From the Desk of Brad Jensen
Park City Utah | Real Estate Newsletter | October 2017
Dear Park City,
The seasons have changed so fast this year and 2017 seems to be flying by. It seems like it was summer just a few days ago. The weather changed quickly and the fall season has been very cool. We are bound to have a nice Indian Summer before the big snow. Pray for Snow but let there be another month of mountain biking.
We have been through three quarters and the real estate numbers are strong.
I have taken some numbers from the Park City Board of Realtors Multiple Listing System for all types of properties.
Beginning with Single Family Homes, there have been 1033 homes sold so far this year. That is a 10% increase for the number of units over last year. Last year we had sold 934 homes for the same time period. The average price for a single family home has increased from $1,042,000 in 2016 to $1,128,000 for 2017. That represents approximately an 8% increase and the median price has gone from $655,000 to $750,000 for a 13% increase.
There are currently 721 active listings for single family homes on the MLS and there are 258 pending contracts. This data includes all areas serviced by this board.
We also sell a lot of condos in the Park City area. So far this year we have sold 727 condos as compared to 678 sales last year at this time for a 7% increase. The average price per condo is up approximately 18% from $634,000 to $775,000. The median price is up approximately 6.5% from $491,000 in 2016 to $525,000 so far this year.
There are currently 369 condos actively listed on the market and there are 272 pending contracts.
For vacant land and developed homesites, we are up 8% for the number of units sold from 461 last year to 499 sold this year. The average price is up 2.5% from $431,000 to $442,000. The median price is up approximately 7.5% from $241,000 to $260,000.
There are currently 102 pending contracts and 775 active listings on the MLS for vacant land and homesites.
Interest rates continue to be very attractive to buyers hovering just above 4%.
I hope that this information is helpful. If you have any questions as it relates to the real estate market in Park City or in your area, please reach out to me. I always appreciate the opportunity to discuss the market. Your referrals are always welcome as well.
Thank you for taking the time to read our newsletter. Crystal and I are very appreciative and wish you all the best.
Market Update 2017 | Q3
We invite you to review Summit Sotheby’s International Realty’s residential market update for the Greater Park City area for the 3rd 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.
Summit Sotheby’s International Realty is proud to be Utah’s only real estate brokerage with an in-house, award winning video production team. This team, backed by the power of the Sotheby’s International Realty brand, pushes our client’s video content to over 5,000 websites, including the most trafficked news, finance, lifestyle and real estate websites in world.
10680 N Summit View Drive, Park City, Utah | $5,800,000
77 E 12th Avenue, Salt Lake City, Utah | $1,425,000
Our clients can attest that we take care of all the details. We take the time to make sure the marketing plan for your property is comprehensive and complete. We do not believe in passively listing your property with the hope that someone finds it. We take extraordinary measures to actively promote your listing to qualified buyers!
In order to sell your property, Brad will not only use traditional marketing tools such as green flyers, postcards, print advertising and open houses, but we leverage property and digital media technology to maximize exposure of your property in the global market place.
Brad Jensen works diligently to determine the best strategy to market and sell a property and ensure first class execution.
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Unbelievable Old Town Location
170 Main Street, Park City, Utah
Duplex | 3 Bedrooms | 2 Bathrooms | 1,321 SF
This Old Town home lives like a duplex with fantastic flexibility. Lock out for a two bedroom on one side and an one bedroom on the other or a three bedroom and a studio. Fantastic Upper Main Street location! Leave you car at home. Walk to Main Street shops, restaurants and entertainment, catch the free public transit to world class Park City, Utah ski resorts or wherever you would like to go in town. This is a cute historical cottage, perfect for second home, investment or both. Spectacular Sundance rental.
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If you would like more information on your market area wherever it may be, please let me know. If it is not my area of expertise I can most certainly find a professional in your area who can assist you. It is great to be a part of such a powerful Sotheby’s International Realty network.