From the Desk of Brad Jensen
Park City Utah | Real Estate Newsletter | February 2017
Dear Park City,
Summer time is almost here. I have it from a very good source that the skiing is still very good at Snowbird. The weather hasn’t really warmed up too much and the snow pack in the highest elevations is still very deep. The weather has been quite cool and spring run off has barely begun. I have to say that it has been nice to get outside on my bike over the past couple of weeks. I might get another day or two of skiing in but my bicycle season has begun.
Just a note regarding the real estate market. The Park City market continues to be strong. There is strong demand for all price ranges and real estate types including single family homes, condos, vacant land and commercial.
Demand for single family homes under $2MM and for condos under $600K exceeds the amount of inventory. Therefore, prices are firm and appreciating steadily. There seems to be a housing shortage in the lower price ranges. The rental market is reflective of the fact that real estate prices have moved up to meet demand. Construction of new product has lagged behind and there is currently strong demand for new housing.
There continues to be more inventory than demand in prices over $2MM. However in some areas such as Old Town, Park Meadows and Thaynes Canyon the market is about even in these upper price ranges. Overall, there is approximately one full year worth of inventory in single family homes when considering a price range over $2MM at the current level of demand. By contrast, there is approximately 3 months worth of inventory when considering a price range of $2MM and under at the current level of demand.
If you are thinking about making a move or if you are simply curious about the market, please reach out to me. I like the details and I am always happy to discuss.
Until next time I hope to see you on the trails.
Summit Sotheby’s International Realty
Spend the 4th of July weekend celebrating Independence Day in Park City, Utah. Take in a concert, catch the rodeo, or an outdoor concert, run in the 5k, enjoy a pancake breakfast, watch the parade, rugby games, beer gardens and fireworks.
Summit Sotheby’s International Realty invites you and your family to be our guests at our 625 Main Street office to watch the famous Park City 4th of July parade with over 70 hand-crafted floats. A light breakfast, coffee, and refreshing beverages will be served.
For more reasons why you should list with us, give Brad Jensen a call (435) 901-8333 today.
Market Update 2017 | Q1
We invite you to review Summit Sotheby’s International Realty’s residential market update for the Greater Park City area for the 1st Quarter 2017, comparing current year 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.
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 so please contact Brad Jensen to discuss further.
2907 N Ridges Rd, Peterson, UT
6 Beds | 5.5 Baths | 8,000 SF
Now Offered at $1,950,000