Welcome to the Heber Valley Real Estate Market Update March 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. March 2017 found an decrease in the number of active listings for single-family homes, according to information from Park City MLS.
The 52 new listings in March 2017 represented a 20 percent decrease over March 2016. Active listings decreased 6 percent to 211 over the same period. Actual sales of single-family homes also decreased over the same period. The PCMLS reports that in March 2017, a total of 27 single homes were sold in the Heber Valley area. This represents a 16 percent decrease over sales in March 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 1 percent between March 2016 and March 2017, to $449,000. Average home prices fell 10.5 percent during that period to $521,539. The dollar volume of sales during the year decreased 24.5 percent. In total, $14,081,550 worth of homes were sold in March 2017.
Homes spend an average of 137 days on the market in the Heber area, which is an increase from March 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.
It is still a seller’s market. However, prices are going down meaning sellers are realizing that buyers are not going to buy overpriced homes. The best thing to do is price your homes aggressively. Buyers look for homes that have been on the market for a while and offer lower than what they are asking for.
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.