Welcome to the Heber Valley Area Real Estate Market Update May 2017.
Heber Valley Area Overview
In the Heber Valley real estate market, conditions continue to favor both buyers and sellers, even as more houses become available compared to this time last year. May 2017 found a decrease in the number of active listings for single-family homes, according to information from Park City MLS.
The 90 new listings in May 2017 represented a 15 percent increase over May 2016. Active listings decreased 28 percent to 222 over the same period. Actual sales of single-family homes also increased over the same period. The Park City MLS reports that in May 2017, a total of 42 single homes were sold in the Heber Valley area. This represents a 14 percent increase over sales in May 2016.
Prices in the Heber Valley real estate market continued to climb during that year-long period. The median price of a single-family home in the Heber Valley area increased 65 percent between May 2016 and May 2017, to $565,000. Average home prices rose 40 percent during that period to $687,681. The dollar volume of sales during the year increased 8 percent. In total, $20,434,325 worth of homes were sold in May 2017.
Homes spent an average of 134 days on the market in Heber Valley, which is an increase from May 2016. Generally, high prices, limited availability, and slow sales of those homes that come up for sale make the Heber Valley real estate market a favorable environment for sellers.
Team Schlopy Real Estate provides expert real estate services to residential buyers and sellers in Heber City and surrounding communities. Contact us today for more information on Heber Valley real estate and for professional assistance navigating this sometimes complex home market.