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 buyers over sellers, even as more houses become available compared to this time last year. June 2017 found a decrease in the number of active listings for single-family homes, according to information from Park City MLS.
The 139 new listings in June 2017 represented a 48 percent increase over June 2016. Active listings decreased 8 percent to 253 over the same period. Actual sales of single-family homes also decreased over the same period. The Park City MLS reports that in June 2017, a total of 67 single homes were sold in the Heber Valley area. This represents a 6 percent decrease over sales in June 2016.
Prices in the Heber Valley real estate market began to fall during that year-long period. The median price of a single-family home in the Heber Valley area decreased 14 percent between June 2016 and June 2017, to $345,000. Average home prices fell 29 percent during that period to $580,289. The dollar volume of sales during the year increased 45 percent. In total, $22,221,800 worth of homes were sold in June 2017.
Homes spent an average of 64 days on the market in Heber Valley, which is a decrease from June 2016. Generally, low 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 buyers and 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.