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

 

10 New Residences Just Released at Stein Eriksen Residences

By Steve Blankenship
Mar 24, 2014

Do you love Stein Eriksen Lodge but can never snag up a unit when they rarely hit the market? Become part of the new generation of Stein Eriken. The Stein Eriksen Residences will be located at Silver Lake Drive - 1 Mile from Stein Eriksen Lodge on Silver Dollar Ski Run off Last Chance.

Contact me today for more information and the process of how to secure a condo or home at Stein Eriksen Residences.

Park City Real Estate Market - Review 2013

By Steve Blankenship
Feb 11, 2014

After analyzing the sales numbers for both homes, condos and land in the Park City area, the Park City Board of Realtors is happy to announce that the Park City real estate market has seen 2,230 sales in 2013 up 22 percent from the previous year and double the sales of 2009. We have seen a steady appreciation of seven percent over 2012 and there is a high demand for Park City property in all price ranges. The only problem - inventory is at an all-time low.

Park City Homes

Jeremy Ranch topped the sales list of 2013. A total of 73 single-family homes sold ranging between $325,000 and $2.857 million closely followed by Old Town with 68 homes sales, Silver Springs with 58 and Park Meadows with 56. Currently the average time to sell a home is 7.4 months. However, many homes in Trailside and Silver Springs have sold a lot faster.

Overall the total dollar volume for single family homes was the highest it has been since 2006. Inside the Park City Limits, the number of sales was up 12 percent and the median sold price reached $1,257,000 which is a 17percent increase over 2012. Demand is strong in Old Town with a 45 percent increase in the number of sales. Park Meadows is up eight percent in the number of sales compared to 2012 with a nice median price increase of 22 percent reaching $1,317,500.

In the Snyderville Basin area, sales were up 12 percent with a median price increase of nine percent. Silver Springs leaped 76 percent in the number of sales compared to 2012 and the median sales price increased 12 percent to $697,500. Jeremy Ranch sales have been up 26 percent over 2012 reaching a median sales price of $725,000. Trailside Park is up in the number of sales compared to 2012 by 53 percent with a median price increase to $520,000.

Park City Condos

Old Town was one of the most active areas in 2013 with 157 condos sold ranging from $121,000 to $2.5 million followed by 99 condo sales in Deer Valley (all areas), 75 at the Canyons and 73 at Kimball Junction. Pinebrook is another area of interest with a 33 percent increase in the quantity sold and a healthy 19 percent price increase to $322,500.

Vacant Land

We have seen 48 lots sales within the Park City Limits, 160 in Snyderville Basin, 45 at Jordanelle Reservoir and 16 in Jeremy Ranch. Land sales in Snyderville Basin increased 40 percent with a median price of $274,500. The Jordanelle area had the highest spike in the number of lot sales, up 105 percent to last year’s number with a median sales price of $145,000.

Distressed Sales

Distressed sales have declined to the point where "they are no longer a factor in our market".

For a more detailed analysis on your neighborhood contact Steve Blankenship at 435-602-9976.

 

Stein Eriksen Residences: Selling Fast!!

By Steve Blankenship
Feb 04, 2014

Stein Eriksen Residences are selling like hot cakes. The new Upper Deer Valley real estate project started taking reservations less than one month ago when it released its first phase with 8 Homes ranging from approximately 5,000 to 6,000 square feet and 18 Condominium Residences ranging from approximately 2,100 to 5,000 square feet. There are ONLY 2 Homes and 3 Condominium Residences remaining in Phase One. Second Phase Pricing will begin once all Homes and Condominium Residences are under reservation!

Please contact Steve Blankenship at 435-640-6966 for more details on Stein Eriksen Residences and let's submit your reservation for one of the luxury ski-in ski-out residences.

Update 2/11/14: SER currently has 21 reservations and just started selling Phase 2. Inquire about Buyer Incentives today!

Stein Eriksen Residences Stein Eriksen Residences1 Stein Eriksen Residences-Amenities

Park City, Utah’s Top 5 Most Expensive Properties sold in 2013

By Steve Blankenship
Jan 12, 2014

1.   1401 Two Creeks Circle, Park City, UT - $12,450,000

This amaz1401 Two Creeks Circle Park City Utahing property was only on the market for a short period before it sold for a remarkable $12,450,000. Built in 2008, this 8,503 square foot home sits on 7.34 aces in the Old Ranch Road neighborhood of Park City, UT. This home has everything you can wish for - 6 bedrooms, 9 bathrooms, Venetian plaster and custom stone, floor-to-ceiling windows, creek frontage, a wine cellar, theater room, exercise room, guest house, custom ski locker room, horse corrals and extraordinary ski run views.

2.   Hawkeye Pl, Deer Valley, UT - $10,600,000

1 Hawkeye Pl Deer Valley

This home on Empire Pass in Deer Valley was voted #1 of the most spectacular ski homes and sold for $10,600,000. The estate is nestled within evergreens in one of the most exclusive areas of Park City, Utah. Situated adjacent to the ski runs this estate features 5 bedrooms, 9 baths, 10 fireplaces, an exercise and massage room, wine cellar, game room, steam room, theater, a golf simulator room and a chefs kitchen.

 

3.   6808 Silver Lake Drive, Deer Valley, UT – Undisclosed6808 Silver Lake Drive Deer Valley

This home was listed for $8,600,000 and sold for an undisclosed sales price this year.  Nestled within evergreens in Upper Deer Valley this ski home has 5 bed, 7 baths on 11,956 square feet as well as a wine cellar, fitness and ski prep room.

 

 4.   2750 Meadow Creek, Park City, UT - $8,000,000

2707 Meadow Creek Park City A property this size is rare to find. This mansion sits on 7.08 acres and is close to the Park Meadows Golf & Country Club in the heart of Park City, Utah. It offers 6 bedrooms, 8 bathrooms, tiered ponds and waterfalls.

 

5.   503 Woodside Ave, Park City, UT - $7,973,920503 Woodside Park City Utah

This ski-in, ski-out estate is truly amazing. Situated hillside in Old Town, Park City – it offers 6 bedrooms, 8 bathrooms, 11 fireplaces and a mix of  wood beams, stone, metal accents reminiscent of the mines that inspired the estate.

 

For more information on Park City real estate contact Associate Broker Steve Blankenship at 435-640-6966.

Canyons Real Estate - Golf Course Update

By Steve Blankenship
Nov 04, 2013

As most of you know by now, Vail is now operating Canyons Resort. With many perks for season pass holders Vail will soon bring changes to the area. All summer the resort has been working hard on improving road conditions and on finishing their 18-hole golf course. The section close to 224 is nearing completion while other sections still need a good amount of work. Buyers are getting excited for the area to thrive and many condos sell fast. The golf course is set to open late 2014.

Canyons Real Estate statistics (January 1 - November 4, 2013)
  • 5 Homes have sold / 3 are pending
  • 61 Condos have sold / 13 are pending
  • 18 Lots sold / 1 is pending
 

Inquire about the best options for you today! Contact Steve Blankenship at 435-640-6966 for more information or a property tour of Canyons Resort Homes, Colony Lots for Sale or one of the Golf and Ski condos at the Canyons.

Canyons Real Estate Golf Course

 

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).

Promontory Real Estate Update - October 2013

By Steve Blankenship
Oct 12, 2013

Promontory real estate remains very popular and has been selling like hot cakes this year. To-date 38 homes and 44 homesites have sold in this private community. Many buyers have been looking for vacant lots to build their personal dream home on. Currently 38 homes are under construction while 14 have already been completed.

  • Resale homes currently start at $855,000 for the Trapper cabins and range up to $6,595,000 for a 11,000 square foot homes on 3.69 acres.
  • Resale homesites range from $100,000 to $949,000.
 

Promontory is a private club in the greater Park City area that offers more amenities than any other private community in the area. Members can enjoy 2 golf courses, luxurious Ranch and Golf Clubhouses, a Kid's cabin, an Adventure Trail, and The Shed which offers a movie theater, bowling, indoor basketball and an Art Studio.

View all Promontory Homes and Promontory Lots for sale. Give real estate expert Steve Blankenship a call for more information or a property tour in this amazing community.

Promontory Real Estate

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.

Most Sought-after Park City Real Estate - First Quarter 2013

By Steve Blankenship
Apr 23, 2013

This winter has been busy for us Park City Real Estate agents. Many people are back in the market to purchase a new family home or invest in one of the great ski condos. To give you an idea where most of our inventory is selling I compared all the numbers and created a Top 3 analysis for single family homes, condo and land sales in the area. I hope you find this helpful. Whether you are a buyer or seller in the Park City real estate area, please feel free to contact me with any questions in regards to our market.

Park City Homes:
  1. Old Town: 33 sales & currently pending listings; Price Range: $385,000-$7,973,920
  2. Pinebrook: 26 sales & currently pending listings; Price Range: $395,500-$1,110,000
  3. Jeremy Ranch: 21 sales & currently pending listings; Price Range: $417,000-$1,027,000

Runner-ups are Promontory, Summit Park and Lower Deer Valley.

Park City Condos:

  1. Jordanelle Area: 63 sales & currently pending listings, Price Range: $69,900-$665,000; Most popular: Black Rock Ridge, Rustler at Hideout Canyon, Retreat at Jordanelle
  2. Old Town: 58 sales/current pending listings; Price Range: $119,900-$2,150,000; Most popular: Hotel Park City, Silver Star, Snow Flower & Three Kings
  3. Deer Valley: 55 sales current pending listings; Price Range: $495,000-$5,320,000; Most popular: Montage & St. Regis

Park City Area Land:

  1. Jordanelle area: 24 sales& currently pending listings; Price Range: $66,500-$595,000
  2. Promontory: 15 sales & currently pending listings; Price Range: $129,000-$502,000
  3. Colony/Canyons: 11 sales & currently pending listings; Price Range: $215,000-$2,800,000

Runner-ups: Summit Park, Jeremy Ranch & Deer Valley

Park City Real Estate Market StatisticsPark City median home pricePark City foreclosures

Deer Valley Real Estate Sales up 15% from 2011!

By Steve Blankenship
Dec 17, 2012

While Park City Real Estate sales were slower in the past few years, Deer Valley still remained one of the most popular neighborhoods in Park City Real estate due to its first-class service, luxury homes and natural beauty. This year sales have been great and are up over 15 percent from last year.

Lower Deer Valley real estate sales increased 25% to $49 million. We have seen 14 homes sell between $715,000-$2,650,000. In addition to that 42 condos have sold in the price range of $237,000-$2,375,000. 4 listings are still pending for this year.

Inventory in Upper Deer Valley has declined rapidly this year. We have seen $91 million sell in the past 12 months with 11 homes priced between $1,687,500-$7,600,000 and 32 condos priced between $416,900 to $3,100,000. 2 listings are currently pending.

Deer Crest home sales are up 80% from last year with real estate sales above $82 million. We have seen 10 homes sell between $2,560,000-$11,225,000. In addition to that, 10 condos have sold in the price range of $1,400,000-$6,200,000 as well as 6 lots pride between $715,000 and $1,350,000. 7 listings are currently pending at St. Regis.

Empire Pass is the newest neighborhood in Deer Valley which has seen over $92 million in sales. 2 Homes have sold in the past 12 months between $4,650,000 and $5,175,000. In addition to that 29 condos sold in the price range of $1,150,000-$8,250,000. Many of them at Montage Deer Valley. 1 lot has sold and 1 listing is currently pending.

Barron’s – America’s premier financial magazine – ranks Deer Valley number 6 in their top 15 locations to own a second home. Their rankings are based on beauty, comfort, convenience, lifestyle and value.

Make Deer Valley your second home. Call Deer Valley Specialist Steve Blankenship at 435-640-6966 today to see what is available in your price range that meets your needs.

Park City Real Estate builders report biggest month of the year!

By Steve Blankenship
Nov 28, 2012

We are happy to see that we are on the road to recovery. The Park City construction industry reported that the month of October was their best month of the year with a year-to-date figure of $54.5 million. This brings the Park City real estate numbers for new construction about 62 percent ahead of the numbers recorded in 2011. While Park City land sales are sky-rocketing there is still a large amount of inventory available for a good price while the inventory of homes and condos is starting to shrink.

These positive numbers are also true for the rest of the country. Bloomberg.com just reported that new home construction climbed to a 4-year high in October. This exceeds all estimates in a Bloomberg survey.

Explore your options today and search for Park City Condos I Park City Homes & Park City Land. Contact Real Estate Specialist Steve Blankenship at 435-640-6966 and receive the best service when buying in the Park City area.

Park City Housing Market evens out!

By Steve Blankenship
Oct 30, 2012

The Park City Board of Realtors released their third quarter market report this week. According to the statistics, Park City Real Estate is currently somewhere between a buyer's and seller's market with home prices and sales in the middle ground.

  • Total number of property sales up 4 percent and Total revenue up 3 percent compared to last year.
  • Median property prices, which include homes, condos and lots, are up 11 percent from the year before.
  • Inventor has gotten smaller and prices are currently stabilizing.
  • Vacant land sales have increased significantly in median price, up 19 percent. Between the first and third quarters last year, a total of 207 vacant lots were sold, including several in the Promontory area.
  • The number of home sales was up 5 percent with the second highest disclosed home sale in Park City history, an $11M Deer Crest Estate.
  • Condo sales were up 7 percent.
  • Distressed properties were down in the third quarter, accounting for only 14 percent of the market. Last year during the third quarter, distressed sales made up 27 percent of sales, a total of 80 property sales.
 

2012 Sales and Median Prices by Neighborhood:

 

For help buying or selling Park City Real Estate, secure the best representation possible and call Steve Blankenship at 435-640-6966.

Keller Williams Realty ranked #1 in Customer Satisfaction!

By Steve Blankenship
Sep 04, 2012

Park City Real Estate Agent

 

 

 

 

 

 

 

 

 

 

Search Park City Homes, Ski Condos or Land For sale.

For Park City Real Estate information please contact Steve Blankenship at 435-640-6966.

Park City Home Prices on the Rise

By Steve Blankenship
Mar 29, 2012

As we are seeing less inventory on the market, Park City median home prices have increased by up to 20 percent in the first quarter of 2012.

We are all very hopeful that the market is on the rise.  Bargains are starting to get thin and the few deals that are left sell quickly - usually in multiple offer situations. That's why it is smart to buy now, not later. People are looking, watching the market and when something comes up they are snagging it.

According to the Board of Realtors $70 million worth of Park City real estate was pending or in Escrow between January 1, 2011 and March 1, 2011. In the same period this year, that number was at $170 million. This is mainly because Park City is still a buyers market but prices are starting to go up.

2011 Sales:

City Limits Median Prices

  • Homes at $990,000
  • Condos at $620,000
Snyderville Basin Median Prices
  • Homes $632,000
  • Condos at $220,000
2012 Sales:

City Limits Median Prices

  • Homes at $1,195,000 (21% increase)
  • Condos at $690,000 (11% increase)
Snyderville Basin Median Prices
  • Homes $490,000 (22 % decrease)
  • Condos at $280,000 (27% increase)
 

*Numbers based off of homes sales as of March 19

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