Park City Real Estate Trends

Park City’s Real Estate Inventory Problem

By Todd Anderson
Dec 07, 2017

Like many other communities in the country, Park City, Utah is experiencing a lack of available homes for sale.

How can that be when a search of the active properties on Wasatch Back MLS (Summit and Wasatch Counties) brings nearly 1900 results?

  • Just over 700 of those listings are for Vacant Land (Acreage and Building lots)
  • Another 140+ of these listings are for Fractional Ownerships or Commercial properties
  • So, there are 1042 active listings of Homes and Condominiums on the WBMLS
  • 109 of these are outside Summit or Wasatch Counties (mostly in the greater Salt Lake area)
  • Further Subtraction of the homes in the Heber Valley, Kamas Valley and Coalville area removes another 240+ homes from the initial search results
The final tally leaves 691 Homes and Condominiums in the Greater Park City Area for sale (this includes Park City Proper, the Snyderville Basin, and the Jordanelle Reservoir area). The split between Homes and Condominiums is almost even (348 vs 343).

Park City Housing InventoryYear to date sales for homes and Condominiums in the Greater Park City area is 1335 (574 Houses and 761 Condos). This data gives a 6.7 month supply for Homes and a 5 month supply for Condos. These numbers sound very reasonable for most metro markets in the US and might even be considered a Buyer’s market by some standards. A deeper dive shows the real issues in the Park City Market.

Of the active homes for sale, 223 have an asking price of $2 million or more; this is a 17 month supply at the sales rate so far this year. At the other end of the spectrum, there are only 32 Homes listed for less than $1 million; at current sales rates would sell these homes in a mere 1.5 months. Homes between $1 and $2 show a 5 month supply at the current absorption rate.

  • Of the current active listings in Old Town, the median asking price is over $2.1 million
  • Only 6 Homes on the market in Old Town have a price under $1 million; none of these were built after 1920 and half of these are under 1000 square feet.
  • Sales prices for new construction homes in Old Town are averaging approximately $1000/sq ft.
  • The Pinebrook and Jeremy Ranch areas in the Snyderville Basin have 2.5 months worth of inventory at current absorption rates.
  • There were 62 sales this year in these areas under $1 million; there are currently 6 homes for sale in Jeremy Ranch and Pinebrook with an asking price below $1 million.
Condominium sales and active listings show similar discrepancies between inventories at higher and lower prices.
  • There are 31 active condo listings priced above $1 million, a little over 1 year’s worth of inventory at the current absorption rate (note the 5 month condo supply mentioned above).
  • The Racquet Club Condominiums in Park Meadows have seen 4 sales this year all representing the highest prices ever recorded for the area.
  • There were 46 condo sales in Pinebrook this year, there are currently ZERO on the market.
The lack of inventory in certain price points can lead Sellers to believe that they can get any price they choose, but that just really isn’t the case. The current low mortgage rates mean that many Buyers are still getting a mortgage, and in that case the property will need to appraise. Appraisals are a back-ward looking price determination based on recent sales, this keeps prices from jumping too fast or Sellers getting a high price just because they have the only one on the market. Inventory that is on the market a long time is usually over-priced; Buyers won’t pay too much over the last comparable sale unless there is truly something special.

Park City’s low inventory levels can make both Buying and Selling harder (for different reasons), but either way you’ll find that the knowledge and guidance of a local real estate professional is a must. Contact the YouInParkCity.com Group (435)962-9472 at KW Park City Keller Williams to help you through.

Making Sense of Park City, UT Housing Prices

By Todd Anderson
Dec 02, 2017

Park City, Utah home and condominium prices in general are still rising, but a few things have had me scratching my head recently.

Wasatch Back MLS Market WatchI study the data on the Wasatch Back (formerly Park City) Multiple Listing Service (MLS) daily. I watch the new listings, pended sales, completed sales, removed listings and price changes depending on the day of the week, there are 35-75 daily changes.

Price Changes can really give an idea of which way the market is trending although in some cases they make me wonder “what was that agent or owner thinking?” when they priced it originally. Recently I sent a new listing to a client with a note stating, “this is priced well and likely won’t last long”.  Two weeks later it still hadn’t sold which made me question my knowledge, but then a price increase on the property showed up with the price going UP by nearly 35%. I somewhat wrote this off to an agent with little experience in our market, but I noticed something similar from a seasoned agent that knows our Park City real estate market well. This time it was a 20% price increase, but both properties remain on the market a few weeks later waiting for offers on their increased prices. Maybe we can chalk it up to greedy Sellers(?).

While price increases on listed Park City properties are fairly rare outside of new construction which often sees pricing go up as the projects are closer to complete, price reductions are common. Owners may like to “test” the market with a high initial price only to lower it after a few weeks. Lately though it has not been uncommon to see prices be lowered by 20% or more. Seeing a $500,000 drop on the price of a home is surely a good talking point, but I’m not convinced that it is a great marketing strategy. Buyers will tend to not even look at a property that is too far above the market and Sellers often get “anchored” to their original price whether or not it was realistic.

The Park City real estate market has a lot of moving parts and inventory can be quite slim depending on what exactly you have to sell or are looking to buy. Properties that are priced well move quickly, but it doesn’t mean that you can get or need to pay 20% more than the market value.

If you are looking to Buy or Sell property in the Park City, Utah area or just want a better feel for what is going on in the market, contact a realty professional with the YouInParkCity.com Group

(435)962-9472.

Real Estate Sales in Park City. Q1, 2017

By Todd Anderson
Apr 12, 2017

The real estate market in Park City, UT sky-rocketed during the first quarter of 2017.

Comparing the first quarter real estate sales of 2017 to the first quarter of 2016 looks similar to the snowfall comparisons between the two years.

  • Unit volume sales of Single Family homes were up nearly 20%
  • Dollar volume of Single Family homes sales was up nearly 25%
  • Condominium unit sales were up nearly 40%
  • Condominium dollar volume was up a whopping 74%

With all that said, the YouInParkCity.com Group knows that 90 days’ worth of sales isn’t enough to be statistically relevant and the small sample size we are dealing with is easily skewed. If we remove the $50M worth of sales at the Stein Eriksen Residences (SER), condominium unit volume changes to being up 30% with dollar volume up 35%.

The timing of new product to the market definitely impacts our numbers in the first quarter which is historically one of the slowest of the year. In addition to SER mentioned above, a similar story may have happened around the Jordanelle Reservoir where unit sales we up nearly 60% with the completion of many townhomes at Black Rock Ridge and Park’s Edge.

The story-line that may be more relevant and reliable in terms of the data is about scarcity. The greater Park City area currently has under 800 homes and condominiums for sale; the first quarter (which we mentioned is normally slow) had over 300 completed sales. That is less than 9 months inventory at the current sales volume.  This isn’t necessarily out of whack until we look at pricing and sales within price points.

  • Current for Sale Inventory of 440 Condos and 340 Homes in greater Park City has been relatively stable for the past four years
  • The median sales price of a home over the past year has been approx. $1.25M there are 57 active listings below this price (2.5 months’ worth of inventory)
  • The median sales price for a condominium has been $525,000; there are 105 options on the market below this price (3 months’ worth of inventory)
Note that the stats here are just raw data Park City area home and condo numbers and really don’t take locations, views, finishes and all the things that make a home unique and special into account. Thirty percent of the sales in the past year were on the market for less than two weeks.

Having someone that knows the market and the specifics of what you want to buy or have to sell is imperative. Contact the YouInParkCity.com Group for all your Park City Real Estate needs.

Park City Real Estate Sales 2016 Mid-Year

By Todd Anderson
Jul 28, 2016

With summer now in full swing in Park City and the winter firmly behind us (it probably won’t snow again for 2 months!), it is a great time to look at the real estate sales we’ve had and look forward to the rest of the year.

The statistics we use here at YouInparkCity.com are derived from the Park City Board of Realtors MLS data and focus on the Greater Park City area (Park City, Snyderville and Jordanelle). We will also make some notes and special references to the neighboring Heber and Kamas Valleys.

Park City, UT has a complex real estate market made up of many sub-markets; it is in-town vs out-of-town, in the Park City school district versus not, ski-in/ski-out versus a shuttle or walk (note that some consider this a ‘four letter word”) to the slopes, the Heber Valley, the Kamas Valley, Resort/Second home versus primary residence, dogs vs cats and more. We’ll take a look at some of these sub markets with a strong focus on prices; if we’ve missed something that is particularly important to you call or email us and we’ll give you an in depth look at the area that means the most to you as a Buyer or Seller.

Few highlights to start:

  • Inventory levels have risen in the past quarter (July tends to show a peak in Active listings)
  • Snyderville (Park City 84098) has double the single family home sales of Park City proper (84060) and a similar number of condominium sales
  • In town Park City (84060) condominium sales were down by 26% while sales out of town (84098) were up 5%; both areas saw the median sales price increase by 25%
  • Over 70% of the 69 condominium sales in the Jordanelle area were new construction completions.
  • Home sales in the Heber Valley are up 25% versus the first half of 2015 (data from Wasatch Front MLS system)
Chart courtesy of Rick Klein - Wells Fargo Private Mortgage Chart courtesy of Rick Klein - Wells Fargo Private Mortgage

Median home prices (the half-way point in terms of the sales that were made (½ above the price, ½ below the price) rose in all areas. The median sale price in Park City proper (84060) was $1.589 M the current active inventory has less than 20% below the median sales price and fewer than 10 homes are offered at less than $1M. Outside of town proper (Park City 84098) has not quite the skewed inventory of “in-town” with 30% of the available homes listed below the $1.017M median sales price. Prices were up about 8% while the number of sales was relatively constant. The Heber Valley saw the largest increase in median sales price of over 20% with the median sales price there now over $400,000.

As mentioned above, condominium sales within the city fell by 26% but the median sales price rose by 25% to $763,000. The Old Town area lead the price increase while the Empire Pass area saw a decrease in unit volume and in median sales price (both down over 20%). The Canyons Village at Park City lead the way up for the “out-of-town” Park City (84098) properties which showed an overall 5% uptick in sales at a median sales price of just under $500,000 (a 26% increase). Condominium pricing shows some of Park City’s greatest variety with studio condos starting as low as $79,000 and moving up to over $9M. Like single family homes, offerings are heavily weighted to the upper end with nearly half of all available condos asking over $1M.

Tight inventory levels continue to force quick decisions as one third of all homes and condos sold so far in 2016 only lasting two weeks before being under contract.

Our complex market in and around Park City provides many opportunities and a few pitfalls as well. Depending on your particular situation and location, the market may be both a Buyers’ or Sellers’ market. YouInParkCity.com can help you navigate both.

For assistance from REALTORS® you can trust to help you with your Park City area properties contact the YouInParkCity.com Group at KW Park City Keller Williams Real Estate: info@YouInParkCity.com (435)962-9472.

Park City Real Estate Sales 2016 Q1

By Todd Anderson
May 16, 2016

With the ski season in Park City now over (everyone except Mother Nature and the snow gods believe this to be true), it is time to take a look at real estate sales since January and our current Park City Real Estate Market.

If we had to size it all up in one line, it might read “Prices are up and sales volume (in units) is down” but that really doesn’t tell the whole story.

Park City, UT has a complex real estate market made up of many sub-markets; it is in-town vs out-of-town, in the Park City school district versus out, ski-in/ski-out versus a shuttle to the slopes, the Heber Valley, the Kamas Valley, Resort/Second home versus primary residence, dogs vs cats and more. We’ll take a look at some of these sub markets with a strong focus on prices; if we’ve missed something that is particularly important to you call or email us and we’ll give you an in depth look at the area that means the most to you as a Buyer or Seller.

  • Quarter vs Quarter stats may be too small of a sample size for comparison, but:
  • Old Town & Lower Deer Valley condo sales are down considerably while median sales prices are relatively flat
  • Empire Pass condo sales are flat while median sales prices dropped considerably (low sales at the Montage likely impacted this number greatly)
  • Canyons Village sales were buoyed by Blackstone new construction sales but were otherwise flat
  • Jordanelle area condo sales are almost exclusively new construction completions
While the number of available homes and condominiums for sale in the greater Park City area (In-town, Snyderville (out-of-town) and the Jordanelle area) has remained fairly constant over the past couple of years, asking prices for the available inventory has become very skewed.

Available homes for sale in Park City under $1M Homes in Park City under $1million

The Single Family home sales inside the city limits show a median sales price of just over $1.5M for the past 12 months yet of the active 125(+) MLS listings less than 15 have an asking price below $1.5M and 100 have an asking price above $2M. The Snyderville Basin (out-of-town area) is only slightly better with less than 15% of its active MLS listings below its 12 month median sales price of $912,500.  There are currently no homes for sale in the Greater Park City area for under $500K. Moving outside of Park City into the Heber and Kamas Valleys (10-15 minutes to the south and east) dramatically changes what can be purchased. The changes lie mostly in the price as these two valleys have over 150 current for sale homes priced for less than $1 million, but both have the same issue of relatively few homes available below their median sales prices (only about 20 % of the available inventory is priced below the median sold prices of the past 12 months).

Available homes for sale in Park City over $1M Homes in Park City for sale over $1million

Condominiums in the Greater Park City area are experiencing a similar inventory crisis with only 30% of the active inventory having an asking price below the median sales price for the past 12 months. This number doesn’t appear as skewed as the Single Family home data for Park City, but much of that has to do with the availability of smaller units (studio and one bedroom models). Condominium pricing is still heavily weighted toward higher prices over 40% of the active condominium inventory has an asking price over $1 million.

The lack of inventory in the Greater Park City areas continues to have an impact on how quickly sales happen as nearly 35% of all sales in the past year were on the market for less than 2 weeks before being sold. We are in both a Buyers’ and Sellers’ market; higher priced homes and condominiums give the Buyers a lot of choices while Sellers in lower price categories for their neighborhood can play “hard ball”.

For assistance from REALTORS® you can trust to help you with your Park City area properties contact the YouInParkCity.com Group at KW Park City Keller Williams Real Estate: info@YouInParkCity.com (435)962-9472.

Park City Real Estate Sales 2015 Review

By Todd Anderson
Jan 26, 2016

Park City Real Estate sales for 2015 continued to show strength and appreciation. The Park City Real Estate Market has shown consistent growth in each of the last eight years going back to 2008. The numbers show steady growth in terms of both unit volume and dollar volume (over $1.85 Billion).

Park City area real estate sales volume

Inventory within the Greater Park city area (Park City Proper, Snyderville, and the Jordanelle area) remains tight with approximately 750 homes and condominiums available. This number translates to an absorption rate of just under 7 months at current sales rates. Note that while this number is higher than national averages, for the Park City real estate market the average absorption rate since 2010 has been 11 months. So we are still in a Sellers’ market in Park City.

New and upgraded homes and condominiums demand a premium and move quickly from active for sale status to pending contracts. Statistics for 2015 indicate that approximately 25% of the sold homes and condos were active for sale listings for less than 2 weeks. Acting quickly or even searching out properties that are not actively listed can make the difference between owning a property and missing out. Ask YouInParkCity.com about how we can help.

Price increases for single family homes have continued to outpace the condominium market. The median sales price of an “in-town” home for 2015 was over $1.5 Million while median prices in the Snyderville Basin and Jordanelle are quickly approaching the $1 Million mark. Price increases from 2014 to 2015 increased approximately 17%. The Park City real estate market for entry-level homes is ultra-competitive. Less than 5% of all home sales in the Greater Park City area for 2015 were for less than $500,000. At the time of this writing, there were zero homes available under $500,000 and less than 10 listed for sale at less than $600,000.

  • The Median Price of a Single Family Home in Greater Park City was $1,070,000 in 2015
Condominium sales in the Park City area increased 7% in 2015 as median prices rose about 15% to $449,000. The impact of new construction and inventory levels had a great impact in specific neighborhoods. The Old Town area saw sales fall by 35% while the Kimball Junction area had sales jump over 100% and median sales prices increase 60%.
  • The Median Price of a Condominium in the Greater Park City area was $449,900 in 2015
Real estate values, pricing and demand in Park City is very localized, sometimes even down to which building in a subdivision or floor and view corridor within a building. For accurate reliable information contact a real estate professional with the YouInparkCity.com group to discuss how these intricacies will play into your real estate sale or purchase in the Park City, UT area.

Data herein derived from PCMLS data. Information is deemed reliable, but not guaranteed.

Park City businesses say their goodbyes to 2015

By Todd Anderson
Jan 08, 2016

Buy a Park City Home or Condo Now2015 was not only a busy year for local businesses, but an expensive one as well.  Commercial rents went up, while tourism levels fell with the lower snowfall.  The Ski Patrol union nearly disappeared and the deadlines for businesses to implement the chip technology credit card terminals went into effect October 1st.

One bright spot was the announcement that Outdoor Retailer, a trade show for outdoor products, was staying in Salt Lake through 2018 - it’s contract was due to expire in 2016.  All in all, though, it appears most businesses will be welcoming 2016 with relief and open arms.  Read further for all the details - and Happy New Year!

  • Lower Snowfall causes a drop in tourism - Climate changes are not Park City’s friend, with a measly 205 inches of snow in 2015 - compared to 263 in 2014 and a high of 408 inches in 2010; as the amount of snowfall drops, so do the numbers of tourists visiting the state. Protect Our Winters (an environmental group) and Ski Utah (ski and snowboard promoters) are joining forces to get the word out on what we can do to help the snow stick.
  • Largest outdoor products trade show is staying - Outdoor Retailer’s contract with Salt Lake City was due to expire in 2016, but it has now been renewed for another 2 years. Losing the trade show would have created a financial deficit, so local retailers can breathe a sigh of relief.
  • Commercial rents continue to rise - Without rent control, local businesses will be feeling the pinch again. Since 2011, rents on Main Street have steadily increased from $40, to $47 to the current $58 - an $18 increase per month leading to fears that prospective business owners are being priced out of opening new establishments in the trendy Main Street area.  Commerce expert Steve Hooker isn’t worried about current business owners being forced to close doors, but doesn’t address prospective business owners worries.
  • Ski Patrol will still have union at combined resort of Canyons/Park City Mountain Resort - Canyons Professional Ski Patrol Association contract expired in October, and when Canyons Resort and Park City Mountain Resort joined forces becoming one grand resort, it was thought that maybe the union would cease to be - a concept Vail Resorts embraced. A vote in December, however, formed a new union after a 97-94 vote.
  • Chip technology credit card terminals deadline for installation was October 1 - And although some retailers failed to see the urgency, stating credit card fraud in Park City is extremely rare, most business owners were eager to comply. The added security of a chip-enabled terminal eases shoppers’ minds and allows them to shop without fear in a day when fraud is becoming more and more a way of life.

Real Estate Prices on the Rise in 2015

By Todd Anderson
Dec 14, 2015

Buy a Park City Home or Condo Now2015 is rapidly coming to a close, and we are seeing real estate prices continuing to rise. In addition, the number of home sales is on the rise as well.

The Park City Board or Realtors recently released numbers that reflect a 12 percent increase in single family homes, condos, and vacant land sales through the first three quarters of 2015 in the greater Park City area. This reflects a 10 percent increase over the same time in 2014.

Board of Realtors president, Nancy Tallman, states that both figures show an upward trend in spite of a lack of inventory. This problem of a lower inventory has been plaguing the area’s real estate market since the recession. Tallman says that although the sales numbers are up from last year, because of the low inventory, “it’s probably constraining our sales.”

One interesting development highlighted by the recent numbers is the disparity in median sales prices between Park City proper and the Synderville Basin. Prices rose in Park City at approximately 7 percent, while the Basin saw prices spike 20 percent.

According to Tallman, large sales price spikes are generally not good for the market; however, she says the Basin number jump is not worrisome. She says the rising prices are due to increased demand, due to the fact that homes in Snyderville are more affordable than those in Park City. In addition, Kimball Junction is now seen as a second city center, making it attractive to chose housing in the Basin.

She says that the increases are similar in both areas, with both seeing increases. She continues, saying that the homes in the Basin may be undervalued. She says, “There were some good values, underpriced inventory that people snatched up. And then the next homes that came on were priced a little higher, but obviously people are still seeing it as more affordable as being in town, which caused a big demand in the Basin."

The market looks to remain steady and should continue to grow as new construction is gaining for the first time since the recession.

Tallman also says that a big snow year could be big for real estate. She says that many visitors will come to town because of Vail. She says that this influx should help the market. Visitors will see how easy it is to get here, and along with the area’s appeal, demand should drive prices higher.

If you want to know more about the Park City real estate market, give us a call at YouInParkCity.com!

 

Park City Real Estate Sales 2015 Q3

By Todd Anderson
Oct 12, 2015

The Park City, UT real estate market continued its strong trends for 2015 with the highest quarterly sales for the year and the third highest quarterly sales volume (unit sales) since 2006.

As per the YouInParkCity.com norm we look only at home and condominium sales in the “Greater Park City Area” (Park City and Deer Valley, the Snyderville Basin and the Jordanelle Reservoir Area.

Park City Single Family Homes Sold Q3 2015 Sold Park City Homes Q# 2015

There were 145 Single Family Home sales in the Greater Park City area during the third quarter of 2015. This number was down slightly from the same time in 2014 by approximately 10%. Conversely the median sales price jumped by $105,000 to reach $955,000. Sales of homes under $500k have almost completely vanished as there were seven such sales in the past quarter while the same period last year had twenty.  At the time of this writing there were two available homes listed for under $500K. At the other end of the spectrum, there were thirty five sales for more than $2M the same period last year had only nineteen. The current inventory of homes listed for over $2M is over two hundred.

Condominium Sales for the third quarter saw a large jump versus the third quarter of 2014 with 227 sales versus 193 during 2014. The median price stayed about the same as last year at $421K. A large portion of the bump in sales volume can be attributed to the completion of the Newpark Terrace development with forty sales recorded. With the exception of Newpark Terrace, condominium sales in Park City were spread evenly among developments.

Once again sales are happening very quickly with 38% of the recorded sales being on the market for less than two weeks. This is more significant for homes and condominiums under the median sales price. With fewer options on the market, Buyers need to quick to react to new listings.

Scarcity is a driving factor for Park City real estate; our focus in this report is Park City area homes and condominiums. Areas immediately outside Park City make up 25% of the sales across the Park City MLS system. The Kamas and Heber Valleys as well as Wanship & Coalville areas can provide viable alternatives to Park City with more property inventory and less scarcity.

For assistance in marketing your property for sale or finding a property to purchase contact a realty professional with the YouInParkCity.com group at KW Park City Keller Williams Real Estate (435)962-9472.

Data herein was compiled from the Park City Board of Realtors MLS System.  Information is deemed reliable, but not guaranteed.

Park City Real Estate Numbers Surging in 2015

By Todd Anderson
Sep 11, 2015

This year has seen a huge Park City Real Estate Trendsincrease in the Park City Real Estate Market. We are seeing numbers similar to those we experience prior to the 2008 recession numbers.

According to statistics from the Park City Board of Realtors, for the first two quarters of 2015, home sales are up 9 percent over the same period in 2014. This represents the highest numbers for the first of half of any year since the recession. Additionally, during the same time period, total dollar volume is up by 11 percent.

We have been experiencing an improvement in the real estate market over the past two years; however, the growth was slow become there were not many homes on the market. Rising prices during the first quarter of the year helped open up the market.

Record lows were seen in terms of inventory and that drove up prices. Many who were thinking of selling waited for prices to rebound and then made the decision to sell, which resulted on more homes appearing on the market during the second quarter of this year.

Throughout the country, the real estate market is becoming stronger, which reflects the boost in the Park City market. Additionally, Utah’s economy is one of the strongest in the country, which has brought many of people to the Park City area.

According to figures from the Board of Realtors, sales have been strong in areas such as Park Meadows, Old Town, and Prospector. Neighborhoods in the Snyderville Basin are also experience strong numbers, with the median sales price of a single-family home in the basin coming in at $850,000 — up 18 percent.

One message being seen by area realtors is that Vail Resorts will be bringing people to Park City. Vail Resorts presence in Park City will be bringing both visitors and new residents to the area.

If you are interested in buying or selling real estate in the Park City and surrounding areas, feel free to contact us at YouInParkCity.com. Our professionals will be able to help you either buy or sell property in this fast-growing and every-changing marketplace.

New Way to Sell Real Estate: The Auction Block

By Todd Anderson
Aug 21, 2015

auction saleThere’s a new business model for selling real estate in the Park City area that is becoming increasingly popular. As you may know, the usual way to sell property is to hire a real estate agent, who then puts the property on the market and stages it. Then you wait for an acceptable offer, which with any luck, will let the seller walk away with a substantial check.

However, now a new approach has hit the Park City real estate market. It has become an enticing proposal for homeowners to put a property up for auction — especially if they have the desire to sell the home quickly.

Instead of waiting for lengthy periods of time to sell high-end property, homeowners are now auctioning their real estate when they are willing to risk getting a lower price in exchange for a faster sale.

Essentially, homeowners will pay an auction firm an upfront fee to market their homes across the country, as well as internationally. This will result in a large number of potential buyers by the auction date.

In reality, one thing that real estate agents may not do as effectively as an auction house, is to bring a sense of urgency to the sale.

Additionally, the process can be so successful that an actual action doesn’t happen. Agents in this area have seen properties that have been ready for auction go to a buyer who just didn’t want to lose the home, so a price that is just to good to pass up is offered. And for sellers, this is a great outcome.

There are, however, some risks that may come with the auction process. For instance, with an “absolute” auction, which is an instance where the top dollar that the bidders are willing to offer becomes the final price. There is no turning back for sellers once the auction has started.

The entire process can be intense. Sellers have no guarantee that the price they want for their property will be met, so it is definitely not a process for the faint of heart.

It is however, a good option for those who are willing to take a more aggressive approach to getting their properties sold — especially those within the higher end markets.

If you are interested in selling properties through an auction process, or even through a traditional method, the YouInParkCity.com Group at KW Park City Keller Williams Real Estate can give you a distinct advantage. Contact us today to discuss all your options!

Park City Gated Golf Course Community Update

By Todd Anderson
Jul 07, 2015

The Park City, UT golf season is in full swing (pardon the pun), so how are real estate sales doing in the nearby gated golf course communities?

 

Glenwild

There is definitely a renewed interest in Glenwild. There are currently ten homes in some stage of the build process. Ten homes have sold in the past year and three are under contract for sale; this is a huge increase versus the six homes that sold from July 2013 to July 2014. There are 16 homes for sale and 21 building lots, so there is still quite a bit of inventory and buyers are still somewhat calling the shots in Glenwild. Asking prices for Glenwild building lots range from $450K to $1.6M with a median price of $690K. Home prices in Glenwild range from 1.85M to $7.5M with a median price of $2.67M; finished square foot asking price is at $441/ft which is up 25% from a year ago while the median asking price is up $500K from the sales over the past year. The golf course is one of the best in the state and the community has as many permanent residents as vacation homes which speaks volumes about the accessibility of Glenwild to both Park City and Salt Lake City.

 

Promontory

With two full 18 hole courses and a list of community amenities too long to mention, Promontory is the biggest player in gated golf course communities in Park City. With 180 active listings Promontory makes up nearly 15% of the available real estate in the Greater Park City area and while it isn’t as hot as some local subdivisions, Promontory real estate is moving well. With over 100 building lots for sale and prices ranging from $99K to $1.4M there is a lot to choose from. Be careful to note which lots have a membership attached and check with us to learn about developer incentives on certain building lots for sale. Ready to move into homes are available from $1M to $7.25M with a median asking price of just under $2M (like Glenwild this value is up 25% from the sales of the past year). The new clubhouse at the Jack Nicklaus Painted Valley Golf Course is open and gorgeous. New “cabin” properties with a more modern look and feel than those at the Pete Dye course offer fantastic views of Deer Valley to the south over the course. With more amenities still under construction, Promontory has some great Park City gated golf course community real estate offerings.

Promontory Painted Valley Course

 

Victory Ranch

When it comes to gated golf communities in Park City, this one may be my favorite (although there are trade-offs considering accessibility to Park City). The Rees Jones Designed course is tough but fair and the fishing on a four plus mile private stretch of the Upper Provo is truly something special. Current offerings at Victory Ranch are limited mostly to “cabin” product in pre or under-construction status and building lots. There are 20 active lots for sale ranging from $325K to $1.2M. Cabins (think newly constructed 3-4 bedroom 2500-3000 square foot residences) are available from $1.5-$2M. Ten lots have sold in the past year with a median price just under $600K; the thing to remember about Victory Ranch is that while the area covers nearly 7000 acres, there will only be 350 homes. Last month the Robb Report named Victory Ranch a top 10 place to buy a summer vacation home.

Victory Ranch Golf 2015

 

Tuhaye

On the north side of the Jordanelle Reservoir from Victory Ranch sits Tuhaye with its Mark O’Meara designed golf course and easy access to Park City (including ski access at Deer Valley Resort®). Currently there are 18 available building lots and 10 homes for sale at Tuhaye. Lots range from $179K to $799K as with Promontory be careful about whether or not sales include a Talisker Club membership. Home prices range from $775K to $3.195M. Prices at Tuhaye are currently $100 per square foot less than similar homes in Promontory or Glenwild. The questionable status of the area since it has gone into bank receivership may present good values, but there is more risk involved.

 

Red Ledges

The Red Ledges “four season” community is located in Heber City about 25 minutes’ drive from Park City. This gated community surrounding a Jack Nicklaus Signature golf course (ground was recently broken on an additional Nicklaus Designed 12 hole par 3 course). The community also features a Jim McLean Golf school, Cliff Drysdale Tennis School, Equestrian facility, pool and fitness center. Sales at Red Ledges have been strong with 24 homes sold and 79 building lots sold over the past 12 months. Home sales ranged from $533K to $2.4M with a median price of $793K. Lot sales had a median sales price of $240K. Current offerings for home range from $559K to $2.6M with lots available from $149K-$495K. The brisk

Private Gated Golf Course Communities in and around Park City, Utah are experiencing solid sales and increasing prices overall. To figure out which community best suits you contact a golf realty professional with the YouInParkCity.com Group info@youinparkcity.com or (435)962-9472. We’ll show you the communities and play a round.

Jeremy Ranch Real Estate Park City 2015

By Todd Anderson
Jun 18, 2015

Real Estate information for the Jeremy Ranch area of Park City, Utah for the first half of 2015.

The Jeremy Ranch area of Park City is the sunny side of the highway across from Pinebrook. The neighborhood surrounds the private Jeremy Ranch Golf and Country Club golf course. Jeremy’s northern open space boarder is a great elk habitat and a number of hiking and biking trails accent the area. The local elementary school is considered one of the best in the state and the proximity to Salt Lake City and Park City makes this a very desirable community.

Real estate in Jeremy Ranch is experiencing similar market pressures as seen in other Park City communities; high buyer demand with relatively low inventory for sale.

Jeremy Ranch homes for saleOn June 10, 2015 there were 30 single family homes and no condominiums for sale in Jeremy Ranch. The last six months has seen 19 home sales and 11 condominium sales. Single family home sales are the same as a year ago but the median price of the homes sold has risen nearly 30% to $875,000. Condominium sales nearly doubled from the same period last year, but the median sales price has only risen by 15%. This mirrors most of Park City as recent sales prices for single family homes have risen more than condominium sales prices.

A quick look at the pending sales shows that homes priced well are moving quickly. Of the ten current pending sales in Jeremy Ranch, six (60%) were on the market less than two weeks. Normally only 25% of active listings sell in the first three weeks, indicating that current buyer demand is strong.

This strong demand for homes in Jeremy Ranch is great for Sellers but bad for Buyers. Working with the YouInParkCity.com Group at KW Park City Keller Williams Real Estate will give you an advantage whether you are Buying or Selling. Contact us to discuss the advantages of putting us on your side.

Park City Real Estate Q1 2015

By Todd Anderson
Apr 24, 2015

Inventories continue to fall as prices rise.

Park City, Utah Home and Condominium sales for the first quarter of 2015 were the highest first quarter sales since 2007 and were up over 10% versus the first quarter of 2014.

While the area was experiencing a lackluster snow year, skiers, second homeowners and tourists still flocked to Park City. Year to date visitor nights as tallied by the Park City Chamber of Commerce show a 1% increase over last year. Ski Utah projects that skier visits for the state will be down versus last year, which translates into visitors coming to Park City, but maybe not skiing every day during their stay. Early estimates of sales tax revenue for Park City during the winter months are seeing a huge increase this year according to city officials. Sales tax is not part of property tax and has no real correlation to Park City Real Estate sales, but here are some interesting data points from the recent sales:

Median Sale Price for Park City Homes

  • Condominium sales were up 12.6% versus Q1, 2014
  • The Median sales price for Greater Park City area condominiums was $460,450 (up 5%)
  • Single Family Home sales were up 8.2% versus Q1, 2014
  • The Median Sales Price for a Single Family Home in Greater Park City was $1,200,000 for Q1, 2014 (up nearly 34% year over year)
  • The Median Sales price for single Family Homes in Greater Park City jumped 14% from Q4, 2014
  • 25% of the Park City area Homes and Condos sold in Q1 were on the market 14 days or less
  • Average Days on Market for sold listings Q1 was 130 days
  • The Lower Deer Valley Area experienced a large increase in sales
  • The Upper Deer Valley and Canyons areas are selling far slower than the rest of the marketplace (ask us why)
  • Inventory of Homes and Condos For Sale in Park City has fallen 10 % in the past year.

    Active inventory within certain market segments remains extremely hard to find especially in the lower price points (as of this writing, there were six Single Family Homes asking less than $500,000 and twenty one Condominiums (of any size) asking less than $250,000 in the Greater Park City area). At the other end of the spectrum, there are 180 Homes asking $2M or more and 161 Condos asking more than $1M (theses listings make up over half of the active listings on the market).

    The Park City Real Estate market cannot easily be described as while some areas and neighborhoods are extremely “hot”, others are “sluggish”. There are many factors that determine value and great values may still be found in the market. New higher prices being “tested” by sellers are not necessarily leading to quick sales.

    For assistance in marketing your property for sale or finding a property to purchase contact a realty professional with the YouInParkCity.com group at KW Park City Keller Williams Real Estate.

    Data herein was compiled from the Park City Board of Realtors MLS System. Information is deemed reliable, but not guaranteed.

     
     
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