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Market Report & News

By Ramon Gomez, Jr.
Feb 12, 2019

This week we will start off with a handful of market reports (Lower Deer Valley, Upper Deer Valley, Empire Pass, Old Town and Canyons) and then follow up with Kid and Parent approved eateries in Park City and the best terrain parks in North America. Please let us know if you have any questions on our reports or fun activities in Park City.

 

 

 

Larger images of these reports are available on our LinkedIn site or we can send them to you directly by reaching out to ramon@rgomzjr.com

Park City Magazine has shared 8 Kid- and Parent-Approved Eateries in Park City with Kid-friendly menus, fast service, and a casual atmosphere prevail at these family-friendly restaurants. Casual atmosphere, a menu with lots of variety, and craft beer make Wasatch a winner for the whole family.

Baja Cantina - It might not be the most authentic Mexican food, but Baja Cantina (1355 Lowell Ave) is a no-brainer for après-ski munchies or dinner, particularly if you’re looking for a convenient location near Park City Mountain’s base area. Load up on generous portions of chips, salsa, tacos, and other Tex-Mex specials—and for the adults, margaritas, of course.

The Corner Store Pub & Grill - Unwind after a day on the slopes at a longtime local fixture. You’ll always find a mix of visitors and local regulars partaking in the après scene at The Corner Store (1325 Lowell Ave) thanks to $3 PBRs and tasty, reasonably-priced grub. During their round of renovations this summer, the eatery installed two new pizza ovens meaning those $6 slices ($4 for locals) are being served faster than ever. The joint also gets bonus points for prime people-watching patio seating, perfect for those sunnier winter days.

Davanza’s  - If you’ve got a mind to skip out on the pricey fare of the mountain and you’re at least an intermediate skier or rider, cruise down Quit-N-Time run at Park City Mountain and pop into Davanza’s (690 Park Ave, 435.649.222). With walls lined with hundreds of beer cans, this down-to-earth Park City hangout serves up burgers, subs, street tacos, and pizza on the cheap. Hop back on Town Lift and you’re ready for more action.

Red Tail Grill - Just steps from Park City Mountain’s Orange Bubble Express, the Red Tail Grill (4000 Canyons Resort Dr) offers fantastic views of the slopes with your lunch or dinner. Their special kid’s menu includes no-fuss cheese burgers, spaghetti, and chicken fingers, while adults can choose from a more sophisticated selection of entrées, hand-crafted cocktails, and draft beers.

Wasatch Brew Pub - Most restaurants on Main Street do their best to accommodate families with kids. But, if we have to pick the best place for a family outing, Wasatch Brew Pub (250 Main St) is it. With a long list of award-winning beers and a food menu that covers everything from tater-tots and loaded mac-n-cheese to seared ahi tuna, superfood salads, and savory burgers, this restaurant has something to tickle everyone’s fancy.

Squatters Roadhouse & Grill - Another excellent choice (just ask our editor’s kids!) for a laid-back dining experience is Squatters Roadhouse & Grill (1900 Park Avenue). Serving breakfast, lunch, or dinner, Squatters expansive menu offers a little bit of everything, from biscuits and gravy to tacos, curry, pizza, burgers, and beyond.

Daly’s Pub & Rec - Located inside the Montage Deer Valley, Daly’s Pub & Rec (9100 Marsac Ave) is a winner for all ages. This upscale-pub-meets-tricked-out-game-room offers guests a little competition with their meal through vintage arcade games, shuffleboard, bowling, and darts. Menu items range from kid-pleasers like chicken tenders and mac-n-cheese to artisanal pizzas, Wagyu steak, wild mushroom risotto, and salads.

Champions Club - Part of this summer’s $14 million property enhancements, Stein Eriksen Lodge (7700 Stein Way) recently unveiled the shiny new 3,500-square foot Champions Club. The entertainment center—with high-tech interactive games as well as retro arcade favorites—offers a casual, family-friendly place to grab a bite and beverage. Best of all, you can ski in and ski out easily from the adjacent Champions Club Plaza. Parents may opt for sidling up to the plaza’s fire pits with a glass of vino, while the rest of the clan heads into the club for billiards or, perhaps, Pac-Man.

Adventure Sports Network has listed the 6 of the Best Terrain Parks in North America and Park City makes the list. From massive hits to inventive jib features, these are the resorts doing terrain parks right. It wasn’t long ago that terrain parks were an exotic beast – a place where adventurous skiers and snowboarders could spend time testing gravity and sliding their boards and skis down the occasional hand rail.

Nowadays, terrain parks are all but a required part of any mountain resort, a prerequisite for visitors from near or far. With such a variety of options, it can be hard to separate the real from the pretender, especially when the kickers get bigger and rail setups a little spicier.

Park City Mountain, Utah - If you've seen an insane terrain park edit in the last few years, chances are pretty good that you’ve already seen Park City Mountain's terrain parks in action. Perfectly shaped step-downs and some of the biggest, most creative rail setups in North America are just a few of the factors that draw some of the most talented skiers and riders (and their filmers) to the sunny slopes of Park City Mountain.

But Park City isn’t just for the pros. In fact, the area has a diverse progression of parks, from its kid parks to more intermediate Pick Axe Park.

Park City nearly doubled its freestyle terrain after merging with the former Canyons Resort, offering eight terrain parks and two halfpipes.

2018 Annual Market Report

By Ramon Gomez, Jr.
Jan 16, 2019

This week we wanted to share the 2018 Annual Market Report. You can read about this report below as well as clicking to the entire report on our Facebook page.

This comprehensive year end report provides an overview of the Summit and Wasatch County real estate markets. We believe it’s important that our clients have access to information that facilitates thoughtful real estate decisions. These markets remain highly segmented. Our town, its neighborhoods and outlying areas differ significantly in terms of price, home type, home condition, features, and amenities. For example, while Park Meadows and Upper Deer Valley share the same zip code, average and median home prices in these two neighborhoods vary significantly. This winter Alterra announced enhancements throughout Deer Valley® Resort (including the new Ikon Pass) and Vail Resorts® continues their commitment to Park City Mountain, focusing on upgrades throughout Canyons Village. We believe these factors will continue to drive our markets in a positive direction. In the meantime, as the market begins to stabilize, we see increased buying opportunities in Summit and Wasatch counties especially in Heber Valley, Jordanelle, and East Summit County neighborhoods.
The 2018 Annual Market Report

Looking to plan a vacation in February. Chron.com has listed out The 13 best places to visit if you're planning a trip in February and Park City makes the list. There is a reason the United States Ski Team calls Park City, Utah home. Simply put, Park City is a winter sports lover's paradise. The town offers more than 400 downhill trails for skiing and snowboarding covering 3,300 acres. It also hosted events in bobsledding, skeleton, and luge during the 2002 Winter Olympics. After you hit the slopes, you can take a stroll through the quaint, Old West-style Main Street or catch a show at the famous Egyptian Theater, the site of the Sundance Film Festival in January. Conveniently, a town lift can transport you directly from the mountains to the center of town.

Already in town or live in Park City - well the Midway Ice Castles are open for the season. Since 2011, Utahns have visited a winter wonderland in Midway. Icy fortresses, slippery slides and frozen waterfalls decorate an acre of land at Ice Castles at the Homestead Resort in Midway.

Visitors are drawn in by interactive light and music displays. The design of the castles changes year to year, with 20 to 40 ice artisans tasked with creating structures formed from thousands of icicles. Construction on the castles began in November, and Ice Castles typically opens between Christmas and early January, depending on how many warm days there are during the building process.

With six locations—five throughout the U.S. and one in Canada—Ice Castles CEO Ryan Davis explains how the structures, comprised of more than 20 million pounds of ice, come to life each year.

Next week we will get you ready for Sundance and share some of the great things happening during the Film Festival.

Third Quarter Market Review

By Ramon Gomez, Jr.
Oct 17, 2018

The third quarter report provides an overview of the Summit and Wasatch County real estate markets. We believe it’s important that our clients have access to information that facilitates thoughtful real estate decisions. The Park City market remains highly segmented. Our town, its neighborhoods and outlying areas differ significantly in terms of price, home type, features, and amenities. For example, while Park Meadows and Upper Deer Valley share the same zip code, average and median home prices in these two neighborhoods vary significantly. As Alterra has announced enhancements throughout Deer Valley® Resort (including the new Ikon Pass) and Vail Resorts® is continuing their commitment to Park City Mountain, focusing on upgrades throughout Canyons Village. We believe these factors will continue to drive our markets in a positive direction. Additionally, we anticipate significant activity in the Mayflower area over the coming years with positive benefits for our community. In the meantime, our clients continue to find numerous buying opportunities in Summit and Wasatch counties especially in the Heber Valley, Jordanelle, and East Summit County neighborhoods. Data interpretation, judgment, and historical context are key elements in making informed decisions: Contact us for guidance on navigating our marketplace.

Park City Proper - The heart of Park City spans from the world-class Deer Valley® Resort to the iconic white barn, McPolin Farm. Park City Proper includes the neighborhoods: Old Town, Thaynes Canyon, Deer Valley, Aerie, Prospector, and Park Meadows.

Snyderville Basin begins at the iconic white barn, McPolin Farm, off Highway 224 and includes the neighborhoods: The Canyons, The Colony, Sun Peak, Bear Hollow, Silver Springs, Old Ranch Road, Kimball, Pinebrook, Summit Park, Jeremy Ranch, Glenwild, Silver Creek, Trailside Park, Silver Creek, Promontory, and Quinn’s Junction.
Jordanelle is the picturesque area surrounding the Jordanelle Reservoir. Just minutes from Park City this area includes communities such as Hideout Canyon, Tuhaye, Victory Ranch, Soaring Hawk, and more.
Heber Valley - Open space and farmland encompass the scenic Heber Valley. This area features remarkable views of Mount Timpanogos and countless recreational opportunities. The Heber Valley includes the neighborhoods of Midway, Charleston, Provo Canyon, Heber, Daniel, and Timberlakes.
East Summit County - Known as the “Gateway to the Uintas,” the charming Kamas Valley within East Summit County boasts endless outdoor activities. The East Summit County area includes the neighborhoods of Woodland, Francis, Kamas, Marion, Oakley, Weber Canyon, Peoa, Browns Canyon, Wanship, Hoytsville, Coalville, Echo, and Henefer.

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Golf & Second Quarter Market Review

By Ramon Gomez, Jr.
Jul 25, 2018

This week we wanted to share links to each of the amazing golf courses in the Park City area as well as the 2018 Second Quarter Market Review. Click on each of the images below for a larger, full page view.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Now on to golf, one of my favorite past times.

PUBLIC COURSES

Park City Golf Club

The Canyons Resort Golf Club 

Wasatch Golf – Mountain Course (Midway)

Wasatch Golf – Lake Course (Midway)

Soldier Hollow – Gold Course(Midway

Soldier Hollow – SIlver Course (Midway)

PRIVATE COURSES

Glenwild Golf Club

Jeremy Golf & Country Club

Park Meadows Golf Club

Promontory Club – Jack Nicklaus Painted Valley Course

Promontory Club – Pete Dye Canyon Course

Red Ledges Golf Club

Tuhaye Golf Club

Victory Ranch Golf Club

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2018 First Quarter Market Overview

By Ramon Gomez, Jr.
Apr 18, 2018

The 2018 first quarter market overview is a comprehensive overview of the Summit and Wasatch County real estate market. We believe our clients should have access to information that facilitates thoughtful real estate decisions. The Park City market remains highly segmented. Our town, its neighborhoods, and outlying areas diëer significantly in terms of price, home type, features, and amenities. For example, while Park Meadows and Upper Deer Valley share the same zip code, average home prices in these two neighborhoods vary significantly. Vail Resorts® continued their commitment to Park City Mountain, focusing on upgrades throughout Canyons Village, and Deer Valley® Resort obtained the #1 Ski Resort ranking from Ski Magazine. We believe these factors and others will continue to drive our market. Throughout the Wasatch Back the market remains stable in number of properties sold with an approximate 9% increase in median price across all property types. Summit and Wasatch counties and the surrounding areas provide numerous buying opportunities especially in the Heber Valley, Jordanelle, and East Summit County neighborhoods. Data interpretation, judgment, and historical context are key elements to making informed decisions.

The heart of Park City spans from the world-class Deer Valley® Resort to the iconic white barn, McPolin Farm. Park City Proper includes the neighborhoods: Old Town, Thaynes Canyon, Deer Valley, Aerie, Prospector, and Park Meadows.

Snyderville Basin begins at the iconic white barn, McPolin Farm, oë Highway 224 and includes the neighborhoods: The Canyons, The Colony, Sun Peak, Bear Hollow, Silver Springs, Old Ranch Road, Kimball, Pinebrook, Summit Park, Jeremy Ranch, Glenwild, Silver Creek, Trailside Park, Silver Creek, Promontory, and Quinn’s Junction.

Jordanelle is the picturesque area surrounding the Jordanelle Reservoir. Just minutes from Park City this area includes communities such as Hideout Canyon, Tuhaye, Victory Ranch, Soaring Hawk, and more.

Open space and farmland encompass the scenic Heber Valley. This area features remarkable views of Mount Timpanogos and countless recreational opportunities. The Heber Valley includes the neighborhoods of Midway, Charleston, Provo Canyon, Heber, Daniel, and Timberlakes.

Known as the “Gateway to the Uintas,” the charming Kamas Valley within East Summit County boasts endless outdoor activities. The East Summit County area includes the neighborhoods of Woodland, Francis, Kamas, Marion, Oakley, Weber Canyon, Peoa, Browns Canyon, Wanship, Hoytsville, Coalville, Echo, and Henefer.

If you have any questions about our quarterly review please reach out as Judy and I are always available to help.

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Power Markets

By Ramon Gomez, Jr.
Mar 14, 2018

We are pleased to share that in celebration of the 10th anniversary of the Epic Pass, Vail Resorts and Vail's founders from the 10th Mountain Division, the company is honoring epic service of the and men and women of the U.S. Armed Forces (as well as Canadian and Australian military service members) with the introduction of a special new $99 Military Epic Pass, available beginning Tuesday, March 6. It is for both active and retried military, and it is a deal that is simply unbeatable in skiing and ski travel. Additionally, for every pass sold, a $1 donation will be made to Wounded Warrior Project® (WWP), a nonprofit organization that offers a variety of programs, services and events for wounded veterans of the military. Click here to read the entire article from Forbes.

Business Insider recently published America's richest people buy homes in 'power markets' — listed in the article are the 17 most expensive and exclusive places and Park City proper comes in at #6. The report defines power markets in the US as places where the top 5% of single-family home sales by price is highest. In the top 17 markets, the median list price for the top 5% of sales is at least $3.5 million. For each city, the median list price for the top 5% of homes currently on the market, the highest sold price from 2017, and the median price per square foot for that market compile the numbers. Park City has a Median list price: $6.97 million, Highest sold price (2017): $11.4 million and the Median price per square foot: $780. But, don't be let theses numbers sway you if you are looking to buy here as the greater Park City area has a variety of condos, homes and land available at a wide range of prices.

Ladders recently shared the states where the economy is strong and opportunities are growing - Looking for a new job? You may want to consider moving to a different state. The U.S. News & World Report’s Best States just released their annual rankings that measures how well states’ economies are performing. They looked at 77 metrics across eight categories, provided by McKinsey & Company’s Leading States Index, including economic status. Data points that fell under the economy growth umbrella include: Job growth, Growth of each state’s GDP between 2013 and 2016, Business environment (monthly birth rate for new businesses), Unemployment rate, Participation in labor force for everyone 16 and older, Number of people moving in and out of a state was taken into account, Tax burden, The number of top company headquarters per capita, Venture capital disbursed, Entrepreneurship (“business birth rate”) and Patent creation. If you are currently on either coast, consider heading towards the middle of the country as Colorado and Utah took the top spots, while Idaho and Texas made it into the Top 10 too.

Housing Market In The Current Economy

By Ramon Gomez, Jr.
Feb 21, 2018

Before we get into the housing market I wanted to share an update: Storied Development, LLC, announced today the acquisition of Talisker Club in Park City, Utah, including Tuhaye, the Tower Club and residential sites in Empire Pass for an undisclosed amount.

Tuhaye is a 2,000-acre community nine miles east of Park City on the Jordanelle Reservoir. It features a Mark O’Meara Signature golf course, clubhouse, spa, fitness, kids’ camp, tennis courts, miles of hiking trails, and outdoor-activity programming.

Empire Pass is anchored by the Tower Club, a private on-mountain club with a full-service ski locker facility, a kids’ program, heated pools, spas and fitness. Unique to Talisker is The Outpost, an outdoor adventure center at Bonanza Flats.

“The Talisker Club lifestyle is incomparable,” said Mark Enderle, a partner in Storied Development. “Few places have the caliber of four-season amenities offered with the Club, not to mention the proximity to a village with the charm of Park City. We look forward to working closely with our Members, the local brokerage community and engaging the national market to re-introduce the Talisker Club.”

“The properties associated with the Talisker Club are among the premier residential offerings in the West,” said Storied Development partner Mark Yarborough. “With a refreshed vision, an infusion of new capital, and a commitment to providing remarkable experiences for members, their families and guests, there is no limit to Talisker Club’s potential.”

Currently, homesites are being offered in Tuhaye. Plans for a limited new property release are slated for mid-2018. New construction Tuhaye amenities and marketing outreach are set to begin this spring. To learn more about this acquisition and Storied Development, visit storiedliving.com.

This week we have included a number of charts and graphs regarding the housing segment of our current economy. We hope this information will help you make well informed and timely real estate decisions. Call with any questions as I am available to into further depth on each topic.

The Economy – Recession Signals Not There( Source: Cornerstone Macro)

 

 

 

The Economy – Housing Represents a PotentialEconomic Boost…Increasing Homeownership Rates

 

 

Economy – Housing Could Provide Economic Boost…Low Inventory

Economy – Bank Credit Getting BetterEasier to Obtain Financing

 

 

 

 

Economy – Home Ownership Could Boost Economy and….Help Real Estate
In Conclusion - The charts above give an overall view of the current market with recent volatility in equity markets representing a correction, not a new bear market. By historical standards, housing inventory, interest rates, and homeownership rates are low and credit requirements for mortgage lending are gradually improving. Modest increases in the rate of inflation are likely to be moderated by wage increases and owning a home versus renting a home comparison are very favorable.

February Events

2/22 - 2/24: An Evening with Paula Cole, Park City

2/23: Wasatch Powder Keg Sprint Race, Salt Lake City

2/23 - 2/24: 2018 Wasatch Golf Expo, Sandy

2/27 - 3/4: The Sound of Music, Salt Lake City

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Third Quarter Market Overview

By Ramon Gomez, Jr.
Oct 24, 2017

This comprehensive third quarter market report provides an overview of the Summit and Wasatch County real estate market. We believe our clients should have access to information that facilitates thoughtful real estate decisions. The Park City market remains highly segmented. Our town, its neighborhoods, and outlying areas differ significantly in terms of price, home type, features, and amenities. For example, while Park Meadows and Upper Deer Valley share the same zip code, average home prices in these two neighborhoods vary significantly.

Our predictions: Overall, compared to this time last year, we have seen a significant increase in the number of resort properties sold in Deer Valley as well as single family homes sold in the Heber Valley. As Vail Resorts® continues their commitment to Park City Mountain, especially in the upgrades throughout the Canyons Village, as well as Deer Valley® Resort’s #1 Ski Resort ranking from Ski Magazine, we believe these factors will support strong winter sales. Throughout the Wasatch Back the number of properties sold has increased approximately 17% compared to this time last year with an approximate 8% increase in average price. Finally, we expect additional new developments to come to market in 2018 in the Jordanelle, Heber, and Canyons areas. Now, more than ever, is the time to call Park City and the surrounding areas home. Data interpretation, judgment, and historical context are key elements to making informed decisions, let us know how we can help.

Park City Proper - The heart of Park City spans from the world-class Deer Valley® Resort to the iconic white barn, McPolin Farm. Park City Proper includes the neighborhoods: Old Town, Thaynes Canyon, Deer Valley, Aerie, Prospector, and Park Meadows.

Snyderville Basin begins at the iconic white barn, McPolin Farm, off Highway 224 and includes the neighborhoods: The Canyons, The Colony, Sun Peak, Bear Hollow, Silver Springs, Old Ranch Road, Kimball, Pinebrook, Summit Park, Jeremy Ranch, Glenwild, Silver Creek, Trailside Park, Silver Creek, Promontory, and Quinn’s Junction.

Jordanelle is the picturesque area surrounding the Jordanelle Reservoir. Just minutes from Park City this area includes communities such as Hideout Canyon, Tuhaye, Victory Ranch, Soaring Hawk, and more.

 

 

Open space and farmland encompass the scenic Heber Valley. This area features remarkable views of Mount Timpanogos and countless recreational opportunities. The Heber Valley includes the neighborhoods of Midway, Charleston, Provo Canyon, Heber, Daniel, and Timberlakes.

East Summit County - Known as the “Gateway to the Uintas,” the charming Kamas Valley within East Summit County boasts endless outdoor activities. The East Summit County area includes the neighborhoods of Woodland, Francis, Kamas, Marion, Oakley, Weber Canyon, Peoa, Browns Canyon, Wanship, Hoytsville, Coalville, Echo, and Henefer.

If you have any questions about the reports above feel free to reach out anytime. Have a great week - Ramon and Judy Gomez

Golf Community Market Report

By Ramon Gomez, Jr.
Jul 19, 2017

It is golf season, my favorite time of year, and this week I wanted to share our most recent golf community market report.

The golf courses are calling and many of the courses in town have special rates for locals and Utah residents. Canyons golf is offering $55 rates to Utah residents all season long. Next week I will begin to share the special features of the golf courses in the Park City area. Call me anytime and I will be happy to share my knowledge of each of the local golf courses and I hope to see you on the green.

Looking for something to do this weekend - The Park City Summer Concert Series is back for another summer! Head to the Canyons Village Stage on select Saturdays until September 2nd for free live music on select dates. Free live music starts at 4:00pm with each concert's headlining act taking the stage at 6:00pm. This year, the concert series is now moving to the Canyons Village Stage. Come kick off your sandals and get in the summer groove as these musicians perform a variety of genres including funk, reggae, and folk. The next show is Saturday, July 22nd from 4:00 pm - 5:30 pm with VanLadyLove and Drew Holcomb and the Neighbors

The Cabriolet will be open until 8:30pm on these concert dates. Due to the popularity of these concerts, guests carpooling, public transportation or riding bicycles to the show is greatly appreciated! NOTE: Dogs must be leashed within the Canyons Village at all times. Blankets, picnics and chairs will not be allowed in the concert venue until 4:00pm. Guests may bring their own chair to our concerts provided that the chair is low-back. Low-back chairs must be 12" max from the ground to the front of the seat bottom and 30" max from the ground to the top of the chair in its highest position. There are no exceptions to this rule and guests bringing chairs that do not meet this requirement will be asked to take them back to their vehicles. Chairs meeting the height requirements are available for purchase at Canyon Mountain Sports.

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Park City Condominium Market

By Ramon Gomez, Jr.
May 10, 2017

Last week I addressed our Park City market concerning Single Family Homes…this week I will give you some interesting stats on the Park City Condominium market.

Very similar to the single family market, there is no such fact as “The Park City Market”…there are many sub-markets that are composed of pockets or “mini markets”. This is why your agent should speak in terms of these “Mini Markets” vs the “Park City Market” (the numbers referenced below are rounded off).

Concerning Supply, the mini markets are very different around Park City as we compare the first quarter of 2017 to first quarter 2016…

Old Town area inventory is up 26%

Lover Deer Valley is up 10%

Prospector area is down 33%

Kimball Junction area is up 68%

The Canyons is up 5% (a lot of the new construction is not officially on mls)

Overall, there is a 7.4% increase, so you can see again how looking at “mini markets” is what you need to analyze.

Concerning the Number of Sales we will compare the first quarter of last two years…

Old Town is up 8% (134 sales)

Empire Pass is up 51% (15 sales)

Upper Deer Valley is up 11% (57 Sales)

Canyons up 11% (116 sales…mostly new product)

Kimball Junction is down 2% (77 sales)

If you are interested in more Park City market numbers I have detailed stats that I am more than happy to share with you… call or email my anytime. Thank you and have a great week.

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How Is The Park City Market?

By Ramon Gomez, Jr.
May 03, 2017

People always like to ask me... How is the Park City Market? This question comes from both our Buyers and Sellers. This loaded question with no short answer comes down to this... Park City is comprised of many different "micro markets". One area of Park City can be down while another area of Park City is up, and wouldn't you know this can change from quarter to quarter within the same year. Sometimes there are very clear reasons for sudden decreases or increases in our "micro markets" and sometimes not. This my friends is why you need a qualified, knowledgeable, local real estate agent. Let me share some examples of the Park City Market "micro markets" for the first quarter of 2017 as compared to the first quarter of 2016.

Single Family Home Sales - # of Sales this Quarter

Old Town Up 56%

Lower Deer Valley Up 113%

Upper Deer Valley Down 17%

Park Meadows Down 10%

The Canyons Up 60%

Kimball Junction Down 50%

Summit Park Up 150%

Jeremy Ranch Even

Glenwild/Silvercreek Up 233%

Promontory Up 8%

Trailside Down 63%

And why don't you take the Park City area market as a whole... you can see from the percentages above that to talk about the real estate market of Park City as a whole would be somewhat misleading, that being said the Park City area is overall 22% higher for the first quarter than last year this same quarter and interestingly enough Snyderville Basin is also overall 22% higher in closed sales.

Next week we will address the condo market.

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Current Market Conditions

By Ramon Gomez, Jr.
Mar 15, 2017

2270254.largeThis week we wanted to share some great information about the Utah Market provided by Berkshire Hathaway HomeServices Utah Properties.

WE ARE IN THE BEST STATE FOR BUSINESS

The perennial winner of Forbes' annual Best State for Business award, Utah remains competitively positioned to support continued real estate growth. With an abundance of technology, health care, and creative businesses planting roots in Utah, our state unemployment rate is among the lowest in the country at just 4%. Due to the state's unprecedented economic evolution, real estate sales are likely to remain robust in northern Utah.

 

Utah GrowthJOB GROWTH MEANS HOUSING GROWTH

Utah’s job growth rate is 3 to 4 times higher than the domestic average due to the relocation and expansion of companies who favor a highly-educated work force and economic incentives. In real estate, this continues to produce a steady stream of qualified buyers enticed by Utah’s affordable home pricing and unparalleled lifestyle. With favorable business conditions, the trends of relocation and increased housing demand should continue.

 

Utah PricingPRICES AND DEMAND ARE GRADUALLY RISING

Since 2011, we've seen a 48% increase in median single family home prices. The market has completely recovered from the recession and shows no signs of slowing. While median and average prices continue to climb, courtesy of new development and property renovation, there are still market pockets ideal for entry-level buyers.

 

Utah Days on MarketDEMAND IS AT AN ALL TIME HIGH

With most homes selling within two weeks in Salt Lake County, there's clear evidence of healthy homeowner demand. Historically low inventory has produced a market where buyers outnumber properties. Pre-qualified buyers, who can move quickly into the market, have an advantage. Those guided by Utah Properties experts are alerted to properties as soon as they hit the market.

 

Utah ProjectionsKEY TAKEAWAYS

Overall, the real estate sector looks bullish. Utah's strong economic performance and job growth coupled with moderately rising interest rates have created a climate of urgency. To get a more detailed profile of your local market, reach out.

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