The average Utah County luxury home with a price point of $500,000 or more averaged 98 sales per month in the last 12 months, for a combined volume of $67.3 million, according to the Wasatch Front Multiple Listing Service.
Of those 98 homes, the average asking price was $720,942; the average selling price came in at $683,655 or 95% of the price sellers were seeking. Time on the market averaged 98.4 days, showing a slowing of the market.
Utah County’s high-end market has an average home measuring just less than 5,000 square feet and sold for an average of $141 per square foot. The homes offer an average of five bedrooms and four bathrooms.
All told, 1,177 luxury homes sold in Utah County over the last year with July seeing the most homes sold at 131 with an average price of $703,243, down from the average asking price of $745,075. Homes in that price point increased in value over the 12-month period from $610,643 to $680,213 or 11.3%.
Taking into account the rest of the single-family home market, Utah County saw an average of 613 sales per month over the last 12 months, with August showing the most sales at 800. The fewest sales were just last month, January, with 321. All told, 7,367 homes sold in Utah County in the last 12 months.
The average selling price was $405,186, down 3% from an average asking price of $416,355. Total volume was $249.2 million.
The average sold home measured just over 3,000 square feet with four bedrooms and three baths, taking 59 days to sell. Price per square foot averaged $138.
In the condo and townhome market, an average of 227 units were sold each month, totaling 2,724 for the year with a volume of $57.8 million and an average sold price of $251,502. Most of those homes sold for asking price in an average of 23 days.
The average sold townhome or condo measured 1,597 square feet, had three bedrooms and 2.75 baths. Annual appreciation came in at 7%.