Saturday, January 11, 2014

Utah Ski and Mountain Property Sales Trending Toward Last Days of Buyer's Market

Click here for the latest Utah Ski Country Real Estate Comparative Statistics for the past six months, including Number of Units Sold, Median Sales Price, % of Original Listing Price, Median Price Per Square Foot, and Median Days on the Market. This data is organized by ski resort area.

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THE NEWS

The real estate market in and around Utah's ski resorts and mountain communities continues to rebound, and the best deals are long gone.  It's still technically a buyer's market, but as the median prices increase and days on the market decrease, that designation could soon switch, with the advantage going to the seller.

Peruse this blog's comparative statistics and the trends are obvious.  In the Alta and Snowbird areas, in Little Cottonwood Canyon, the median selling price spiked over $120,000 from November to December and continues a steady upward swing.  Average days on the market dropped by 20%.  Sales in Park City and Deer Valley also saw an increase in median sales price as well as a 10% increase in price per square foot.  Canyons also saw the median sales price and price per square foot rise, while median days on the market dropped by half.  The Ogden bench and Mountain Green area, in close proximity to Snowbasin, Power Mountain and Wolf Mountain, saw increases in median sales price and price per square foot.  The $80.00 per square foot is a high point over quite a few months, but still seems a real bargain considering the area's recreational opportunities, scenery, and 40 minute drive to the Salt Lake International Airport.  In the beautiful Ogden Valley, home to Snowbasin, Powder Mountain, Wolf Mountain and Pineview Reservoir, median sales price and price per square foot are also up, but at $272,000 and $141.00 per square foot are unquestionably still great values.

The 2013/2014 ski season started with good early snowfall in Utah's Wasatch, but mid-late December was dry.  As this blog is being written, resorts along the range have received 1-2ft. over the past three days and another 1-1.5 ft. is predicted through the next two days.  Great conditions combined with still reasonable, but rising property prices - an appealing scenario for anyone who doesn't want to miss the end of what has been a multiple-year buyer's market!