Park City Real Estate Market Update for Mid-Year 2013

Activity and Prices Up in Almost all Market Segments

We recently had our meeting of the Statistics Committee for the Park City Board of Realtors®. This is the opportunity for us on the committee to review and discuss the current real estate market conditions for the Park City and Deer Valley communities. We meet four times a year, once for each quarter. We print out sheets and sheets of all sorts of statistical numbers and information and try to dissect it down to what's important, what is trending in our market, what stands out, and what is the big picture?

Its tough to try to define an answer to a simple question: "How is the market?"

We try to note the overall trends and shifts in the general Park City real estate market as a whole,…

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Featured Neighborhood - Silver Springs in Park City

A Favorite for Year-Round Residents and Families

Silver Springs is a popular neighborhood for homes in Park City. Why is this neighborhood so popular? Its location, homes, and environment fit the Park City lifestyle very well.

Silver Springs is located near the base of the Canyons Ski Resort (now run by Vail Resorts) and is only a couple minute drive to skiing in the winter, and biking in the summer. As with all neighborhoods in Park City, this community also benefits from being so close to Park City Mountain Resort and Deer Valley ski resort as well. Silver Springs is in the MLS area of Park City commonly referred to as "Park City Extended". Park City or "Park City Proper" would include all the areas located inside the White Barn (south of the…

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Vail Resorts to take over Canyons in Park City Utah!

BIG NEWS in Park City this week!

Vail Resorts president and CEO Rob Katz announced Wednesday that the company had signed a long-term lease deal to operate the Canyons Ski Resort. Toronto-based Talisker Corp currently owns the ski resort and has leased the resort to Vail Resorts for 50 years, with an option for six 50-year extensions.

Vail Resorts’ Epic Pass will now include the Canyons Ski Resort in Park City, Utah.

The very popular Epic Pass offered by Vail Resorts affords it's passholders unlimited skiing and riding with no blackout dates at Vail, Beaver Creek, Breckenridge, Keystone, Heavenly, Northstar, Kirkwood, Afton Alps, Mt. Brighton, Arapahoe Basin, Eldora, and now includes Canyons Resort in Utah. The Epic Pass will replace the Canyons…

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Old Town Park City Real Estate Market Update

BIG Sales and Good Activity in Old Town.

Here is a quick snapshot of the current real estate market conditions for the Old Town neighborhood of Park City, Utah.

Old Town is one of the most popular areas in Park City as it is the area's "downtown" community. Most homes and condos in Old Town are within easy walking distance to popular Main Street. On Main Street you'll find many great options for shopping, dining and nightlife (yes, we do have nightlife in Utah!). This is such a fun location to live and vacation, and is great year round. Although we have always been primarily a ski resort town, we also enjoy some of the most amazing summers. Each summer the weather is ideal, generally between 75-85 with low humidity. With many festivals and events,…

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Park City Real Estate Statistics Report for Q1 of 2013

Inventory Down + Sales Up = Prices Now Moving Up

Park City, Utah - April 29, 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, the 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…

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Standard Amount for Earnest Money when Buying Property in Park City?

How Much Earnest Money is Required when Buying Property?

Earnest Money is the initial deposit that a buyer will submit when writing an offer on a property that is listed for sale. While there is no real "standard" amount of earnest money required, the amount submitted with an offer can have a strong affect on the offer's strength. In Park City Utah, it is typical to see the earnest money at about 1-2% of the purchase price for the property. We do however see buyers offer less, and we also see some buyers offer more. Typically a cash buyer will offer a higher amount of earnest money to show their strength and ability to purchase, while buyers planning to obtain a mortgage will offer a little less. There is no real right or wrong, or standard amount,…

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Multiple Offers for Buyers of Real Estate in Park City Utah

Navigating Multiple Offers as a Buyer

With the real estate market heating up we are starting to see a strong return of multiple offers on properties. The combination of less available inventory, and increased demand by a larger pool of active buyers is resulting in a re-emergence of multiple buyers bidding for a single property, which means multiple offer situations. As a buyer shopping for a home, what does this mean for you, and how can you best navigate through this process? You are hopefully working with a local Realtor® to assist and guide you, but even so, the more you know, the better you can make the important decisions when the time comes.

So after researching homes online and viewing possible properties you have finally found just the right…

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Our Featured Searches for Real Estate in Park City.

Are you new to the Park City and Deer Valley area?

Still trying to figure out the "lay of the land"?

To help you out and give you a great starting point, here are a couple recommended property searches you can try. We have done our best to provide you with an easy to use and easy to navigate Park City real estate website. But, when you are new to the area, you may nt know where to begin. Park City offers a wide variety of great communities and neighborhoods where you just might find your dream vacation home. To help get you started in the right direction for exploring homes, we have listed a few of our "Feature Searches" below. These really are just some of the more popular searches on our website, as well as a couple that we consider to be our…

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WSJ.com reports: National Association of Realtors says its becoming a Seller's Market.

In a recent article on WSJ.com, the news is that the National Association of Realtors has recently said it is now becoming a Seller's Market for national real estate sales. The article goes on to say: "The number of homes listed for sale in January fell by 4.9%, leaving 1.74 million properties on the market. That’s the lowest since December of 1999, when there were 1.71 million homes on the market. By contrast, there were 2.91 million homes on the market two years ago at this time."

It was also added that: "The upshot is that there’s a growing pool of buyers chasing a shrinking supply of homes. If the trend holds, prices will keep going up. At the current pace of sales, it would take just 4.2 months to sell the current supply of homes available for…

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Park City Real Estate Update - Old Town's Biggest Home Sale

PRESS RELEASE - February 18, 2013 - Park City, Utah

Old Town, one of the most popular neighborhoods in the western ski resort community of Park City Utah, just had it's biggest sale for any residential single family home to date. Heather Peterson and Sean Matyja recently sold the famed "Tunnel Home" located at 503 Woodside Drive. The home was listed for sale with colleagues in their brokerage at Summit Sotheby's International Realty. The home was listed at $8,640,000 for approximately 8,300 finished square feet in size and includes 6 bedrooms and 8 bathrooms. Peterson and Matyja brought the buyer to the transaction and negotiated a selling price of $7,973,920.

Simply put, this was one of the most exceptional homes in Old Town, and in all of Park…

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