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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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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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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Park City Real Estate - End of Year Statistics Report for 2012

PRESS RELEASE

FOR IMMEDIATE RELEASE:
January 15th, 2013

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.

Number of Sales of Real Estate in Park City

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…

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Park City Real Estate Market Update - Looking at Old Town Homes for Sale

Old Town is one of the most popular choices for out-of-state buyers looking to purchase property in Park City and Deer Valley, Utah. Historic Main Street is the hub of recreation for both visitors and residents in Park City. Walk up and down this eclectic and historic street and you will find many retail and clothing stores, art galleries, real estate offices, coffee shops, casual and fine dining, and bars and private clubs (a Utah thing) offering a vibrant and energetic atmosphere not typically associated with the state of Utah (Utah gets made fun of quite often on TV!). This is the heart of the community, and therefore is one of the most sought after locations to live and own property.

Photo of Park City's Old Town and Park City Mountain Resort

…

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Real Estate Inventory Levels are Shrinking in Park City

Looking at current real estate inventory levels, we can measure a dramatic decrease in available properties for sale. We are now just about through the summer selling season and the Park City Board of Realtors will have a Q3 Statistics Report out at about mid October, once we finish up with September sales. Fall is a great time to come view real estate because it is easy to get into most properties as bookings are much lower in the "in-between" season. As we have mentioned before, we have been seeing the inventory shrink. And now when good properties come up for sale, they do go fast. So we decided to look at a few different market segments to see where the inventory levels are at. Not too long ago, it was common to look at a particular MLS area of Park…

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ATTENTION BUYERS: Did you miss the Market Bottom?

Trying to time the Bottom of the Market? Real Estate is a moving target. Its constantly changing annually, monthly, weekly, daily. Pricing goes up, and pricing goes down. With such a volatile market, such as what we have been in for a few years now, it is extremely difficult to determine when we hit the absolute bottom of the market. For Buyers, this is your goal. When is it time to score the best deal?

Well, for a few months now, as you'll recall if you have been reading our monthly newsletters, is that we have been saying we thought we were pretty much at the bottom of the market. Now we could not truly say with 100% certainty when we were at the bottom, (while we were in it) but we were quite certain on it, and we did try to let our clientele know of…

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Park City Real Estate Market Report - 2012 2nd Quarter Statistics

Highest number of sales and pended sales in the Greater Park City Area since 2007. The inventory of active listings is the lowest it has been since 2007.

PRESS RELEASE - PARK CITY, UTAH - Monday, July 16th, 2012

Park City, Utah –The Park City Board of REALTORS® 2012 Second Quarter statistics, show the highest number of sales and pended sales in the Greater Park City Area since 2007. The total number of sales for Q2 was 486 with a total sales volume of $347,392,785 and median price of $427,450 - topping last year’s Q2 numbers with 451 units sold, $320,740,133 in total dollar volume and a median price of $412,500.

Park City Area Sales Numbers and Inventory

Sales numbers have bumped along since the end of 2008 and the first half of 2009. The highlight of…

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Park City Newsletter for May 2012

Real Estate Market Updates, Upcoming Events, Mortgage Market Report, Featured Top Pick and Best Buy.

You'll hear this phrase often; "We came for the winters, but stayed for the Summers!" That is true for just about every resident of Park City. Summer here is truly amazing. If you have not spent much time here in Summer yet, you have got to give it a try, especially if you live somewhere hot, this is a great escape from the heat.

We are so excited to be back into Summer. Most of the snow has melted away, aside from a few random patches still remaining. The mountains are getting very green, the trails are in great condition, and the temperature is in its ideal range of upper 60's and 70's. The above photo of our dog, Brinkley, was taken only a couple…

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