2014 2nd Quarter Statistics

By Park City Board of REALTORS
Jul 23, 2014

P R E S S   R E L E A S E                                                                                 CLICK HERE TO PRINT

FOR IMMEDIATE RELEASE:

July 23, 2014

For further information, contact Park City Board of REALTORS®

Marcie Davis, President 435.602.9577 Marcie@AskMarcie.com

Nancy Tallman, President-Elect 435.901-0659  NancyTallman@gmail.com

Carol Agle Statistics, Committee Chair 435.640.0379 Carol@Agle.com

 

Park City, Utah – July 23, 2014 – Though real estate prices in the Greater Park City Area are trending upward, the number of sales is down 9%.

The number of closed sales in the Greater Park City Area dropped 9% in the second quarter of 2014 compared to the same time period last year, according to the Park City Board of REALTORS®. Though there were 39 fewer sales this year (single family, condominiums and vacant land), median prices continue to trend slowly upward in 2014.

Single Family Home Sales:    By property type, single family homes had the least activity in Q2. The number of single family home sales within Park City Proper was down 29% compared to the second quarter in 2013. Both Snyderville Basin and Heber Valley were down 9%, and Kamas fell 6%. Yet pricing in most areas is climbing at a gradual pace. The median price for a single family home within Park City Proper is $1,675,000 (up 36% over Q2 of 2013). The median sales price for a single family home in the Snyderville Basin area is rising at a slower pace, but is still up 8% over 2013 to a median sales price of $755,500. The Jordanelle area saw the highest price increase, reaching $885,000 (up 48%). “We are seeing buyers at different ends of the spectrum. Some have expendable income or cash and don’t mind paying for a new product they like. Others are more cautious and resistant to price increases,” says President of the Park City Board of REALTORS®, Marcie Davis. Single family home prices remain relatively flat in both the Heber Valley with a median price of $359,150 and the Kamas Valley with a median price of $268,460.

Condominium Sales:    In contrast, condominium sales in Park City Proper reached 168 units (Up 8% over Q2 2013) with a median price of $636,500 (up 11%). By area, Old Town had the highest number of sales in Park City Proper, reaching 84 units (up 27%). The Jordanelle recorded the highest number of condo sales in the Greater Park City Area with 62 units (up 48%) and a median price of $380,800 (up 15%). There were 107 condo sales in the Snyderville Basin which is flat compared to last year, though Sun Peak, Bear Hollow, Kimball, and Pinebrook saw significant increases in the number of sales for the second quarter. The median price for a condo in the Snyderville Basin is $337,500 (up 5%).

Vacant Land Sales:    Park City Proper (down 34% compared to Q2 of 2013) and Jordanelle (down 39%) ended the quarter with 19 sales apiece. Alternatively, the Snyderville Basin had 97 land sales (up 24%) with a median price of $340,000 (up 27%). Within Park City Proper, the median price for a vacant lot is $700,000 (up 33%). The Jordanelle area had the highest median price increase jumping to $180,000 (up 52%). Lot sales in the Heber Valley are also 40% higher than last year with a median price of $175,000 (up 40%). The Kamas Valley had 22 sales (up 22%), though the median price fell slightly to $85,000.

Looking Ahead:    The lack of inventory – possibly caused by a perceived delay in listing new properties through the spring due to colder than normal weather conditions – may have contributed to lackluster sales as even pended sales numbers remained lower than last year until mid-June. Within the Greater Park City Area, there have been 119 new listings in July – highlighted by an increase of 68 single family homes. “July should pick up in both activity and sales. When a property is new to the market and priced right, it goes very quickly,” says Davis.

Distressed sales are no longer a topic as they accounted for less than 3% of the sales in the second quarter and less than 2% of the properties currently listed. Total dollar volume for Q2 is up 10% over Q2 of 2013 and median prices are climbing. Park City real estate remains diverse and cannot be classified into “one market.” Because neighborhoods vary drastically in price, inventory, and demand, to get the best advice and information on what is happening in the real estate market today, call your local Park City agent.

 

 

 

___________________________________________________________________________

The Park City Board of REALTORS® (PCBR) is a trade association of more than 900 members comprised of REALTORS® and Affiliates from the greater Park City real estate industry.  PCBR analyzes and reports on real estate trends for the greater resort community of Park City.

2014 1st Quarter Statistics

By Park City Board of REALTORS
May 02, 2014

P R E S S   R E L E A S E                                                                                 CLICK HERE TO PRINT

FOR IMMEDIATE RELEASE:

April 30, 2014

For further information, contact Park City Board of REALTORS®

Marcie Davis, President 435.602.9577 Marcie@AskMarcie.com

Nancy Tallman, President-Elect 435.901-0659  NancyTallman@gmail.com

Carol Agle Statistics, Committee Chair 435.640.0379 Carol@Agle.com

 

Park City, Utah –Highest number of first quarter sales since 2007 —Statistics compiled by the Park City Board of REALTORS® Multiple Listing Service show the number of closed sales for the first quarter of 2014 (including single family homes, condominiums and vacant land) is higher than it has been for a first quarter since 2007. Surprisingly, with Park City real estate in strong demand, with total dollar volume just shy of $327 million (an 11% increase over Q1 of 2013) and with inventory still at record lows, median prices for the Greater Park City Area have increased by only 2% in the past year and are still well below the market high in 2007.

Number of Sales Increase

Single Family Homes: There were a total of 159 single family homes sold in the first quarter of 2014. This number is down slightly from the first quarter of 2013 (169 sold) due to a slow start in January and February, but March sales jumped 25% over February and was the highest March since 2007. The Snyderville Basin area had the highest number of single family home sales by market area, specifically in the Jeremy Ranch and Pinebrook neighborhoods (9 each). Within the Park City Limits, the number of sales for the first quarter was slightly lower than Q1 of 2013, with the exception of Park Meadows (13 sales). The Jordanelle area sales for the first quarter jumped 75% over Q1 of 2013.  

Condominiums: By property type, condominiums had the most closed sales for Q1 of 2014, reaching a total of 165, a 25% gain over Q1 of 2013. Within the City Limits sales increased 14% over Q1 of 2013. Old Town was the most active (46 units) followed by Empire Pass (11 units). Snyderville Basin saw a 20% increase over Q1 of 2013. The Sun Peak/Bear Hollow and Kimball neighborhoods were the most active with 11 sales apiece. Compared to last year, the Jordanelle area had the highest increase in the number of condo sales with 26 up 37%. “The rising number of condo sales outside the City Limits indicates that there are buyers who don’t mind being out of town and who are looking for newer product, lower HOA fees, and shopping convenience,” says Park City Board of REALTORS® President, Marcie Davis.  

Vacant Land: By area, the Snyderville Basin had the highest number of vacant land sales with 42 to date, a 31% gain over the first quarter of last year. Promontory was very active with 15 sales and the Glenwild/Silver Creek area sales reached 11—both were significant increases over the prior year. With only 6 sales in the first quarter, the Jordanelle area is 54% lower than Q1 of 2013. The Heber Valley had the highest increase in sales with 26 lots, more than three times the sales in 2013. There were only 4 vacant land sales within the Park City Limits, possibly due to a lack of inventory. “In certain neighborhoods, we are seeing restricted sales due to limited product,” says Davis.

Median Sales Prices are Slowly Trending Upwards

The median price for single family homes in Old Town reached $1,100,000 year over year but had only one third as many sales. Park Meadows sales seemed to come from the bottom up with a 16% increase in sales but a 3% dip in median price to $1,255,000. Though the number of sales in Silver Springs has been consistently strong for the last four quarters, the median price is only up 16% to $711,000. Median prices are up slightly in Jeremy Ranch, Pinebrook and Trailside respectively to $725,000, $688,000 and $529,250. Davis says, “Real estate statistics are complex because there is no ‘one market.’ The Park City area can be confusing because it is highly segmented. This quarter illustrates just how segmented it can be. Local Park City agents understand these micro-markets.” In Old Town, even though condo sales increased 34%, median prices only increased 4% to $365,000. Outside the City Limits, the strong demand for condos in the Snyderville Basin resulted in an 18% increase in median price to $335,000. By neighborhood, Kimball decreased in median price by 7% to $216,500, while Pinebrook was up 26% reaching $338,000, and Jeremy Ranch was up 25% to $480,000. The median price for a condo in the Heber Valley increased slightly in median price by 3% to $180,000. The median price for vacant land within the Park City Limits was up 35% to $677,000 year over year. It was also up 6% in the Snyderville Basin to $299,950. The Jordanelle area—up 102% to $217,000, saw the most significant price increase. Inventory Continues at Historic Lows

Inventory declined almost 4% over the past year and remains at historic lows. Year over year comparisons by neighborhood show Old Town currently has 26% fewer active listings, Silver Springs is down 25% and Jeremy Ranch is down 28%.  

Distressed Properties Back to Pre-Recession Levels

As reported by Rick Klein with Well Fargo Private Mortgage Banking, distressed sales accounted for only 5.8% of the total number of sales in Q1, which is up slightly from 3.4% in Q4 of 2013, but down sharply from the 13% in Q1 of 2013. “As the percentage of distressed properties declines, the difference in sales price narrows. Distressed properties sold for only 2% below market transactions, which is much lower than the national average,” says Klein. The number of distressed properties currently listed is only 1.07%. Klein says, “Foreclosures remain persistent in the market, but now are at pre-recession levels.”  

Looking Ahead

The increasing activity in Park City area real estate in March and April is a good indication that sales will continue to trend upward in 2014. All property types, neighborhoods and price ranges are seeing increased activity. Multiple offers are not uncommon as buyers decide Park City and the surrounding areas are great places to live or own second homes. Because individual neighborhoods and property types vary drastically in price, supply, and demand, buyers and sellers are best advised to consult a local Park City REALTOR® for the most current and accurate information.

 

 

___________________________________________________________________________

The Park City Board of REALTORS® (PCBR) is a trade association of more than 900 members comprised of REALTORS® and Affiliates from the greater Park City real estate industry.  PCBR analyzes and reports on real estate trends for the greater resort community of Park City.

2013 4th Quarter Statistics

By Park City Board of REALTORS
Feb 03, 2014

P R E S S   R E L E A S E                                                                                 CLICK HERE TO PRINT

FOR IMMEDIATE RELEASE:

January 31, 2014

For further information, contact Park City Board of REALTORS®

Marcie Davis, President 435.602.9577 Marcie@AskMarcie.com

Jeff Spencer, Past-President 435.640.4770  Jeff@ResortsWest.com

Carol Agle Statistics, Committee Chair 435.640.0379 Carol@Agle.com

 

Park City, Utah –2013 Year-End Review Shows Demand is Strong for Park City Real Estate Finishing 2013 with a total of 2,230 sales, the Park City area real estate market is up 22%.over 2012 and double the number of the market low in 2009 according to statistics released by the Park City Board of REALTORS® Multiple Listing Service. "We haven’t seen a jump that big since 2004-2005, which retrospectively could be considered a bubble market," says newly installed President Marcie Davis. With a total sales dollar volume reaching over $1.52 billion, dollar volume is up 22% as well. Property prices show a steady appreciation of 7% over last year and demand is strong for all property types selling in both the high and low price ranges.

Inventory for 2013 Reaches an Historic Low

The current number of active listings-- including single family homes, condominiums and vacant land—for the entire market area is 1,981. That is a shocking 46% decrease from the high mark of 3,684 in July of 2008. In fact, the year-end review shows that the inventory level for each quarter of 2013 has been consistently lower when compared to the same quarter in previous years, with the month of April hitting an historic low of 1,965. "With fewer properties on the market, buyers may respond with greater urgency when they find something they like. This could contribute to the number of sales we have seen this year," says Davis.

The absorption rate (the average number of months a listing remains on the market) for condos and single family homes in the Greater Park City Area averaged 7.4 months – though time on market varies widely by property type and neighborhood. Single family homes in Silver Springs, for instance, averaged only 1.45 months on the market and Summit Park averaged 2.07 months showing that our market is highly segmented.

Sales Remain Strong

Single Family- The total dollar volume for single family homes was the highest it has been since 2006. Inside the Park City Limits, the number of sales was up 12% and the median sold price reached $1,257,000 which is a 17% increase over 2012. Demand is strong in Old Town with a 45% increase in the number of sales – averaging about one sale every five days. The median

sales price is also up 14% reaching $912,500. Park Meadows is up 8% in the number of sales compared to 2012 with a nice median price increase of 22% reaching $1,317,500.

In the Snyderville Basin area, sales were up 12% with a median price increase of 9%. Silver Springs leaped 76% in the number of sales compared to 2012 and the median sales price increased 12% to $697,500. By neighborhood, Jeremy Ranch saw the highest number of sales in 2013 reaching 73—that’s 26% over 2012. The median sales price also increased by 9% to $725,000. Trailside Park is up in the number of sales compared to 2012 by 53% with a 15% median price increase to $520,000.

Jordanelle is flat in the number of sales compared to last year and actually saw a 12% decrease in price to $660,000. The number of sales was up in both the Heber and Kamas Valleys with slight median price increases as well.

Condominium- Within the Park City Limits sales were steady, though the median sales price was flat. Old Town saw the highest median price increase by neighborhood up 17% to $380,000, and although there were 39% fewer active listings in Old Town compared to the same time last year, the number of sales climbed 45%.

In the Snyderville Basin, condos came up in median price reaching $326,250 which is 17% over 2012. Closed sales were up over last year by 11%. The Kimball area had the highest number of sales at 73 and a median sales price of $220,000. Pinebrook is another area of interest with a 33% increase in the quantity sold and a healthy 19% price increase to $322,500.

Vacant Land- With new construction picking up this year, vacant land sales were strong for the entire Park City market area, though median sales prices took an 11% dip. Within the Park City Limits though, the median sales price was up 15% reaching $555,000 while increasing 9% in the number of sales. Snyderville Basin, on the other hand, jumped 40% in the number of sales to 160 with a flat median price of $274,500.

The Jordanelle area had the highest spike in the number of lot sales, up 105% to last year’s number with a median sales price of $145,000. In the Heber Valley the number of sales climbed 60% with a median sales price of $175,000. The Kamas Valley experienced a substantial price increase of 70% to $90,000 also up 33% in the number of sales. "With reduced inventory and increased sales in Summit County, buyers naturally branch out for better prices. Wasatch County saw a lot of activity in 2013," says Marcie Davis.

Distressed Sales

Short sales and bank owned properties continued to decline in 2013, so much so, that they are no longer a factor in our market. As reported by Rick J. Klein with Wells Fargo Private Mortgage Banking, distressed properties in Summit County accounted for only 3.4% of sales in Q4 of 2013 down sharply from 13% in Q4 of 2012 and 31% in Q4 of 2011. Additionally, only 1.85% of listed properties were distressed. The fact that the average sold price for foreclosures and short sales

was only 2% below market transactions, illustrates that as the number of distressed properties decline, the difference in sales price narrows.

Looking Ahead

The Park City area market showed strong activity throughout 2013 with an increase month over month compared to the previous year except for December. Pricing in the Greater Park City Area also increased 7% over 2012. "With demand for Park City real estate remaining robust, distressed sales greatly reduced and inventory at record low levels, 2014 is poised to be another positive year for real estate," says Rick Klein.

Because individual neighborhoods vary drastically in number of listings and sales, pricing and inventory, home buyers and sellers are strongly encouraged to consult a local Park City REALTOR® for the most current and accurate information on what is happening in your specific neighborhood.

 

 

___________________________________________________________________________

The Park City Board of REALTORS® (PCBR) is a trade association of more than 900 members comprised of REALTORS® and Affiliates from the greater Park City real estate industry.  PCBR analyzes and reports on real estate trends for the greater resort community of Park City.

Solution for the Affordable Care Act

By Park City Board of REALTORS
Oct 29, 2013

If you, members of your family or your employees do not qualify for a subsidy you can shop for coverage now through www.nationalaffinity.net  web site.  If you have a health condition, pick a January 1, 2014 effective date as the coverage will be Guarantee Issue.

Click the heading to learn more.

2013 3rd Quarter Statistics

By Park City Board of REALTORS
Oct 25, 2013

P R E S S   R E L E A S E                                                                                      CLICK HERE TO PRINT

FOR IMMEDIATE RELEASE:

OCTOBER 24th, 2013

For further information, contact Park City Board of REALTORS®

Jeff Spencer, President 435-640-4770 jeff@resortswest.com

Marcie Davis, President-Elect 435-602-9577 Marcie@askmarcie.com

Mark Seltenrich, Statistician 435-901-1561 mark@markinparkcity.com

 

Park City, Utah-October 23, 2013 – Park City real estate is building momentum in 2013. To date every month of 2013 has had a higher number of closed sales than in the same month last year, according to data released by the Park City Board of REALTORS®. The number of sales for the entire Park City market area, reached 1,668 in quarter three—that is 26% over last year’s number. With a total sales dollar volume reaching $1.19 billion, the third quarter of 2013 is up 34% compared to last year as well.  Jeff Spencer, President of the Park City Board of REALTORS® said, “Our Realtors sold more in the first three quarters of 2013 than we did during all of 2012.”

Inventory

The current number of active listings on the Park City Multiple Listing Service is 2,199, down a little over 3% from last quarter. In just the Greater Park City Area—(Park City, Snyderville Basin and Jordanelle) there are only 1,160 active listings. This is a new record low!

The absorption rate (the average time a listing remains on the market) for single family homes and condominiums remains steadily low at 5.7 months. Including lots, the number is 7.4 months—which is also an all-time low. This is a striking number compared to the average of almost 60 months in April of 2009, according to numbers compiled by Rick J. Klein, Wells Fargo Private Mortgage Banker.

Sales

The number of closed sales through Q3 2013 is 1,621: That is 26% higher than this time last year.  In fact, the third quarter shows the highest number of sales in one quarter since 2007.  Dollar volume is also substantially higher than any quarter since 2007.

Single Family Sales

The number of sales of single family homes within the City limits increased 22% over last year, and the median price of homes increased by 26% to $1,295,000. In the Snyderville Basin, the number of sales is up 17% over last year with a 12% increase in median price to $707,750. Jordanelle Area is up 6% in number of sales but it is down 17% in median price to $643,500. Comparatively, the Heber Valley has climbed 19% in the number of sales and produced a 35% increase in median price!

For quarter three, Old Town stands out with a 51% increase over last year in the number of sales, with a median price increase to $912,500 which is up 14%. The number of sales also picked up in Lower Deer Valley with a 73% increase over 2012, but that may be a result of the median sales price dropping 24% to $1,500,000. In Park Meadows, the number of sales climbed 23% and the median sales price increased 43% to $1,470,000. The Silver Springs area jumped 109% in the number of sales, though the median price only increased 10% to $689,025. Another neighborhood which gained significantly in sales is the Trailside Park Area with a 59% increase over last year and a moderate median price increase of 11% to reach $510,000.

Condominium Sales

The number of condominium sales to date is up 20% with a median sales price increase of 12% to $373,300. The Jordanelle area saw the highest jump in year-to-date sales with a 74% increase and median price increase of 11% to $349,000. Within the Park City Limits, condo sales jumped 20% over last year; however, median sales price only increased 1%. In the Snyderville Basin, the number of sales only increased by 3% but the median sales price went up 13% to $321,497.

By area, Old Town had the highest increase in the quantity of sold units jumping 57% over last year—with an 18% price increase as well. Park Meadows saw a 38% increase in number of sold units, but dipped in price by 1%. In the Snyderville Basin area, Silver Springs increased over last year in both number of units sold by 75% and median price by 26% reaching $356,700. Pinebrook jumped 25% in the number of sales and the median price rose 14% to $315,000.

Vacant Land Sales

Vacant land saw the biggest increases in number of sales over last year with a 56% hike, though the median price fell 3% overall. Vacant land in the Park City Limits had the highest median price increase of 33% reaching $625,000. Jordanelle area saw a whopping 116% increase in the number of sales over last year’s number.  The Snyderville Basin saw a 41% increase in sales, though the median price is flat compared to last year remaining at $300,000. Highlights by area include Lower Deer Valley, Deer Crest, Pinebrook and Jeremy Ranch which all saw a significant increase in the number sales.

Distressed Sales

Short sales and bank owned properties continue to decline, so that they are far less of a factor in our market than in previous quarters. As reported by Rick J. Klein, Wells Fargo Private Mortgage Banker, only 1.17% of active listings are either short sales or bank owned. Distressed properties account for only 5.41% of all closed sales in quarter three. Jeff Spencer quips, “What shadow inventory?”

Looking Ahead

With the increase in the number of sales, median prices slowly on the rise, active listings at a record low, and an absorption rate of only 5.7 months (for homes and condos), our market appears strong and stable. “Already this year, there has been over $1.1 billion in closed sales, a number that was difficult to reach by year’s end only a short couple of years ago,” says Mark Seltenrich, Statistician for the Park City Board of REALTORS®.

Still individual neighborhoods in our market vary drastically, so it is vital for both home buyers and sellers to consult a local Park City REALTOR® for the most current and accurate information.

 

 

___________________________________________________________________________

The Park City Board of REALTORS® (PCBR) is a trade association of more than 900 members comprised of REALTORS® and Affiliates from the greater Park City real estate industry.  PCBR analyzes and reports on real estate trends for the greater resort community of Park City.

2013 2nd Quarter Statistics

By Park City Board of REALTORS
Aug 02, 2013

PRESS RELEASE

FOR IMMEDIATE RELEASE:

August 2, 2013                                                                                                                    CLICK HERE TO PRINT

For further information, contact Park City Board of REALTORS®

Jeff Spencer, President 435-640-4770 jeff@resortswest.com

Marcie Davis, President-Elect 435-602-9577 Marcie@askmarcie.com

Mark Seltenrich, Statistician 435-901-1561 mark@markinparkcity.com

 

Park City, Utah – August 2, 2013 – Park City market sees the largest quarter of real estate sales in five years. Both the number of sales and the median sales price are up over last year’s numbers in the Greater Park City Area according to the 2013 second quarter statistics released by the Park City Board of REALTORS®. With a total of 991 sales to date — a 19% increase over the same time period in 2012 – the first half of 2013 had the highest number of sales since the first half of 2007. In fact, the number of sales is 21% higher, by quarter, than any quarter in the last five years. The total sales dollar volume is also up 19% over the same time-period last year, reaching over $698 million to date, which is also the highest total dollar volume since 2007. Jeff Spencer, President of the Park City Board of REALTORS® shares, “ It’s an exciting time in real estate. Buyers are finding great opportunities and prices have come back to allow new sellers the opportunity to sell again.”

Inventory

  The inventory level of all property types has come up slightly from Q1 of 2013, but it is still 9% less than it was in 2012. The current inventory of active listings in the greater Park City area is 2,173, compared to 2,400 units a year ago. Though the current number is almost a 10% increase from the low point in April, it is still a whopping 41% below the high mark of 3,600+ in July of 2008.

The absorption rate (the average time a listing remains on the market) for single family homes, condominiums, and vacant land is down to only 5.7 months. That is a drastic reduction from the high point of just under 50 months set in April of 2009.

Distressed Sales

  Foreclosures continue to become a less significant part of our market as the number of foreclosed properties continues its five quarter downward trend. Distressed properties (foreclosures and short sales) made up only 5% of all sold properties in quarter two of 2013, compared to 17% of all sales in 2012 and about 33% in 2011.

Single Family Homes

  At mid-year, for the Greater Park City market area, the median sales price of homes is up 10% over last year. We experienced a 16% year to date increase in the number of sales of single family homes in the Park City Limits. Within the Park City Limits, 2nd quarter median price for a single family home is $1,245,000, reflecting a 12% rise in sales price.

In the Snyderville Basin, the number of sales is flat compared to last year, but the median sale price is up 10% over last year’s number reaching $699,000. This quarter’s numbers illustrate that neighborhoods vary drastically in activity. The Silver Springs area saw a striking 178% increase in the quantity of homes sold over the same time period last year, while the median sale price increased 6%. The Old Ranch Road area jumped in median sales price by 62%, climbing to $3,221,875 but experienced a 20% dip in number of sales.

Condominiums

  At mid-year, for the Greater Park City market area, the median sales price of condominiums is up 6%, and the number of sales is up 12% over last year. For the second quarter, the number of sales in the Snyderville Basin Area is up 6% compared to 2012 and saw a jump in median sales price of 21%, reaching a median price of $320,000. The Jordanelle Area has seen a solid 52% increase in the number of units sold, as well as, an 8% increase in median sales price, to $334,128.

The number of condominium sales in the Park City Limits rose to 160 units compared to 149 units in 2012, which is approximately a 7% increase. The median sales price of condominiums, in the Park City Limits, for the second quarter, is down slightly to $572,000 compared to $605,000 in 2012.

By area, Old Town is way up with a 47% leap in the number of sales and a 34% increase in median sales price reaching $440,000, compared to $328,500 in 2012. Lower Deer Valley is down 10% in number of units sold and down 5% in median sales price compared to this time last year. Age and high condominium HOA fees could be contributing factors for why buyers are more frequently considering single family homes as an alternative to condos.

Vacant Land

  At mid-year, for the Greater Park City area, the median sales price of vacant land is down 20% from last year. Both the Snyderville Basin and Jordanelle Areas saw increases in sales but decreases in price compared to last year. The median price for vacant land in the Snyderville Basin Area fell 23% to $267,000, and the Jordanelle Area fell 15% to $118,750. However, vacant land sales climbed 39% in the Snyderville Basin and spiked upward 138% in the Jordanelle Area compared to 2012! In the Park City Limits, vacant land sales followed the same trend as single family homes with an increase in the number of sales of 26% compared to the same time period last year and a moderate increase in median price of 12%, reaching $525,000.

Looking Ahead

  Park City Board Statistician Mark Seltenrich comments, “The market continues to be active, with the number of sales in the second quarter being the most we’ve seen since 2007. The median sales price for the greater Park City area in single family homes, condominiums, and vacant land is still down from the peak months of 2007, but the current trend of slow but steady rise of property value is an indication of a balanced and healthy market.”

Spencer adds, “The recent 1.5% jump in interest rates—which was the highest short-term spike in over 50 years—reminds us that rates are still attractive, especially compared to those a few years ago. We have a very diverse market, and I encourage buyers and sellers to contact their local REALTOR® for the most reliable and up to date information for their neighborhood.”

 

 

____________________________________________________________________________________________

The Park City Board of REALTORS® (PCBR) is a trade association of more than 900 members comprised of REALTORS® and Affiliates from the greater Park City real estate industry. PCBR analyzes and reports on real estate trends for the greater resort community of Park City.

2013 1st Quarter Statistics

By Park City Board of REALTORS
Apr 26, 2013

PRESS RELEASE

FOR IMMEDIATE RELEASE:

For further information, contact Park City Board of REALTORS®

April 26, 2013

Jeff Spencer, President 435-640-4770 jeff@resortswest.com

Marcie Davis, President-Elect 435-602-9577 Marcie@askmarcie.com

Mark Seltenrich, Statistician 435-901-1561 mark@markinparkcity.com

 

Park City, Utah - April 26, 2013 – Park City Board of REALTORS® just released statistics for the first quarter of 2013 showing the number of sales are up 17% from the first quarter of 2012. The sales dollar volume is up 28% over the same time-period last year, climbing from $239 million in Q1 of 2012 to over $306 million for Q1 of 2013. With 395 closed sales already this year, Mark Seltenrich, Statistician for the Park City Board of REALTORS® said, “This is the best first quarter we have seen since 2007.”

Inventory

The current inventory of active listings in the greater Park City area is lower than it has been since 2006.  As of April 1st, there has been a 21% decrease in listings since April 1st of 2012. The current number of listings is down 47% since the high mark in August of 2009.

Distressed Sales

Foreclosures have become a less significant part of our market.  Distressed properties (foreclosures and short sales) now make up only three percent of active listings and accounted for only 13% of sold properties in Q1-- down from 23% in Q1 of 2012.

Single-Family Homes

The number of sales for single family homes in all areas in Q1 increased 18% compared to Q1 of 2012, and the median sales price rose 30% to $619,500.  The median price for single family homes in the Snyderville Basin and Jordanelle area was up 28% from Q1 of last year, reaching $634,500, though down slightly from the year-end 2012 figure of $649,000.  The median price of a home within the city limits for the first quarter was $1,312,500, up 12% from the first quarter of 2012 and up 22% from the year-end 2012 figure.

Condominiums

Overall, condominium sales decreased 3% from Q1 of 2012; however, the number of sales inside the city limits was up 21%. The median sales price within the Park City limits was $639,000, which is down 18% from the first quarter of 2012—though well above the 2012 year-end figure of $522,500.  While the number of sales in the Snyderville Basin and Jordanelle area was down 23% compared to the first quarter of 2012, the median price for a condo was $334,128, which is up 22% over the first quarter of 2012 and up 8% over the year end 2012 figure.

Vacant Land

Vacant land sales increased 45% in the first quarter of 2013 with 74 transactions compared to 51 transactions in 2012.  Lot sales increased in both the city limits, up six sales (75%), and in the Snyderville Basin and Jordanelle areas, up 19 sales (73%).

The median price of a vacant lot, for all areas, fell 9% in the first quarter of 2013, dropping to $182,150 from $200,000 in 2012.  Lot prices within the city limits climbed 10% from $468,000 in 2012 to $514,500 in 2013.  Median lot prices in the Snyderville Basin and Jordanelle areas dropped from $237,000 in 2012 to $180,000 in 2013, a 24% decrease.  “These lower prices will not be sustained and prices through the rest of the year should rise as there are far fewer lower priced lots on the market. Prices overall, although higher, are still a great value,” Seltenrich said.

Looking Ahead

Buyer activity continues to be strong, and historically sales in the first quarter of the year are slower than the remainder of the year.  This means that competition for certain properties, especially single family homes under $500,000, will be harder to find. Though, with interest rates remaining historically low, today’s buyer has 43% more purchasing power than they did in 2006, as reported by Rick Klein of Wells Fargo Home Mortgage.

The low inventory is increasing the pressure on price. In some market segments, the absorption rate for a new listing is as low as 1.8 months on the market, while in others it is 144 months. Jeff Spencer notes that, “There are still specific areas within our market that are slower to respond to price increase and demand; therefore, opportunity still exists for good buys. It is important to consult your local REALTOR® to find out what the market is doing in your neighborhood.”

 

 

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The Park City Board of REALTORS® (PCBR) is a trade association of more than 900 members comprised of REALTORS® and Affiliates from the greater Park City real estate industry.  PCBR analyzes and reports on real estate trends for the greater resort community of Park City.

2012 4th Quarter Statistics

By Park City Board of REALTORS
Jan 24, 2013

PRESS RELEASE

FOR IMMEDIATE RELEASE:

For further information Contact Park City Board of REALTORS®

January 15, 2013

Jeff Spencer, President 435-640-4770 jeff@resortswest.com

Marcie Davis, President-Elect 435-602-9577 Marcie@askmarcie.com

Mark Seltenrich, Statistician 435-901-1561 mark@markinparkcity.com

 

Park City, Utah -- The year-end 2012 statistical report released by the Park City Board of REALTORS® indicates an increase in the number of sales and total dollar volume, with inventory the lowest it has been in over six years. It also shows a slight gain in median prices compared to 2011. The total volume of real estate sold for the entire market area (Summit and Wasatch Counties) reached $1,240,542,783 in 2012 — a 15% increase over 2011.

 

Sales

The number of sales continued to climb in 2012 with a nine percent increase over 2011 in all property types combined, reaching 1,817 total transactions. This is up 61% over the low point in 2009.  The number of sales now surpasses the early 2000’s and is approaching the number of sales necessary to be termed a more balanced market. Sales for the year were very strong after the first quarter of 2012. Each of the last three quarters averaged over 150 sales more than the first quarter. Quarter Four is up 28% compared to the fourth quarter of 2011.

 

Inventory Levels

With only 1,879 active listings on the market for 2012 compared to 2,146 in 2011, the inventory level has decreased by 12%. The greater Park City market has consistently seen double digit yearly decreases in the number of properties for sale since the high point of listings on the market in 2009. Based on an average of the past three months’ sales, this inventory represents about a 10 month supply -- excluding the lots, it is at an eight month supply for houses and condominiums. This is the lowest housing supply since the Park City Board of REALTORS® began systematically tracking the monthly active/pended listings in January of 2007.

 

Pricing

The median price, for all property types combined (single family houses, condos, vacant lots and fractional interest properties), has rebounded nicely in 2012 reaching $395,000, which is a 13% increase over last year, though this number is still below the median prices of 2010 and 2009. Median single family home prices continued to rise in most areas and had a five percent increase overall reaching $548,107. The median price for condos also increased seven percent to a median price of $343,000 for the entire market area.  Vacant lots had the best performance in 2012 with a 22% increase over 2011 reaching $213,750.

Within the Park City Limits area, median single family home prices show an eight percent increase over last year reaching $1,077,500. Condos are down three percent to $522,500 and vacant land is down two percent at $475,000. In contrast, within the Snyderville Basin and Jordanelle areas, the median price for a single family home is down five percent to $649,000, while condos are up 14% to $308,543, and vacant lots are up 51% to $249,500 over 2011. Significantly, even with an increase in the median lot price, the number of sales in 2012 was the same as in 2011, showing that though lots have gone up in price, the number of sales has not decreased.

 

Distressed Sales and Foreclosure Report

The number of distressed properties on the market has continued to drop through 2012 and the number of Notices of Default has decreased compared to previous years. Interestingly, the prices of distressed properties that come on the market are listed very close to market price or sometimes even above market. For the fourth quarter in Summit County, distressed sales accounted for only 13% of total sales which is down 31% from the fourth quarter in 2011, according to data compiled by Rick Klein of Wells Fargo Private Mortgage.

 

Year End Wrap Up

The Park City Real Estate market continues to strengthen with positive signs in the number of sales, dollar volume, pricing and inventory.  The combination of all of these factors points to a continued active market through 2013. In 2012 the number of sales averaged about 35 per week finishing the year with 1,817 total sales.  Mark Seltenrich, Statistician for the Park City Board of REALTORS® says, “If this rate continues through 2013, we would be looking at sales numbers approaching 2000, which would be a healthy pace for buyers and sellers.”

Prices have continued to stabilize, with most areas and property types seeing slight price increases. There were a few areas to buck that trend -- most notably: condo prices in Old Town, down two percent; and home prices in Pinebrook, down 13%.  Seltenrich notes, “This could be due to buyers snapping up the lower priced properties due to a fear that once those units are gone, they will be replaced with higher priced properties.”

 

Looking Forward

Prices in our market have generally been falling for four straight years, with many parts of our market 40-50% below where prices were at the peak.  However the downward pressure on prices now seems to be over. Seltenrich cautions that “Price increases need to be justified by a proper evaluation of the property’s attributes, and just like the market of the past several years, a property needs to be properly priced in order to sell. An overpriced property will continue to sit on the market.”  With inventory levels in decline, there aren’t as many choices as in the past.

There continues to be strong buyer interest and activity, and the number of sales and prices will probably increase in 2013.  With specific neighborhoods responding differently to the current market, it continues to be very important to consult with your local Realtor to understand what the market is doing in your area. President of the Park City Board of REALTORS®, Jeff Spencer, adds that 2013 is off to a strong start, “Realtors are busy and writing offers. We’re looking forward to 2013 being an excellent year for real estate in Park City.”

 

 

 

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The Park City Board of REALTORS® (PCBR) is a trade association of over 900 members comprised of REALTORS® and Affiliates from the greater Park City real estate industry.  PCBR analyzes and reports on real estate trends for the greater resort community of Park City..

KPCW Interview – 4th Quarter Statistics Review.

By Park City Board of REALTORS
Jan 24, 2013

Podcast interview with Jeff Spencer and Mark Seltenrich on KPCW Park City Real Estate Numbers Show Increase in Sales http://kpcw.org/2013/01/park-city-real-estate-numbers-show-increase-in-sales/

Park Record - Realtors look back at 2012

By Park City Board of REALTORS
Jan 24, 2013

Bottom of market behind Park City

Gina Barker, The Park Recordparkrecord.com

Posted:   01/18/2013 04:40:21 PM MST

 

Across the country, experts say the ebb and flow of the real estate market is pointing toward recovery, the market having reached its bottom. The same is true in Park City. In nearly every category in total number of home sales to median prices Realtors saw increases and steady growth in the market.

With so much improvement in many cases double-digit growth in sales amidst an ever-shrinking inventory for buyers to choose from local experts agree that the bottom of the market is behind Park City.

According to the end-of-year report released by the Park City Board of Realtors (PCBR), signs of improvement are everywhere, meaning Realtors are finally able to compare peak prices to rock bottom prices. Even with the price increases and the balancing of the local real estate market, prices are still a far cry from what they once were at the peak of the market in 2009.

"We don't want to go from 0 to 100," said Mark Seltenrich, a Prudential Realtor and PCBR statistician. " Big swings, improving too fast, is not good for the market. Right now, I'd say we're averaging five percent growth a year, and that is a nice healthy amount. It is similar to the growth of the market in the 90s."

"There is not one side, a buyer or seller, that has more power in the game than the other," he added, "and where we're at now is still a really good value."

During the real estate boom, home buying was a very different story.

In Park City, the peak market prices were in 2008 with the median home price at $1.8 million. 2011, that number dropped to $1 million, a total of a 44 percent drop. Condos in Park City saw a similar decline, from $994,500 in 2007 to $522,500 in 2011, a 47 percent drop. In the Snyderville Basin and Jordanelle, home prices went down 27 percent from 2007, $894,550, to 2012, 649,000.

Since the bottom of the market in 2011, and in some neighborhoods this past year, improvement has been slow but steady.

"We have been slowly improving in the past couple of years," Seltenrich said. "What we've seen this year, it feels like we have really turned the corner, in the number of sales, the prices, the inventory amounts, all positive signs."

"If you were looking for a home or condo in a certain price range, a year ago options may have been plentiful, but those deals don't exist this year."

For example, Redstone condos in the Kimball Junction area were selling in the low $200,000 range a year ago, Seltenrich said. This year, prices are starting in the upper $200,000 range.

"If somebody was like, 'I'd buy one for $225,000, and I'll wait for one to come online, that's not going to happen'," he added. "There is no reason for someone to list their property at $225,000, even a bank. At that price today, there would be 50 buyers ready to make an offer, where a year ago, it would sit on the market for a month or two, maybe even longer."

Compared with last year, the entire market stretching from parts of Heber to the Snyderville Basin improved by 13 percent in median price, from $348,250 in 2011 to $395,000 in 2012. Prices dipped slightly in certain markets or housing types, but total prices reflected an increase. Number of sales improved as well, increasing by nine percent. In each category of sales, that fact is still reflected. The number of home sales was up by eight percent, vacant land by 12 percent and condo sales jumping the most since last year by 15 percent.

Perhaps one of the most staggering figures in the report is the starting point of the year, the number of pending sales leading into 2013. The beginning of the year had a 125 percent increase in pending sales from the year before, meaning January had one of the strongest leads in recent years.

"Prices are still well below the peak, they are just not at the bottom anymore," said PCBR Executive Director Curt Singleton. "So there are still deals to be had."

Deals are harder to find in some areas more than others, though.

"There are certain segments, take for example lower Deer Valley, that are not as strong," said PCBR President Jeff Spencer. "Lower Deer Valley is behind the market in seeing prices rebound, so there are still good deals in that area, both in pricing and available inventory."

"In other areas, inventory levels are decreasing quickly and the products out there are starting to get picked over," Spencer added. "No one is getting a foreclosure with a great view anymore, even if there are a few foreclosures still out there. Buyers are realizing the boat has left the dock, and maybe they have missed it. But they can still catch that wave though, because prices are going to keep going up."

 Link to Article: http://www.parkrecord.com/ci_22404670/realtors-look-back-at-2012#