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Best State To Live In

By Ramon Gomez, Jr.
Jun 19, 2019

According to the personal finance website WalletHub via KUTV it turns out that the Beehive State is one of the best states to live in the country, Utah is the ninth-best state to live in the United States. WalletHub stated in its Tuesday report that Utah was ranked ninth overall because of it has the lowest average weekly work hours out of all 50 states, along with ranking in the top 30 among the report's five key dimensions: affordability, economy, education and health, quality of life and safety.

WalletHub also shared in its report that Utah placed in the top 10 because of its rankings in various living conditions categories, including: 24th - Housing costs, 9th - Homeownership, 8th - Percent of the population in poverty and 6th - Income growth; percent of adults in fair or poor health.

Here are the top 10 best states to live in order: Massachusetts, Minnesota, New Hampshire, New Jersey, Colorado, Wisconsin, Virginia, Iowa, Utah and Idaho.

On the other side of the list, these were the 10 worst states to live in the country: Mississippi, Louisiana, New Mexico, Arkansas, Alabama, Alaska, South Carolina, West Virginia, Oklahoma and Kentucky.

As Park City and Salt Lake City continue to grow so do personalities, we found a great article that explains those personalities in - The Best Affordable City to Live for Every Myers-Briggs Personality Type - Your Myers-Briggs personality type can seem surprisingly apt: “Why yes,” you might say while reading your personality description, “I don’t like theories and abstracts, and I do leap before I look! This explains so much.” Sometimes, an internet quiz actually can go a long way in figuring out who you are. Or figuring out where to live.

Salt Lake City, Utah - ESTP. You like to move fast and break things. No shame in that. Your perfect city may be surprising: You’ll be packing up and moving to Salt Lake City, Utah. This western metropolis is one of the country’s best tech cities outside San Francisco. Keeping your attention may be a challenge, but with the state’s wide variety of outdoor activities—and a growing art scene—there’s no shortage of interesting activities.

Not sure what type you are? Take the test.

Moving on to Market Reports - we have our most recent market reports for Upper Deer Valley, Empire Pass, Lower Deer Valley, Deer Crest, Jordanelle, Old Town and the Canyons area. Have a great rest of your week.

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The 2016 Market Reprot

By Ramon Gomez, Jr.
Feb 01, 2017

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The 2016 Market Report Year End is full of great information about Park City. This comprehensive year end market report provides an overview of both Summit and Wasatch County real estate. The statistics provided in this report are based upon the Park City Board of Realtors MLS data for the period of January 1, 2016 to December 31, 2016.

Park City proper’s long standing residential neighborhoods have lower inventory levels, and as a result, have experienced a slight decrease in number of sales. Neighborhoods just outside city limits like Silver Springs, Redstone, and Old Ranch Road, have shown increasing prices with constrained inventory. Similarly, in response to inventory and pricing, many Millennials seem to be looking to the Canyons, Jordanelle, and Wasatch County areas for first time homes.

The number of sales of single family homes in our city limits and Snyderville Basin saw a very gradual increase from 2015, and several areas saw a decrease in properties sold. However, average prices are up. There are pockets of high activity in areas like Summit Park. East Summit and Wasatch counties continue to bring tremendous buyer interest. Here are the Snyderville Basin Stats:

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The market as a whole has shown measured improvement that is slightly more robust than average U.S. trends in home price and sales volume. We are now seeing home prices and sales numbers that are slightly above those before the recession. In summary, our market looks healthy and shows signs of steady growth.

Did you know that in Park City we have 8,000 acres of open space and 400 miles of trails! There are also 1.8 million season skier days with an average snow fall of 350 inches and an average Winter temperature of 22° to 33°. Park City's population is 8,200 people and Summit County as a whole is roughly 38,500 people.

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If you have any questions about the Park City real estate market please let me know and I am happy to answer any questions. Here is the The Full 2016 Market Report Year End for your review. Have a great week.

The Berkshire Hathaway Prediction for 2017 - We expect additional new developments to come to market in 2017 in the Jordanelle, Heber, and Canyons areas. Inventory will remain low in many areas, especially in Park City proper residential neighborhoods. Finally, while mortgage rates will continue to rise mildly, we do not see this trend influencing buyer demand significantly.

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Park City - Market Report

By Ramon Gomez, Jr.
Aug 24, 2016

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We are back to Park City numbers this week with a comprehensive bi-annual report designed to give an overview of Summit and Wasatch County real estate. We feel our clients should have access to information that facilitates thoughtful real estate decisions with statistics based upon the Park City Board of Realtors MLS data for the period of January 1, 16 to July 1, 2016.

Click here for the 2016 Midyear Market Report - The Park City Market remains highly segmented as our town, its neighborhoods, and outlying areas differ significantly in terms of price, home type, and lifestyle. Data interpretation, judgment, and historical context are key elements to making informed decisions: so give us a call or check out our website for guidance/assistance on navigating the Park City market place.

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Photo Credit: Shutterstock

Labor Day is coming soon and as most people are looking for where to go our back yard is the travel destination. Park City offers many activities year round and is now a hot spot to visit for summer. Labor Day is Park City Miner’s Day, a tradition dating back more than a century where locals and visitors celebrate Park City's mining heritage. Events include the Running of the Balls fundraiser event, live music, the  Miners 5K run, a community pancake breakfast and the annual Historic Main Street  - Miner’s Day Parade.

Park City Events

August 24 through August 31 - Main St. Plaza Summer Music Series

August 25 -  Big Stars, Bright Nights - Trace Adkins at the Deer Valley® Snow Park Outdoor Amphitheater

August 25 through November 24 - Swaner Preserve and EcoCenter - Endangered Landscapes: America's National Lands

August 25 -  Newpark Amphitheater Newpark Town Center Free Summer Concert Series: Heritage…

August 25 - The Box Tops at the Egyptian Theatre

August 26 through December 30 - Historic Main Street Last Friday Gallery Stroll

August 26 through September 5 - Throughout Park City and Heber Valley 2016 Park City Area Showcase of Homes

August 26 - Town Lift Plaza Back Alley Bash

August 26 - Park City Film Series - Not2Bad and NotBad

Second Quarter 2016 Park City Stats

By Ramon Gomez, Jr.
Aug 17, 2016

FullSizeRender_3It is time for our Second Quarter Market Report for Park City and its neighboring areas. This 26 page statistical overview provides an in depth, neighborhood-by-neighborhood breakdown of sales, prices, and trends taken from Park City MLS data system dating from January 1, 2016 - July 1, 2016. Second Quarter 2016 Quarterly Report

To continue with our local reports we like to share some of the Park City second quarter stats from Rick Klein of Park City - a Private Mortgage Banker with Wells Fargo Home Mortgage. Rick can share with you the latest mortgage rates ranging from 3.50% -3.750% for a 30 year fixed and 2.750% - 3.375% for a 7/1 ARM (rates are always subject to change).

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We always like to post local news and not only has Park City been named the Greatest Resort Town, according to Travel&Leisure, this week we’re also the most bargain-friendly according to The Salt Lake Tribune.

Events Around Park City This Week:

Park City Farmers' Market  Canyons Village Cabriolet Lot

Main St. Plaza Summer Music Series August 17 - August 31

Guided Historic Main Street Walking Tours August 17 - September 2

Grand Valley Bank Community Concert Series at Deer Valley August 17

SUP Yoga Adventure August 18

London Suite Presented by The Neil Simon Festival August 18 - 20

Newpark Town Center Free Summer Concert Series August 18

Questions about the Park City market or interested in more Stats - visit our website or give us a call at 435-640-0590. To see all the available properties on the market - our website allows you to search from the comfort of your own home.

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Second Quarter Park City Market Update

By Ramon Gomez, Jr.
Jul 27, 2016

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The total sum of all sold transactions in Park City from the first six months of 2016 suggests steady, but measured growth. The total volume of sales, roughly $800,200,000, is up 12% from the same time last year. This increase in sales volume can be attributed to a 20% increase in Single Family homes during the first six months of this calendar year.

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Sales volume is up: The number of closed properties in Park City showed a recovery from a slight downturn in the first quarter of this calendar year. Looking year-over-year, closed sales have remained fairly flat the last four years with the number of closed transactions at the second quarter benchmark remaining right around 400.

Sales are steady and have been for the last four years: Listing inventory in Park City, while still a bit constrained, has remained level for the last 12 months. There are currently 1,186 listings as of July 1 of 2016 compared to 1,170 from the same time last year, suggesting a stabilized inventory level.

Listing inventory has remained steady at around 1,000 active listings for the past 2 years: The current absorption rate, which is the rate at which available homes are sold in a specific market during a time period, suggests a much higher demand for anything under $660,000 for condos and anything under $1.6 million for family homes. Condos under $660,000 have an absorption rate of 4.6 months; whereas, condos over $660,000 have an absorption rate of 15.4 months. As the absorption rate is calculated by looking at the ration between available homes and monthly sales, these indicators suggest the importance of accurately pricing with the help of a seasoned professional. Overall, the absorption rate is gradually decreasing.

The absorption rate is decreasing, suggesting the importance of accurate pricing and strong buyer demand at the right price point: Prices are increasing both in and around Park City at a steady clip. Since January of 2012, the median price of single family homes in Park City has increased at an average of 7.2% per calendar year. The rolling median is up 12% from 2015, with the average price of single family homes increasing at a rate of 12.8%, suggesting a bullish local market. Prices are increasing, but a gradual rate.

The Condominium Market is also doing well and here are some tips to help you prepare your condo for the Park City market.

Decide when to sell your condo - time of year, current competition in your building and similar buildings, your personal goals and the state of the overall real estate market will affect the sale of your condo.

Prepare your condo for sale - declutter, stage every room for optimal use, and clean every inch. Optimize your storage by decluttering parking space(s) and lockers too.

Pricing your condo - important factors include views, ceiling height, layout, location in the building and the size of the condo. Supply & Demand in your building and similar buildings will affect price as well as recent renovations, maintenance fees, developer upgrades, parking, outdoor space, amenities, reputation of building and the ratio of renters to owners.

Marketing - your agent will market your condo with high resolution photos, brochures, flyers, videos, 3D tours, host open houses and be at every showing.

Our team is here to help market OR find your next home or condominium in the Park City area. Let us put our 18+ years of service to work for you.

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Click here to view our Berkshire Hathaway Living Mountain Real Estate Guide

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Click here to view our Berkshire Hathaway Local Neighborhood Guide

Visit our website for more information or give us a call to discuss Park City real estate.

 
 
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