Park City Real Estate Trends

Park City Real Estate: Sales By Price

By keziah
Jan 02, 2018

Park City Real Estate Sales: Activity by Price Point

We’re always watching Park City real estate market trends to see not just locations of where buyers are buying and sellers are selling – but at what prices. The following graphs reflect the sales results between 2015-17. Read through to learn what drove certain activities and note where anomalies occurred. This info may be helpful if you’re considering buying or selling a home so you can see how competitive or active the market will be for your targeted price range.

 

Single Family Homes:

  • Between 2015 and 2017, the Park City market had a yearly decline in the number of single-family homes sold in the <$750k range primarily because home prices went up! As a result, all the selling activity shifted up to the homes priced between $750k-$1m – making that the most active price point range, with the highest number of homes sold in 2017 at 125 units.
  • Following that same increase trend were single-family homes priced between $1.0m-$1.5m with 108 units, $1.5m-$2m with 78 units, and $2m-$2.5m with 46 units sold.
  • The number of homes sold at the $4m-$5m ranges declined slightly, but then numbers increased in the $5m-$7.5m range with 27units sold. Much of this shifting in each of these price points was again the result of “trading up” to newer properties. Of the homes sold in the $5m and above range, approximately 60% were ski in/ski out homes.
Side note: the least expensive true ski in/out (think “beach front property”) home sold at The Colony for $3.4m. (Although, it was just a guesthouse.) 

Condominiums:

  • It’s clear that 2015 was a big year in the <$500k price ranges, with 287 closed sales. The launch of Newpark Terrace in Kimball Junction was a big driver of this activity. We have yet to see that kind of volume since new building has been limited to smaller projects and has moved outside of Park City proper.
  • The $500k-$750k range had its best year in 2017 with 168 units sold, reflecting the increase in condo prices. There was a mix of subdivisions in this range, which shows that sellers may have been trading up mixed with new buyers in the area.
  • Although the numbers are small for higher price point condos, 2017 had its highest number of units sold in the $2.5m-$3.5m ranges with 23 units and 18 units sold respectively, and in the $5m-$7.5m range with 10 units sold.
Side note… 2018 promises to see several newly built projects within the Snyderville area with Apex and Viridian rolling out by late Spring. These will have higher price points starting in the high-700’s.

How can this info best work for you? Whether you’re considering buying or selling, talk to one of our You In Park City real estate professionals to find out.

 

*Within Park City and Snyderville Basin city limits.

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.

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 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 Competition by Price Point

By Todd Anderson
Sep 29, 2015

Whether you are a Buyer or a Seller in the Park City Real Estate market, the price point that you are buying or selling in can have dramatic impacts on how easy or hard the process is.

The Park City Real Estate Market has seen its strongest 12 month period for sales since 2006. Inventories are low and prices in many areas are above their historic peaks.  With that said it does not mean that there are no deals to be found or that the property you list for sale will be gone in a matter of days. There are many factors that make up the ultimate value of a home or condominium in Park City and of course location is the most important; the age, shape, layout, views and design also contribute to the value. Once all of the of the value factors of a home are considered, the ultimate price has an impact on what competitive part of the market you are buying or selling in.

Queen Esther at Deer Valley, Park City, UTah Under Contract in less than a week $549,000

A look at the past year’s sales, current under contracts, and active inventory in the Park City Real Estate Market homes and condominiums provides a lot of insight to the competition levels at different price points.

The Park City MLS recorded 844 condominium sales over the past 12 months and there are 395 currently listed for sale which gives us about 5.5 months of inventory at the past 12 months sales rate. This absorption rate though is dramatically different depending on the price range you are searching. For condominiums under $500K, that supply drops to months and increases to 20 months for condominiums listed for sale at over $1 million.

On the Market amid heavy competition $8 million - Courtesy KW Keller Williams Park City On the Market amid heavy competition $8 million - Courtesy KW Keller Williams Park City

Single family homes in the Park City real estate market show similarities: the current 388 homes listed for sale would be gone in 8.4 months at the past 12 month’s sales rate, but when broken down into price points a different storyline appears. The inventory of homes priced under $1M would last only 3.7 months at the current absorption rate while homes priced over $2M have an inventory that would last nearly 2 years (23.2 months) at the sales rate of the past 12 months.

Lower priced homes and condominiums are more competitive on the Buying side while higher priced homes and condos have more competition when it comes to Selling. To truly understand the implications of this we need to delve further into specifics of a Buyer or Sellers’ individual property types, subdivision, state of repair and of course location.

For a professional assessment and action plan for your Park City Real Estate needs contact a realty professional with the YouInParkCity.com Group of KW Park City Keller Williams Real Estate.

Pinebrook Real Estate Park City 2015

By Todd Anderson
May 27, 2015

Real Estate information for the Pinebrook area of Park City, Utah as of Memorial Day Weekend 2015.

The Pinebrook area of Park City remains a desirable primary home as well as second home location offering great trails, parks, local amenities and easy access to Park City’s Resorts and Main St. as well as Salt Lake City. Pinebrook Homes and Condos For Sale | Park City, Utah The current housing market in Pinebrook mirrors the real estate market in Park City with limited supply of homes and condos for sale and great Buyer demand.

There are 18 active Single Family Home listings across the Park City Board of Realtors MLS with prices ranging from $449,000 to $1.5 million. There were 18 sales in the past six months ranging from $550,000 to $1.2 million. This translates to a six month inventory supply (a limited supply in terms of Park City due to its combined primary and second home nature). Looking back at the same time period last year, there were also 18 single family home sales BUT the values of the homes sold has increased dramatically. In the last six months there were six sales over $900,000 while the same time last year had zero. Of the eight current pending sales three have asking prices over $1.3 million. The median sales price over the past six months was $797,125 while for the same period last year it was $696,500.

The lack of Pinebrook homes and condominiums for sale represents obstacles for both Buyers and Sellers. The YouinparkCity.com group at KW Park City Keller Williams Real Estate is ready to help you navigate the Park City real estate market.

For Buyers we will educate you and keep you informed of market changes, recent sales, pending sales, back on market listings and homes not available on the MLS. In today’s market finding a house is often the easy part; negotiating the contract, working through the discovery and remediation processes of due diligence, navigating the financing appraisal hurdles while keeping a cool head with a focus on the end goal are just part of what we do.

For Sellers we pre-market and market your home in such a way that the buyers and their agents are educated to the value it represents to ensure you get the most you can from your home with the least amount of hassle in a timeframe that suits your needs. Similar to the Buying side, getting an offer is often the easy part of the process; negotiating for you while navigating multiple offers, repairs, addenda, title issues and more again are just part of what we are doing behind the scene of your sale.

If you or someone you know is thinking of buying or selling a home or condo Pinebrook or the greater Park City area, contact a YouInParkCity.com realty professional.

Search Pinebrook homes and condos For Sale

Park City Real Estate Sales 2014 Q2

By Todd Anderson
Jul 08, 2014

Real estate sales in Greater Park City for the second quarter of 2014 present quite a few different talking points regarding the Park City, UT real estate market.

The combine number of sales for single family homes, condominiums and vacant lots fell by 12% compared to the same quarter last year. This is the first comparative drop in quarterly sales volume in nearly 4 years.

The drop in sales was lead almost entirely by a drop in single family home sales. But while the number of sales dropped, the median Park City area single family home sales price rose by 5%. Inventory levels have also risen, so we may be seeing a slight “push back” from buyers to the price increases.

Park City Real Estate Trends

Home sales in the $500K-$750K represent the hottest portion of the market. This market segment in the Park City area saw 43 sales last quarter with 46 currently available or effectively a 3 months’ inventory supply.

Inventory of single family homes between $1M and $2M has been increasing and the current supply would take well over a year to sell at last quarter’s sales rate. Beyond $2M the supply grows to over 2 years at current absorption rates.

Greater Park City area condominium sales for the quarter were almost identical to the same period last year, but the median sales price was up over 10% and the average sales price was up nearly 20%.

The sales of new condominium product in the Jordanelle area remains very strong and the pending sales for models that are still under construction will likely keep this trend going for the foreseeable future (note the previous YouInParkCity.com blog on Park City under construction).

The sales of residential condominiums currently show a much higher demand versus resort condominiums and the same is true for single family homes. This trend is especially true in the Deer Valley area (although pre-sales for the Stein Eriksen Residences bucks this trend).

All of the points above point to a complex and very localized Park City real estate market. The trend in one neighborhood is not necessarily the same for the next. Call or email us to analyze and discuss your particular Park City real estate situation; (888)968-4672 or info@YouInParkCity.com.

Why Now IS A Good Time to Buy a Ski Vacation Home

By Todd Anderson
Mar 20, 2014

 

The 2013/2014 ski season is nearly over, but the storm that blew through Park City, UT Tuesday is a reminder that there will be fresh powder to reports still to come this Spring. There are still four plus weeks of good skiing left in the season. Spring skiing in Park City brings great opportunities to diversify your day, ski the morning and go fishing or play golf in the afternoon… a 20 minute drive to the Heber Valley makes this more than viable now that daylight savings has kicked in and the sun is out until nearly 8PM.

 

With the season coming to a close, it is the perfect time to think about buying. How many years have you been thinking it would be great to own in Park City? If you don’t get to it now, another year will likely pass you by. Purchasing now would give you time to come out during the summer (you’ve heard every local tell you “they moved for winter and stay because of summer”) and add the touches to make it yours. If you decide to make bigger changes or things that need a contractor, it is best not to wait until the fall… you’ll only to find that the contractors are all busy with every other job that waited until the last minute.

 

Purchasing real estate in Park City now will make all of the planning easier. You’ll likely have to force yourself into making an extra ski vacation next year (darn!). But, you can work around your schedule instead of trying to find a rental.

 

Buy a Park City Home or Condo Now

 

Sellers are ready to move on; it can be a good time to make a deal. There’s no need to hassle with existing rentals and management contracts. Sellers know they are moving into the slow season and will have higher upcoming carrying costs.

 

We are not advocating that you buy a Park City vacation home now because there won’t be another chance in the future, we are just pointing out that there are many good reasons not to wait until next year.

 

There is a chance that if you start thinking about the 2014/2015 ski season now, you may actually find time to get in shape for it before it gets here.

Park City Home Buying by the Foot

By Todd Anderson
Feb 19, 2014

Park City home buyers and sellers often consider the home’s dollar per square foot price when setting the home or condominiums’ price or making an offer. How much should attention should a buyer be paying to the dollar per square foot price when considering a home?

 

Dollars per square foot is only a useful number if you are comparing two homes or condominiums that are identical. The problem here is that it doesn’t matter if it is a Park City Home or a New York City home, no two homes are identical. Even two side by side homes by the same builder will likely have differences. Views can be different, neighbors will be different, access may be different, the distance to an amenity (pool, hot tub, ski run, gym, front desk, elevator, etc.) will be different. Wear and tear on an older home as well as how the previous owner handled maintenance will make the homes different.

 

Things to consider when looking at a dollar per square foot price: Park City Real Estate by the square footIs the calculation made using the total square feet or the finished square feet? An unfinished basement or room can add greatly to the total square feet thus lowering the dollar per square foot value, but how much value does it add to the home?

 

Are the finishes the same for the properties you are comparing? Are the base and case stain grade or paint grade? Are the doors solid or hollow? Are the countertops custom slab or something you can buy at Home Depot? Are the appliances “professional grade” or not? Is the flooring real wood or laminate, travertine or ceramic tile? All of these items while serving the same purpose come at dramatically different prices and thus impact the dollar per square foot value of the home. If two homes are different sizes, where does the difference lie? Does one have a theater room that the other doesn’t, or does it have an extra bedroom and bathroom? Is the size difference extra space in each room? And how does that change the way you feel about the home? Sometimes bigger makes rooms just too big while at other times it adds value. Sometimes the extra space you may buy with the lower price per square foot is unusable space or space you just don’t need to heat and maintain. The square foot of the home calculation does not take the lot size into account; nor does it consider views and open space.

 

When comparing two Park City homes, it is important that you are making true apple to apple comparatives. Our three ski areas are not equal, Old Town is not the same as Kimball Junction and Park Meadows is not the same as Silver Springs.

 

For assistance in determining the value of your home or condominium and to better understand the values of homes and condominiums in Park City, Utah contact a local realty professional with the YouInParkCity.com Group (888)968-4672.

 

Park City Real Estate Sales 2013

By Todd Anderson
Oct 15, 2013

The first three quarters of 2013 are now in the books (it is hard to believe that ski season is only a month away!). Park City real estate sales for the first 3/4ths of the year have been very strong. Sales volume is up and so are prices while inventory is down.

 

Single family home sales in the greater Park City area are up eighteen percent (18%) when compared with the first three quarters of 2012. The median sales price of Park City, UT homes sold in 2013 is up by over $60,000 to $810,000 (half of the homes sold for above this price while half sold below this price).

 

Inventory levels continue to be a big part of the story. Single family home sales under $500K have a current less than 3 month supply while homes in the $500-750K category have less than 4 months’ supply at current sales rates. Luxury homes still a have large number of for sale options but sales of homes over $2M were up by 30+ percent versus the first three quarters of 2012.

 

Over 40% of the sales so far this year have had homes on the market for less than 30 days. Good values still exist in the market, but Buyers need to be ready to move quickly.

 

Park City, Utah home sales 2013

 

Condominium sales in the greater Park City area had similar gains to single family homes in the area. Sales volume is up by eighteen percent (18%) while the median sales price has risen by over ten percent (10%). Current sales volume has an absorption rate of only 4 months for condominiums under $250K while there is a nine (9) month supply in the $500-$1M price range. Even the luxury condominiums valued at $1M or more only show a one year supply at the current sales rate.

 

Building lot sales in greater Park City also experienced dramatic increases with sales up over fifty percent (50%) and median prices up by ten percent (10%) to $323,500. By adhering to the idea that the value of a home’s lot should be twenty to twenty five percent (20-25%) of the value of the home, the median value of the new homes to be built on the recently purchased lots should be in the $1.3M to $1.6M.

 

Mixed into all of the sales in Park City over the past nine months there are of course areas that have not experienced the same increases and a few that have had values drop. For a comprehensive analysis of the Park City real estate market segment that matters to you contact a realty professional with YouInParkCity.com today.

Park City Real Estate Sales 2013

By Todd Anderson
Jul 06, 2013

Real estate sales in Park City, UT so far in 2013 continue to show strength.

 

Sales when compared with the first half of 2012 were up by 13% in unit volume. Single Family home sales in Park City remained relatively flat, but the median sales price was up by nearly 10%. Condominium sales saw a 10% rise in unit volume along with a 10% rise in the median price of Park City condominiums sold for the six month period. Vacant lot sales saw the largest increase with an increase in sales of over 30%.

 

When compared to the last half of 2012, the Park City real estate sales data is actually down slightly in condominium sales and single family home sales, but up in building lots. However, median sales prices are up by approximately 10% in all categories.

 

park city real estate inventory supply

 

The increase in pricing correlates well with the low inventory levels. The same is true for the increase in building lot sales as potential buyers that cannot find properties that suit their wants and needs turn to building instead. Single family home inventory in the greater Park City area is now at a level of less than 10 months’ supply. But the supply for homes under $1M is less than 6 months at the current sales pace. The situation is similar for condominiums in Park City: current supply is just less than 6 months at the present absorption rate when considering options listed for less than $500,000.

 

The lack of inventory and the current demand especially in the non-luxury price points (less than $500,000 for condominiums and less than $1 million for homes) represent a big change during the past year. Sellers are welcoming the change while buyers have been caught off-guard.

 

Every neighborhood in Park City is different and may have its own unique pricing influences. Contact us for an in depth conversation about the Park City property type and neighborhood that interests you (888)968-4672 or info@YouInParkCity.com.

Park City Real Estate Sales and Info Q-3 2012

By Todd Anderson
Oct 07, 2012

The third quarter of 2012 has slipped by and fall is in the air in Park City, Utah. Real estate sales for the area are changing focus a bit from single family residential to vacation second homes and condominiums more focused toward winter sports.

 

Year versus year sales data for Park City real estate shows a market gaining strength. Single family home sales so far for the year are up 6% versus the first three quarters of 2011 and condominium sales in Park City have seen a 10% increase.

 

Sales comparisons for the most recent quarter show condominium sales rising quickly in Park City. Sales of condominiums for the third quarter were up by nearly 25% from the same time period last year. This increase represents nearly the total difference in sales when comparing the quarters. A large portion of this was a bulk sale at the Newpark Hotel. When excluding this bulk sale, sales were still up by over 10%. Also of note in Park City condominium sales is the fact that the median price of the condominiums sold is that the median sales price was up over 10%. The median sales price of $315,000 ($340,000 excluding the bulk sale) would indicate that over half of the sales are condominiums that would be classified as vacation rentals.

 

Single family home sales by contrast have seen a decline in their median sales price ($705,000 in Q-3 of 2012 versus $750,000 for Q-3 of 2011). Sales Prices for homes in Park City, Utah

 

The impact of distressed sales fell again this past quarter with only 25 sales that were bank owned properties. This was down from 38 for the same quarter last year; a 35% decrease. Competition in purchasing bank owned homes and condominiums in Park City continues to be fierce; most experience multiple offers, sales prices above asking price and almost all end in a cash purchase sales.

 

Real estate sales in Park City, UT are location specific and many factors specific to location should be considered when determining which area or subdivision is best for you. Contact a Park City realty professional with YouInParkCity.com at (888)968-4672 for more information.

 

This data has been derived from sales statistics as posted on the Park City Board of Realtors MLS using only statistics involving single family homes, condominiums, and vacant land in the greater Park City areas (1-23). Data is considered accurate, but not guaranteed.

Park City Real Estate Winter Wrap

By Todd Anderson
Apr 25, 2012

A look at Park City home and condominium sales in the first quarter plus some interesting resort news.

 

If we had to pick out what stood out most about the first quarter of 2012 in Park City, the weather might be the first thing to talk about. Winter just never seemed to take hold this season; snowfall totals for the year were less than half of last year.

 

The lack of snowfall seems to have affected the locals much more than the tourists. Most locals will tell you that they hardly skied or snowboarded at all this past year and yet Park City Mountain Resort reported that ticket sales for the season were down by just 4%. Similarly the lodging occupancy totals for the year so far are off by only 3%. This is a tribute to area snowmakers and groomers who did an amazing job at area resorts.

 

Park City area real estate sales for the first quarter of the year were relatively flat compared with the first quarter home sales of 2011. Single family home sales in the greater Park City area registered 81 (down from 100 in the 2011 period) with the median price falling to $692K. Condominium sales saw a slight boost with 131 sales and a median price of $402K up from 121 and $381K for the same period last year. Building lots saw a sharp decline but prices were way up as the number of distressed sales have fallen. Distressed inventory (bank REO and Short Sales) made up less than 20% of the sales and are currently under 9% of the active real estate inventory in Park City.

 

As we move into the summer season (which has come about quickly with the low snowpack from the winter and current 70 degree weather), real estate in Park City is experiencing a decline in available inventory and deals are getting tougher to find.

 

For in depth information on buying or selling in a particular segment of the Park City real estate market contact a realty professional with the YouInParkCity.com group at (888)968-4672 or email info@YouInParkCity.com.

Deer Valley Real Estate Sales 2012

By Todd Anderson
Mar 17, 2012

Real Estate sales in Deer Valley, Utah for the current year.

 

We here at the YouInParkCity.com group keep a constant eye on what is going on in Park City real estate through a consistent watch of the Park City MLS, regular open house attendance, talking with other agents and monitoring what our clients and local visitors tell us among other things. A recent post indicating that Deer Valley sales were on an uptick caught our eye. Here is a summary of what we found to be true:

 

Deer Valley from the ski lift

 

Current Park City MLS data shows that there have been 40 sales of homes condominiums and vacant land in Deer Valley since the first of the year. This number is almost identical to the real estate sales for the same period for last year. The average sales price is down a bit at just under $2 million, but the median sales price (half above and half below) is off by nearly $1M. So, thus far in 2012, half of the real estate sales in Deer Valley have been for less than $1M. While we are still seeing movement in the luxury market with sales at the Montage and St Regis Deer Crest hotel residences, real estate sales of above $2M in Deer Valley are currently off by 25% from this time last year. The 16 current pending sales represent a possible upward movement if they make it through to closed sales.

 

Overall the Deer Valley real estate market is a somewhat mixed bag with pockets of strengths and weaknesses but overall fairly stable in relation to last year. For an in-depth analysis of the portion of the Deer Valley or Park City real estate market that interests you contact a realty professional with YouInParkCity.com at (888)968-4672.

Are Buyers Paying Asking Price for Homes in Park City?

By Todd Anderson
Mar 13, 2012

How much off the list price can I expect to pay for Park City Real Estate?

 

We live in a time when everyone wants a deal and consequently people don’t want to pay the asking price for just about anything. Discounts flood our email in-boxes, coupons fill the mail and newspapers are delivery vehicles for weekly sale circulars. It has gotten to the point that we readily know that full price isn’t what we’ll pay in the end. Home sales in Park City, UTThere are of course some exceptions; we know the price of an iPad will be the same wherever we buy it and there won’t be any discounts, and we don’t wait to go to Starbucks until the coffee is on sale.

 

What about houses and condominiums in Park City, UT? Are people paying full price or is everything on sale?

 

Over the past 90 days there have been 228 sales registered across the Park City MLS. Of these sales, 36 recorded at or above the asking price. Over 15% of the sales were full price or more. Moreover over half of the transactions recorded with a sales price of 95% or more of the asking price. In terms of a retail sale, a 5% off banner wouldn’t turn any heads. What happened to the big discounts? Only 39 of the 228 real estate sales in Park City were discounted by more than 10%.

 

This isn’t necessarily an indication that people are willing to pay full price, but rather that people are willing to pay for value. If full price is less than a comparable recent home sale and/or if the home or condo is better than other options or part of a limited supply, asking price can be a good value or deal.

 

Interestingly, not all of the sales that were not discounted moved quickly. Nearly half of the sales that show 5% or less discounting from their original price had been on the market for over 90 days.

 

Your YouInParkCity.com Group real estate professional can help you determine if a Park City or Deer Valley home or condominium is “on sale” and a value in our current market. Call us at (888)968-4672 or email info@youinparkcity.com to discuss current area home values.

Lower Deer Valley Real Estate 2011

By Todd Anderson
Nov 16, 2011

With 45 days left before the end of the year, we probably won’t see significant changes in Park City real estate sales totals.

 

Current for sale inventory in Park City’s Lower Deer Valley area includes 28 single family homes and 54 condominiums. This number will likely rise slightly as we move closer to the ski season.

 

To date there have been 7 single family home sales this year and 2 other homes have accepted sales contracts. So the inventory levels indicate a 3-4 year supply of single family homes in the Lower Deer Valley area. The inventory varies greatly with offerings ranging from $775k to just over $3M. Lower Deer Valley has some homes that are beginning to show their age; this fact can be seen in the variations of asking price with the least expensive homes in the low $200’s/square foot and the highest end well into the mid $500’s/sq.ft. Single Family homes sales for Lower Deer Valley are likely to lag 2010 numbers by nearly 30%.

 

Condominium sales in the Lower Deer Valley area of Park City show a strong increase versus 2010, but there are factors that have skewed this number dramatically. To date 49 condominiums have sold in Lower Deer Valley and another 6 have pending sales contracts. With 53 active for sale condominium listings, the current inventory represents just over a one-year supply. Lower Deer Valley condominium sales totaled 32 for 2010, so this year’s numbers at first blush are very strong. The twist is that 22 of the sales were bank (or corporate) REO properties. The sales of the bank owned condominiums had an average sales price in the low $300’s per square foot. By contrast, the average sales price for non-bank owned properties was over $375 per square foot.

 

Many of the homes and condominiums in the Lower Deer Valley area were built from the early 1980’s through the mid 1990’s and many of the properties are “showing their age”. The new construction in the past few years in the Empire Canyon area of Deer Valley has impacted sales greatly as buyers tend toward more “turnkey” products. The Lower Deer Valley area offers great access to all Park City has to offer and there are definitely gems to be found in the for sale listings. For information regarding specific realty listings in Lower Deer Valley, contact YouInParkCity.com at (888)968-4672.

Search Lower Deer Valley Real Estate

 

Ski Resort Real Estate: Park City or Vail

By Todd Anderson
Nov 13, 2011

The Western Mountain Resort Alliance is composed of 13 destination ski resort area Boards of REALTORS®. The alliance was founded on the idea that while the resorts vary geographically, they share many of the same real estate and development issues due to their vacation resort status. The alliance publishes quarterly sales statistics for the various destination ski areas.

 

While we here in Park City, UT believe that our resort community offers some of the best recreational opportunities and easiest access of any Western North American Ski Resort, a look at what can be purchased in other resort towns can be very informative.

 

Park City, UT VS. Town of Vail, CO

 

Having spent 10 years in Vail, CO, I am jaded to believe that it is the resort with most in common to Park City. In terms of total available inventory if we exclude vacant land, the two areas are almost identical although the single family homes versus condominiums is reversed with Park City having nearly double the number of single family homes on the market as Vail. The number of units sold in the two towns shows Park City’s sales being up 18% in unit volume for the first three quarters of 2011 while Vail’s sales were relatively flat. Available inventory is down in both Park City and Vail versus 2010. The average sales price in Park City saw a 10% decline while Vail registered a 25% decline versus the same period last year.

 

Another interesting comparison stat between Park City and Vail is the median sales prices. Park City area single family home sales saw a median price (half above and half below) of nearly $550K while Vail shows $400K. Conversely, condominium sales median pricing shows Vail at $480K and Park City at $325. Average sales prices for both single family homes and condominiums are considerably higher in Vail than in Park City.

 

Maybe Park City and Vail don’t have as much in common as I thought in terms of real estate and the associated values. This likely has a lot to do with the differences in terms of Park City having been an old mining town that developed ski resorts versus Vail having been a ski resort that developed into a town.

 

For in-depth neighborhood by neighborhood real estate information about Park City, UT, contact a realty professional with the YouInParkCity.com Group at (888)968-4672.

Park City Mountain Ski Homes

By Todd Anderson
Dec 06, 2010

             The ski and snowboard season opening is upon us in Park City, Utah.  Park City real estate sales statistics for the year have shown that property in Park City is selling. Here we will take a more in-depth look at which homes and condominiums in Park City are selling with a focus on ski and snowboard slope-side locations at Park City Mountain Resort.             Park City Mountain Resort offers the fewest opportunities for true ski-in/ski-out real estate in Park City, UT (in comparison to Deer Valley and Canyons Resort areas). Due to this fact, we will broaden the scope of the analysis to include walk-to skiing and riding homes and condominiums. There are three lift access points to consider in determining a walk-to-ski/ride home or condominium at Park City Mountain Resort: The Park City Mountain Resort Base Area, The Town Lift / Historic Old Town Area and the Silver Star Lift area.

Silver Star at Park City

            Of the just under 100 homes and condominiums that have been sold in the Historic Old Town area of Park City this year, over 40 of them can be counted in the walk-to-ski category. There have been over 950 home and condominium sales in the greater Park City area this year.  Many Park City real estate sales are to buyers looking for vacation and second home properties, but not all of the properties are ski-in/ski-out or walk-to-ski.             One quarter of the sales of the Park City Mountain Resort walk-to-ski/ride properties have been in the Silver Star at Park City subdivision. There are still a few developer owned condominiums at Silver Star, but the sales within Silver Star have been both re-sales and developer owned models. This indicates that the market has found the correct sales price and buyers are responding. The sales prices at Silver Star this year represent an average of nearly 30% off the historic high asking prices.             For more information on Park City Mountain Resort (which opened for the season on Nov. 20) ski-in/ski-out or walk-to-ski homes and condominiums contact a realty professional with YouInParkCity.com.

Park City Real Estate Sales Stats for 1st Quarter 2010

By Todd Anderson
Apr 08, 2010

Park City Real Estate Sales             The end of the first quarter of 2010 gives us some concrete evidence of what is happening in the Park City real estate market.             Sales volume when compared with first quarter of 2009 is up well over 200%. Granted that is not saying a whole lot, but the numbers are equivalent to those of 2008.             For the quarter there were 70 single family homes that sold in the greater Park City area from January 1 to March 31, 2010. The average sales price was slightly over $1.1M. The median price was $820K.  Park City single family home closed sales prices versus list price varied by a little over 10%.             Condominium sales in Park City for the first quarter of 2010 were very strong. This is largely due to sales of at The St. Regis Deer Crest and the auction sale at Silver Strike in Empire Pass. There were 123 condominium sales in the first quarter with an average sales price of $1.17M. If the sales at the St Regis and Silver Strike are ignored, the average sales price drops to just over $600K.             Vacant land sales in Park City, UT for the first quarter may be a good indication of future building in the area. There were 30 land sales in Park City for the quarter with an average sales price of $370K. The Promontory Golf Resort area made up over one-third of these sales as buyers found value in the distressed inventory there.             Distressed sales and bank REO property levels have increased dramatically in the Park City area. Distressed listings now make up nearly 10% of the property for sale in Park City.             Home prices in Park City are showing large variations. Some areas have held values very well while others are seeing prices similar to those of 2005 and earlier. For more information on specific properties and neighborhoods in Park City contact a professional with YouInParkCity.com.

Park City Real Estate 3rd Q 2009 Sales

By Todd Anderson
Oct 16, 2009

          The end of September marks a shift in focus for Park City and Deer Valley real estate Buyers. Traditionally we see a shift away from single family residential homes and toward resort and ski property as the winter nears. This marks a good time to take a look back and compare the latest quarter real estate sales with past years.             Park City real estate sales for the 3rd quarter 2009 show only a small drop in sales and unit volume versus the same period last year. Unit sales were effectively flat while dollar volume dropped by about 9%. -Note that for statistic purposes The YouInParkCity.com Group uses only sales in the 84060 and 84098 zip codes and only considers sales of single family homes, condominiums and vacant land-  The 3rd quarter of 2008 is when sales in the Park City area started seeing the impacts of the economic downturn and people began to realize that we were not totally insulated from the national housing crisis.             The downturn in dollar volume indicates that prices have receded slightly. Price corrections have varied greatly by neighborhood and the relatively small unit volume means that a few sales can have a large impact statistically. As a case in point, Dakota Mountain Lodge at The Canyons Resort sales represent over 10% of the dollar volume for this past quarter.             Pricing in general is also showing downward pressure as the sold prices versus the list price was off by 8% while the list prices had shown an 8% discount already.             Year to date sales versus the same period in 2008 show a decrease in dollar and unit volume of over 35%. The fact that the current period is flat may indicate that the downward market pressures have subsided and we are experiencing a bottom. There is a "feel" among most REALTORS® in town that business is getting better. Most agents are busy with many clients searching for values and beginning to write offers.             To discuss more in depth statistics and analysis of the Park City and Deer Valley real estate markets, contact a YouInParkCity.com realty professional.

 
 
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