Park City Real Estate Market Statistics - First Quarter

By Steve Blankenship
May 08, 2014

Real Estate activity in the greater Park City area has not yet returned to pre-recession levels but we are definitely on the re-bound and are moving in the right direction with the number of closed sales in the first quarter of 2014 being the highest since 2007.

While it may seem counter intuitive, in Park City our first quarter statistics are typically lower than might be expected. Second home buyers in town during ski season typically use the season to shop available inventory, making purchase decisions after April when the resorts close and inventory is more available for showings after the nightly guests are out of the equation.

In the past months new product has been in high demand and most of it is currently located in the Jordanelle area where you can get a nice new product in the $400,000 range. In the first quarter of 2014, single-family home sales in the Jordanelle area increased by 75 percent from the first quarter in 2013 while condominium sales increased by 37 percent. Only a few vacant lots are still available in the Jordanelle area. Furthermore, we have seen a lot of interest in areas such as Park Meadows and Snyderville Basin. Snyderville Basin includes Silver Creek, Jeremy Ranch, Pinebrook and Kimball Junction. The Snyderville Basin area has had the highest number of vacant land sales with 42 to date, and condominium sales in the area increased by 20 percent from last year.

While Old Town is seeing a decrease in sales, the numbers are still higher than in any other Park City neighborhood. Between December 1 and April 7 of this year 12 homes and 62 condos sold as well as three lots. The median price for a single family home in the Old Town area has reached $1.1 million, which may account for the decrease in sales. However, the median price for a single family home in the Park Meadows area decreased by three percent to $1,255,000, which could have contributed to the 16 percent increase in sales. Park Meadows has also seen 12 home sales, nine condo sales and one lot sale.

In the Deer Valley real estate area Empire Pass and Upper Deer Valley saw the most activity this ski season. Empire Pass had 1 home sale, 15 condos sales and currently has eight more condos pending. Upper Deer Valley on the other hand has had 12 condo sales, four home sales in the price range of 2.95-12.5 and 2 more pending.

Promontory is still selling strong with 11 home sales, 21 lot sales and 16 pending listings.

Median prices for single-family homes in primarily residential areas like Jeremy Ranch, Pinebrook and Trailside increased to $725,000, $688,000 and $529,250, respectively.

Inventory is still at a historic low. We are seeing an increasing demand in Park City area real estate but not enough new product.

Low inventory continues to have significant impact on our marketplace. Inventory is down 10% YOY, but on a positive note inventory levels rose towards the end of the quarter to 9.7 months, up from 7.9%. We anticipate additional increases as the spring primary housing market is heating up. The average absorption rate is between 5-6 months.

Contact Steve Blankenship for more detailed information on your neighborhood.

Park City Real Estate Pending Sales Park City Real Estate Inventory Park City Real Estate Demand Park City Real Estate Absorption Rate

 

Member Benefits at Deer Crest Club

By Steve Blankenship
Feb 03, 2014

The Deer Crest Club is a unique opportunity for Deer Valley enthusiast to experience ski-in/ski-out access without having to live slope-side. By joining the Deer Crest Club in the St. Regis Park City members enjoy four-season alpine adventure & social activities through the comfort of a private lounge and exclusive access to the amenities at The St. Regis.

Some of the benefits include:

  • Choice of complimentary Sport Locker or Wine Locker with name plate
  • Access to Club Lounge with complimentary breakfasts, newspapers, use of computer, printer/fax and iPads
  • Priority invitations to St. Regis Deer Valley and Deer Crest Club events
  • Complimentary access to St. Regis Deer Valley pool, athletic club and game room
  • Complimentary access to Club VIP concierge services
  • Complimentary valet parking at the St. Regis Deer Valley, Deer Crest Club Ski Valet, seasonal ski and boot storage
  • Complimentary transportation between member’s home and the St. Regis Deer Valley provided home is within a 5-mile radius of the Club. Subject to availability and advance reservations
  • Complimentary transportation from the St. Regis Deer Valley to Snow Park and Historic Main Street. Subject to availability and advance reservations
  • Discounts on rooms/suites (based on availability), dining and spa
 

and much more.

Search Deer Valley Real Estate today and contact Real Estate Specialist Steve Blankenship at 435-640-6966 to request a showing or to get an answer to any questions you may have.

Park City Real Estate - Third Quarter Report 2013

By Steve Blankenship
Nov 04, 2013

Quick overview of the current Park City Real Estate market.

Park City Real Estate Market Statistics

Numbers are by the Park City Board of Realtors (11/1/2013).

Park City Real Estate - Market Update – August 2013

By Steve Blankenship
Aug 27, 2013

The second quarter of 2013 was the largest and strongest quarter of Park City Real Estate sales in more than 5 years. With both the number of sales and the median sales price up from last year we are very optimistic and excited for buyers to find great opportunities, and prices have come back to allow new sellers the opportunity to sell again.

We have seen a total of 991 sales this first half of 2013 which shows a 19% increase over the same time period in 2012. Total sales dollar volume is also up 19% over last year, reaching over $698 million to date. In fact, this first half of 2013 had the highest numbers of sales AND the highest total dollar volume since 2007.

Inventory

Inventory is still about 9% less than what we have seen in previous years but it is slowly increasing. We currently see an absorption rate (the average time a listing remains on the market) for single family homes, condominiums, and vacant land of 5.7 months. That is a drastic reduction from the high point of just under 50 months set in April of 2009.

Distressed Sales

The number on foreclosures and short sales continue to decline and only make up about 5% of all sold properties in the second quarter of 2013, compared to 17% of all sales in 2012 and about 33% in 2011.

Single Family Homes

Good News! The median sales price in the Greater Park City real estate market is up 10% from last year. Within the Park City limits the median home price is up 12% to about $1,245,000. We also experienced a 16% increase in the number of sales within the Park City limits. Of course, these values vary slightly from neighborhood to neighborhood. For example, while sales are up in Silver Springs, sales are down on Old Ranch Road. On the other hand, median sales price in Silver Springs only increased by 6% while it increased by 62% in Old Ranch Road.

Condominiums

The Greater Park City condo market is up 12% in terms of sales and 6% in regards to sales price. The median sales price of condominiums in the Park City Limits, for the second quarter, is down slightly to $572,000 compared to $605,000 in 2012. Again, this varies from neighborhood to neighborhood. Sales are up 52% in the Jordanelle area and 47% in Old Town while sales are down 10% in Lower Deer Valley. Median sales price in the Jordanelle area is up 8% and 34% in Old Town.

Vacant Land

In the Greater Park City real estate area, the median sales price for land is down 20%. Some areas like Synderville or Jordanelle are up in sales but only due to a decrease in median sales price. However, vacant land sales climbed 39% in the Snyderville Basin and spiked upward 138% in the Jordanelle Area compared to 2012! In the Park City Limits, vacant land sales followed the same trend as single family homes with an increase in the number of sales of 26% compared to the same time period last year and a moderate increase in median price of 12%, reaching $525,000.

Contact Steve Blankenship for a FREE! Market Analysis of your property.

Do you want to be on House Hunters?

By Steve Blankenship
Mar 16, 2012

HGTV House Hunters UtahHGTV has contacted me and wants me to be on their show, House Hunters.  Since I’m a Park City Real Estate expert, House Hunters has asked me to find a client who is purchasing a home or condo in this beautiful town and wants to be on the show.  If you haven’t seen the show, here’s a brief summary…

The House Hunters crew films you, the buyer, in your current home and asks you what you’re looking for, why you want to move, etc.  After that, they’ll film us looking at a total of three different homes and then the episode ends with you moving into your new home.  It takes a few days of filming, but you get to be on national TV and have some fun (and you get paid!).

The show is looking for a couple (family, newly weds, etc), so if you’re looking to purchase a home or condo and want to be on the show, give me a call.  Click here to watch an episode of House Hunters.  And if you’re looking to buy a house and don’t want to be on TV, I can still help you.

Check out these great Park City Homes & Condos – maybe you want to buy one of these!

Steve Blankenship 435–640–6966

steve@parkcityinvestor.com

Park City Real Estate Market: Second Quarter Report 2011

By Steve Blankenship
Jul 25, 2011

The second quarter market report shows that Park City Real Estate has seen the highest numbers of sales since the fourth quarter of 2007.

  • Total sales are up 24% while median prices are down 15%
  • Single family home Sales are up 24%
  • Condo sales are up 8%
  • Lot sales are up significantly at 55%
parkcity real estate

Single-Family Home Sales

This segment is going very strong accounting for 44% of all sales and 55% of the total dollar volume. We have even seen a small 1% increase in median price increase. Homes are selling at about 5% off their final list price, very close to the historical norm. This reflects more realistic market list pricing.

Condos

Condo prices in general are below where they were a year ago. Condo prices in the Canyons area are down 32% from a year ago to an average of $485,000, while prices in the Kimball Junction area are down about 23% to an average of about $175,000. However, average condo prices are up in several areas including Empire Pass (now $2,590,000), the Prospector area ($167,000) and even Park Meadows ($741,000).

Vacant Land

Vacant land sales have been the most affected in the economic crisis. However, it is now the segment coming back the strongest in terms of number of sales. Median Prices are down 29%. The strongest activity in lot sales has been in the Promontory area due to buyer’s perception that they are receiving a great value for their money. Our analysis reflects that the market in Promontory may prove to have hit bottom, with average prices on the rise. Promontory lot sales accounted for 42% of all lots sales this period.

Foreclosures

Sales of distressed properties remain a major part of our market, but have dropped to 27% of all sales, down from 35% of all sales at the end of the first quarter. These properties continue to represent only 7% of all properties on the market.

Contact me at 435-640-6966 to fully understand the sales figures to date and the variation in price between the different areas.

Examples:

  • Old Town home prices are down 16.5% to about $1,019,000
  • Park Meadows home prices are up 8.9% to about $1,065,000.
  • Silver Springs home prices are up 9.7% to about $668,500
  • Pinebrook home prices are slightly down to an average of about $662,000
  • Jeremy Ranch average prices are slightly up at $730,000

Steps to Owning A Home Again After Foreclosure

By Steve Blankenship
Dec 13, 2010

We all have been affected by the economy in the past few years and many were forced to sell their homes or lost their property because they were unable to make their mortgage payments.

If you lost your home due to foreclosure you should know that there are ways for you to own a home again and you might only have to wait 3 years instead of 7.

First of all if you fell into foreclosure because you were lacking a steady job, you will have to find one and hold your job. Only change it if you find a better one. Potential lenders will require stable employment before they will give you a new mortgage loan after a foreclosure. Even if it means taking a lower-paying job, it’s worth it.

Lenders will also want to see a financial safety net of 3 to 6 months of living expenses in a liquid account. Since you got foreclosed on, a 6 months savings will be the very minimum of what you need to show to prove that you are able to pay your mortgage even if you do lose your job again.

The hardest step is to improve your credit score after foreclosure. For most people foreclosure means that their credit score drops by about 150 points. So, make sure you pay your bills on time, and keep your credit card levels low. Banks usually recommend spending less than half of your monthly credit card allowance. The foreclosure will stay on your credit report for seven years, but if you prove better money management skills, it will become less of a red mark as years go by. The U.S. Department of Housing and Urban Development offers free counseling and money management.

In some cases you can reduce your waiting time for a mortgage after foreclosure. This can be the case if you can prove that the circumstances for your foreclosure were events that were beyond your control and resulted in a sudden, significant, and prolonged reduction in income or catastrophic increase in financial obligations.  Examples are losing a job, getting a divorce or having unexpected medical expenses.

Last but not least be honest when you do apply for a new mortgage. Be proactive and reveal the steps you have taken. Also make sure you work with a mortgage broker that works with many lenders as bank have a limited number of loans to offer.

If you work hard and follow these guidelines, the American dream of obtaining a mortgage and owning a home can be yours again. Even after a foreclosure.

There are steps you can take before being foreclosed on, such as doing a short sale.  Contact me for options.

Winterizing your Park City Home

By Steve Blankenship
Dec 05, 2010

If you haven’t winterized your Park City or Deer Valley home yet, it’s about time. The worst thing in the world is having to fix things when its 20 degrees outside. Winterizing your Winterize Park City Real EstatePark City property will not only save the environment with energy savings but it will save YOU money. Once it's all done you can relax in a warm cozy home for the season.

Winterizing is also important for home that are vacant and currently on the market. A home that is winterized is a positive thing for a Realtor to point out in a showing. It shows the owners are taking care of their home and it saves potential problems for buyers. I worked with a seller before that chose not winterize. His home was vacant and for sale. The pipes froze in his million dollar home and as a result he had significant water damage in the basement and his home lost great value.

Here are helpful links to easy checklists and advice on how to winterize your Park City & Deer Valley Home.

Winterizing a Vacation Home

Winterizing an Occupied Home

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