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).

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.

Tags: condominium sales, Home Sales, market statistics, Park City, Park City real estate, UT, park city real estate 2015
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Park City Real Estate Sales 2013

By Todd Anderson

Jan 21, 2014

We are now solidly into 2014 so it is time to take a look at what happened in the Park City real estate market for 2013.

Sales of single family homes and condominiums in the Greater Park City, Utah area were very solid with sales unit volume up 14% from 2012. This represents the best year since 2006.

The median sales price for both single family homes and condominiums in and around Park City also rose during 2013. The median price for a home rose by 5.8% to nearly $800,000 while Park City condominiums saw their median sales price rise 8.7% to nearly $380,000.

Inventory levels have continued to fall with last year’s absorption rate correlating to just over seven (7) months of inventory currently for sale in the Park City area. During the market downturn of 2008 and 2009 inventory levels and sales rates correlated to nearly thirty (30) months of inventory.

The lack of inventory has Sellers beginning to push prices up (although some of these appear to be more than the market will bear currently). The lack of inventory is most prominent in the lower price ranges; current inventory with 2013 sales rates puts less than 6 months inventory for condominiums under $1M and less than 4 months for homes under $1.5M. Entry level options in Park City (homes under $750,000 and condos under $400,000) have current supply levels of 2.3 and 3.8 months respectively.

Buyers for luxury homes and condominiums in Park City will find more to choose from. While sales of homes listed at $1.5M and over saw a 40% increase in sales last year versus 2012, current inventory levels represent nineteen (19) months’ supply. Condominium sales of over $1M saw a more modest sales increase of 6% and supply at current absorption rates is eighteen months. The ultra-luxury class (homes over $3M and condos over $2M) was mixed with single family home sales up 30% and condominium sales down 15%. Buyers in this small marketplace have the slowest moving inventory to choose from while Sellers encounter greater competition.

The current lack of inventory makes finding a home tougher as competition for the best homes can be fierce. Buyers are finding that they have to pay higher prices and borrow at higher interest rates. Sellers can hold out for higher prices and better terms.

The Park City real estate can be very hard to view as a whole; individual neighborhoods and subdivisions can and do experience very different sale pressures. Contact a Park City realty specialist with YouInParkCity.com to discuss your individual Buying or Selling real estate needs within Park City. (888)968-4672

Tags: 2013, absorption rate, condos, Home Sales, inventory, Park City, Park City real estate, prices, Utah
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Ski Season Home Sales in Park City, Utah 2013

By Todd Anderson

Apr 23, 2013

Real Estate sales in the Park City area for the 2012-2013 ski season increased dramatically from the previous ski season.

Resort skiing at Park City’s three Resorts has ended for the season although the snow continues to fall. It is typical spring weather as we move from 50 degrees to a blizzard and back again in a 2 day period.

The Park City Chamber of Commerce Convention and Visitors Bureau statistics show that lodging nights were up for the season and city hall has reported higher tax revenues. Park City area real estate sales were right in step. While inventory levels are at their lowest in years, sales for the ski season increased and so did prices.

Total sales for this past season (homes, condominiums and building lots) were up by over 25% from the previous year.

The largest jump in sales was in building lots with 99 sales, nearly twice the 54 from the previous season. Low inventory and lower building costs have something to do with this as buyers gave up and have decided to build after home searches did not satisfy their desires. Distressed sales in the Hideout Canyon area made up 15% of the lot sales in the Park City area for the season. The median value of the building lots that sold remained steady with the previous year at $325,000.

Park City Condominium sales jumped nearly 20% while the median sales price rose by over 10%. The Old Town area lead the way with 50 condominiums sold during the ski season with a median sales price of $500,000. The overall Park City condominium market had a median sales price of $402,500. New construction sales near the Jordanelle Reservoir were also very strong.

Sales of single family homes for the ski season were also up from the previous year with a 12% rise in sales volume and a 10% rise in the median sales price. The Park Meadows area of Park City lead the way in sales with 22 and an average sales price approaching $2M and a median price near $1.5M. Single Family home sales in the other parts of Park City were also strong with the median sales price rising to $864,000 from $790,000 last year.

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) for the periods of December 1st to April 15th of the past 2 ski seasons. Data is considered accurate, but not guaranteed.

Tags: condominium sales, Home Sales, jordanelle, Old Town Park City, park city condominium sales, park city home sales, Park City real estate, Park Meadows, ski season
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Park City Real Estate Sales mid-Ski Season

By Todd Anderson

Feb 15, 2012

The 2011-2012 ski season is half over; hard to believe, but it is true. It is a great time to check on real estate sales in Park City as well as a time to remind yourself to get out and ski before you start thinking about summer related activities. So far this season the lack of snowfall hasn’t impacted Park City real estate sales. The December through mid-February period equating to half of the winter season shows sale numbers about on par with the same period in 2010-2011 even though the snow depth has been less than half of last season. Current trends still show pricing down (about 4% on single family homes and 10% on condominiums). Unit sales of homes and condominiums are nearly identical for the periods while building lots are off nearly 40% for the period. The drop in vacant lot sales appears to have been impacted by the drop in bank REO offerings which represented 25% of the sales last year and only 5% of the vacant lot sales this season so far.

Other interesting trends for the current ski season real estate sales include:

Fewer sales of condominiums over $1M and half as many sales of Park City area condominiums in the luxury category (over $2M) compared to the previous season.

Park City Single family home sales remain steady across all market levels including the luxury segment over $2M.

Bank REO sales were down dramatically for the compared seasons, but look for that to change as the MERS issues are cleared nationally.

Canyons Resort real estate is showing stronger condominium sales, but weaker single family home sales.

Data herein is derived from the Park City MLS system for sales in the greater Park City areas (areas 1-23). Data is deemed reliable but not guaranteed. For specifics about any Park City real estate neighborhood contact a realty professional with the YouInParkCity.com group at (888)968-4672.

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Tags: condominium sales, Home Sales, Luxury, Park City real estate, season, Ski
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Fed Funds Rate

By Todd Anderson

Feb 01, 2008

Interest rates have an effect on the national economy and while real estate is always local, no two markets are totally detached from one-another. Peoples' ability to buy and sell in their homes or investment properties in other cities affects their ability to buy in Park City. Moves by the Federal Reserve affect mortgage rates, but not always in the way people think. The following is a well written piece from a local lender trusted by the YouInParkCity.com group.

Historic Fed Move Cuts Both Ways for Borrowers

Hot on the heels of its surprise inter-session rate cut of 75 basis points last week, the Federal Reserve cut key interest rates again, the fifth straight cut since September 2007. In its statement last week, the Fed said it had decided to cut the federal funds rate "in view of a weakening of the economic outlook and increasing downside risks to growth." In other words, economic data suggests the US is on the brink of recession, and the Fed is acting accordingly. Who benefits from this cut? If you have a loan that is directly tied to the Prime Rate, you will see an immediate benefit. Home equity lines of credit (HELOCs) and variable rate charge cards are the types of loans that will have an interest rate reduction on their next statement. What does this mean for long-term rates? Long-term mortgage rates, the lowest we've experienced in years, could actually increase after today's cut, based on historical performance and recent trends. So if you're waiting for long-term rates to fall further, don't count on it. Your best chance to lock in the lowest rates since 2005 is now. Getting your application in process now will allow you to capture a great rate before it's too late. What REALLY moves mortgage rates? Fixed-rate mortgage rates aren't directly tied to Fed interest rate moves. Instead, they tend to follow in the direction of other long-term government bond yields, such as the 10-year Treasury, which historically moves in accordance with the economic outlook and in advance of Fed actions. The performance of Mortgage Backed Securities, issued by Fannie Mae and Freddie Mac, is what really determines long-term mortgage rates. How does the economic stimulus package fit into the picture? The economic stimulus package from Congress and the White House could be a double-edged sword for borrowers. Combined with recent Fed actions, the package could create inflation and bring about higher long-term interest rates. On the positive side, conforming loan limits are likely to be raised from the current $417,000 to upwards of $625,000. This means great potential savings for purchase and refinance candidates who live in 20 high-cost areas across the country. What should you do next? If you're unsure how the rate-cut or the proposed legislation affects your mortgage, don't worry, you're not alone. There's no one-size-fits-all answer. Give us a call right away. We'll review your mortgage and see what, if anything, can or should be done to make the most of your individual financial goals and needs. Thanks, Gregory Cutt Inet Mortgage http://www.inetmortgage.net/

Changes that stem from the "Economic Stimulus Package" are truly the ones I believe will make a difference to our current economic difficulties as it is the ability to obtain and qualify for mortgages that are the problem, not interest rates. Todd Anderson http://www.youinparkcity.com/

Tags: Economic Stimulus, Federal Reserve, Home Sales, interest rates, Investment, mortgages, Park City, Park City real estate
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