EXECUTIVE HOMES SELL FOR MORE THAN ASKING PRICE

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Real Estate

An average of three executive homes sold per month last year in Spanish Fork priced over $500,000, according to the Wasatch Front Multiple Listing Service, noted Realtor Rodger Hardy this week. Executive homes accounted for $1.9 million in total sales volume.

Executive homes offer a unique experience for well-heeled residents, where the more common home sold for about $323,000 in 2019.

 July marked the best month for executive home sales last year, with seven sales and a total volume of $4.4 million, Hardy said. The slowest months were also the coldest months, January through March.

 What’s surprising is that the average executive home sold last year for 3 percent over asking price. In November only one high-end home sold, and that one for $501,130, which was 24 percent over the asking price.

Although July saw the most sales at the higher price point, the average executive sale that month was just 91 percent of the asking price. Average executive sales were over asking in February (117 percent), April (119 percent), November (121 percent) and December (119 percent).

The average home at the $500,000-plus price point measures just under 5,000 square feet with a square foot price of $124, compared to just under $130 a foot for the average 2,400-squre-foot Spanish Fork home, Hardy said.

The higher-end homes averaged 4.9 bedrooms and 3.4 bathrooms and took more than three months to sell, about a month longer than the average home.

Rodger Hardy is a Realtor affiliated with Coldwell Banker Residential Brokerage and a freelance writer. To discover his unique marketing method and how that benefits both home sellers and buyers he can be reached at 801-360-9133.