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The Woodward

By Ramon Gomez, Jr.
Sep 18, 2019

The nation’s first all-in-one action sports & ski resort is set to open in Park City for the 2019-20 winter season with their grand opening party on December 14th. The Woodward Park City, will feature a fully integrated and state-of-the-art campus, complete with indoor and outdoor action sports venues for year-round adventure. Part of the POWDR portfolio of adventure lifestyle businesses and conveniently located just 27 miles from Salt Lake City International Airport, Woodward Park City will be open 365 days and nights a year starting this 2019-20 winter season.

The first of its kind and located in one of North America’s premier adventure destinations, Woodward Park City is imagined from the ground up to encourage intuitive growth and progression in 10 different sports and activities including: snowboarding, skiing, tubing, mountain biking, skateboarding, BMX, scooter, parkour, cheer and digital media.

“Woodward Park City is for all athletes from families and never-evers to pros,” says Shaydar Edelmann, Woodward Park City general manager. “Our progression-based facilities enable visitors of all skill levels to learn and achieve their goals in a dedicated environment.” Woodward Park City will offer a variety of ways for passionate action sports athletes of all ages and abilities to play. From lift-accessed snowboarding, skiing and tubing in the winter to biking and skating in the summer Woodward Park City will

be on every Utah visitor’s must-do bucket list. Access will be available through all-access passes, day sessions, lift tickets, drop-in sessions, day camps, lessons, monthly memberships, and special events. Monthly memberships are available now for the introductory rate of $100/month. Source: Woodward Park City

We still have a week until summer bids us farewell, but with major retailers already rolling out new Halloween items and the buzz about the arrival of pumpkin spice lattes spreading by the day, it’s clear that quite a few people are prepared to embrace the upcoming season.

Here’s When Fall Foliage Will Look Its Best Near You, So You Can Plan Your Leaf Peeping - Fall lovers are undoubtedly looking forward to the usual changes (and an excuse to break those cozy sweaters out of storage), namely when the first huge cool snap will occur and when to expect the fall foliage to transform from lush green into beautiful shades of orange, red and yellow.

In anticipation of the leaf-changing watch, SmokyMountains.com has updated its annual fall foliage predictive map, an interactive, algorithm-based tool that forecasts the exact moment when “peak fall” will arrive at any location in the continental U.S. So, precisely how accurate is this leaf color-changing predictor? According to data scientist Wes Melton, the factors vary but the map—which is produced from scratch every year—becomes more accurate as time passes.

“Although the scientific concept of how leaves change colors is fairly simple, predicting the precise moment the event will occur is extremely challenging. The major factors impacting peak fall are sunlight, precipitation, soil moisture and temperature. Although we cannot control Mother Nature and ensure 100% accuracy, our data sources are top-tier and each year we refine our algorithmic model achieving higher accuracy over time.”

For anyone interested in finding out when autumn will arrive in all its brilliant colorful glory this year, simply use the date selector at the bottom of the map to see precisely how fall will progress over a particular region in the US. As one of the only fall leaf prediction tools available, the map “will enable travelers to take more meaningful fall vacations, capture beautiful fall photos and enjoy the natural beauty of autumn,” SmokyMountains says. In other words, this map will help fall lovers create lasting vacation memories, snap Instagram-worthy photos and enjoy the season to the fullest.

Here are the Current Mortgage Rates for Utah from Fairway Mortgage - enjoy.

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Tags: Stats, Ski, Utah, Fall, woodward, updates
Posted in New Construction, Local Events, Real Estate Stats, Things To Do in Park City, For Sale | 0 Responses to "The Woodward"

What Baby Boomers Want

By Ramon Gomez, Jr.
Apr 15, 2019

The National Association of Home Builders has shared the Top 10 Home Features Baby Boomers Want — and Don’t Want - Much like the average home buyer, buyers in the baby boomer generation like laundry rooms and energy efficiency, and dislike elevators and wine cellars. Baby boomers, however, tend to have stronger opinions about what they do and do not want in their homes, as indicated in NAHB’s recent update on What Home Buyers Really Want.

The 2019 edition is based on a survey of 3,996 home buyers, both recent (purchased a home in the last three years) and prospective (expecting to buy a home in the next three years). Respondents rated 175 features on the following four-tier scale: Essential: Unlikely to buy a home without feature, Desirable: Seriously influenced to buy home if included, Indifferent: Would not influence purchase decision, and Do Not Want: Not likely to buy a home with feature.

No. 1 is a laundry room, which 94% of baby boomers want. Baby boomers are more likely to indicate what they want (based on higher essential/desirable percentages noted in the chart), and a full bath on the main level (displacing a double kitchen sink).

An elevator is the feature baby boomers are least likely to want, as 80% of baby boomers are looking to purchase single-story homes. It’s important to remember, however, that a niche market usually exists even among the most generally unwanted items; in this case, 10% of baby boomers consider an elevator desirable, and 3% think it’s essential.

With the most undesirable features, baby boomers again paralleled the interests of the general home buyer population. The biggest difference is that a two-story family room ranks fourth on the unwanted list for baby boomers, compared to ninth for all buyers. In every case, though, the share of baby boomers who explicitly reject the feature is at least 5 percentage points higher.

Baby boomers also ranked their most desired community features: Near retail space (72% ranked essential or desirable), Walking/jogging trails (66%), Typically suburban (65%), Walkable community (62%) and Park area (61%).

For inspiring 55+ development ideas, visit the recently updated Best of 55+ Housing Awards website.

With those stats in mind, Apartment Therapy has shared the 9 Ways to Boost Your Home’s Curb Appeal, According to Real Estate Experts. When it comes to curb appeal, doesn’t it seem like everyone talks only about painting your door a bright color and manicuring your front yard? Here, some of the best tips, from real estate professionals.

1. Don’t just focus on shrubs and flowers - “You want to make sure that all of the boundaries between any concrete, grass, and flowerbeds are crisp and clean,” says Brett Jennings, founder of Real Estate Experts, a real estate company in Southern California. “This makes a big difference between a messy front yard and an organized one.”

2. Do more than a light spring clean - By power washing the siding, windows, and entire exterior of your home, you’ll get rid of years of dirt and debris and give your façade an upgrade. “This is important because the vast majority of buyers who don’t like the exterior of a home won’t even look at the interior, no matter how great it is,” says Bruce Ailion, a Realtor in Atlanta, Georgia.

3. Make sure potential buyers can find your home - It seems obvious but a house number—in an updated font—can make or break the look of your home. “Make sure your address number can be read from the street,” says Justin Riordan, founder of Spade and Archer Design Agency, a home staging company in Portland, Oregon. “If your house is hard to find, people will leave without buying. Also, your address numbers need to be in a contrasting color and it should be well-lit so it can be easily read from the street both day and night.”

4. Show your screen door the door - “I have never seen a screen door that was better-looking than the door behind it,” Riordan says. “The screen door also can make for an awkward entry sequence when attempting to get the key out of the lockbox while holding the screen door open.”

5. Upgrade your mailbox - “If your mailbox is looking a little rusty and if you want your home to look a little more glamorous, this is the perfect opportunity to replace it with a newer, more stylish option,” says Sophie Kaemmerle, a home improvement expert at Neighbor Who.

6. Play with night lights - “Your house may look its best during the day, but don’t forget to make sure it looks as good at night,” Kaemmerle says. “The right lighting can create the ambiance you want and even show off all of your home’s best features.”

7. Add window boxes or planters - “Even if you don’t have a big yard, you can amplify your windows and the look of your home’s front exterior by adding flowers below your windows,” Kaemmerle says. “This can drastically change the look of your home, thanks to the pop of color they can provide. You don’t have to have them at every window—even just one or two may be sufficient to drastically ramp up your curb appeal.”

8. See your front door as a design statement - “The front door says a lot about a home and its owner,” says Smitha Ramchandani, president of SR Real Estate Group in New Jersey. “When choosing a color, consider the style of your home. Perhaps a stately black or hunter green might appeal to buyers with traditional tastes or maybe you want something more laid-back like a canary yellow, which telegraphs cheer and comfort.”

9. Make sure your home exudes warmth - “You want to aim for a homey look when you’re working on curb appeal so avoid obscuring the interior with opaque or blackout curtains if you don’t need to or at least keep them drawn to the side for showings,” Ramchandani says. “Or, put a plant in a first-floor window. Just one works to add a homey touch. Remember: A home that looks open looks more inviting to a potential buyer.”

Solar is also an option for a household upgrade as KUTV reports that Salt Lake City ranskn11th nationwide for solar energy. According to a recent report conducted by the Environment America Research & Policy Center, Salt Lake City is ranked 11th nationwide for solar energy per capita, putting the state capital among the nation's top solar energy leaders. The results came from "Shining Cities 2019: The Top U.S. Cities for Solar Energy" - a comprehensible survey that monitors installed solar capacity across the country. Salt Lake City’s use of solar energy sets an example for the rest of the country.

According to the report, Salt Lake was ranked ahead of Los Angeles and behind Albuquerque, New Mexico, for megawatts of solar energy per capita as of year-end 2018. Salt Lake City uses solar energy to protect public health by combating local air pollution and reduce global warming emissions as part of the city's commitment to achieving 100% renewable electricity citywide by 2032, stated the press release.

“We are thrilled to see Salt Lake City listed among the solar energy leaders in Shining Cities,” stated Salt Lake City Mayor Jackie Biskupski in the press release. “Sustained development of solar resources is an essential pillar of our efforts to address climate change. Powering homes and businesses with clean, renewable energy creates jobs, reduces pollution, and offers stable electricity rates. I’m proud to see so many of our community members invest in a clean energy future.”

In addition to the national rankings, the report examined national solar power in major cities over the course of six years. According to the report, solar energy capacity has more than doubled in 45 of 57 of the country's largest cities and it has more than quadrupled in Salt Lake City from 2013 to 2018. “Each year we harness more and more of the enormous solar energy potential across the country,” stated Searson. “We still have a long way to go, but leaders like Mayor Biskupski are taking the steps necessary to power more homes, schools and businesses with clean energy from the sun.”

Tags: Park City, Stats, Utah, Homes, Baby Boomers
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Real Estate Statistical Report

By Ramon Gomez, Jr.
Aug 22, 2018

This week we are sharing the Park City Board of REALTORS®' Year-over-Year Statistical Report - The Voice for Real Estate® in the Wasatch Back. The recent housing statistics for Summit and Wasatch Counties, as reported by the Park City Board of REALTORS®, revealed continued demand and increase in median sales price.

At the close of the second quarter of 2018, the number of single-family home sales in the Greater Park City Area increased by 6%, vacant land by 5%, while the condominium sector was slightly down compared to last year’s sales. Demand continued to rise on a gradual level, with single-family homes accounting for 49% of the total dollar volume, condominium sales for 40%, and vacant land for 11% of the market share.

Single-Family Home Sales - Year-over-year, the number of single-family home sales within the City Limits was up 9%, while the median price of $1.93 M remained flat to last year. By neighborhood, Old Town had the highest number of sales – up 36%, while there were 20% fewer sales in Park Meadows.

Snyderville Basin reported more than twice the number of home sales as the City Limits – a 4% increase over last year – with the median price climbing to $1.13 M – up 17%. In Silver Creek sales were up 40% and 37% in median sales price reaching $1.16 M. By neighborhood, Promontory had the highest number of sales in the Basin with 77 sold homes in the last 12 months.Activity in the Jordanelle area had a sizable increase in sales with a 14% median price increase reaching $1.73 M.

Sales in the Heber Valley continued at a strong pace, with nearly one sale a day, and a 28% median price increase to $506,000. There were 20 more homes sold in Red Ledges compared to last year, with a median sales price of $1.16 M – up 8%. Midway continued to thrive with 96 closed sales and 17% median price increase reaching $544,000.

“There are many factors contributing to the numbers we are seeing in the Heber Valley. Despite the sharp increase in construction costs, single-family homes are still well below Park City prices. With new amenities in the Heber Valley and excellent schools, buyers are weighing their options,” said Park City Board of REALTORS® President, Todd Anderson.

In the Kamas Valley, the number of sales decreased 15%, though the median price climbed 10% to $412,000. Sales numbers in the Wanship, Hoytsville, Coalville, Echo, & Henefer areas remained the same with a median price of $359,000.

Condominium & Townhome Sales - Year over year, the number of condo sales within the City Limits was up 8% and up 15% in median price to $787,000. The Snyderville Basin reported essentially the same number sales as last year with 308 units and median price of $503,000.

Anderson explained, “The difference between these two areas may be attributed to the completion of developments in Empire Pass versus the reserved or pending status of to-be-built product in Canyons Resort Village.” The Kimball Junction area, which can offer primary residence condominiums, saw flat sales but a 15% median price increase to $385,500.

The number of closed sales dropped 20% in the Jordanelle area possibly due to lack of inventory as new construction projects have been absorbed, but there was a 12% increase in median price reaching $528,000.

Vacant Land Sales - Park City Limits saw 14 more lot sales than last year and a 15% median price increase reaching $820,000. By neighborhood, Promontory had the highest number of land sales in the Basin with 72, and the median price continued its upward tick reaching $405,000. Canyons Village saw increased sales activity and a 22% median price increase to $2.28 M.

Conclusion - Historically, July and August are the months with the highest level of inventory for homes and condos in the Wasatch Back – and Q2 of 2018 was just below Q2 of 2017. In some of the most desirable neighborhoods, a shortfall of for-sale properties have placed an upward pressure on the median prices. With the demand for all that the Wasatch Back lifestyle has to offer, listed properties have been selling at a faster pace. In the last 12 months, the average length for a home to sell was less than 6 months in the Basin and less than 11 months in the City Limits.

The complexity of individual neighborhoods and micro-markets in the Greater Park City Area are reasons that buyers and sellers should be advised to contact a Park City Board of REALTORS® professional for the most accurate, detailed, and current information.

Tags: Real Estate, Park City, Stats, Report
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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.

Tags: Park City, Stats, Market, Review
Posted in Real Estate Stats, For Sale | 7 Responses to "2018 First Quarter Market Overview"

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Park City Quarterly Stats

By Ramon Gomez, Jr.
Nov 01, 2017

The Park City Board of REALTORS® has released year over year quarterly statistics for Summit and Wasatch Counties.  The overall real estate market continues to be healthy, stable, and growing at sustainable rates. 

The number of single family market transactions and the median sales price grew at 7% and 7% respectively over the past year.  The bulk of these sales occurred outside the Park City Limits as buyers searched for properties that fit their lifestyle and budget.  The condominium market transactions and median sales price grew at 10% and 10% respectively over the past year.  These sales were spread more evenly across the Summit and Wasatch markets.

Sara Werbelow, President of the Park City Board of REALTORS® commented, “The real estate market is solid.  We have sufficient inventory to meet our client’s needs.  Prices do continue to escalate, but at a reasonable pace.”

Remember that these are overall statistics and are simply a snapshot at a moment in time and may not be representative of long-term trends.  The Summit and Wasatch markets are composed of numerous diverse micro-markets.  More granular statistics are shown below.  Buyers and sellers are encouraged to contact a member of the Park City Board of REALTORS® to find answers to specific real estate related inquiries and fully understand trends in the overall market and specific areas of interest.

Year-Over-Year Single Family Home Sales

The number of sales inside the Park City Limits increased by 12% and median price increased 18%.

Highlights:

  • Park Meadows sales increased 15% and median price increased 21%.
  • Old town sales increased 15% and median price increased 11%.
  • Lower Deer Valley sales decreased 19% but median sales price increased 8%.
The number of sales in the Snyderville Basin increased 9% and median sales price increased 2%.

Highlights:

  • Sales in The Canyons increased 14% and but median price decreased 26%.
  • Sales in the Silver Springs area decreased 6% but median price increased 4%.
  • Pinebrook sales were flat but median sales price increased 13%.
  • Jeremy Ranch sales increased 27% and median sales price increased 5%.
  • Promontory Sales increased 13% and median sales price decreased 12%.
Jordanelle sales increased 15% and median price increased 34%.

Heber Valley sales decreased 9% and the median price increased 4%.

Kamas Valley sales increased 32% and the median price decreased 5%.

Highlights:

  • Kamas and Marion sales increased 135% and median price increased 7%.
  • Oakley and Weber Canyon sales increased 5% and median price decreased 10%.
  • Wanship, Hoytsville, Coalville, Echo, & Henefer sales increased 54% and median price increased 17%.
Year-Over-Year Condominium Sales

Sales inside Park City Limits increased 28% and the median price increased 21%.

Highlights:

  • Old Town sales increased 28% and the median price increased 9%.
  • Lower Deer Valley sales increased 7% and the median price dipped 3%.
  • Prospector sales decreased 4% and the median price dropped 3%.
Snyderville Basin sales decreased 9% and the median price increased 6%.

Highlights:

  • The Canyons sales decreased 13% and the median price dipped 1%.
  • Kimball sales increased 6% and the median price increased 10%.
  • Pinebrook sales decreased 16% and the median price increased 3%.
Jordanelle sales increased 17% and the median price dropped 5%.

Heber Valley sales increased 10% and the median price increased 21%.

Conclusions

Clearly each micro-market has its own character and story.  Simply reviewing the numbers is not sufficient to understand the big picture.  Individual markets can be influenced by a number of factors including specific sales that can skew the statistics.  In addition, amenities, property condition, location, and new construction impact the numbers.  The only sure way to fully understand the local real estate market is to contact a member of the Park City Board of REALTORS®.

Tags: Park City, Stats, Housing
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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

Tags: Park City, Stats, Market
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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.

Tags: Real Estate, Stats, Sales, Condos, Homes, Market Report
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2016 Quarter One Stats in Park City

By Ramon Gomez, Jr.
May 13, 2016

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Our first quarter comparison of Park City market stats are from Quarter One 2015 compared to Quarter One 2016 and this week we are focusing on the Snyderville Basin. Click here for a short video on Snyderville Basin.

Snyderville Basin Single Family Homes - Sales for the 1st quarter of 2016 compared to the 1st quarter of 2015 show a 12.2% increase in Median Prices with a Total Volume up 15.2% which shows up as a 15% increase in average home sales from the 2015 1st quarter as compared to 2016's 1st quarter - this is partially due to home listings being down by 6.1% from 2015.

Snyderville Basin Condos - Comparing 1st quarter 2015 to 1st quarter 2016 this year's inventory is up 7.8% with Median Prices up by 7.7% and an Average Sale Price up 9% from the 2015 1st quarter stats.

Snyderville Basin Vacant Land - the 1st quarter 0f 2016 as compared to the 1st quarter 0f 2015 shows a listing inventory increase of 3.5% (10 lots) and a 14.5% increase in sales transactions with  the Median Sales price 44% higher than in 2015. 2016 also brings a 14% increase in Average Lot Prices from $472,000 in 2015 compared to $541,000 in the first quarter of 2016.

Next week we will focus on Old Town Park City and 1st quarter comparisons in the first quarter 2015 compared to the 1st quarter 2016. In the meantime, here's the latest information on the PCMR parking garage project as City Hall addresses the situation amid talks about lower Park Avenue. Also, remember that Savor the Summit 2016 is coming up quickly and tickets won't last long - We have our tickets for Park City's largest dinner party and we hope to see you there.

Don't forget to check out downtown Park City during shoulder season and 11 Things On Our Love List This Spring in Historic Park City!

Would you like more stats on the Park City market or a detailed market report on your home - give us a call or check out our website for all the properties listed in the Park City area.

Thank you Rick Klein of Wells Fargo Mortgage for providing the Park City Quarter 1 Stats.

Tags: Real Estate, Park City, Stats
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Park City Stats Review

By Ramon Gomez, Jr.
Feb 10, 2016

IMG_4853Last week we touched briefly on real estate stats in Park City and I wanted to share some more about the local market. Rick Klein provided our team with  informational graphs reflecting the 2015 real estate market in the Greater Park City area and we would like to share some with you. The  Berkshire Hathaway HomeServices Utah Properties 2015 Market Report is also now available and covers both Summit and Wasatch County.

The stats in this first graph reflect that closed sales show a slow, but consistent increase starting in 2009 with a 23.6% increase in home sales from 2012 to 2015. (Condos are in purple, Single Family homes are in pink and Vacant Land is in yellow)Chart 14 for Blog.jpeg

 

 

 

The next graph reflects the local Condo market showing prices in our current market versus the high and low points in the market between 2008 to 2015.statsblog2

 

 

 

The following graph reflects the Single Family home market showing prices in the same way as the graph above with current market numbers versus the high and low points in prices between 2008 and 2015.

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Overall, the last 12 months of residence prices in the Greater Park City area are 6.1% over the residence prices in 2014 and 14.7% over the residence prices in 2013.blog4.jpeg

 

 

 

As our market continues to grow, Park City keeps finding its way into the news with The Dallas Morning News recently postingGo big: Ski Utah's mega-resort  which shares our local Waldorf Astoria's recent four-star rating by Forbes.  Utah as a whole has also been in the news as Fodor's Travel rated Utah the Top Destination in the World to Visit in 2016. And even though Sundance has come and gone for 2016 here are the winners as shared by Kate Erbland of Indiewire.

If you would like more information on the stats above or any of the information we have shared today remember that we are just a click or call away and our team is here to help you with all your real estate needs.

Tags: Real Estate, Park City, Stats, Sales, Homes, Agent
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Property Prices Rise in 2015

By Ramon Gomez, Jr.
Jan 28, 2016

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The year-end statistics reported by the Park City Board of REALTORS® indicated a consistent annual increase in both the number of closed sales and the median sales price for single family homes, condominiums and vacant lots in Summit and Wasatch Counties. Click on the highlighted neighborhoods below for a short video about that community and check out the latest

Tags: Real Estate, Park City, Stats, Golf, Utah, Homes, Agent
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Park City - Market Update

By Ramon Gomez, Jr.
Dec 30, 2015

855533.largeHere's a domestic market overview to keep you in the loop with real estate trends. Overall, the Park City market looks strong but measured; meaning, prices in Park City and surrounding areas are increasing just above the national average. One of the trends to note is the overall growth of the Western regional areas. Homes prices in the West are up +7.3%, which is more than any other geographical region in the United States. Check out our website or give us a call and we would be happy to share more details and information about your favorite neighborhoods in Park City.

If you are in Park City now or coming into town soon we have some great upcoming events - check out the links below for more information.

12/30 Torchlight Parade at Deer Valley

12/30 -1/2 Gallagher-the Comedian at Egyptian Theatre

12/31 New Year's Eve Celebration with Fireworks at Canyons Village

1/6 - 1/10 Village People at Egyptian Theatre

1/9 An Evening with the Creators of Invisible Thread at Eccles Center

1/11 - 1/16 IBSF Bobsled and Skeleton World Cup

1/21 -1/31 Sundance Film Festival

All Month Park City Film Series

All Month Ritual Chocolate Factory Tours

All Month Snowshoe Tours at Swaner Nature Preserve

Tags: Real Estate, Park City, Stats, Utah
Posted in Local Events, Real Estate Stats, Things To Do in Park City | 1 Responses to "Park City - Market Update"

  1. Kailyn says:
    April 28, 2016 at 2:31:42 PM

    It's good to get a fresh way of loionkg at it.

Park City Condominium and Vacant Land Stats

By Ramon Gomez, Jr.
Aug 05, 2015

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Here are the Stats for Condominium and Vacant Land for the first six months of 2015

Condominium Sales:  There continued to be a high proportion of condominium sales. The number of sales for the entire market area at quarter end was 9% higher than the previous twelve months, with a 14% overall increase in median sales price.

Though there were fewer sales in Old Town than the previous four quarters, the median sales price increased to $445,000 – up 21%. By neighborhood, Prospector had the highest jump in number of sales, also with a median sales price increase reaching $132,000. Lower Deer Valley experienced market absorption in the condo sector with more than double the number of sales along with a 15% median sales price increase to $735,000. “After a prolonged period of limited demand and soft pricing, Lower Deer Valley condominiums are showing good signs of recovery.  As locations closer to the ski resorts become limited due to inventory issues, buyers are turning to older product in Lower Deer Valley for value,” per our incoming Board President Rick Shand.

Similar to the single family home market, the number of condo sales in Snyderville Basin increased steadily in quantity sold, dollar volume, and median sales price. Year-over-year, quantity sold was up by 21% in the Basin with a 13% price increase to $380,000. In Kimball Junction the median sales price increased slightly to $245,000. The Canyons area, with its wide-ranging property types, was up 41% in the number of sales over the previous four quarters with a median sales price of $389,000. Jeremy Ranch showed an increase of activity with 58% more sales than the previous four quarters and a price increase to $535,000. With new construction continuing in the Jordanelle area, both the number of sales and the median sales price of $439,000 were slightly higher than the four quarters of the previous year.

Vacant Land Sales:  The number of Vacant Land sales for the entire market area was slightly higher than the previous four quarters and lot prices increased 10% in median sales price. Lower Deer Valley was up in both quantity sold and median sales price ($523,000). Lots in Old Town ($562,000) and Park Meadows ($858,000) increased in median sales price from what they were the previous year. In the Snyderville Basin, neighborhoods with price increases were Trailside Park ($317,500), Glenwild/Silver Creek ($400,000), Promontory ($312,500), and Pinebrook ($190,000). The Jordanelle area continued to grow, with lot sales up 21% and a median sales price of $208,000. The Heber Valley saw a similar quantity sold compared to the previous four quarters with a 5% price increase reaching $195,000.

Looking Ahead:  We appear to be in a relatively stable market with short sales and foreclosures at pre-recession levels. The number of days a property remains on the market has been consistently low over the past few years, as well as, the number of active listings on the market at any one time. Low inventory has been a consistent factor in our market area since the third quarter of 2012, but as of July 1, inventory was the highest it has been in a year. The varying property types and desirability of certain neighborhoods over others make the Greater Park City area a highly segmented and complex market of submarkets.

More than ever, buyers and sellers are wise to enlist the services of a local REALTOR®. So please contact me if you are interested in more information about any segment of our market. It will be my pleasure to assist you with your real estate needs. ramon@rgomezjr.com

Tags: Park City, Stats, Land, Condos, Real Esate
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Park City Market Report

By Ramon Gomez, Jr.
Jul 30, 2015

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Here is a quick rundown of the real estate market here in Park City for the first half of 2015.

Overall the Number of closed sales and total dollar volume for the first half of 2015 are the highest since 2007 The total number of closed sales, year-to-date, for the entire market area was 9% higher than the first two quarters of 2014 and was the highest first half of any year since 2007, according to statistics released by the Park City Board of REALTORS®. The total dollar volume was up 11% and the median sales price continued to trend upward on a gentle curve in most areas. The Summit and Wasatch County market remains highly segmented; some market segments are drifting down while others are moving up.

Single Family Home Sales:  The median sales price for a single family home within the City Limits (84060) over the past twelve months has remained close to $1.34 million, while the average price has actually come down 11%. Old Town experienced a marked increase of activity with a 28% higher number of home sales and a slight increase in median sales price to $1.21 million. The sales price in Prospector climbed 8%, reaching $700,000, with almost double the number of sales compared to the previous four quarters. The number of sales in Park Meadows was up a healthy 24% (with 31 sales already this year) and had a median sales price of just under $1.38 million.

Within the Snyderville Basin (84098), the median sales price for a single family home was $850,000, up 18% from one year ago. In the Basin, Promontory had the highest number of sales with a median sales price of about $1.56 million, 3% less than 12 months ago. The number of sales was down 21% in Silver Springs, but the median sales price was up ($850,000).

Year-over-year, the median sales price has come up slightly in other neighborhoods including Jeremy Ranch ($850,000), Pinebrook ($780,000), and Trailside Park ($619,000). The Canyons area jumped in median sales price to $5.475 million, primarily due to home sales in The Colony. Growth continued in the Jordanelle area with an increase in the number of sales and median price ($838,000). The Heber Valley was up 17% in number of sales with a median sales price of $345,000.

Next week’s Blog I will address the Condominium and Vacant Lot markets for the first six months of 2015

Tags: Real Estate, Park City, Stats
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Social Network

By Ramon Gomez, Jr.
Jul 01, 2015

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Our business continues to grow and we are pleased to launch our new website to help with all your real estate needs in the greater Park City area. I have just recently started doing a weekly blog and the response has been great.

http://www.realtorramoninparkcity.com/

From our website you can search the Multiple Listing Service and link to our Facebook page for recent posts. We will continue to add videos and update the blog weekly to share the latest and greatest in Park City.

Tags: Real Estate, Park City, Stats, Sales
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From Ski Runs To Fairways

By Ramon Gomez, Jr.
Jun 18, 2015

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March 26, 2015

At this time of year as we wind down our ski season here in Park City, many of us start dreaming about our great mountain golf courses, and can't wait for our favorite club to open. So I thought I would take moment of your time to let you know...since I have spent over 15 years managing fine private golf & country clubs throughout the country I am now directing my real estate team to focus on the fine private golf communities right here in the Park City area. There are not many places in the world where you can own property that has both world class skiing and golfing in the same area.

With my local knowledge and experience in private golfing communities I can assist you in finding the right private golf community for you and your family. Allow me to assist you in evaluating the many fine options each private club and community offer. Since I don't represent just one community, I can fairly and objectively match your criteria to the club & community that matches your needs....let my experience in private clubs benefit you!

In my following blogs I will be providing information on these Great Golf Communities....Glenwild, Promontory, Red Ledges, Tuhaye, and Victory Ranch.

Tags: Real Estate, Stats, Golf
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