Hello Everyone,
Here we are into the fall season after a very active summer in the Park City area. I could feel the trend coming but it is nice to have some statistical data to substantiate what is happening in the greater Park City area.
2013 3rd Quarter
Park City Market Report
The big change in the Real Estate market is the switch from a Buyer's market to a Seller's market. The Park City Board of Realtors statistics seem to validate this claim. But I think the big story is that Buyers are still very eager to purchase as evidenced by the increase in transactions. Though rising, interest rates are still low at 4.125% for a 30 year fixed according to Greg Cutt at Guaranteed Rate. Statistics are just statistics. They only show trends. If you want to be specific, it is important to review the data in the neighborhood of your choice. Within the City limits of Park City:
Single Family Homes sales were up 22% over last year:
- Old Town was up 51%
- Park Meadows up 23%
- Out in the Snyderville Basin, Trailside was up 59% - Silver Springs up a whopping 109%.
People always ask, "What is the value of my home?" It varies from neighborhood to neighborhood. One good indicator is the median price.
Example:
- Median price dropped in lower Deer Valley 23% and climbed 43% in Park Meadows.
- Silver Springs median price was only up 10% and Trailside up 11%. Another indicator is scarcity. The less available, the better. The good stuff goes quickly IF priced well. This means you need to pay attention to the past sales and the median price in
your neighborhood.
Condominium sales are on the rise too with an increase of 20% but values only rose 1% in the Park City limits.
- In the Snyderville Basin, Silver Springs was the hot spot with an increase in sales of 75% and a median price increase of 26%.
- But finally, vacant land is moving with a 56% increase in sales overall. The biggest jump was near Jordanelle, up 116%. (If you forgot where this is, it is located next to the Jordanelle Reservoir and close to the Deer Valley Gondola.)
- Median price varies but these sales seem to be translating into an upswing in new construction regardless of value and location.
Click on any of the charts for a closer look at trends. I think you will find the arrows pointing up which is a good sign. If you want details about your favorite neighborhood, call or email me and I will send them to you.
26% increase in transactions in 3rd Quarter 2013 over 2012. "Realtor's sold more in the in the first 3 quarters of 2013 than we did in 2012," according to the president of the Park City Board.
(Click the images below to enlarge.)
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34% increase in total sales dollar volume to $1.19 billion in 2013 over 2012.
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Absorption rate has improved significantly. It is down to an average of 5.7 months, a huge reduction from 50 months set in April of 2009
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Active listings on the Park City Multiple Listing Service are down 3% over the 2nd quarter. Listings at the end of the 3rd quarter were only 1,160, a record low.
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*Note: Statistics compiled and referenced here have been gathered from the Park City Board of Realtors data base. They do not contain all data that might be relevant such as “for sale by owner” and Wasatch Front Multiple Listing data (WFR) for the greater Park City area. Information herein, while deemed reliable, is not guaranteed.
Park City News...
Another Big Change announced recently is that Vail and associates have taken over the operations of the CANYONS under a long term agreement with Talisker Corporation. This should give the resort a much needed shot in the arm with a new level of professionalism. These guys are really good. Right out of the starting gate, they have offered the Epic pass which allows skiers to experience Utah and Colorado. This is good for us because we all know that traveling to Utah by air is much easier than getting to Colorado. These new announcements have boosted early season interest and have buyers looking more carefully at the real estate available in the Canyons base area. A good investment? You bet!
Another exciting announcement for mountain bikers and hikers is WOW (Wasatch Over Wasatch), a 22-mile project at Wasatch Mountain will link existing trails to Park City. The State park is working with the Mountain Trails Foundation and Wasatch Trails Alliance to build and connect these two fabulous areas. Construction begins this fall.
I hope this finds you well and energized for the coming ski and winter season. Call or stop by, the coffee is on me.
Hope to see you soon,
