Park City Blog

Formal Spring Park City Market Review

By Berkshire Hathaway HomeServices Utah Properties
May 29, 2015

 

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Overview

The total number of closed sales, including single family homes, condominiums, and vacant land, within the Greater Park City Area, for the first quarter of 2015 was 11.5% higher than Q1 of 2014 and 18.5% higher than Q1 of 2013. With another strong quarter in condominium sales, the number of closed transactions for the first quarter of 2015 marked the highest number of first quarter sales since Q1 of 2007. The total dollar volume for the first quarter was 17% above that of 2014 and 37% higher than 2013, according to statistics released by the Park City Board of REALTORS®. The median sales price for the Greater Park City Area, including all property types, seems to be trending up at a gradual pace – 5.7% higher than the first quarter of last year, but still below that of 2010.

Single Family Home Sales

The number of single family home sales for the entire market area at quarter end was 180, which is 11% higher than Q1 of 2014. Despite low inventory impacting the number of sales in some neighborhoods, several areas experienced an increase of activity. Comparing the last four quarters with the previous four quarters within the Park City Limits (84060), Old Town was down 13% in quantity sold but up 7 % in median price to $1,180,000. Park Meadows continued to average one sale per week, flat in the number of sales compared to last year, but up 16% in median price reaching $1,450,000. A four quarter comparison in the Prospector area shows a 31% increase in the number of sales along with a 21% price increase to $700,000, but sales were down in the first quarter of 2015 compared the first quarter of 2015 due to lack of inventory.

Comparing year-over-year numbers within Snyderville Basin, areas with the highest number of sales include Glenwild/Silver Creek – up 38 % in quantity sold with a 5% median price increase to $1,175,500, Promontory – up 30% in sales with a median price of $1,550,000 (flat to last year), The Canyons – up 20% in sales with a median price of $5,507,489 (up 36%, largely due to sales at The Colony), and Sun Peak / Bear Hollow – up 45% in sales with a 2% median price increase to $852,500. Though quantity sold is down compared to last year, the median price increased in Trailside ($615,000), Pinebrook ($772,500), and Silver Springs ($780,000).

Year-over-year, the Jordanelle area saw a 25% price increase reaching $858,132 with a 13% decrease in quantity sold. The Heber Valley has experienced increased activity with a 19% increase in number of sales and a 2% median sales price increase to $341,500. Statistics Committee Chair, There were 11 more single family home sales in the first quarter of this year compared to last in the Heber Valley. The Kamas Valley was also up 11% in sales and 3% in median price to $299,500.

Condominium Sales

By property type, there has been a growing proportion in the number of sales and dollar volume within the condominium market. The number of condominium sales for the entire market area at quarter end was 184, which is 10% higher than Q1 of 2014, with an 11% overall increase in median price.

Comparing year-over-year, the number of condominium sales within Park City Proper was flat to last year with a median price of $552,500 which was 8% higher than last year’s number. By area, the number of sales in Old Town was down, but the median price increased 14% to $415,000. Other areas of interest include Empire Pass up 37% in quantity sold with a median price of $3.08 million, Lower Deer Valley up 55% in sales with a median price reaching $732,375, and Prospector up 12% in the number of sales and 41% increase in median price to $134,000.

The Snyderville Basin showed increased activity in the condo market, up 11% in number of sales and 9% in median price reaching $364,600. Comparing year-over-year by area, the highest number of sales occurred in the Canyons neighborhood (up 27%) with a median sales price of $371,250. The number of sales in Sun Peak/ Bear Hollow was slightly down, but experienced a 20 % median price increase to $477,500. Other areas with an increase in activity include Pinebrook, up 29% in number of sales with a 17% median price increase to $395,726, and the Jordanelle area, up 13% in number of sales and 15% in median price reaching $412,671.

Vacant Land Sales

Vacant Land sales for the entire market area were 6% higher than Q1 of 2014, with a median price increase of 18%. By area, Old Town had an 88% increase in sales and a 38% increase in median price to $465,000. The median price for a lot in Park Meadows was $775,000 though sales were flat compared to the previous four quarter number. In the Snyderville Basin area, the number of land sales was slightly lower than the previous year, but increased 7% in price to $320,000. A few hot spots for vacant land sales include The Canyons area with a 35% increase in number of sales and a 19% increase in median price to $1.6 million and Pinebrook with seven more lot sales than the year before and a 29% price increase reaching $168,900. The number of sales in the Trailside area was 25% higher over last year’s number with an 18% increase in price to $235,000.

Looking Ahead

Gradual price increases seen in most of our market area and property types could be viewed as a stable market trend. Low inventory has been a consistent factor in our market area since the third quarter of 2012 and as of May 12, 2015, there were only 1,884 active listings compared to 1,940 at the end of Q1 2014. Though January and February were, as historically expected, slow months in the number of closings, March finished strong, and it looks like April, May and June will follow.

Our Market Share

By Berkshire Hathaway HomeServices Utah Properties
Feb 09, 2015

We're the most successful brokerage in Utah.

With $1.875 billion in sales in 2014, we are Utah's largest brokerage.

We are the leading representative of developments, luxury properties, and clients who value trust and results. It is an honor to represent the community we love--our results indicate more than success; they illustrate how passionate we are about providing the best real estate service in Utah.

In Park City, we hold healthy margins in all key market areas. Our market share supports firm clients by increasing their reach and removing complexity from the intricate process of buying and selling property. Buyers and sellers can be assured that they are dealing with established professionals who are supported by Park City's most recognized and experienced real estate company.

Here's how we stand in Park City:

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2014-DV-All-Properties

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A Year in Review

By Berkshire Hathaway HomeServices Utah Properties
Jan 05, 2015

Reflecting on 2014.

2014 was momentous for our company.

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Our June transition to Berkshire Hathaway HomeServices was a success and has already contributed substantively to our growth throughout northern Utah. Adopting the most respected brand in the world (according to Barron's famed annual poll) has provided us with the latest in sophisticated market watching and marketing tools. From proprietary digital e-mail systems, advanced market statistic reports, and cutting edge social media monitoring, our clients are given every advantage needed to position themselves successfully and make informed decisions in today's market. 

In 2014, we were also named the largest brokerage in Utah in terms of sales volume, with over $1.8 billion in sales.* It is an honor to be Utah's choice real estate firm, and we look forward to building on our stronghold. Locally, the arrival of Vail with its newsworthy purchase of Park City Mountain Resort and its announced intention to combine Canyons Resort with PCMR has energized the town and the real estate community. As the largest development brokerage in Park City, we look forward to contributing to the responsible growth of our town and market.  

*2014 announcement reflects sales volume achieved in 2013 according to MLS statistics. 

2014 Market Recap.
  • Our marketplace remains highly segmented. 2014 illustrated the complexity of our local market place. Given the variety of product and price points in our real estate community, it is not surprising that certain areas such as Old Town and Heber Valley saw intense activity and growth, while other areas like Park Meadows saw erratic price variation. As ever, the assistance of an informed professional remains critical. 
  • Median sale price increased. While vacant land and certain neighborhoods saw stunning price increases, most areas saw a gradual and measured increase of median price. 
  • Inventory remains low. We witnessed limited inventory, particularly in Q2 and Q3 but predict that given the excellent climate for selling, we will see a return of more options in 2015. 
  • The development market has returned. BHHS Utah represents more developments than any other Park City brokerage and can say with authority: the development market is healthy and heating up. From large acreage ranch properties to contemporary luxury builds in Deer Valley, Summit and Wasatch counties are entering a period of intense growth. Investment opportunities abound.  
  • Consumers found their confidence. Consumer confidence returned to pre-recession levels, which had a hugely positive and stabilizing effect on the domestic real estate market. 
  • The market as a whole has normalized. Distressed sales and failed developments are a thing of the past. In 2014, the market returned to pre-2008 levels.

What we expect from the market in 2015.

  • Our market will remain segmented. Park City offers real estate options for every buyer, which makes our jobs here a bit easier. It also means that each neighborhood operates as its own market.
  • Inventory will return. Inventory remained relatively low in 2014 (there was a slight increase from 2013), but it seems likely that sellers will capitalize on the current climate, which will increase inventory gradually over the course of 2015.
  • Vail's purchase will have a positive effect on Park City's market. Vail's creation of the largest ski resort in America is sure to have a positive impact on our market place. We have already seen price increases in and around Canyons Resort and Old Town. 
  • Foreign buyers and visitors will increase. While foreign buyers have historically accounted for less than 1% of local buyers, Vail's arrival and its roster of foreign Epic Pass holders along with Salt Lake's ever growing economy will result in an increase in international visitors and potential foreign buyers. As a global brokerage, we are equipped to meet the needs of and reach a global client base.
  • More development. Summit and Wasatch counties will continue to garner interest from developers, meaning new and different product for buyers to select from. 

January Events:

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12/31 Canyons New Year's Eve Celebration and Fireworks

12/31-1/3 The WHO Show performing "Tommy-the Rock Opera"

1/2-1/4 Park City Film Series - Antarctica: A Year on Ice

1/1/-1/4 The Interview premiers at the Park City Film Series

1/7-1/10 FIS Freestyle Ski World Cup at Deer Valley Resort

1/10 Winter Trails Day at Soldier Hollow

1/17 Park City Institute presents Aiofe O'Donovan at Eccles Center

1/22-2/1 Sundance Film Festival

October News

By Berkshire Hathaway HomeServices Utah Properties
Sep 30, 2014

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We've crunched the numbers. Honoring the financial and analytic background of our parent company means we run a lot of stats around here. We are always monitoring the market and are committed to bringing you timely, honest stats with regards to Park City's marketplace.

As evidenced by the graph above, Median Home Prices are down from last quarter and the same quarter last year. However, it will be interesting to see if Median Home Prices go up following the Vail purchase. When looking at Number of Sales, sales are up when compared with last quarter but down from third quarter of last year. None of these findings is surprising as Q3 is typically slower in terms of market activity--residents and buyers have historically tended to realize their real estate goals in the spring and winter. While we are seeing tremendous growth in certain segments of Park City and continued interest in vacant land, growth has been piecemeal this year. It is more important than ever to rely on the experience and market knowledge of a BHHS professional.

Looking beyond our local market, domestic Real GDP grew by a respectable 3.7% this quarter, and the Average Home Price (at time of sale) increased to $216,100 from $206,900 same quarter last year. Even more noteworthy is the return of consumer confidence. According to the Nielsen Global Consumer Confidence Report, consumer confidence both domestically and globally has returned to pre-recession levels...and continues to trend upwards. Consumer idealism plays a crucial role in determining the health of the economy and more directly, the housing market. We look forward to continuing to see upward trends in all sectors.

Going forward, we have begun monitoring all segments of the Park City and Wasatch County real estate markets, watching for any noteworthy changes since the announcement of the Vail purchase. While we refrain from making any sweeping predications at this point, we do believe that now is an excellent time to explore real estate investment opportunities.

*All included statistics are the property of BHHS Utah and the result of in-house analysts.

Happening this month:

Sleepy Hollow Haunted Wagon Rides All Month

Autumn Classical Music Festival All Month

Park City Film Series All Month, Click for Schedule

The North Face Endurance Challenge 10/4-10/5

Rocky Horror Picture Show at the Egyptian 10/23-10/25

Park City Gallery Stroll 10/31

Howl-O-Ween! on Main Street 10/31

*Photo credit: Christopher Reeves

DEVELOPMENT SPOTLIGHT

Aspen Creek Crossing

Nestled in a quiet enclave at the base of Canyons Resort, Aspen Creek Crossing includes 18-home sites that boast some of the best available single family homes in terms of investment potential. Homes are spacious and custom built with dramatic views. The neighborhood is ideally situated to take advantage of the planned connection between Park City Mountain Resort and the Canyons, and includes easy access to both ski resorts and the new Canyons Golf Course. Further, these homes are priced affordably, especially considering their smart designs, ideal location, and first rate amenities.

BROKERAGE NEWS

1000 Offices in 1 year.

Berkshire Hathaway HomeServices, this month named its 1,000th office on the one-year anniversary of its brand launch. Our brand now accounts for more than 33,300 agents in 47 states. “Berkshire Hathaway HomeServices’ momentum keeps building,” said Earl Lee, CEO of HSF Affiliates. “This further demonstrates the power of the brand, and is a tribute to the quality of affiliates and agents who have brought the brand to life across America.”

 

 
 
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