From the Desk of Brad Jensen
The summer season has been fantastic. It is hard to believe that we are already deep into July. Biking, outdoor concerts, golf and watersports are all on the agenda these days. I hope that you are getting a chance to enjoy all that Park City has to offer in the summer. The weather has been fantastic and the mountains are green and beautiful.
It is time for a quarterly market update. I am sorry that it has taken half the month of July to prepare. Generally speaking, the real estate market continues to clip along.
This is an analysis of the overall market in the Park City MLS area comparing the first two quarters of 2016 to the first two quarters of 2015.
Single family home sales have been up for the first two quarters of 2016. The total number of units sold has been 526 as compared to 471 units sold in 2015. The average price per sale has also increased from $1,036,000 in 2015 to $1,138,000 in 2016 or about 9%. The median price decreased however from $725,000 in 2015 to $687,000 in 2016 for a 5% decrease. The average price per sold square foot is $291 which is down from the first two quarters of 2015 when it was $327. That is a 12% decrease. The total dollar volume for the first two quarters in single family home sales is approximately $598.7 Million.
Condo sales have slowed from 412 total units in 2015 to 387 units in 2016 for a 6% decrease. The average price per condo sale increased by 3% from $710,000 in 2015 to $735,000 in 2016. The median price increased by 11% from $453,000 in 2015 to $510,000 in 2016. The average price per sold square foot increase by 5% from $387 per foot to $405 per foot. The total volume for condo sales for the first two quarters was just under $284.75 Million.
Vacant land and home site sales has been about equal to last year with 232 sales versus 230 sales in 2015. The average price has increased by about 17% from $375,000 to about $454,000 in 2016. The median price increased by approximately 4% from $232,000 to $243,000. The total dollar volume in vacant land sales is $105.4 Million for the first half of the year.
I hope that you find this interesting. If you have questions about this report or if you would like more specific information regarding your neighborhood, please let me know. I always enjoy a good market discussion.
I hope to see you on the trail.
Summit Sotheby’s International Realty
Summit | Sotheby’s International Realty
Collections – Summer 2016
Showcasing The Luxury Estates And Homes of Utah
The Collections Magazine is Summit Sotheby’s International Realty’s premiere guide of the finest luxury properties, lifestyles and real estate throughout Utah. Each issue, published bi-annually, showcases luxury estates and homes for sale from the finest international real estate specialists.
If you haven’t already picked up a copy, drop by our offices for a free copy or simply call or email us to have one mailed to you. Click here to view our online edition!
Save The Date
August 7th – Tour of Utah Finish Line Party
For the 6th consecutive year, Historic Main Street in Park City will be the start and finish site for the challenging and final Stage 7. The action-packed racing starts at noon and the finish line party starts at 3:30 pm. We will have food, drinks and the best views again!
August 12th – Local’s Night at the Park City Art’s Festival
Opening night has become a popular tradition for the Kimball Arts Festival and locals. It’s a magical night as locals get a first look at the art available and visit with friends and neighbors.
SSIR COMPREHENSIVE PARK CITY REAL ESTATE MARKET UPDATE WEBSITE
Real estate is hyper local. So much so, that each neighborhood, block and even street can have varying histories and current market data. This is why we built parkcitymarketupdate.com, a responsive, user-friendly website to help you navigate Park City’s market trends. Here you’ll find videos, infographics, quarterly and yearly reports, all broken down by neighborhood. Want more in-depth information? A property evaluation? Connect with Brad Jensen for up-to-the-minute market information and expert knowledge and experience.
1408 Deer Valley Drive N, Park City, Utah 84060 – Price: $650,000
2 Bedrooms | 2 Bathrooms | approx. 1,212 sf
This immaculate Deer Valley condo is in a premier location close to everything, yet nestled in a private setting. It is a favorite of both summer and winter guests alike because of the setting and single-level living. Walk the grounds and enjoy the Deer Valley lakes and large grassy open spaces with the beautiful ski resort and mountain views as a backdrop. Interior features include a cozy fireplace for those cold winter nights on your ski vacation, upgraded kitchen and bathrooms with granite counter-tops and slate flooring. Tastefully furnished, this quiet main- floor end unit has extra storage and assigned underground parking. There is a fabulous outdoor living space with a private hot tub. It’s an easy walk to Main Street and the free transit/shuttle stops right in front. This condo is an absolute must-see!