Park City Statistics: 2nd Q 2016

Whoa, mama, are you ready for a big post? I promised to stop when it stopped being interesting but all these numbers are interesting. Here is the official report:

2016 Q2 – PCR Rolling 12 – Short-2

What I’m poring over here is the 12 month rolling, year over year, July 2015-June 2016 vs. July 2014-June 2015. I’ve used medians here because we can have sales at $1M and $7M in the same MLS area, but some of our sample sizes are so small that medians are skewed as well. The notes are in italics, and are either my insights or ones gleaned from my colleagues in the statistics committee.

And here are the PCMLS Trend Statistics Graphs (you know I love the graphs):

PCMLS-Trend-Statistics-----2016-05---Printed-May-2016-4

TL;DR (Too Long; Didn’t Read)

Our market continues to be highly complex and highly segmented. We are seeing some buyer resistance to prices in the Park City Proper (84060) areas, and an increase in number of sales in Snyderville Basin (84098), and a particular migration in single family home purchases to Summit Park, Pinebrook and Jordanelle. Outlying areas with properties under $500,000 are very active. Some segments of our market are back to highs of 2008 but the majority of areas have not reached pre-recession heights.

Properties priced at or below the median sell in a quarter of the time properties priced higher do.

Condos in Park City limits (84060) at or below the median price of $660,000 have an absorption rate of 4.6 months; over median price absorption rate moves o 15.4 months.

Single Family homes in the Park City limits at or below the median price of $1.58M have an absorption rate of 4 months; over the median price the absorption rate jumps to 17.4 months.

Condos in Snyderville Basin priced at or below the median price of $427,000 have an absorption rate of only 2 months; over median price the absorption rate becomes 8.7 months.

Single Family homes in Snyderville Basin priced at or below the median price of $955,000 have an absorption rate of 4.1 months; over median price the absorption rate jumps to 13.2 months.

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SOLD! 267 Ridge Top Rd

Congratulations to my seller, the proud no-longer-owner of this half-acre lot in Rockport Estates (hereafter to be known as “Rockapulco” not my genius at work here though I wish it was).

Nice (Furniture) Package

When you’re buying homes to live in full time, you typically furnish those homes over time. You may have your grandmother’s buffet, the end tables you bought in California, the new dining room table. And as you move you buy or sell pieces to fit your needs and tastes. When you buy a vacation or investment home in a different area, odds are SO VERY GOOD that you aren’t going to bother with shipping things out to furnish it. This is why many properties in Park City are sold furnished: it’s absurd for the sellers and buyers to ship all of their furniture out or into the house, so we sell them with furniture because it’s convenient.

Barclay_Butera_Showroom_2-2
Barclay Butera’s Park City showroom, please note the WALL OF FABRICS

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Quick Location Video: Victorian Village

My Quick Location Video series addresses what I see to be a pretty common theme in real estate, rental, and tourism: the writer just assumes you know what the names are for all the areas and that you know what those names mean. I’m guilty of falling into that trap myself, so here is my attempt to absolve myself. These little videos will just give you a quick rundown of what you can find in the area and what some of the key features are.

Today I feature Victorian Village condos, in Old Town on Empire Ave, walk through one listed condo, and discuss why it’s important to read the HOA meeting minutes, budgets, and financial statements when shopping for a property in an HOA community. I filmed this in May of 2016.

This condo shown here was listed by CooperWynn Real Estate, but has since sold. Please contact me to see what’s online in Victorian Village currently or to be notified as soon as one comes on the market.

Quick Location Video: Snow Blaze Condos

My Quick Location Video series addresses what I see to be a pretty common theme in real estate, rental, and tourism: the writer just assumes you know what the names are for all the areas and that you know what those names mean. I’m guilty of falling into that trap myself, so here is my attempt to absolve myself. These 1-2 minute videos will just give you a quick rundown of what you can find in the area and what some of the key features are.

Part of my Quick Location Video series, where I do a quick rundown of the different areas of Park City, Utah. Today’s location focuses on Snow Blaze condos in Old Town, in the 14th block of Woodside and Empire Ave. Now this isn’t everything for sale in the complex, and none of the units sold are my listings, but hmu for more information on what is available.

The properties shown in this video are listed by Jess Reid Real Estate; the first condo for the moment can be found here.

Park City Historic Home Tour This Saturday

This Saturday marks the annual Historic Home Tour here in Park City. As a Realtor I have unfettered access to pretty much any house on the market. But the historic home tour is fantastic in that I get access to historic homes that are not for sale. Every year the Park City Museum arranges a selection of homes in a few block section of the Old Town historic district.

HistoricHomeBookInterior

This year is the lower Woodside Ave and lower Park Ave tour. You purchase a ticket (early on the website or at the event), they give you a sticker to identify yourself with and a pamphlet of all the houses on the tour with their histories and old photos. The pamphlet by itself is worth the $20 (or $15 if you’re a museum member). Then you simply walk from house to house, spend as much time as you like ogling the doorknobs, perusing the historic documents and artifacts owners typically have displayed. A panel of people passionate about preservation.

(Alliteration for the win.)
Continue reading “Park City Historic Home Tour This Saturday”

Quick Location Video: Park Station Condos

My Quick Location Video series addresses what I see to be a pretty common theme in real estate, rental, and tourism: the writer just assumes you know what the names are for all the areas and that you know what those names mean. I’m guilty of falling into that trap myself, so here is my attempt to absolve myself. These 1-2 minute videos will just give you a quick rundown of what you can find in the area and what some of the key features are.

Today’s location is very specific, Park Station condos, at the bottom of Main Street between Park Ave and Deer Valley Drive in Old Town. Here I walk through one of the condos currently for sale to give you a layout as well. (Please note, this is not my listing, but is listed by a colleague of mine at Jess Reid Real Estate.)

For the moment, listing details can be found here.