2014 Quarterly market report and real estate statistics for Park City, Utah from Amanda Peterson.

Amanda PetersonHello Everyone,

Summer is finally on its way here in Park City. Two weeks ago it snowed and Memorial Day weekend will hit the 80 degree mark with clear blue skies. Gardens are seen with covers draped across fragile plants for overnight and trails throughout the valley humming with users at the lower levels. The 8,000 ft. trail still has major patches of snow. School kids are making plans for summer and tourists gone until mid-June.

We are looking forward to a wonderful summer of concerts, festivals, golf, fishing, boating and hiking. And for many, just relaxing in the cool mountain air is enough. I'm glad to have my toes out of binding winter shoes and sleeves shortened to soak in the cool rejuvenating air. My it is nice to leave the house without a jacket. I never forget that summer is Park City's best kept secret.
_______________________________________________________________________

2014 1st Quarter

Park City Market Report

The first quarter of 2014 has some very interesting trends. In the Greater Park City area, closed sales are up 6.3% over 2013 and 22.1% over 2012. This includes all categories. A slow increase but a healthy one with some types of properties doing better than others. These figures are rolling which means that the figures are calculated from the end of Quarter 1, 2013 to the end of Quarter 1, 2014.

For the first time in quite a while, Single Family home sales out-paced condominium sales in Old Town. Number of sales was up 31%, volume up 66% and the median price up 52%.
      - 2013: 51 sold volume: $51,256,605,
        median price: $725,000
      - 2014: 56 sold volume: $85,142,000,
        median price: $1,100,000
The Park Meadows neighborhood sho
wed increased sales too...up 16% in number of units sold, up 31% in Volume, but interestingly the median price dropped 3%
            - 2013: 49 sold volume: $70,757,340, median price: $1,295,000
            - 2014: 57 sold volume: $92,605,350, median price: $1,255,000



(Click image to enlarge)

It was no surprise that the bright spot in the Snyderville Basin was Silver Springs. These figures include last summer's sales which did have an effect on the rolling figures. Number of sales was up 49%, volume was up 68% and the median price has a slight increase of 16%.            - 2013: 39 sold volume: $24,984,100, median price: $615,000
            - 2014: 58 sold volume: $42,036,033, median price: $711,000

The Heber Valley was noteworthy in the single family market. Though the number of properties on the market only increased 6%, the total volume sold showed an increase of 28% and the median price increased 22%.
           - 2013 sold volume: $66,670,720, median price: $274,750
           - 2014 sold volume: $88,382,449, median price: $334,900
 

(Click image to enlarge)


(Click image to enlarge)


(Click image to enlarge)

*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.
___________________________________________________________________________
Vacant Land seems to be all over the place. As you have probably read in various publications, the construction industry is moving up in its activity. The question is "what" constitutes activity. Either remodels or new construction? It depends upon availability in your favorite neighborhood.

It is getting difficult to find vacant land in some areas. Within the Park City Limits, lots available were down 24%, and as you would expect, the median price increased 35%.

On the other hand, within the Snyderville Basin, Volume sold showed an increase of 86% but an increase in median price by only 6%.

The Heber Valley is outpacing everyone with the volume sold showing a 101% increase from 2013 to 2014. Volume is up 60%. Interestingly, the median price is down 13%.
__________________________________________________________________________
According to the Park City Board of Realtors, inventory continues at historic lows. It has declined almost 4% over the past year. And, according to Rick Klein, with Wells Fargo Private Mortgage Banking, distressed sales accounted for only 5.8% of the total number of sales in Quarter 1 of 2014.

He further commented that "Foreclosures remain persistent in the market, but now are at pre-recession levels." This is good news because home owners who are ready to sell do not have to compete with the foreclosure prices.
___________________________________________________________________________
Sneak Peak in 2nd Quarter 2014

Looking at the first month statistics for Single Family homes.
Park City Market:      32 Pending      31 Sold
Heber Valley:             13 Pending      22 Sold

All areas combined in April 2014 showed a total active listing market of Single Family homes at 731 of which 146 were NEW listings.
All areas combined in April 2014 showed a total active listing market of Condominiums at 511 of which 87 were new listings. It appears from these figures that Single Family homes are still out pacing the condominium market.

Vacant Land is a mixed bag. All areas combined for April 2014 show 780 active listings of which 145 are new. An area with a big increase is Heber/Daniels at 88 active with 19 new and Jordanelle with 95 active listings of which 13 are new. Analyzing these figures by neighborhood will tell a better story. Example: Old Town only shows 5 active listings, Upper Deer Valley 3 and Trailside Park at 3.

__________________________________________________________________________

I feel this data is encouraging. It seems to fall into the overall economic upturn. Because each of you have specific interests, examination of your favorite neighborhood would be a good idea.

These statistics show trends and do not take into account For Sale By Owner and Wasatch Front Multiple Listing data. We can examine your favorite area in detail. Because we are on the cusp of a Buyer's market shifting into a Seller's market, now would be a good time to think hard about your next real estate step.

Give me a call or shoot me an email. And if you are in the area, stop by for a chat and remember, the coffee is on me.
 

Amanda

Amanda Peterson
Amanda Peterson
Keller Williams Park City Real Estate

Location Address: 1375 Deer Valley Drive
At the Plaza at Deer Valley
(Click the map at right for directions)

Mailing Address: 1750 Sun Peak Drive
Park City, UT 84098
435-640-9034
Amanda@AmandaParkCity.com
AmandaParkCity.com
ParkCityFlyFishingProperties.com
Google Map
Copyright © 2014 Amanda Peterson, Amanda Peterson KW Park City Keller Williams Real Estate, All rights reserved.