Park City Utah Real Estate News - January, 2012

Park City Real Estate Market Update

Park City 2011 End of Year Stats

Below are some quick snapshots of the Park City real estate market comparing 2011 end of year numbers with the previous year. Also compares the overall price decrease from the height of the market in 2007. We will soon have a more detailed report once we complete our End of Year Statistics Report with the Park City Board of Realtors statistics committee.

When we first ran these numbers for this article, we were surprised by the huge amount of decrease in our Park City real estate 2011 median sold prices from the 2007 median sold prices. The amount of decrease is astonishing. Activity sure has been up since the slower years of 2008 and 2009, and here you can see why. With these lower prices on ski homes and condos, we are…

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Freestyle World Cup at Deer Valley Utah

Deer Valley will host the 2012 FIS Freestyle Ski World Cup event this season! Competitors from around the world will challenge each other and themselves on Deer Valley's 2002 Olympic runs. All events, including concerts, are free to the public. The festivities will begin February 1, 2012 with Robert Randolph and the Family Band playing on Lower Main Street in Park City.

Its amazing events like this that makes buying real estate in Park City and Deer Valley such a fun investment.

If you have not been to one of these events yet, you have got to go. This is a highlight of every winter in Park City and Deer Valley. The events are hosted at night, so you can ski all day, and then watch the events under the lights at night. You may have seen the moguls…

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4 FEET of SNOW in Park City Ski Resorts

FINALLY!!! We just received about 4 feet of snow at all of our Park City, and northern Utah ski resorts. Its been a long wait, but better late than never!

The image below is from the KSL news broadcast showing the big snow totals from the storm. Powder Mountain and Snowbasin are about 50 minutes to the north. Alta is over by Snowbird in Little Cottonwood Canyon and only about 50 minutes away from Park City. They did not show Deer Valley or Park City on this list, but I did see a report showing Park City at 41 inches so far, and I had heard Deer Valley had a little more than Park City resort. I was up on McConkeys lift at Park City resort yesterday and there was an easy 2 feet of fresh on top of about a new 2 foot soft base. Many turns were bottomless,…

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SNOW IS HERE in PARK CITY, UTAH!

The snow has finally come, over 2 feet of it last night, and we had an amazing weekend of beautiful powder runs, with nobody here! Sundance is a great time to have the big storms come in as most of the Sundance crowd does not ski or snowboard. Its a great time for all of us Park City realtors to take a break from showing property and get some great runs in. Perfect that this Sundance weekend we got dumped on! There was well over 2 feet of fresh snow on McConkeys lift at Park City Mountain Resort, and I was there for first tracks. Once I headed down to go back to my Sotheby's real estate office, I passed the usual Silver Queen run to get down and found more great powder on the side of the groomed runs. For sure was an epic day, and so glad to see the snow…

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Park City Real Estate Inventory - Years of Supply? Or only a Few to Choose From?

Recently, I had a client ask about our amounts of listed inventory for sale in the Park City real estate market. He stated that "I was reading there are well over 3 years of unsold inventory for 2 million plus homes in Park City?" I was not exactly sure on that statistic as actual fact, nor could I quickly or confidently dispute it. Nor should I without having the data to verify the information. So, I took some time to pull up the real data (a.k.a. FACTS) and compiled the information below. This study produced interesting facts, but more so it showed just how misinformed many of our educated real estate buyers are.

I found it quite interesting that he was thinking we had over 3 years of inventory for homes over $2 million, when in reality it was less than…

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SNOW IS FINALLY COMING!

Great news! Looks like the snow is on its way!

We have had a very slow start this year in the Rocky Mountain West, but finally we are expectig some real snow. Now not all has been bad, the resorts have made an incredible amount of snow, so we have a great base, and conditions have been decent. For the kids riding the halpipe and terrain park, this has been an amazing year as every day has been blue skies and sunny weather. The groomers have been quite nice, but starting to get a bit icy. This new snow will be a game changer!

See below what the National Weather Service forecast has to say:

A WINTER STORM WATCH REMAINS IN EFFECT FROM WEDNESDAY AFTERNOON THROUGH FRIDAY AFTERNOON.

* AFFECTED AREA: THE WASATCH MOUNTAIN RANGE.

* SNOW ACCUMULATIONS: STORM…

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NO SNOW, NO PROBLEM!

Skiing conditions are much better than you might think!

This sure has been a tough start for the year for all the western US ski resorts. We have been experiencing one of the slowest starts to the winter season that any of us can remember. It is especially in sharp contrast to what we enjoyed last year as one of our biggest snow years ever. If you were in Utah last year you know what I am talking about!

Normally by this time of the winter we have already had quite a few epic powder days, but this year has not been like that. We have had enough snow to be open, and with snow making capabilities the resorts have been able to get many runs open. Deer Valley and Park City have impressive abilities to create snow when mother nature does not deliver. You…

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