We have just received our midyear final numbers for what’s going on in the market, so I want to talk about single-family homes that are selling in the Wasatch Valley area.
We’ve got Heber Valley and then we’ve got Kamas Valley, both that are also performing very well. Kamas has an increase of … Well, they have the highest increase in property value increased compared to everywhere else in the area, at a 44%. They have increased their average single-family home sale by $153,000. Talk about amazing.
Now, when you take that in comparison to what’s going on in the area, Kamas is a wide range of properties. You’ve got your seasonal cabin properties, you have your full-time cabin properties, you have your single-family homes, but there’s not a ton of new construction that’s happening in Kamas. It’s one of those areas that I think … Of course, I’m saying, “Watch everything. Watch everything.” Well, that’s what we’re here for. We will watch it for you, so if you are interested in that area, there are some great little pockets of properties that I would definitely recommend for somebody who’s looking for more of the country life.
So, total, 44% increase, but they didn’t have too many additional homes sold year over year. They only increased two homes for the entire year, so if that tells you that that market on that side, there’s not a lot of homes available, so when the perfect home opens up in Kamas, I would definitely put in an offer as soon as you can, because they’re moving quickly, because there isn’t many available.
Now, in the Heber Valley, it’s kind of all across the board. You’ve got a very wide area, from Timber Lakes all the way to Midway, and it pushes as far north and as far south as you can go in the valley. I took out a private golf community, which is Red Ledges, which has also a huge amount of traction. Two years ago, they only sold 23 homes. This year, 43, so they have nearly doubled the number of homes that they’re selling in Red Ledges, and we’re finding in the Park City area, we have several homeowners that have lived in Park City that are moving to Red Ledges, so I think we’ve had, just in the last year, four sellers that were moving from Park City to Red Ledges in Heber Valley.
They have two golf courses. They have pools. They have all of the amenities that you can have at a lower purchase price than you can get in Park City, so a lot of downsizing that’s happening. Great location, beautiful views of Mount Timpanogos. Definitely, a destination to visit while you’re here, in your tour of homes. But taking that out, they increased their total dollar purchasing price up to 126,000 year over year. If you take out the Red Ledges, Heber’s been growing at a good pace at just 13% over the prior year, at a total of just $64,000 increase for year over year.
So, that is my total of everything that’s going on in the surrounding Wasatch Valley, so would love to take you around and show you what’s available, and great homes to take a look at. Give us a call. You can reach us at Team Schlopy. You can call us at area code 435-640-5660.