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.

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.

Tags: condominiums, Deer Valley, homes, market, Park City real estate, sales, Greater Park City
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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.

On 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.

Tags: condos, homes, Jeremy, jeremy ranch, Park City, prices, sales, UT
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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. 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.

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Tags: condominiums, for sale, homes, Park City, pinebrook, sales, Utah
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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.

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.

Tags: condominiums, homes, Park City real estate, quarter, report, sales, Utah
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Park City Real Estate Sales 2014: Q1

By Todd Anderson

Apr 09, 2014

Park City Real Estate Trends