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For almost two years the Park City real estate market has been acting peculiarly. We’ve been reporting in our monthly webinars, podcasts, websites, and newsletters, two consistent market patterns related to homes, condos and vacant land sales in Park City. (1) The number of sales has been dropping, year-over-year, as buyers have been resisting the high asking prices by sellers. (2) The prices of closed homes, condos, and vacant land sales have continued to rise, year-over-year.
In our monthly summaries, we have stated the obvious. Price your property fairly, and it will sell (in 113 days on average, for homes), and usually at a record high price compared to a year ago. Over-price it, and it will remain on the market for 243 days on average (for homes) without selling.
Real estate markets typically don’t behave this way; sooner or later something has to give. Well, we’re finally seeing the anticipated change.
Prices are starting to drop, particularly within the Park City limits. Sellers are finally adjusting their asking prices to attract more buyers and it’s working. The number of sales of both homes and condos is climbing from a year ago.
The number of lot sales within the city limits is so small, due to the lack of available inventory, we do not see the change there yet. With only 17 lot sales during the past 12 months, three or four fewer sales compared to a year ago will look like a large percentage decline and may be misleading if viewed in isolation.
When home and condo prices are high, buyers turn to purchasing land as an affordable alternative. Once asking prices adjust downward, resulting in more home and condominium sales, a decline in land sales will follow.
With list price reductions becoming more common, the number of sales is increasing. The fair market price range (“sweet spot”) brings buyers and sellers together, resulting in sales.
Don’t get me wrong; this doesn’t mean that we no longer have over-priced properties listed for sale. The ratio has been 2 to 1 (two over-priced listings fore every one correctly priced property), but there appears to be a heightened awareness in more sellers that buyers are simply saying “no” to over-priced properties. Motivated sellers are correcting their asking prices and selling their properties.
This is an article written by Ron Wilstein in our December 2019 newsletter, the Park City LINK. Click here to learn more about the Park City real estate market and how The Wilstein Team can help you with your Park City real estate buying and selling needs.
Articles in this Park City LINK issue:
A Critical Transition for Park City Real Estate
Baby Boomers Impact Park City’s Market
What is Mayflower Mountain Resort?
Real Estate Stats and What They Mean
Woodward Park City Sports Park
Five Ways to Successfully View Real Estate During the Ski Season
Mayflower Mountain Resort will be Park City's newest ski resort. The plans for this development, located between Deer Valley and the Jordanelle Reservoir, accessible by Highway 40, have long been in the works.
The long-held belief was that Mayflower would eventually serve as another base area for Deer Valley, but as of today, there is no agreement between Mayflower’s developer, Extell Development Company, and Deer Valley’s owner, Alterra Mountain Company, allowing the two resorts to operate as one.
The two ownership entities recently signed a 199-year lease, which, at a minimum, enables skiers to access terrain at Deer Valley the same way they always have from U.S. 40, and enables a connection between the two resorts should the parties come to a future agreement.View More
There are 35 new construction developments in Park City. Located anywhere from the top of Deer Valley to the flatlands of Silver Creek Estates, prices start at $275,000 and climb up to $8.5 million. What impact is all this new construction having on the Park City real estate market?
1. Decide what's important to you for the property you want to buy.
2. Review our Park City New Construction Buying Guide to see which properties match what you're looking for.
3. Get all your questions answered to help narrow down your search and ultimately find the right property.
The Aerie is located in the heart of Park City, on the mountain between historic Old Town, Prospector, and lower Deer Valley. This peaceful mountain setting has luxury homes, townhomes and vacant lots. It has spectacular views of the surrounding ski areas and historic Old Town. Residents love the views and close proximity to the restaurants and amenities of Old Town.
Single-family home prices range from just under $3,000,000 to about $4,500,000 for 4 to 6-bedroom homes. Townhomes
ranging from 2,855 – 2,917 square feet are available for prices ranging from about $1,500,000 to just under $2,000,000. You might even be fortunate enough to find a vacant lot to build your dream home on.
Canyons Village is part of the Park City Mountain Resort, the largest ski resort in the country. With an assortment of four-season activities, there is a little something for everyone: golfing, live music, dining, hiking, biking, skiing, and snowboarding. Conveniently located just 35 minutes from the Salt Lake City airport, you will be enjoying your vacation in no time with a property at the Canyons Village.
In the village you will find a wide variety of homes, condominiums, vacant land, and even fractional interest ownership opportunities. South of Canyons Village is The Colony, a gated community with luxurious single family homes situated on large lots, ranging from four to 10+ acres in size. Most of these homes offer direct ski or snowboard access to the slopes at the resort.View More
Park City’s Old Town area encompasses the hillsides on both sides of Main Street as well as the base of Park City Mountain Resort and the Park City Municipal Golf Course. Some of the properties along Deer Valley Drive are included in this area.View More
If you're thinking about selling your property, either now or during the next couple of months, don't just call a Realtor and throw your property on the market. There are three things you must do to avoid costly mistakes:
Determine if your property is ready to be put on the market.
Learn about the overall condition of the Park City real estate market in your property category (home, condo or vacant land).
Find out what your property is worth in today's market.
To assist with these things, we offer the following:View More
The ski and snowboard season is well underway as the early snowfall and cold temperatures brought incredible early season snow conditions. As we move through the holidays and into the new year, Park City is alive with visitors from all over the world enjoying the white and snowy mountain slopes. The town is buzzing with excitement as the year 2019 is quickly approaching and Salt Lake City was selected by the United States Olympic Committee to bid for the 2030 Olympic games.
Now that we are getting towards the end of the busy holiday season, many of our clients are turning their attention to rental condos near the resorts to invest in our strong real estate market, gain a stream of passive income, and secure a place for their families to stay during their upcoming vacations. With the vast diversity of real estate offerings in Park City, we wanted to take this opportunity to explain the characteristics of our most popular investment areas.View More