Market Update - Q2 2014 Wasatch Back Market Update

Bacon Brothers

 

  • The market remains highly segmented and complex
  • The median price of single family homes has continued to gradually increase and is up 4%
  • The median price of condominiums remains constant
  • There has been tremendous interest in vacant land, and lot sales have increased by as much as 78% in some marketplaces when compared to second quarter of last year
  • There has been a 5% increase in inventory when compared to last year
  • We have experienced a 9% increase in total sales volume when compared to second quarter of last year
  • Average sales price is also up 9% from last year

DistressedSales2

Distressed Sales: We are recovered. 

Distressed sales represent a small 2% of our market. We are back to '06 levels. While we still have some hurdles to cross, our market has recovered and remains stable.

Area Spotlight: Promontory

Victory for vacant land.

Promontory has seen tremendous activity this past quarter, particularly with regards to vacant land. 32 lots sold: a 78% increase from second quarter of last year.

empire pass

Area Spotlight: Empire Pass

In demand.

Empire Pass has seen an 118% increase in units sold and an 143% increase in volume sold when compared to last year. With these latest statistics, Empire Pass has proved to be one of Park City's most robust sub-markets.

Utah's Marketplace: Only good news.

According to the National Association of Realtors, the Utah state government and business community have propelled Utah onto the world economic stage. As a result, Utah’s exports tripled between 2005 and 2012 to $16.1 billion and the state grabbed a nice share of foreign direct investment flowing into the U.S. For four years running (2010–2013), Forbes has crowned Utah the best state in the nation for business.

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