Hello Everyone,

It's Olympic month and no community is more excited than Park City, Utah. Since 2002 when we hosted the Olympics, athletes, athlete families and athlete enthusiasts have made the greater Park City area their home. Many live here, train here and enjoy the lifestyle and training facilities. Living amongst such energy and wonderful people is one reason Park City is a great place to live, work and vacation.
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The same seems to hold true in the Single Family market. The median price is close to the year before and the average price is higher. Why the difference between average and median? A good guess might be the micro market environment. Prices are all over the place with such a disparity between the top and the bottom price. (The average is the entire volume divided by the number of transactions.)

Median Price:                      Average Price:

2013: $598,400                  2013: $929,352
2012 $547,500                   2012: $847,461

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Also noteworthy: Inventory is at a historic low. It is the lowest since the Park City Board of Realtors began keeping record in 2007. Seller's thought low inventory would translate into higher prices but that has not happened as evidenced by the figures above.

Trends. When figures are released nationally, state wide and locally, it generally shows a trend. But trends do not describe the micro market accurately. Let's have a look at some neighborhoods you as buyers and sellers are specifically interested in. 

Single Family home sales inside the Park City limits were up 12% and the median sold price reached $1,257,000 which is a 17% increase over 2012. 

1. Old Town was hot with a 45% increase in the number of sales and the median sales price reaching $912,500.

2. Park Meadows was up 8% in the number of sales and a median price increase of 22% reaching $1,317,500.

3. Lower Deer Valley median price was down 21% from $1,762,464 in 2012 to $1,533,764 in 2013

Condominium Sales in the Park City limits were steady but the median sales price was less and in some areas flat. 

1. Old Town median price sales price was up 17% to $380,000 and showed 39% fewer listings. The number of sales climbed 45%.

2. Within the Park City limits overall, the median price was $522,500 in 2012 and $515,000 in 2013.

Condominium sales in the Snyderville Basin showed some change.

1. The median price was $326,250, a 17% increase over 2012.

2. Closed sales were up 11%

The question remains, why are condominium sales down in the Park City area? Most likely HOA fees and older product. Buyers are sensitive to high HOA fees and banks are requiring more reserves. It appears that "new" and nicely remodeled properties seem to sell better.

The good news is that distressed sales are continuing to decline and represent less than 3% of the market according to Rick Klein with Wells Fargo. Additionally, the sold prices for foreclosures and short sales were only 2% below market transactions.
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HOW WE STACK UP WITH OTHER RESORTS? 

Let’s compare apples to apples. The Park City area is certainly a major player in the ski resort communities around the West.  The Western Mount Resort Alliance is a great organization that compiles data from their resorts and shares them amongst one another.  It is always good to see how the Park City resorts stack up, and this year very well. The over riding question at this year’s conference was “how are we recovering” since the real estate down turn beginning for most in 2009?  I had a careful look at Vail since we have so many similarities, and especially since Vail’s recent acquisition of the Canyons ski area. Have a look at these charts and you will glean some information about how the recovery is progressing.  Notice the median price for 4th quarter for Vail and Park City. It is the same at $415,000. The total volume sold for Park City was $1,487,676,265 and Vail was $1,110,787,241. We are certainly holding our own.


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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.
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This is only a snapshot of the statistical data collected. Click on any of the charts for a closer look. Call me anytime and we'll talk details about your favorite area and neighborhood. 

2014 looks to be a good year for the Park City area real estate market. Trends are positive and values though variable are strong. I hope this finds you well. Take the time to enjoy the Olympic coverage. Get out your memorabilia or wear an Olympic pin and remember, the next time you are in Park City, you just may rub shoulders with one of our "own" famous athletes.

Stop by my Deer Valley office. I'd love to see you and remember, the coffee is always on me.