From the Desk of Brad Jensen
Park City Utah | Real Estate Newsletter | October 2016
Dear Park City,
Three quarters of the year have come and gone so quickly that it is just a blur. Summer time was too short and the fall season is in full swing. The leaves have changed and we had our first snowfall yesterday. I would say that there is one to two feet at the highest elevations but here we are with the sun shining brightly and the prospect of warmer weather next week. I hope that you all have a chance to make it out to enjoy the fall season. It is absolutely beautiful.
The real estate market continues to be solid. Following is a brief analysis of the first three quarters activity as compared to the first three quarters last year. These statistics take into account all price ranges and all areas serviced by the Park City Board of Realtors.
Single family homes sales have increased this year over last year. The total number of homes sold this year so far is 875 as compared to 773 last year. This is a 12% increase in total number of units.
The average price per home sold is $1,140,636 which is up 8% over last year. However, the median price per home sold is $679,000 which is down 2% from last year and the average sold price per square foot is down 7% while the median sold price per square foot is up 5%.
Condo sales statistics tell a little bit different story. The total number of condos sold so far this year is 625 which is down by almost 11% from 682 condos last year. The average price per condo sold is up 6% from $633,000 last year to $670,000 this year and the median price is also up from $432,000 to $505,000 which is a 15% increase. This is an indication that prices are moving up for less expensive condos. In my experience it seems that it is more and more difficult to find properties in lower price ranges including 1 and 2 bedroom condos. The average price per square foot for condos has increased from $365 to $378 or 4% and the median price per square foot has also increase from $296 to $311 or 5%.
Lots and vacant land sales have increase over last year as well with an increase in the number of sales from 405 to 430 or approximately 6%. The average price per lot also increased $395,000 to $412,000 or about 4%. However, the median price per lot decreased from $240,000 to $233,000 or approximately 3%.
The local real estate market seems to be tracking with national trends for the most part. It seems to be very solid with steady demand and fairly good inventory though inventories are decreasing steadily particularly in lower price ranges. Interest rate are still very low and the lending environment is favorable. About half of our sales have some sort of financing associated with the transaction and approximately half are cash purchases.
I hope that this information proves to be interesting and helpful. If you have any questions please reach out to me. I am always happy to hear from you. If I can ever be of service with your real estate needs here in Park City or anywhere in the world please let me know.
Summit Sotheby’s International Realty
By Mitch Shaw – (Ogden) Standard Examiner
Fall is well underway, and as temperatures continue to drop like the leaves, it’s time to prepare your home for the cold months ahead.
According to the U.S. Department of Energy, weatherizing your home – for both the warm and cold season – can vastly reduce energy bills.
The DOE says larger-scope projects, like insulating walls or roofs, can provide savings for 30 years or more. Smaller measures like making heating or cooling equipment more efficient, will provide savings for 10 to 15 years. The DOE says that on average, the value of weatherization improvements is 2.2 times more than the cost to make them.
Richard Beard, Utah State University Extension agricultural engineering specialist, recommends these home winterization tips to reduce energy costs and prevent water and ice damage:
- Limit the air exchange between the inside and outside of your home to maximize heating efficiency. Beard says heat loss through the roof, windows and exterior doors is responsible for the majority of heating costs, noting that a properly insulated attic is the most effective way to limit heat loss.
- Install weather stripping around older door and window openings and use caulk to seal air movement through cracks and small openings in exterior walls.
- Buy energy efficient models when replacing water heaters, furnaces, windows and exterior doors.
- Wrap water heaters and hot water pipes with appropriate insulation.
- Have furnace inspected by a licensed heating professional before cold weather use.
- Install a programmable thermostat to improve heating efficiency. Beard says heating different areas of the house based on use should also be considered.
- Apply heat tape to plumbing fixtures that have had problems with freezing in past winters.
- Remove leaves and other debris from gutters, downspouts, walkways, decks and steps.
- Trim tree limbs near the roof or house.
- Check and replace emergency supplies like fire extinguishers, batteries, candles, flashlights and propane lanterns for heaters.
For outdoor water systems, City Water Utility recommends shutting off the main sprinkler valve and blowing out all lines. The utility says all outside house spigots, faucets, and hose bibs should be wrapped with insulated covers and tape to stop freezing.
Park City Wildlife
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.
9871 E Peruvian Acre Road, Alta| $1,800,000
5 Bedrooms | 3 Bathrooms | Approx. 2,886 SF | .62 Acres
This beautiful home is nestled in one of the most spectacular spots in the country. It is located just off of the Bypass Road between Snowbird and Alta Resorts in the Town of Alta. Homes like this rarely come to market and it is unlikely that others will be built. This home was built in 1979 and has been meticulously maintained. Imagine yourself sitting in your living room snuggling in by the fireplace as the winter snow falls as only it can in Little Cottonwood Canyon. Or waking to three feet of new champagne powder at the crack of dawn and having first tracks off of the Snowbird Tram. You will never get tired of sitting in your living room and gazing at the breathtaking scenery of Autumn in full color as you look out the vaulted windows at Mount Superior. The home is situated on three rare lots and has easy year round access. If you have ever dreamed of having a mountain getaway at one of the most iconic ski resorts in the world, you will not want to miss this fabulous home.