Welcome to the Heber Valley Area Real Estate Market Update July 2017.
Heber Valley Area Overview
In the Heber Valley real estate market, conditions continue to favor sellers over buyers, even as fewer houses become available compared to this time last year. July 2017 found a decrease in the number of active listings for single-family homes, according to information from Park City MLS.
The 96 new listings in July 2017 represented a 12 percent increase over July 2016. Active listings decreased 6 percent to 258 over the same period. Actual sales of single-family homes also increased over the same period. The Park City MLS reports that in July 2017, a total of 51 single homes were sold in the Heber Valley area. This represents a 24 percent increase over sales in July 2016.
Prices in the Heber Valley real estate market began to climb during that year-long period. The median price of a single-family home in the Heber Valley area increased 55 percent between July 2016 and July 2017, to $530,000. Average home prices rose 89 percent during that period to $852,124. The dollar volume of sales during the year increased 48 percent. In total, $22,713,800 worth of homes were sold in July 2017.
Homes spent an average of 83 days on the market in Heber Valley, which is an increase from July 2016. Generally, high prices, limited availability, and quick 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.