Park City Information and Real Estate News

Second Quarter Park City Market Update

By Berkshire Hathaway HomeServices Utah Properties
Jul 21, 2016

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Sales Volume

Sales are up 12% in Park City and 35% in Heber

The total sum of all sold transactions in Park City from the first six months of 2016 suggests steady, but measured growth. The total volume of sales, roughly $800,200,000, is up 12% from the same time last year. This increase in sales volume can be attributed to a 20% increase in Single Family homes during the first six months of this calendar year.

Quick Takeaway: Sales volume is up. 

Closings

There have been roughly 400 closings this year in Park City, roughly the same as last year. . There were close to 300 closings in Heber Valley, a 35% increase from last year. 

The number of closed properties in Park City showed a recovery from a slight downtick in the first quarter of this calendar year. Looking year-over-year, closed sales have remained fairly flat the last four years with the number of closed transactions at the second quarter benchmark remaining right around 400.

Heber Valley, on the other hand, has experienced tremendous activity.

Quick Takeaway: Number of Sales are steady and have been for the last four years in Park City. Heber Valley and surrounding areas have seen increased interest. 

Listings

Listing inventory in Park City, while still a bit constrained, has remained level for the last 12 months. There are currently 1,186 listings as of July 1 of 2016 compared to 1,170 from the same time last year, suggesting a stabilized inventory level.

Quick Takeaway: Listing inventory has remained steady at around 1,000 active listings for the past 2 years.

Absorption Rate

The current absorption rate, which is the rate at which available homes are sold in a specific market during a time period, suggests a much higher demand for anything under $660,000 for condos and anything under $1.6 million for family homes. Condos under $660,000 have an absorption rate of 4.6 months; whereas, condos over $660,000 have an absorption rate of 15.4 months. As the absorption rate is calculated by looking at the ration between available homes and monthly sales, these indicators suggest the importance of accurately pricing with the help of a seasoned professional. Overall, the absorption rate is gradually decreasing.

Quick Takeaway: The absorption rate is decreasing, suggesting the importance of accurate pricing and strong buyer demand at the right price point. 

Pricing

Prices are increasing both in and around Park City at a steady clip. Since January of 2012, the median price of single family homes in Park City has increased at an average of 7.2% per calendar year. The rolling median is up 12% from 2015, with the average price of single family homes increasing at a rate of 12.8%, suggesting a bullish local market.

Quick Takeaway: Prices are increasing, but a gradual rate.

Berkshire HathawayHS.com Goes Global

By Berkshire Hathaway HomeServices Utah Properties
May 18, 2016

Berkshire Hathaway HomeServices is expanding globally and our website is making the change, too.

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The new website features language, currency and measurement options for prospective buyers both in the U.S. and abroad whose native language may not be English. Global consumers accessing BerkshireHathawayHS.com may search for homes in any city or state serviced by our franchisees. What they’ll find they can’t get anywhere else: full MLS data containing all listings in their search area, including our own Berkshire Hathaway HomeServices listings in their language of choice. Berkshire Hathaway HomeServices . . . Good to Know. ®

To complement our international platform, Berkshire Hathaway HomeServices now sends your listings to over 35 countries throughout the world!

Utah-One of the lowest property tax rates in the country

By Berkshire Hathaway HomeServices Utah Properties
May 06, 2016

According to the National Association of Realtors:

The average median property tax rate across the nation is 1.31 percent. That means a home owner with a home valued at $200,000, on average, pays an annual amount of $2,620 in property taxes, according to an analysis by CoreLogic’s data team.

Illinois has the highest median property tax rate at 2.67 percent. Hawaii, on the other hand, has the lowest at 0.31 percent.'

“While higher median tax rates are seen primarily among states in the northeast, a notable exception is Texas, which has a median property tax rate of 2.17 percent,” CoreLogic reports. “Typically, the states with the highest property tax rates, with the exception of Illinois, have multiple levels of tax collection. Conversely, the majority of states with low median tax rates have a single level of collection at the county level. Other than Hawaii, the lowest median property tax rates are primarily in the Rocky Mountain region and southeastern states.”

Owning a home is one of the best ways to increase your personal equity and with a property tax rate of .75%, Utah is one of the best places to start that process.

Reach out for more information.

Park City Current Market Snapshot

By Berkshire Hathaway HomeServices Utah Properties
Apr 28, 2016

FIRST QUARTER

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Greater Park City Area

Single Family Homes Sold this Quarter: 180

Average Single Family Sale Price: $1.3 million

Median Single Family Sale Price: $722,000

Condominiums Sold this Quarter: 151

Average Condo Sale Price: $800,000

Median Condo Sale Price: $500,000

Wasatch County

Single Family Homes Sold this Quarter: 58

Average Single Family Sale Price: $584,000

Median Single Family Sale Price: $434,000

Condominiums Sold this Quarter: 35

Average Condo Sale Price: $429,000

Median Condo Sale Price: $355,000

Reach out for a comprehensive overview of Park City's market and your neighborhood's trends.

Utah ranked No. 1 Best State for Business for 2015—the fifth year out of the last six

By Berkshire Hathaway HomeServices Utah Properties
Apr 28, 2016

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From the Governor's Office of Economic Development: 

When you think of the nation’s greatest sports dynasties, you might think of the Boston Celtics, New York Yankees or Green Bay Packers. Now think “economic dynasty”—and Utah should come to mind. Forbes magazine once again ranked Utah as the No. 1 Best State for Business for 2015. This marks five out of the last six years in the top spot.

“We’ve enjoyed years of success but have also learned a very important lesson: it’s much harder to stay on top than it is to get there,” said Governor Gary R. Herbert. “It’s always exciting to earn top accolades, but it’s even more meaningful that this is our fifth win from Forbes. It means that all of our work to maintain a winning business environment is working. It means we’re continuously building a champion state.”

Utah has been ranked No. 1 for economic outlook every year since 2008. Everyone from the Washington Post and Fortune magazine to The New Yorker has been talking about Utah, trying to discover the Beehive State’s secret to success. Collaboration is one of the state’s not-so-secret strengths.

“Sports dynasties don’t happen because of one star player or a single miracle play,” said Val Hale, executive director of the Governor’s Office of Economic Development. “They happen because of focused strategy, tireless effort and—perhaps most importantly—teamwork. The same goes for Utah’s economy. This is the result of continued partnership between Utah’s greatest in business, government, education and our communities. Team Utah has built an incredible economic dynasty.”

The Forbes ranking comes just days after the U.S. Chamber of Commerce’s latest research titled “Enterprising States: States Innovate.” Utah took top marks in all six measured categories, including business climate and high-tech performance. The state won the No. 1 spot for innovation and entrepreneurship, garnering the label of “most fundamentally sound state” from the Chamber.

One point in the Chamber’s study is reminiscent of 2013—the one year in the past six—that Utah ranked a still noteworthy No. 3 rather than No. 1 with Forbes. One area for improvement in the “States Innovate” report is talent pipeline. Utah barely missed the top ten for the category taking the No. 11 spot.

Like any hall of fame team, Utah’s overall success lies in a proactive focus on the fundamentals: reduced regulation, spending within means and, when necessary, implementing “cross-training” and “conditioning” to perfect our economic play.

Just last month, an unprecedented collaboration between government, industry and education leaders produced the Utah Aerospace Pathways (UAP) program. The program is designed to place high school students on the fast-track for aerospace careers, landing them in high-paying jobs right after high school graduation. UAP serves as a pilot for similar education programs for other industries—such as the IT and software sector—along with incumbent worker training programs. Coupled with other endeavors such as the STEM Action Center’s grant programs and teacher trainings, all hands are on deck for tackling workforce development. The idea is to create sustainable economic development.

“Our job as part of Team Utah is to work with companies that are considering Utah for expansion, so we see the business site selection process regularly,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah. “Receiving the Forbes Best State for Business ranking again in 2015, and for the fifth time in six years, confirms what we hear from companies every day: no one else does economic development like Utah. The model we have in this state, with industry support, local community participation and leadership from the Governor’s Office—it is uncommon and remarkable.”

Salt Lake City Spring Market Update

By Berkshire Hathaway HomeServices Utah Properties
Apr 21, 2016

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March 2016 active listings (inventory) was down 32% from March 2015; yet, pending sales are up 8% in Salt Lake City County. This trend of low inventory by high pendings has occurred consistently for the last year. Bottom line: demand for housing remains strong, and inventory remains constrained.

Utah county has slowed slightly as far as pendings and Davis County has the lowest number of listings. The county is down 45% in inventory when compared to the same time last year. Once again, Davis county has more pending deals than they do active inventory.

Weber County is showing the same signs of frantic buyer interest with inventory down 37% from March of last yet, but pending sales are up 9%.

Davis County is seeing the strongest appreciation if you look at the month of March 2016 over 2015, with a 10% increase in median sales price this year.

Median price closed out at $255,000 in SLC county, which is up from January by almost 7%!  Pricing is skyrocketing in the affordable price range; for Wasatch front, anything under $500K is seeing rapid appreciation. Median price in SLC may reach over $260K for all unit types and could surpass $300K for single family homes. That's a ceiling we've never even gotten close to in Salt Lake City.

Remember it's a seasonal market and this is common.  If we remove the seasonality and just compare March 2015 to Feb 2016 median price is up 7%. This conveys that the market ceiling is really being challenged.  On one hand, there is nothing to buy because inventory is low; but, at the same time buyers are experiencing price shock since the market got back to all time new highs in 2015.

Our take: The market will remain hot with more inventory coming to market over the next 90 days and likely will still see strong appreciation until inventory gets back to normal market levels.

 

 

Press Release-BHHS Utah Properties Welcomes Will Cooper

By Berkshire Hathaway HomeServices Utah Properties
Apr 13, 2016

Berkshire Hathaway HomeServices Utah Properties

Press Release

Salt Lake City, Utah (April 13, 2016)—Berkshire Hathaway HomeServices Utah Properties announced today that effective now, Will Cooper has joined the firm as President, Business Development.

In this new role, Mr. Cooper will focus on growth strategies including recruiting, coaching, and training throughout BHHS Utah Properties’ market areas of Salt Lake, Summit, Wasatch, Davis and Weber Counties. “We are thrilled to have Will aboard,” commented Steve Roney, CEO and Owner of Berkshire Hathaway HomeServices Utah Properties. “His extensive background in real estate agent development along with his dynamic personality make him an incredible asset to our professionals and company.” Mr. Cooper will be reporting to Mr. Roney in this new capacity.

In real estate’s constantly evolving and competitive landscape, Mr. Cooper will ensure BHHS Utah Properties agents are given the resource support to distinguish their service and offer enhanced quality service to clients. “I look forward to providing guidance to the outstanding family of BHHS Utah Properties agents and employees while strengthening businesses development as a whole under the legendary Berkshire Hathaway brand,” commented Will Cooper.

About William Cooper

Will has enjoyed a distinguished 25-year career in real estate. Most recently, he was a President and an Owner of Stringham Schools, the largest real estate school in Utah. Prior to his time at Stringham, Will was the Principal Broker and Owner of ERA Legacy from 1998 to 2008 and was the CEO of Virtual Agent, now known as Dotsignal, a mobile marketing technology company for Realtors, from 2008 to 2014. He has been a licensed agent in Utah since 1991 and a Pre-License and CE Instructor since 2008.

About Berkshire Hathaway HomeServices Utah Properties

Berkshire Hathaway HomeServices Utah is an independently owned full-service brokerage with offices in Salt Lake City, Park City, Ogden, Bountiful and Heber with a long-standing track record of market dominance and dependability. Under the Berkshire Hathaway name, our firm provides a new level of real estate assistance and maintains a #1 position in Utah’s marketplace and historic commitment to community-driven service. Visit bhhsutah.com.

About Berkshire Hathaway HomeServices

Berkshire Hathaway HomeServices, based in Irvine, CA, is a real estate brokerage network built for a new era in residential real estate. The network, among the few organizations entrusted to use the world-renowned Berkshire Hathaway name, has grown to 42,200 agents and 1,211 offices in 47 states since its September 2013 launch. Visit www.berkshirehathawayhs.com.

Irvine, CA-based HSF Affiliates LLC operates Berkshire Hathaway HomeServices, Prudential Real Estate and Real Living Real Estate franchise networks. The company is a joint venture of which HomeServices of America, Inc., the nation’s second-largest, full-service residential brokerage firm, is a majority owner. HomeServices of America is an affiliate of world-renowned Berkshire Hathaway Inc.

About Berkshire Hathaway

Berkshire Hathaway is a worldwide holding company based in Omaha, NE. Its chairman and CEO is Warren Buffett, often referred to as the “Oracle of Omaha,” who according to Time magazine’s ranking is among the world’s most influential people. Berkshire Hathaway was the No. 1 company in Barron’s 2013 ranking of the world’s 100 most respected companies; it ranks at No. 3 in Fortune magazine’s 50 Most Admired Companies survey. Good to know.™

 

FIRST TIME HOME BUYER CHALLENGES AND TIPS

By Berkshire Hathaway HomeServices Utah Properties
Apr 06, 2016

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Along the Wasatch front, rent is astronomically high while interest rates are still historically low; buying a home seems like a no-brainer. Yet Millennials have been slow to take on home ownership. Why the hesitation?

There are several factors: A recession which brought with it high unemployment resulted in a massive number of foreclosures that attracted real estate investors... in droves. With more rentals available and fewer homes for sale, demand for rental properties increased and with it, skyrocketing rents. In addition, New college graduates looking for higher-paying, career-oriented jobs were sidelined by high unemployment and unprecedented student loan debt limited access to credit and reduced borrowing limits.

Add it all up and Millennials are at a serious disadvantage. However, there are some fundamental tactics to help navigate the current real estate market and succeed in finding a home.

DO YOUR HOMEWORK

There is vital information you should know, but probably don’t, about buying a home. Just because you don’t know, doesn’t mean you can’t know.

Check your credit–This is important! Ideally, you should have ample credit available and only a third of it used. Repairing damaged credit should begin at least 6 months before starting your home search.

Evaluate Assets and Liabilities–Track your income and spending for a couple of months. Compare your earningpower and cost of living. Are you due a raise or can you live more economically?

Qualify yourself–A lender can tell you how much borrowing power you have, but only you know how much you can comfortably spend. Which brings us to...

Unexpected fees–Don’t forget to prepare for these fees: closing costs, property tax, HOA fees, life insurance, mortgage insurance, home insurance, utilities, maintenance, etc.

Figure out your down payment–Once you know how much you can borrow, unexpected costs, and your spending limit, you can figure out a down payment that will keep your monthly payment “comfortable”.

Organize documents–Your lender will need 2 most recent pay stubs, the previous 2 years’ W-2s, tax returns and the past 2 months of bank statements. Knowing what you need and where to find it will save you time and effort.

CONSIDER YOUR OPTIONS

There is dramatically low inventory of starter homes and prices are rising. Many homes are receiving multiple offers which creates challenges for first-time buyers. Increase your chances of finding a suitable property by considering some alternatives.

Go smaller–A smaller home, a smaller lot size or a lower cost neighborhood can reduce your costs.

Take on a project–Homes in need of updating, cosmetic improvement or a manageable degree of repairs are typically cheaper and in less demand.

Share the cost–A duplex or a home with an apartment will allow you to cover your mortgage by renting out one of the living spaces while living in the other. Save money while building equity and when you are ready to move up you can either rent or sell the property and apply the profit to your new home.

MORE TO CONSIDER

Interest rates are at historic lows, and first-time buyer programs, (featuring low or no down payments) are currently plentiful in the industry. With home values rising faster than salaries and comps, a lower home appraisal can be a bargaining chip to reduce the cost of your new home, even in this competitive market.

In Spite of Low Inventory, Wasatch Front Home Sales are Up

By Berkshire Hathaway HomeServices Utah Properties - Wasatch Front
Mar 04, 2016

While inventory along the Wasatch Front is down... way down, sales are up across all Wasatch Front counties.

Taking a look at Salt Lake County in January of this year, inventory is at 2430 homes across the county. That is down 30.20% from January 2015, yet sales are up 12.89% in the same comparison. In Weber County inventory is down 31.82% in January but sales are up 10.19% and pending sales are up 16.35%. Utah County had similar results in the same period comparison; 12.63% increased sales with 26.44% less inventory. What is amazing is Davis County has a 12.50% increase in sales over January 2015 in the face of a 41.38% drop in inventory!

Berkshire Hathaway HomeServices Utah Properties is doing well along the Wasatch Front. In 2016 to date, Salt Lake Countty has 12.03% Market Share. Century 21 Everest Realty Group is in distant 2nd place with 9.99% Market Share. BHHS agents are listing homes at a higher average price than anyone in our market and closing sales at 98.01% of asking price.

So far, 2016 is shaping up to be a great year for real estate. Median home prices are up across the Wasatch Front and are likely to continue up into the spring. The shortage of home listings is a concern and needs to be addressed as we move into the warmer sales months. For those considering selling, now is the perfect time to capitalize on your investment. There are plenty of buyers and interest rates have dropped in 2016 instead of rising as predicted at the end of 2015.

Annual Market Report

By Berkshire Hathaway HomeServices Utah Properties
Feb 09, 2016

 

 

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This comprehensive yearend market report is designed to give an overview of Summit and Wasatch County real estate. We feel that our clients should have access to information that facilitates thoughtful real estate decisions. All statistics are based upon Park City Board of Realtors MLS data for the period of 1/1/15 to 1/1/16.

The Park City market remains highly segmented. Our town, its neighborhoods, and outlying areas differ significantly in terms of price, home type, and features and amenities. For example, while Deer Valley and Prospector share the same zip code, average single family home prices in these two neighborhoods differ dramatically. Data interpretation, judgment, and historical context are key elements to making informed decisions: Contact your local BHHS Utah agent for guidance on navigating our market place.

Here are some general trends:

-The market suggests that we are recovered from the recession. We are now seeing home prices and sales numbers that are on par with those before the recession. Our market looks healthy and show signs of steady growth.

-The number of sales of single family homes in our City Limits and Snyderville Basin only saw a very gradual increase from 2014, and several areas actually saw a decrease in properties sold. However, the average sales price is up over 2014. There was a slight leveling off of the number of sales in Park City, due to lower inventory.

-Prices in Park City Proper's long standing residential neighborhoods like Park Meadows have shown signs of tapering somewhat. The price of single family homes in Silver Springs, Redstone, Old Ranch Road, and Pinebrook areas steadily increased last year. The numbers suggest that the difference between properties in town and just out of town has narrowed in terms of price and desirability.

-Several luxury lifestyle developments have seen unprecedented success over the last year. Both the Colony and Promontory reported an almost 30% increase in the number of home sales in 2015 compared to 2014. Consumers seem attracted to projects with engaging amenities and lifestyle offerings.

-There have also been large increases in sales numbers of condominiums in Lower Deer Valley, Kimball Junction, and Jordanelle neighborhoods. Both Kimball Junction and Jordanelle reported the highest number of sales per neighborhood; 135 condominiums were sold in 2015 in those areas. Similarly, Lower Deer Valley saw a 25% increase in the number of condo sales year over year.

-Heber Valley's housing market remains strong. There were over 240 sales in Heber Valley last year representing an overall increase of 12%. While buyer interest has remained strong, prices saw little change from 2014, with the average single family home price increasing by only 1%.

 
 
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