Category Archives: Real Estate Market Updates

Stats-Newsletter

FIRST HALF 2017 MARKET REPORT AND STATS

It just keeps getting better! The Greater Park City real estate market’s overall sales volume, when comparing the first half of 2016 to the first half of 2017, was up 15% to $1.17B – all properties and all types. If the market continues at this rate, we will surpass 2016’s year-end sales volume of $2.1B. Overall, the Greater Park City market has seen a 10% increase in transactions and 4% increase in the average sold price. The increased sales volume indicates that our market continues to grow at a strong and steady pace in Greater Park City, and the outlying areas such as Heber Valley and Kamas. Notable influences on our market include lack of inventory in some areas, extensive remodeling, and new construction projects. Read on to learn about the diverse segments of our market.

To view stats for the first half of 2017 compared to the first half of 2016, see below:

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FIRST QUARTER 2017 – REAL ESTATE MARKET UPDATE

The single family home segment is strong with total closed volume up 39%, and the number of transactions up 23%. In Park City proper, properties that are priced below $2M move quickly and are not on the market for long. Each area of our market is very unique. Here are average single-family sales prices in popular areas: Old Town – $1.8M, Park Meadows – $1.8M, Silver Springs – $990,000, Jeremy Ranch – $1M, Heber Valley – $496,000 and Deer Valley’s is $4M. See below for entire market report:

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FIRST QUARTER 2017 MARKET UPDATE – GRAPHS

The Greater Park City real estate market’s overall sales volume, when comparing the first quarter of 2016 to the first quarter of 2017, was up 44% to $605M. If the market continues at this rate, we will surpass 2016’s year-end sales volume of $2.1B. The number of closed transactions, including all residential property types, totaled the highest since 2006 – a 25% rebound. The increased sales volume indicates that our market continues to grow at a strong and steady pace in Greater Park City, and the outlying areas such as Heber Valley and Kamas.

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MARKET UPDATE – YEAR END 2016

What a great year! The Greater Park City real estate market’s overall sales volume, when comparing 2015 to 2016, was up 17% and reached over $2.1 billion. The increased sales volume indicates that our market continues to grow at a strong and steady pace as it has done since 2009. Notable influences on our market include the lack of inventory in some areas, extensive remodeling and new construction projects. Read on to learn about the diverse segments of our market.
Click below to read the Greater Park City Market Overview or for a printer friendly version click here.

Click below to read the Deer Valley Market Overview or for a printer friendly version click here.

To view the end of year 2016 graphs click below or for a printer friendly version click here.

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MARKET REPORT – FIRST 3 QUARTERS 2016

The Greater Park City real estate market is strong and steady. The sales volume the first 3 quarters of 2016 compared to the first 3 quarters of 2015 is up approximately 25%. The market report, written by Principal Broker Jess Reid, highlights on a few notable changes in the area and more. Please contact us if you have any questions or if you would like a detailed overview of a specific area.

Below are graphs that show details for each area and each type of property.

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MARKET REPORT – FIRST THREE QUARTERS OF 2016

The Greater Park City real estate market is strong and steady. The sales volume the first 3 quarters of 2016 compared to the first 3 quarters of 2015 is up approximately 25%. The market report, written by Principal Broker Jess Reid, highlights on a few notable changes in the area and more. Please contact us if you have any questions or if you would like a detailed overview of a specific area.

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PREPARING FOR A SALE: IT’S NEVER TOO EARLY

Tom Ward, Associate Broker at Jess Reid Real Estate since 1994

If you are thinking of selling a home, either in the near-term or in a few years, you will want to solicit professional advice on how to best prepare.

Home staging is of course the act of preparing a private residence for sale to appeal to prospective buyers.  A good agent can walk into a home and point to things (both large and small) that will make the property more universally appealing.  In addition, home staging professionals have defined guidelines, which when followed, allow buyers to focus on the space, rather than get distracted by the personal taste and design sensibilities of the current owner.

A common practice among agents that place a high importance on this preparatory phase is to arrange a time for their client to walk through his or her home, room-by-room, with a professional staging consultant.  The seller, the consultant and the list agent work together to create a customized “to-do” list to be completed prior to the home coming on the market.  These preliminary measures are typically accomplished in the month or two leading up to a home being listed for sale.  But it is never too early to be preparing for a successful sale!

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A smart owner will take steps to prepare well in advance of any concrete plans to move.  And a real estate agent with expertise in this area will be happy to assist!

Bringing a Realtor in early in the game can help you identify, evaluate and prioritize any larger improvement projects that might take more time to complete but would be worth undertaking. For example, if you can only afford one change at a time, should you upgrade the kitchen, the bathroom or the landscaping first?  A Realtor understands best which changes improve the value of the property, relative to buyer preferences.  In addition, this strategy allows you to reap the benefit of having time to enjoy any changes you’ve made!

Having and following a market preparation checklist is proven to produce results (i.e., impacting days on market and/or sales price).  Give me a call if you would like to receive a standard checklist for making sure your property is ready for sale, or if you would like to start planning today for a future sale.