From the Desk of Brad Jensen
Park City Utah | Real Estate Newsletter | July 2017
Dear Park City,
I hope that you and your family were able to get together and enjoy a wonderful Independence Day Holiday. It was a long weekend this year and made for a lot of fun in the sun in Park City. I noticed that a lot of people showed up for the festivities and the parade was a huge hit as always.
The real estate market continues to click along at a steady pace. Prices are ratcheting up from month to month as demand continues to put pressure on inventories, particularly below $1MM for single family homes. Here is how it looks at the end of the first two quarters of 2017 as compared to the first two quarters of 2016.
So far this year there have been 1,221 total properties sold including single family homes, condos and vacant land.
Let’s look at the single family home market first. From January 1st of this year to June 30th there have been 571 single family homes sold. The average price per home has been $1.182MM and the median price has been $769K. This is in contrast to the same time period from 2016 when there were 532 homes sold at an average of $1.136MM and a median price of $685K. That represents a 7% increase in the number of homes sold, a 4% increase in the average price and an 11% increase in the median price sold this year as compared to 2016.
Let’s take a look at condo sales for the first two quarters. For 2017 there have been 367 sales at an average price of $808K and a median price of $530K. For the same time period in 2016 there were 394 sales at an average of $735K and a median price of $510K. This represents a 7% decrease in the number of condos sold and 9% increase in the average price. The median price per condo increased just under 4% in 2017 as compared to 2016.
For the first two quarters this year there have been 283 vacant land sales which includes developed lots and unimproved vacant land. This represents a 17% increase in the total number of sales from 2016 when there were 235 sales for the same time frame. The average sale has been $419K so far this year and the median sale has been $230K. Last year for the same time frame the average sale was $490 and the median sale was $242. This represents a 15% decrease in average price and a 5% decrease in the median price per sale for 2017 as compared to 2016.
In summary, demand for single family homes has increased steadily over the past year evidenced by an increase in the number of sales as well as an increase in price.
The average price for condos has increased steadily which it turn seems to have effected demand.
The total number of lot sales have increased by 17% as the average price has decreased by 15%.
Demand for all types of property remains strong.
I hope that this information is helpful. If I might ever be of assistance with any of your real estate needs please reach out to me. I always appreciate the opportunity and I love referrals. I look forward to hearing from you.
Summit Sotheby’s International Realty
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