As we near the end of 2021, Utah real estate sales continue at a strong pace, and inventory continues at historically low levels. At Summit Sotheby's International Realty, our team has prepared market updates through the end of November 2021 with data aggregated from three different MLS systems – for the Wasatch Back (Park City), Wasatch Front, and Southern Utah.
Focusing on the Wasatch Back numbers, including Summit and Wasatch Counties, the number of properties sold hit historical highs from July 2020 through December 2020. During that time, the Park City real estate market experienced a range of about 300-400 sales each month.
Simultaneously, the available inventory dropped from 1,668 units in July 2020 to only 782 in April 2021. Inventory
The next Deer Valley project by East West Partners will soon be announced. Founder's Place is located within the private gated community of Deer Crest, at the base of the Mountaineer chairlift at Deer Valley® Resort. Other East West Projects in Deer Valley include; Argent, One Empire Pass, Flagstaff, Arrowleaf, Shooting Star, Larkspur, and Paintbrush – all located in Empire Pass.
Founder Place offers direct ski-in and ski-out in the Deer Crest community at Deer Valley Resort. This private and secluded location is just below the St Regis Deer Valley hotel, with almost no sense of neighboring properties or homes.
Sparano & Mooney of Salt Lake City created the modern mountain contemporary architectural design, featuring big window walls, clean
We are proud to announce our 25th Edition of Collections Magazine, Art at Elevation. In our Winter 2022 Issue, we explore the duality of art and home and their history, both within our lives and the Sotheby's International Realty brand. Join us and the principle dancers of Ballet West as we explore the homes, estates and lifestyles of Utah throughout Collections Magazine, the signature, award-winning publication from the in-house creative team at Summit Sotheby's International Realty. With national distribution, editorial content including market data, current properties on the market and a glimpse of new construction communities throughout the state, Collections Magazine is just one piece of the most comprehensive marketing strategy offered by Summit
The Federal Housing Finance Agency (FHFA) has recently announced increased conforming loan limits for 2022. For most Utah counties, the 2022 CLL for one-unit properties will be $647,200, increasing $98,950 from $548,250 in 2021. Both Summit and Wasatch County classify as High-Cost Areas in Utah. The high balance conforming loan limit for these counties is $970,800, compared to 2021 of $817,650. The updated loan limits offer more opportunities for buyers to obtain higher loan amounts, easier guidelines, and better rates without moving to a jumbo loan.
The Housing and Economic Recovery Act (HERA) requires that the baseline CLL for the Enterprises be adjusted each year to reflect the change in the average U.S. home price. The Housing and Economic