales and prices is encouraging news. Granted, July is just one of 12 months of the year, but we’re seeing similar growth every month. If you are ready to buy a Park City vacation home or a Midvale bungalow, call me today at 801-673-3333. Browse all Utah listings online any time at AllParkCityHomes.com.