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.

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.

Tags: condominiums, homes, market data, park city real estate sales, pricing, six month sales, Utah
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Pricing Schemes in Utah

By Todd Anderson

Nov 04, 2009

I recently read a blog post by another Utah real estate agent discussing Buyers in her area that were putting in offers on property that were sure to be accepted by sellers (as they would be the highest priced offers) with the background idea that the property would later not appraise for the offer price and then the seller would lower the price to the appraisal value and settle on that as the selling price. It is an interesting type of bidding scheme and an idea that probably works well for short sales and bank owned properties in the current national real estate market where appraisers are bearing some of the blame for our financial crisis. Buyers using the ‘offer high and hope to pay less' tactic are counting on the appraisal coming in lower than the offer price. This will mean that the Buyer can't get their expected loan or that they simply state that they are not willing to "overpay" for the home unless the price is lowered. Appraisers in Park City currently have a tough time with property appraisals not only because they are under increased scrutiny, but also because there are relatively few sales and therefore finding a comparable property that has sold recently can be tough. I have seen a few Park City real estate sales recently that were affected by low appraisals. The end result is not always a lower price. In one recent case, the seller did lower the sales price (although not to the appraised price). In another case of an appraisal lower than the agreed upon sales price, the seller just removed the property from the market; effectively stating that they would not sell for what the appraiser had established was market value. The Buyer did subsequently purchase the home at the original offer price. The Buyer's side tactic of offering over what the buyer wants to pay in hopes of an appraisal effectively lowering the price may or may not work in Park City. It is probably best left to investors that have no emotional attachment to the property they are buying. The YouInParkCity.com group suggests finding a property that you want based on location, features and local amenities. Present an offer that makes sense to you as a buyer. The appraisal may give you an idea of fair market value or it may not. Appraisers only have data as to other "similar" sales, but no two properties are alike. In the end, fair market value can be defined by a willing Seller and a willing Buyer.

Tags: appraisal, buyers, homes, market, Park City, price, pricing, property, scheme, sellers, Utah
Posted in buyers, Park City Real Estate Notes, sellers | 0 Responses to "Pricing Schemes in Utah"