Third Quarter Stats Released

By Jay and Suzanne Sheridan
Oct 31, 2013

136Park City real estate is building momentum in 2013. To date every month of 2013 has had a higher number of closed sales than in the same month last year, according to data released by the Park City Board of REALTORS®. The number of sales for the entire Park City market area, reached 1,668 in quarter three-that is 26% over last year's number. With a total sales dollar volume reaching $1.19 billion, the third quarter of 2013 is up 34% compared to last year as well.  Jeff Spencer, President of the Park City Board of REALTORS® said, "Our Realtors sold more in the first three quarters of 2013 than we did during all of 2012."

Inventory-- The current number of active listings on the Park City Multiple Listing Service is 2,199, down a little over 3% from last quarter. In just the Greater Park City Area-(Park City, Snyderville Basin and Jordanelle) there are only 1,160 active listings. This is a new record low!

Looking Ahead-- With the increase in the number of sales, median prices slowly on the rise, active listings at a record low, and an absorption rate of only 5.7 months (for homes and condos), our market appears strong and stable. "Already this year, there has been over $1.1 billion in closed sales, a number that was difficult to reach by year's end only a short couple of years ago," reports Statistician for the Park City Board of REALTORS®.

Although the numbers were tremendous for Spring and Summer, we are seeing some slow down in the pace for Fall.  Median prices in many neighborhood are up just slightly despite the increase in sales.  As we have stated in the past, buyers are still picky and not willing to pay above market just yet.  We are seeing our marketing time extend just slightly as the colder weather settles in.

Individual neighborhoods in our market vary drastically, so it is vital for both home buyers and sellers to call us for more in depth market analysis.

Utah Named Top State For Small Business Entrepreneurs

By Jay and Suzanne Sheridan
Oct 21, 2013

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Utah has nabbed another business accolade.  The second-annual Thumbtack.com Small Business Survey undertaken in partnership with the Ewing Marion Kauffman Foundation, a nonprofit organization dedicated to promoting entrepreneurship, ranks Utah as the best state for small businesses.
Utah also recently was named the Best State for Business three years in a row by Forbes Magazine.
Thumbtack, a website that provides referrals to homeowners and others who need to hire professional service providers, make these observations:
  • Small business operators believed Utah deserved an "A" grade for its business-friendly regulations.
  • They awarded the state and "A+" for the ease of starting a new business.
  • They presented Utah with an "A-" for the friendliness of its tax code for small businesses.
  • Utah deserves to be ranked at the top because of its pro-business climate, said Linda Muir, director of the Center for Entrepreneurship at Westminster College in Salt Lake City.
  • "We have a culture of self-reliance here that leads many of the state's residences, including those who are college age, to want to start their own businesses.

Park City Resorts Rank in Top 10!

By Jay and Suzanne Sheridan
Oct 21, 2013

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The most prominent ski resort rankings for 2014 are out and all three of Park City's resorts placed in the top 10.  Deer Valley is No. 2, Park City Mountain Resort is No. 5 and Canyons is No. 10.
Last year was the first in which Deer Valley, PCMR and Canyons all finished in the top 10 overall in the West and that feat is turning into a trend.
This year has a new No1:  Jackson Hole Mountain Resort.  Jackson Hole has made a rapid ascent in the SKI rankings.  Last year is was sixth.  Before that, Jackson Hole has never place in the top 10.
Congrats to Park City - three world-class resorts in one town!!!

Outside Magazine Rates Park City: "Best Town in America To Live"

By Jay and Suzanne Sheridan
Sep 05, 2013

outside-magazine-coverPark City is apparently the Best Town Ever.

Outside Magazine in its September issue features the city as the winner of an online contest to name the Best Town Ever, including a photo of a bicyclist on a trail overlooking Old Town on the cover of the magazine. The author, Kyle Dickman, writes, "Park City feels like a Colorado ski town dropped into Utah's 12,000-foot Wasatch Range, with one significant difference. Unlike Telluride or Aspen, it has a major city, Salt Lake, and in international airport 30 minutes away."

Read the full article here.

Second Quarter Stats Released

By Jay and Suzanne Sheridan
Jul 11, 2013

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The 2013 second quarter statistics, released by the Park City Board of Realtors, show that the number of closed sales are up compared to last year, as well as, the median sales price in most of the greater Park City areas.  With a total of 991 sales to date this year, that is a 19% increase over the same time period in 2012.  The second quarter has had the highest number of total sales since the same period in 2007 - in fact, the number of sales is 21% higher, by quarter, than any quarter in the last five years.  The total sales dollar volume is also up 19% over the same time period last year, reaching over $698 million to date, which is also the highest dollar volume since 2007.

The inventory level of all property types has come up slightly from quarter one of 2013, which was the lowest number of active listings since the Board of REALTORS began keeping this statistic, but it is still 9% less than it was one year ago.  The current inventory of active listings in the greater Park City area is 2,173, compared to about 2,400 units a year ago and about 3,060 in 2010.  Though the current number is almost a 10% increase in the lost couple months from the low point in April, it is still a whopping 41% below the high in July of 2008.

Looking Ahead The market continues to be active, with the number of sales in the second quarter being the most we've seen since 2007.  The median sales price for the greater Park City area in single family homes, condominiums, and vacant land is still down from the peak months of 2007, but the current trend of slow but steady rise of property value is an indication of a balanced and healthy market.

With the recent 1.5% jump in interest rates, which was the highest short-term spike in over 50 years, there may be an urgency for some buyers to lock-in an interest rate while they remain historically low in the coming months.  Another consideration for buyers is that some of the inventory coming on the market recently is outdated, needs a full remodel and/or overpriced.

As stated in every quarterly report, sales and prices vary so much between different neighborhoods and price ranges, that to fully understand what prices are doing in any specific neighborhood, one should consult a local member of the Park City Board of REALTORS.

JUST RELEASED! VAIL RESORTS TO OPERATE CANYONS RESORT

By Jay and Suzanne Sheridan
May 31, 2013

102Vail Resorts today announced that the Company has entered into a long-term lease with affiliate companies of Talisker Corporation for Canyons Resort in Park City, Utah. Under the lease, Vail Resorts has assumed all of the resort operations of Canyons while Talisker has retained its development rights for four million square feet of real estate at the resort.

"With 4,000 skiable acres, easy access to the town of Park City and $75 million in recent resort improvements, Canyons is a perfect complement to our collection of world-class mountain resorts," said Rob Katz , chairman and chief executive officer of Vail Resorts. "I commend the Talisker and Canyons team for the outstanding work they have done to redevelop the resort, which is reflected in a top 10 ranking by SKI Magazine and #4 ranking by Outside Magazine. We look forward to building on that momentum and including Canyons in our industry-leading season pass products, which next season will offer guests access to Colorado, Tahoe and Utah on one season pass, a first in ski industry history. We will also leverage our guest database and domestic and international sales and marketing efforts to continue to drive Canyons' growth. Talisker has an outstanding track record of high-end resort development and we look forward to working together to create something truly extraordinary with Talisker's four million square feet of remaining approved residential and commercial density at Canyons."