From the Desk of Brad Jensen
Park City Utah | Real Estate Newsletter | January 2017
Dear Park City,
Wow!!! What a year 2016 has been. The Holidays were fabulous with lots of friends and family visiting, epic skiing, dining at fantastic restaurants and having tons of fun. The 2016-2017 ski season is shaping up to be one of the best in years. We are in a very good snow storm cycle now and the skiing is excellent. There should be no doubt about making your plans to visit the slopes. I have to admit that I have already had my share but there is plenty to go around.
The lodging association has reported that there are record numbers of bookings so far this season. The world is beginning to realize that Park City is a great place to vacation and live year round. This is all good news for business.
The lifestyle in Park City just keeps getting better all the time. Park City has become more than just a ski resort town. It is a year around community with a heart and a soul. The day before the big snow in November we were on our mountain bikes. Now a month and a half later it is a winter wonderland. In short, Park City is a great place to live, full or part time.
The real estate market in Park City has been solid for the past year which is a continuation of the previous two years. Following is a brief analysis of the 2016 market as compared to the 2015 market.
There were 1158 single family home sales made through the Park City Board of Realtors this past year as compared to 1013 in 2015. This is a 2.5% increase in the number of homes sold. The average price per home sold was $1,044,198 as compared to $992,052 in 2015. This is approximately a 5% increase. The median price per home sold was $650,000 which is a 1.5% decrease from $660,000 in 2015. The average price per square foot was $275 as compared to $294 in 2015 which was a 6% decrease.
There were 872 condos sold in 2016 as compared to 891 sold in 2015. This was a 2% decrease in the number of condos sold. The average price per condo was $687,417 which was a 12% increase over $604,527 in 2015. The median price per condo sold was $484,227 which was also a 12% increase over $428,532 in 2015. The average price per square foot was $381 as compared to $364 in 2015 which is a 5% increase.
There were 580 vacant land sales in 2016 as compared to 558 sales in 2015 which is a 4% increase. Vacant land includes improved lots and raw land. The average sale was $411,845 as compared to 2015 which was $371,302 and represents a 10% increase in average price. The median price per sale was $247,500 as compared to $237,000 in 2015 for a 4% increase.
In short, anyone who is looking can still find a property that fits their lifestyle in just about all price ranges. Sellers who are willing to price their property competitively are finding success!
This data was taken from the Park City Multiple Listing Service. It includes sales from all geographic areas serviced by member agents of the MLS but primarily Summit and Wasatch Counties.
I hope that this information is helpful. If you ever have questions regarding the market here or in your area, please give me a call or send a note. I appreciate your business and your referrals.
I am certainly looking forward to a great 2017. I hope you all have a wonderful year. I look forward to seeing you on the slopes.
The Winter Edition of Collections Magazine is here!
Summit Sotheby’s International Realty is excited to announce the release of our Winter 2017 Edition of Collections Magazine!
The magazine epitomizes the passion, professionalism, and integrity of our sales associates, creative services team, and office staff. Our associates, powered by the unparalleled Sotheby’s International Realty global network, represent Utah’s most exceptional homes and estates.
Inspired by distinctive lifestyles and those who seek the unique, we at Summit Sotheby’s International Realty approach luxury real estate unlike anyone else and are committed to artfully uniting extraordinary homes with extraordinary lives.
Summit Sotheby’s International Realty partners with Ski Utah
Snow is flying in Utah! This is an exciting time for all of us in Utah and this winter we’ve decided to partner up with Ski Utah to bring our clients the latest ski resort news, snow totals, and gear reviews. This partnership will allow Summit Sotheby’s International Realty to participate in creating real estate, lifestyle, and market news content in collaboration with Ski Utah! We’re proud to showcase our extraordinary homes and Utah’s extraordinary lifestyle in this fabulous publication.
If you would like more information on your market area wherever it may be, please let me know. If it is not my area of expertise I can most certainly find a professional in your area who can assist you. It is great to be a part of such a powerful Sotheby’s International Realty network.