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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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