Every year the Park City Education Foundation hosts Running with Ed, a 10-leg, 38 mile, running relay to raise money for the Park City Schools. This year Jess Reid – Christie’s International Real Estate had a team of runners participating. Watch the video for a recap of their fun day!
We are excited to have two of our properties in Park City featured in Christie’s International Real Estate’s Lifestyle Collection. The Mountain Retreats book features homes from around the world that are tucked away in the mountains. To view an electronic version of the book or if you would like a hard copy contact us today!
MARKET REPORT – PARK CITY REAL ESTATE 2015 MID YEAR
Click below to view the market report:
The Greater Park City real estate market has the highest number of closed sales and total dollar volume, for the first half of the year in 2015, since 2007. The market is growing at a steady pace and is showing many notable improvements. The overall sold volume for our market is up 6% to $827,826,405, for the first two quarters.
Single family homes have an average sales price of $1,047,661 and the number of sales is up 9%. Old Town saw a healthy 45% increase, with an average sales price of $1.5M. Promontory, Jordanelle and Glenwild also had a prominent increase in sales volume.
Condominiums are continuing to lead our recovery. Condominium sales volume is up 15% and the average sales price is $721,455, which is up 8%. Prospector had the highest jump in sales with 25 sales compared to 8 in the first half of 2014.
Vacant land sales volume is down; 17% to $82,010,103. Although, lot sales volume in Promontory is up 29%, in Jordanelle it is up 11%. In Lower Deer Valley the average sales price for a lot is up 70% to $590,946, compared to the first half of 2014. A lot of this volatility is related to lower inventory – especially as areas in the city limits get built out.
Deer Valley vacant land and condominiums are currently the most amplified sector in the area with the sales volume up 51% collectively. Single family home sales are down 17%, which we believe is due to lack of inventory. Condominium sales are higher than home sales with newer ski-to and from properties increasing in value. Condos near the base of the resort are selling quickly, being remodeled and are considered a good value with room for appreciation.
Synderville Basin offers home buyer’s more space for a more reasonable price then living in Park City proper. However, prices in Synderville Basin are increasing. The median sales price for a single family home is $850,000 up 18% from one year ago.
A large range of prices is evident in Park City. Although we have a high average sales price there are areas that offer great locations for a great value that could significantly appreciate with a remodel. For example, condos in Prospector range from $100-300,000, lower-end condos in Old Town start at $200,000, older single family homes in Park Meadows start at $750,000 and new construction condos in Kimball Junction, at Bear Hollow Ridge, start at $305,000.
Other market influences worth noting include the final expenditures of our walk-ability bond. This includes enhanced bike paths, pedestrian paths and tunnels at highly trafficked areas to improve safety and enjoyment for walkers and bikers. The Mountain Accord working with Greater Salt Lake City is making progress on solving traffic congestion in the area, among other things, as we have increasing seasonal and year-round population. This is important to carry on the quality of life that the Greater Park City area provides.
Inventory levels have been consistently low since 2012. As of July 1, our inventory was higher than it has been in a year. However, our segmented market shows that inventory in many desirable areas and price ranges is low.
There is only one. Park City. Our town is now home to the largest ski resort in America with over 7,000 acres of skiable terrain. Vail Resorts has initiated many improvements as part of a $50 million dollar project, which includes the new 8-person Quicksilver Gondola that will connect Park City Mountain Resort and Canyons Resort.
Luxury home sales in the overall Greater Park City area have increased and there is an increasing number of high-end buyers that have re-entered the market since the great recession. The number of sales over $1M have seen a 17% increase with 149 sales over $1M
in the first two quarters. $5M – $10M sales are healthy but are constant with last year so far.
Auctions have been introduced as a current trend in our market. This year, four homes over $6M sold. Jess Reid – Christie’s International Real Estate is pleased to have represented a client that purchased one of the homes listed at $11,750,000.
Christie’s International Real Estate releases a White Paper annually that gives us an insight on the global luxury property market. In 2014, US $1M plus sales were up 16%, over 2013. In 2012-2013 they reported an explosion in urban luxury home sales growth. However in 2014, we are excited to see that second-home resort markets are red hot, leading the growth in luxury property sales. The report shows that the average price in a lifestyle and regional resort market is about $1.5M. Park City’s median home price for the first two quarters of 2015 is $1.34M.
Life in Park City is something that we are thankful for every day. Our sense of community and our unique mountain-town that offers abundant open space is unlike any other place in the world. Call us today to learn how you can make Park City your home or get-away from home.
CONTACT US! With three locations in Park City and Deer Valley we are ready to answer any questions you have about the market and would be happy to provide you with a more detailed market report of a specific area or property type.
To view Greater Park City graphs – click here
To view Deer Valley graphs – click here
For the second year in a row Jess Reid – Christie’s International Real Estate is a sponsor of the Park Silly Sunday Market. We are excited to be helping this local non-profit throw a party on Park City’s Historic Main Street every Sunday. From 10am to 5pm every Sunday (June 7th – September 20th) hundreds of unique vendors line up the street featuring gourmet foods, fine art, jewelry, sustainable products, clothing and more! There is also a Farmer’s Market located up the street with local Utah produce and other products.
On the lower part of Main Street there are kid’s activities and live performances, with Mountain Town Music scheduling live music throughout the day. Make sure to stop by the Beer Garden for one of the best Bloody Mary bars in the state of Utah! For more information click here.
We would like to invite you to our sponsor day on July 19th, 2015. We will be hanging out at the bottom of Main Street and would love to see you! Please email firstname.lastname@example.org for details. Hope to see you there!
Every Tuesday Jess Reid – Christie’s International Real Estate holds a weekly sales meeting. Our sales team reviews the newest listings, learns and visits new developments and has public speakers visit our office, etc. We were pleased to welcome Diane Foster, Park City’s – City Manager, and expert on anything and everything Park City.
Diane filled us in on what’s happening in PC. We talked about traffic concerns, new projects, parking, the city’s budget and Vail’s improvement at Park City Mountain Resort (PCMR) and how certain things will effect our town. Please let us know if you have any questions or comments about current affairs in Park City and we will get you answers!
After a early sales meeting and a day of work, one of our staff members saw Diane trail running at PCMR that night, enjoying one of the many beautiful things that Park City has to offer.
We would like to thank Diane for making us experts on many of the current events in Park City and for keeping our town strong! See you soon on the trails and in Park City!
When you list your luxury property with Jess Reid – Christie’s International Real Estate you are exposing it to a world-wide network of buyers that are looking for luxury homes. Each and every one of our high-end properties are advertised through Christie’s International Real Estate, on their website and in print media. The links to these properties on their sophisticated website get hundreds of views each day.
Buyers for luxury homes in the Park City and Deer Valley area are often International buyers and we have the resources to advertise in these markets.
Please contact us if you are interested in utilizing our brand to offer your luxury home more exposure.
The “activity day” at Victory Ranch for the Jess Reid – Christie’s International Real Estate team, may be the most scenic golf game played this season or possibly one of the most fun days our sales team will have this summer. Regardless, the activities at Victory Ranch are hard to beat. The residents and owners of Victory Ranch have a private playground in their backyard.
The experienced Outfitters Team showed us endless activities that Victory Ranch owners experience on a daily basis. Activities at Victory Ranch, include:
- Golfing 18 holes on the Rees Jones Golf Course – a challenging and beautiful course
- Fly-fishing the four mile, private stretch of the Upper Provo – a fly-fisherman’s dream
- Fly-fishing on the pond – a relaxing and rewarding experience
- Riding the ATVs into the backcountry – exilharating and scenic
- Five-stand trap shooting – bang, bang!
- Mountain biking – over 20 miles of trail in the backcountry
- Upland bird hunting – test your aim
- Overnight camping in a backcountry yurt – relax under the stars
- Water adventures at the Jordanelle Reservoir – cool down and make a splash
Want to take it easy? The Outpost, a new facility, is currently under construction. The Outpost will feature a pool, fitness center and spa. Take a walk or easy trail-run on miles of well-maintained trail and lay by the pool for the perfect relaxing day at Victory Ranch. This four-season recreational community is sure to please the whole family. If this sounds like the perfect home away from home or the ideal place to settle down then call us today and we will set up a tour with activities for you and your whole family at Victory Ranch so you can experience it first hand.
Click here to learn more about our day and how you can experience life at Victory Ranch.
We are excited to announce Jess Reid – Christie’s International has an Instagram account, you can follow us at: jessreidrealestate.
See exclusive real estate of Park City and the surrounding Utah areas. We will also be highlighting the Park City lifestyle, which includes the great outdoors, social scenes and anything else happening.
If you love Park City and all it has to offer then follow this Instagram account!