Real Estate Housing Market Report For May

By diana

May 14, 2013

REAL Trends just came out with their real estate housing market report for May and things are definitely looking up in real estate not just in Park City but around the nation.

REAL Trends reports that: "The May 2013 report shows that the rate of housing sales increased strongly in April growing 16.2 percent from April 2012. The annual rate of new and existing home sales for April 2013 was 5.731 million up from the 4.932 million recorded in April 2012. These are the strongest year over year results this year. The average price of homes sold increased by 7.9 percent in April 2013 compared to April 2012."

Real estate in Park City is also experiencing what the rest of the country is, with the best first quarter since 2007. Sales dollar volume is up 28 percent over last year, and current inventory is lower than it has been since 2006. That means that Park City properties are going quickly when placed on the market especially Park City single family homes.

Click on the link below to see the full report from REAL Trends:

http://realtrends.com/blog/real-trends-real-estate-housing-market-report-may-2013

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Prudential Survey Reveals That Consumer Confidence Is High

By diana

Apr 10, 2013

Prudential Real Estate came out with their 1st quarter survey for 2o13 and things are looking trending up in real estate sales. The survey reveals that consumer confidence in real estate and homes prices has reached a year long high, and buyers and sellers are motivated entering the spring buying season nationwide.

Real estate in Park City has also been trending up and it has been a very busy winter season for ski property sales. With interest rates still historically low, it is a great time to buy a Park City home or condo.

Click the link below to see the full survey conducted by Prudential:

Prudential Consumer Study

Lower Deer Valley Condo currently for sale

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Park City Ski Home Market is on the Rise

By Delia Reece

Mar 19, 2013

CNBC.com recently reported that the upturn in stocks has given the ski home market a lift. This is great news for the Deer Valley real estate market, since ski homes and condos make up a great deal of the market share. Please click the link below to see the article:

Ski Home Market On The Rise

In Sun Valley, sales are up 51% over the previous year, Vail up 29%, and sales in Park City, up 15%.

As the below graphs show, the real estate market in Park City is trending up. Demand is strong. Closed sales are up 10.7% from last year, and inventory is down to levels we’ve not seen since 2007.

Prices are finally starting to show appreciation, with the overall Median Price for all areas and categories up 7.7% or higher over January 2012.

In summary, now is a perfect time to consider owning property in Park City, interest rates are at historic lows, and the Median Price for Park City properties, is still down 24% from the peak in 2007. Please contact us at 1-866-709-8018 for any information on buying or selling real estate in Park City.

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Park City Real Estate Best Buy of the Week: Thaynes Canyon Home

By diana

Feb 21, 2013

This week we are featuring a newly listed home located in the Aspen Springs Ranch subdivision of Thaynes Canyon. This five bedroom, six bath home offers over 5800 square feet, including two family rooms, an office, media room, and loft area. It was remodeled a few years ago and has a magnificent kitchen and great open feel.

What really sets this Thaynes Canyon home apart is the location. It is nestled in beautiful aspen trees giving you privacy and amazing views down valley. Thaynes Canyon is a highly desirable neighborhood due to the fact that is very close to everything Park City has to offer including: Main Street, all three Park City ski resorts, Park City golf course, and the hiking and biking trails. Even though you are so close to everything you still feel like you are in your own winter wonderland. Enjoy the fully landscaped yard and 1.2 acres with views that will make you happy to be home.

This Park City real estate best buy is listed for $1,500,000, you must see this home to appreciate it! Please contact us today for more information on this Aspen Springs Ranch home for sale or any real estate in Park City at 1-866-709-8018. Click the link below to see more photos and information:

Thaynes Canyon Home For Sale

*Photos courtesy of Prudential Utah Real Estate

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Median Home Price Has Biggest Jump in Seven Years

By diana

Feb 12, 2013

According to an article published by Inman News this week, the median home price nationwide saw its biggest jump in seven years last quarter. The report from the National Association of Realtors also states that for-sale inventory hit its lowest level in 12 years. Nationally, the median sales price jumped 10 percent on an annual basis, the strongest annual price increase since fourth-quarter 2005 when the median rose 13.6 percent, NAR said.

Of the 10 metro areas with the biggest price jumps in the fourth quarter, seven were in the West. Park City real estate is also seeing an upward trend with inventory at it lowest since 2007. With low mortgage loan rates it is a great time to invest in Park City or Deer Valley real estate even as prices are slowly ticking up they are still low compared to where they were at before the market crash.

Please contact us to learn more about the current market conditions for buying or selling a home in Park City at 1-866-709-8018. To read the full article on Inman News click the link below:

Inman News Article

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Park City Real Estate Statistics - Year End 2012

By Delia Reece

Jan 24, 2013

Real estate is off to a good start in 2013, as the year-end 2012 statistical report released by the Park City Board of REALTORS^® indicates that in 2012 we saw an increase in the number of sales and total dollar volume, with real estate inventory the lowest it has been in over six years! The 2012 report also shows a slight gain in median prices compared to 2011, with the number of sales contining to climb in 2012 with a 9 percent increase over 2011 in all property types combined. With only 1,879 active listings on the market for 2012 compared to 2,146 in 2011, our real estate inventory levels have decreased by 12%.

The median price, for all property types combined (single family houses, condos, vacant lots and fractional interest properties), has rebounded nicely in 2012. Within the Park City Limits area, median single family home prices show an 8 percent increase over last year reaching $1,077,500. Condos are down three percent to $522,500 and vacant land is down two percent at $475,000.

The number of distressed properties on the market has continued to drop through 2012 and the number of Notices of Default has decreased compared to previous years. Interestingly, the prices of distressed properties that come on the market are listed very close to market price or sometimes even above market. For the fourth quarter in Summit County, distressed sales accounted for only 13% of total sales which is down 31% from the fourth quarter in 2011.

The Park City Real Estate market continues to strengthen with positive signs in the number of sales, dollar volume, pricing and inventory. The combination of all of these factors points to a continued active market through 2013. Prices in our market have generally been falling for four straight years, with many parts of our market 40-50% below where prices were at the peak. However the downward pressure on prices now seems to be over, and with inventory levels in decline, there aren’t as many choices as in the past. If strong buyer interest and activity continues, the number of sales, as well as prices will probably increase through 2013.

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Luxury Brand Hotels Helping to Boost Park City Real Estate

By diana

Dec 18, 2012

In the past four years, four luxury hotels have opened in Park City, making Park City a growing high end destination for travelers. The St. Regis Deer Valley, Montage Deer Valley, the Hyatt Escala and Waldorf Astoria are all new names pulling in new clientele. Park City condo and home owners often begin as hotel guests, and with the additional of these luxury hotels Park City Realtors are seeing a positive impact.

Many guests of the hotels are brand loyal and a huge reason they are now coming to Park City is because they either love the Montage, St. Regis, Hyatt, or Waldorf Astoria brand. Once they visit Park City they fall in love with the town and then pursue buying Deer Valley or Park City Real Estate. The hotels are also helping to make Park City known throughout the US and the world, a plus for all industries including real estate.

St. Regis Deer Valley

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Park City Construction Industry Has Best Month of the Year

By diana

Nov 27, 2012

The month of October was good to the construction industry in Park City. The Park City Building Department reported that for October the number was a little less than $12.4 million, the best of so far this year the by a little less than $4 million. The number 2 month was September with 8.5 million. To have two big months in a row is very encouraging to builders and Park City real estate.

The Building Department reported that alterations and additions accounted for virtually all of the income for the month. The October 2012 number is well over the figure from October 2011, which was just 3.7 million. The industry is more than 62 percent ahead of numbers from 2011 through the month of October. It is a great sign that the construction industry is recovering from the recession and that things are looking good for a strong year in 2013. As real estate agents in Park City we have seen a huge rise in the purchase of Park City vacant lots a good sign that more building is to come in the future.

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Deer Valley Real Estate Sales Are On The Rise

By diana

Nov 07, 2012

Deer Valley luxury real estate got a major boost with the sale of more than eleven Montage Residences Deer Valley since October of last year. Montage Residences Deer Valley range in size from 1850 to 5380 square feet, and are priced from $2.1M to $10M. Just this past summer and fall, Montage Deer Valley closed six residences, which totals close to $20 million in transactions. In the past 23 months, 24 Residences were sold with a total of more than $88 million in sales. It confirms that Park City is a year round destination and owners are buying not only for the spectacular winters but the summer and fall seasons also.

Montage Deer Valley is located at the top of Empire Pass in Deer Valley, with unmatched mountain valley views and direct ski-in/ski-out access. Owners of the Residences have access to concierge services, recreation programs, spa, private owners lounge, world class amenities, and a selection of four dining venues. There is also a year round outdoor pool and hot tubs, along with an amazing indoor mosaic pool located in the 35,000 square foot Spa Montage.

Deer Valley real estate sales are seeing a steady climb and it looks to only continue once the busy winter season begins. For more information about Montage Deer Valley or other real estate opportunities in Deer Valley please give us a call at 1-866-709-8018. We look forward to speaking with you!

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Park City Real Estate Third Quarter Stats

By Delia Reece

Oct 23, 2012

Statistics released by the Park City Board of REALTORS® for the third quarter of 2012 show a slow and steady improvement in the local real estate market. Pended and closed sales in the Greater Park City Area are the highest since 2007. The number of active listings in the Greater Park City Area for the third quarter is the lowest reported since December of 2007. Inventory Levels have decreased since last year, with about 2,125 units on the market right now compared to about 2,550 in 2011, a 17% decrease.

The overall sales dollar volume for the third quarter of 2012 is $883 million, up 3% from the third quarter of 2011. The number of closed sales is also up 4% from 2011. Within the Park City Limits, the median sales price of a single family home is up 3% from last year to $1,025,000, and the median sales price for condominiums is up 2% over all areas compared to the same period last year. Because pricing varies neighborhood to neighborhood, please contact us for specific market data at 1-866-709-8018.

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