Just came out of our Year over Year Period Comparison Report — 12 Month Rolling and as usual, more information than I can digest at one time. Here are some initial observations from the committee:
Watch out when looking at Upper Deer Valley’s condo sales, price appears to be up over 130% but that is because Stein Eriksen Residences began to close.
Trends suggest that the number of sales in the first quarter is always low; the number of sales this quarter is up 22% in number of sales over last year, so we might expect the next three quarters to increase as well.
Anything in the Kamas valley that is reasonably priced is under contract in under 2 weeks. There is also a huge rental demand.
What was perceived as far away is no longer perceived as such. Red Ledges is a terrific value. The competition for Empire Pass is Promontory. Buyers are younger (heyooooooo) and looking for gated communities with lots of amenities.
Single family home sales in Old Town is very stable, but just because some condos are listed at $1,100/sq ft (and not selling) doesn’t mean every Old Town house is–or even many of them are–worth $1,100/sq ft.
Lower Deer Valley condos were hot, now it’s houses and a continuation of what we saw last quarter. People see the value and there is some flipping happening.
One of our local lenders, Rick Klein, compiles an excellent report
that includes this fabulous graph (which does have some formatting issues).
If you list a condo in area 1-9 (Old Town to Park Meadows), for under the median sales price of $705,000, the stats show the absorption rate at 3.4 months. If you list for over that median, the stats show the absorption rate shooting up to 14.3 months. For single family homes in areas 1-9, if you list under the median price of $1,850,000 the stats show your absorption rate at 4 months. Whereas over that median price the stats show the absorption rate changes to 16.7 months.
For areas from 10-23 (Canyons out to Jordanelle), for condos up to the median price of $484,615 the stats show 1.5 months, and over the median price the stats show an absorption rate of 5.7 months. For single family homes up to the median price of $982,000 the stats show an absorption rate of 1.9 months, and over that median, the stats show an absorption rate of 10.1 months. (Absorption rate is calculated by taking the number of properties sold per month and dividing that out by the number of properties on the market.)