From the Desk of Brad Jensen
Park City Utah | Real Estate Newsletter | January 2018
Dear Park City,
Happy New Year!!! 2017 is in the rear view mirror and 2018 looks very promising. The market in Park City has been strong for all of 2017. In fact, for the past three years, there has been steady appreciation in the median price of a home in our market. There has also been a reasonable amount of inventory available throughout this time period. With that said, buyers continue to be very discriminating and refuse to overpay for a property that is overpriced. They come armed with data and they know about comparative sales in the neighborhood.
This is a broad overview of the market. Some neighborhoods may look very different from this analysis. In fact, there is a shortage of inventory in many neighborhoods.
Let’s take a look at the 2017 real estate market as it compares to the 2016 market.
These statistics are taken from the Park City Multiple Listing Service (The PCMLS) and include all areas serviced by this MLS.
All types of properties saw an increase in the number of sales as well as an increase in price this past year.
The number of single-family home sales increased by 9.5% from a total of 1169 homes sold in 2016 to 1291 sold in 2017. In addition, the average sold price went up from $1,041,000 to $1,138,000 in 2017 for an increase of approximately 8.5%. The median price went from $650,000 to $750,000 for a 13% increase and the average price per square foot went from $275 to $298 per square foot for an average increase of 8%.
The market for condos and townhomes looks similar. There was an increase of about 3.5% in the number of properties sold from 881 sold in 2016 to 913 sold in 2017. The average price went up 10% from $686,000 in 2016 to $761,000 2017 and the median price went from $484,000 to $521,000 for a 7% increase. The average price per square foot went from $381 to $425 for a 13% increase.
Lots and vacant land sales also increased over the past year. In 2016 there were 586 lots sold and in 2017 there were 612 sales for a 4% increase. The average sold price in 2016 was $411,000 and $445,000 in 2017 for an 8% increase while the median price went from $248,000 to $260,000 for a 4.5% increase.
You may be interested in finding out what the market is like in your specific neighborhood. I would be happy to assist. All it takes is a phone call or a note. Please reach out to me.
I hope that you are able to get out and enjoy the slopes or the mountain trails this winter season. Thank you for taking the time to read this newsletter.
Brad Jensen works diligently to determine the best strategy to market and sell a property and ensure first-class execution.
Brad and Crystal are truly the dynamic duo. I met Brad while I was viewing a home he was representing. I was so instantly impressed, I asked him to become my realtor. He is honest, transparent and experienced with each neighborhood. He truly looked out for my best interest. He wanted to be sure I would be happy with my purchase for a lifetime. Brad is incredibly patient and calm. Brad and Crystal are always available to help with all paperwork and questions. It’s not often after buying a house is over you miss working with your realtor. Well get ready, Brad and Crystal are people you will enjoy getting to know.
– Allison K
We had a log home to sell. It was a specialty home that doesn’t appeal to everyone. We needed a realtor that knew how special our home was and to convey that to potential buyers. After listing for 6 months with another company we were frustrated with showings and no offers. I started interviewing new Realtors. When Brad came to check out our home and discuss what he could do for us I knew right away he was the one for us. He was very knowledgeable, experienced and we liked him. Great personality. He had an assistant, Crystal. I could call her and discuss what was going on with our listing at any time. We had multiple showings right away, sometimes 2-3 per day. Two weeks into our contract we received 3 offers. We were very excited and closed within 60 days. Brad kept us updated about what was going on with repeat viewers and when one couple tracked mud into our bedroom carpet he had it cleaned immediently. We were very pleased with Brad and Crystal. They make an exceptional team.
– Diana D.
Park City 2017 Annual Report
We invite you to review Summit Sotheby’s International Realty’s residential market update for the Greater Park City area comparing 2017 with previous years.
This update also provides market data for Summit County, Wasatch County, 84060, 80498 and individual Park City MLS areas. Market data provided includes Average List Price, Average Sold Price, Average Monthly Supply of Inventory among others for 25+ distinct Park City market areas and is broken out by Single Family Homes and Condominiums and Vacant Land.
PCMLS areas include: Aerie, Deer Crest, Empire Pass, Glenwild – Silver Creek, Jeremy Ranch, Jordanelle, Kimball Junction, Lower Deer Valley® Resort, Upper Deer Valley® Resort, Old Ranch Road, Old Town, Park Meadows, Pinebrook, Promontory, Prospector, Silver Springs, Summit Park, Sun Peak – Bear Hollow, Thaynes Canyon, The Canyons, Trailside Park, Heber – Daniels, Midway – Charleston, Timberlakes, Kamas – Marion, Oakley – Weber Canyon, Wanship – Hoytsville – Coalville – Echo and Henefer, Woodland – Francis.
Current Inventory in Park City
- Properties for Sale – 311
- Average Days on Market – 189
- Minimum Asking Price – $575,000
- Median Asking Price – $2,900,000
- Average Asking Price – $4,049,963
- Properties for Sale – 326
- Average Days on Market – 209
- Minimum Asking Price – $79,500
- Median Asking Price – $1,297,000
- Average Asking Price – $1,604,278
- Properties for Sale – 193
- Average Days on Market – 285
- Minimum Asking Price – $63,900
- Median Asking Price – $695,000
- Average Asking Price – $1,172,126
Market data from: PCMLS
Park City & Snyderville Basin areas
Current Inventory in Jordanelle
- Properties for Sale – 21
- Average Days on Market – 153
- Minimum Asking Price – $755,000
- Median Asking Price – $1,600,000
- Average Asking Price – $2,102,114
- Properties for Sale – 50
- Average Days on Market – 132
- Minimum Asking Price – $310,000
- Median Asking Price – $558,725
- Average Asking Price – $566,858
- Properties for Sale – 84
- Average Days on Market – 258
- Minimum Asking Price – $135,000
- Median Asking Price – $325,000
- Average Asking Price – $440,529
Market data from: PCMLS
No matter where you are in the real estate process of buying or selling, understanding the real estate trends is essential to your success in the local housing market. If you ever have questions about the market or activity in your neighborhood please reach out to me. I am always happy to discuss and can provide specific data for your area of the market.
Come Experience Deer Vista!
It has been a busy holiday season at Deer Vista. We currently have eleven pending contracts and several more buyers expressing interest in purchasing a home site. We are looking forward to a phenomenal 2018! Please see attached Deer Vista pricing and availability. If you or someone you know is interested please reach out to Brad Jensen (435) 901-8333 for a private tour today.