How is the "The Market"? Well, that depends on which market you're talking about. 2013 was an incredible year for our long awaited real estate recovery. Below we take a look at what happened, and where the market is hot, and where it is not. For example, Park City's Old Town seems to be on fire, while Lower Deer Valley is still in decline.
Park City Real Estate Demand - Pending Sales
We love to look at the trends of pending sales, as it is a great indicator of what the buyers appetite is, and it's amazing to see the seasonality of our ski town market of Park City and Deer Valley. Looking at the chart above (Thanks to Rick Klein at Wells Fargo for these great charts!), you can easily see the trends of buying over the years. Starting from the
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
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,
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
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
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
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
It's still a Buyer's Market but the inventory is going fast.
Real estate sales in Park City surpassed the billion dollar mark for the seventh time in 2011. Year-end statistics from the Park City Board ofREALTORS® show an overall sales dollar volume of $1,077,426,368, up 6% from $1,013,432,555 for 2010. The number of sales continue to trend upward with 1,662 closed sales for 2011, up 17% from the 1,418 closed sales in 2010 and up 32% from the 1,131 sales in 2009.
Inventory levels have decreased since last year, with about 2,300 properties listed for sale compared to about 2,750 in 2010, a 13% decrease. Sales activity remains strong, which can be attributed to the reduced home, condominium and vacant land prices and the positive economic conditions in the
Last Thursday and Friday was the 10th Annual Park City Turkey Drive. As of Friday night when the truck pulled away, the Park City Realtor volunteers had collected 1,778 turkeys. Over the weekend, they received additional donations and were able to purchase additional turkeys thereby pushing their overall collection in excess of 1,800 turkeys and hundreds of pounds of non-perishable food items. On a local level the Turkey Drive provided 400 birds to the Park City Food Pantry located on Munchkin Road, several turkeys to the Community Center in Kamas and the remaining birds along with hundred pounds of non-perishable food items were delivered to the Utah Food Bank for distribution statewide. The Park City Turkey Drive has earned the distinct recognition of
Are you aware that the Park City Foundation’s Community Pass is available for only $8,000 and you may use $7,000 as a tax deductible contribution (see below)? They only have 4 left for the upcoming ski season.
The Park City Board of REALTORS® are represented on the Park City Foundation’s Board of Directors by two of our own REALTORS®. They are asking for our support for this worthwhile cause and suggested that this might be a great way to treat your clients, friends and family to skiing, snowboarding and golf...as well as making a wonderful contribution to the Park City Foundation.
Please consider purchasing a Community Pass...
COMMUNITY PASS
SKI OUR SLOPES, GOLF OUR GREENS AND SUPPORT OUR LOCAL NONPROFITS.
