Did You Miss the Bottom?

By Todd Anderson

Jul 31, 2011

Park City Real Estate Market Turning Upward

The bottom of a market be it stock prices, commodities or real estate in Park City, Utah can really only be seen in hindsight. We can never be sure of the bottom until we look at it in retrospect and study the sales data. While we cannot yet call the bottom of Park City real estate prices, we can see definitive signs of the bottom.

Real estate sales in the second quarter of 2011 show a strong increase in the number of transactions. The 451 closed real estate sales in Park City for the second represent a 20% increase from the first quarter of 2011 and the best quarter since the fourth quarter of 2007.

The recent increase in sales in the area has been accompanied by a decrease in the number of newly listed properties in the Park City real estate market. So while demand is increasing, the supply is falling which should in time lead to an increase in pricing.

While it may be too early to call the bottom of the market in terms of pricing, we may be seeing signs that some of the best deals are gone. It is kind of like that big sale at the store and we are in its last days. There are still good values to be found in the Park City real estate market, but there is far less to choose from. A good example of this may be the Promontory area of Park City: so far this year there have been 15 homes sold for under $1.5M that were not part of the "cabin" communities and only 10 remain in this price range. It doesn't mean that there are no more deals to be had in the area, only that the remaining opportunities have been picked over.

There are other areas within Park City that show real estate values possibly finding their bottom as well as localized areas which have indicators pointing toward further price reductions. For information on specific buying and selling opportunities in Park City real estate contact a realty professional with YouInParkCity.com.

Tags: bottom, Buyer, demand, market, Park City real estate, Promontory, sales, seller, trends
Posted in buyers, Park City Economy, Park City value, sellers | 0 Responses to "Did You Miss the Bottom?"

Mixed signals for the Park City and Deer Valley real estate markets.

By Todd Anderson

Jul 07, 2009

The Park Record, Park City Utah's local twice weekly news source, ran an article over the weekend titled "Optimism for Park City economy might be justified - Statewide economy expected to get worse this year". The title of the article seems to be in conflict with itself as much as most of the rest of the article. Within the article, there are quotes from the Park City Board of Realtors President stating that national indicators often drive the Park City real estate market and that the current trends in GDP and stock market have had positive effects on consumer confidence ‘which will prompt many buyers to make the home purchase they've been contemplating for months.' This is a great positive spin for Park City and Deer Valley real estate. The article writer then reverses direction with the following statement: ‘But the frozen credit markets are still hurting Park City's real estate market, he said. And the employment situation is still a concern because if someone has lost their job, or fears losing it, they're less likely to come to Park City for a vacation and/or think about purchasing a home here.' The Park Record then quotes another prominent local Park City real estate agent whose predictions are cautiously positive noting an incremental recovery locally and predictions for a national recovery in 2010. The newspaper and local real estate agent then go on to note that local tourism reports predict summer travel to mountain destinations to be down 15% from last year. And a six month forecast expecting occupancy to be down by 20% with room rates down by 10%. It seems that for every negative indicator there is a positive real estate note to go along with it and vice-versa. A look back at last winter can show that during the tough economic and political climate people still came out to ski and enjoy Park City. While they may not have bought local real estate, they did still come (albeit spending a bit less while they were here). I'm sure that soon local real estate agents will point to "pent up demand" from those people that didn't buy last year as the reason for optimism. Summer is here and this past weekend with its many markets, festivals, and celebrations showed Park City and Deer Valley in their best light. There's no doubt that many visitors had a thought that they should move to or buy a vacation home in Park City.

Tags: Deer Valley, demand, market, optimism, Park City, Real Estate, realtor, recovery, Ski, summer, tourism
Posted in Park City Economy, Park City Real Estate Notes | 0 Responses to "Mixed signals for the Park City and Deer Valley real estate markets."

Future Looks Good for Utah & Park City

By Todd Anderson

Aug 29, 2008

New census estimates shows that Utah has the youngest population in the country. This bodes well for the real estate industry because of the demand for housing this growing population will require. Census figures show that nearly one third of Utah's population is under the age of 18, and one tenth is under age 5. The facts that Utah has a large population of women in childbearing years, and that they have more children than average, result in a younger total population. University of Utah research economist Pam Perlich also adds that the State of Utah's economy has been strong in recent years, usually ranking in the top ten percent nationally. This means that more jobs are available keeping the young people in State and even attracting younger families to Utah for jobs that are available. A young population and strong economy also supports the State's largest industry......tourism and recreation. This brings us to the long-term benefits that a growing population, strong economy, and growing dependence on tourism and recreation have on the strength of the real estate market in the Utah resort areas, and specifically Park City. For now, Park City's future growth may be dependent on the continued success of the Deer Valley, Park City Mountain Resort, and The Canyons ski areas, but Park City has other reasons to attract home buyers. Among these are: a hospital set to open in 2009 that will attract new professionals, the new home of the U. S. Ski and Snowboard Association, more than 1500 registered business, 250 retail stores, a new high school building, and the proximity to Salt Lake City and an international airport. For current market information on vacation homes or investment properties in the Park City area, use the "Contact Us" button on the top of the web page. You can expect a response within hours from one of the http://www.youinparkcity.com/ real estate experts. Submitted by Ken Drummet, 8/29/2008

Tags: census, demand, growth, housing, Park City, population, Real Estate, UT, Utah
Posted in Park City Economy | 0 Responses to "Future Looks Good for Utah & Park City"