Park City, Utah - October 24, 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. The 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
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
PRESS RELEASE - October 10, 2012. The release of the statistics for the 3rd Quarter of 2012 real estate numbers have been highly anticipated as we all seem to agree that the overall real estate market in Park City and Deer Valley has been moving along quite well, but wondering if pricing has gone up or down? Has the inventory shrunk as much as we think it has? And where might we be headed? If you are a buyer today, what will you see in the marketplace?
In reviewing the large amount of statistics for the 3rd Quarter of 2012 we have noticed a decline in inventory, largely due to the increase of sales. In fact, when looking at the Greater Park City area, pended sales were slow to start in January but then have been quite high from February on to
Park City, Utah –The highlight for the first quarter of 2012, as reported by the Park City Board of REALTORS®, is that the median sales price for vacant land and condos, in all areas, has gone up. The median sold price for condos went from $335,000 in the first quarter of 2011 to $401,628 for quarter one in 2012. Vacant land also saw a rise in median sold price from $134,500 in 2011 up to $200,000 in 2012. The overall sales dollar volume for quarter one, however, came in at $235 million, down from the first quarter of 2011 when overall sales topped $254 million. The total number of sales is also lower for the first quarter of 2012, with 338 sold properties,
Realtor.com recently ranked Salt Lake City No. 6 in the nation for “The Best Cities to Buy a Home Right Now.” Forbes reported on the study and stated there were a number of factors that played a part in determining how each city was evaluated and ranked.
Salt Lake received high marks for improved inventory levels, list prices and employment. Inventory is down 31 percent compared to last year, and the median list price is up 5.5 percent from last year at $195,000. The unemployment rate for Salt Lake is currently 5.9 percent. Unemployment rates, from the Bureau of Labor Statistics, were factored into the rankings since jobs are a leading indicator of housing demand.
Park City, Utah, just 35 minutes up Parleys canyon is a nearby alternative to living in Salt
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
