Things to try for the first time in Park City

Things to try for the first time in Park City

With its world-class ski resorts, incredible recreational venues, and fun attractions, Park City is a place that offers tons of exciting activities for locals and visitors alike.

Here are some great things for you to experience for the first time when you’re in Park City:  

Start painting

Let your creativity flow at The Paint Mixer, a creative and social venue where anyone can learn to paint in a fun environment. Located along Utah’s Historic Main Street, The Paint Mixer is Park City’s premier paint studio, offering instructional classes led by talented artists.

Their website features an online gallery which allows you to pick a painting before visiting the studio, where you’ll be given step-by-step instructions on how you can paint it yourself. All supplies are provided by the venue, including brushes, paint, smocks, palettes, the canvas, and more.

Ride a hot air balloon

One of the best ways to soak in Park City’s stunning surroundings is by enjoying a hot air balloon ride above town. Hot air balloon flights will take you more than 1,000 feet in the air, offering breathtaking views of the Kamas Valley, the Wasatch Mountains, and the scenic landscapes surrounding this picturesque slice of Utah.

Because the area is so ideal for hot air balloon rides, Park City even hosts an annual event dedicated to the activity. Held every September, Autumn Aloft gives audiences the opportunity to see more than 20 colorful hot air balloons taking flight at the same time.

Visit Skywalker Balloon Company for more information on hot air balloon flights.

Learn how to ski or snowboard

Park City is a well-known destination for skiers and snowboarders. If you want to get in on the fun, one of the best places to learn how to ski or snowboard is Park City Mountain.

The world-class resort recently opened the new High Meadow Park, which features a dedicated learning area perfect for beginner skiers and snowboarders. This section offers a gentle terrain designed to help beginners improve their skills through private lessons, group lessons, or guided experiences. You can book a lesson at High Meadow Park here.

Visit Utah Olympic Park

Park City was the site of several events during the 2002 Winter Olympics, and the Utah Olympic Park was the venue for sports such as luge, bobsledding, ski jumping, and Nordic.

The state-of-the-art facility now serves as a training ground for top-ranked athletes preparing for the next Olympics. Visitors can witness some of the finest freestyle skiers in action, take a ride on the Comet bobsled, navigate their way through the fun ropes and zip-line course, and more. Utah Olympic Park also features two free museums dedicated to skiing history and the 2002 Winter Olympics experience.   

Thinking about buying a home in Park City? We’ll help you find the perfect home in this great community! Get in touch with Team Schlopy today for the finest selection of Park City homes for sale! Call us at 435 640-5660 or send an email to info@teamschlopy.com

Best non-skiing activities in Park City

World-Class Cuisine in Park City

While Park City is famous for its pristine slopes and world-class ski resorts, there are other fun activities to enjoy here besides hitting the slopes. In this article, we’ll take a look at some of the best non-skiing activities available in Park City:

Go on a scenic drive

Some of the most scenic routes in Utah can be accessed just a few miles away from Park City.

The nearest one is Provo Canyon Scenic Byway, which is only around 20 minutes from Park City. This route will take you past views of limestone terraces, rugged canyon walls, and the serene waters of Deer Creek Reservoir. The route winds up to Sundance Resort before heading into the Alpine Scenic Loop, towards Heber, and then finally back to Park City.

For more scenic routes close to Park City, visit this website.  

Try some world-class cuisine

Park City boasts an amazing restaurant scene – foodies can enjoy almost everything from steaks to sushi, fresh seafood to piping-hot pizza, and so much more. No matter what you’re craving for, you’re sure to find a restaurant serving dishes guaranteed to please your palate. And the best part is, almost all the dining venues in Park City are located within walking distance from one another or accessible through the city’s free transit system.

Read about some of the best Park City restaurants here.  

Enjoy spectacular live music performances

Park City is the perfect place to catch amazing performances from local acts and world-famous artists and bands. Every year, music lovers in Park City get to enjoy a stellar lineup of performances at live music venues, seasonal music festivals, or some of the many bars, lounges, and restaurants scattered throughout the mountain community.

Park City’s most popular summer music festival is the Deer Valley Music Festival, which hosts performances in several locations such as the Deer Valley Resort’s Snow Park Amphitheater, St. Mary’s Church, and private homes and salon events throughout the Park City area.

Other fantastic music festivals include the Big Stars, Bright Nights Concert Series, the Deer Valley Concert Series, and the Grand Valley Bank Community Concert Series.  

Escape “The Mine Trap”

Escape Room Park City features a variety of themed escape rooms, including “The Mine Trap,” one of their most popular rooms. Inspired by Park City’s silver mining past, the experience starts off as a tour of a historic silver mine, before things start going awry. A collapse within the mine now has you and your friends trapped, forcing you to find a way out before air runs out.  

“The Mine Trap” is Escape Room Park City’s signature room, and is one of the favorites for seasoned escape room players. You can get information on “The Mine Trap” as well as their other fun escape rooms here.

Thinking about buying a home in Park City? We’ll help you find the perfect home in this great community! Get in touch with Team Schlopy today for the finest selection of Park City homes for sale! Call us at 435 640-5660 or send an email to info@teamschlopy.com

 

Park City Real Estate Market Trends of 2019

Thank you for joining me on my market update, my name is Lana Harris with Team Schlopy here in Park City. And I wanted to go over everybody’s big question, what is 2019 going to look like.

Stats from the Past

I’ve got a couple of stats for you that I hope will be helpful in navigating what the market’s going to happen in 2019. So in 2016, we were seeing some pretty substantial increases. So in 2016, we had a 15% increase over 2015. That’s pretty high. So definitely seller’s market at that point and it still continued to 2017. So in 2017, we also were in the double-digit at a 12% increase. I think that we’re coming at a little bit more of a stabilization. So in 2018, we had a 1% sales market growth for gross numbers just exceeding $2.5 billion in the Park City market. With these big increases that we were seeing in 16 and 17 and 18, we’re showing just single-digit increase.

Why it will be a Solid Year

I still believe that it is a solid market that we are having, probably still a little bit on the seller’s side, more than the buyer’s side. Coming into just this first month in 2019, our numbers are equal to what we did in 2018 in January. So when you’re comparing month to month, we’re flat. So I believe that we’re gonna have a very stable market coming into 2019. May not be as top-heavy as far as seller’s market but I think if you are a seller and you wanna put your property on the market, make sure that you price it to the market price. Since we’re not seeing those heavy increases, you don’t wanna overprice your property because what happens is that you end up getting less for your property than you would have if you priced it at the market price. And make sure that your marketing team is well qualified in getting your property out there. I think that we will have a very stable 2019 as long as a seller are reasonable for what’s going on in the market. I also read a report from the FEDs that they’re not going to convene again until March. But they have pulled away from increasing interest rates at this point. So for those buyers that are out there, this is a great time to be looking at properties, you can get at a phenomenal rate and still get a great property.

Conclusion

So I think coming into 2019 we are going to have a stable market and I look forward to working with all of you guys even my fellow agents on the other side. I know that we do a great job of helping our clients get their dream homes. So that is our market update, I look forward to seeing and working with you all and if there’s anything that we can do, reach out to teamschlopy.com. Thanks.

What if characters from “Frozen” visited Park City?

With its powdery snow, pristine slopes, and plethora of exciting activities and fun destinations, Park City is as close as it gets to an actual winter wonderland.

There’s always an enchanting atmosphere that envelopes Park City every winter. The mood is so delightful in fact, that walking around the quaint alpine town gives you the feeling that you might run into characters straight out of a fairy tale.

What if actual storybook characters did visit Park City? What activities would they enjoy? Which attractions would be at the top of their list? In this article, we imagine what it would be like if the characters from Disney’s “Frozen” visited Park City, Utah.

Anna – Kimball Art Center

Kimball Art Center would be the perfect place for Anna, since she loves building snowmen! She can join some of the many arts and crafts programs offered by the center, including Ceramic Snowman Sculptures, Clay Workshops, Pottery for Kids, and so much more.

Through Kimball Art Center’s many sculpture classes, Anna can now learn how to build a snowman that would last forever. Check out the full list of upcoming art classes offered at the center here.

Elsa – Ice Castles

Elsa will surely enjoy a visit to the award-winning Ice Castles in nearby Midway, Utah, less than 20 miles south of Park City. While she’s already a master at creating ice sculptures of her own, she can still appreciate the fine craftsmanship involved in making intricate frozen thrones, ice-carved tunnels, and impressive LED-lit sculptures created by professional ice artists – without using any magical powers!

Olaf – Summer Activities

Thanks to the snow cloud created by Elsa to prevent him from melting, Olaf can now enjoy the summer season in all its glory!

Lucky for him, Park City is one of the best places in Utah for summer activities. He can take in 360-degree views of the stunning landscape by riding a hot air balloon, go fly fishing at the Provo River, or go rafting on the serene lakes and rivers throughout Park City!

And who knows – Olaf might even be invited to sing “In Summer” at the many summer music festivals like the Deer Valley Music Festival, the Deer Valley Concert Series, and the Big Stars, Bright Nights Concert Series!

Kristoff and Sven – The Viking Yurt

Kristoff and his trusty reindeer, Sven, can enjoy a scenic sleigh ride before indulging in a sumptuous six-course meal at The Viking Yurt, one of the top-rated fine dining venues in Park City.

Before reaching the restaurant, Kristoff and Sven will be treated to enchanting views of the night sky, soaring pines, and the most breathtaking views of Park City and the surrounding mountains.

If you want to enjoy the same unique experience (you don’t need to have your own sleigh or reindeer!), take a look at The Viking Yurt’s website for more information.

Thinking about buying a home in Park City? We’ll help you find the perfect home in this great mountain community! Get in touch with Team Schlopy today for the finest selection of Park City homes for sale! Call us at 435 640-5660 or send an email to info@teamschlopy.com

Team Schlopy Favorite Ski Runs in the Park City Area

Here, at Team Schlopy, to say that we love skiing would be an understatement. So, we thought we would share our favorite runs in the Park City Area.

Deer Valley Choices

If you click on the map, you will get a closer look at the map.


Erik Schlopy: I like Star Gazer because it has a great feel to it and sun usually hits it early so I can make GS turns the entire way and the pitch is nice and steep which helps me load the ski up.
Jason Harris: Favorite powder run is the Mayflower Bowl. It is a black diamond that is off the beaten path so great powder and not a lot of traffic Favorite Groomed Run is Star Gazer. It is a fun blue run that is a little challenging but you can keep good speed, duck into some trees, and get on Red Cloud to do it again!
Lana Harris: Favorite powder run is Ontario Bowl. There is a little hike to get to it, but well worth it to get fresh tracks.
Favorite Groomed Run is Hawkeye. It is a blue run that is fun fast or slow. It is a wide run that doesn’t get tracked out quickly.
Marny Schlopy: Hawkeye then to Custer, It is a nice wide trail with an amazing pitch and you can hit powder when you take the turn at Custer near the end of Hawkeye.

Park City Base Choices

If you click on the map, you will get a closer look at the map.


Erik Schlopy: I like Payday because I have good memories there from races in the past plus night skiing with my kids when they used to have night skiing.
Lana Harris: I like Parley’s Park to Sunnyside to Thaynes Canyon. It is a LONG smooth trail that isn’t overly busy.
Marny Schlopy: I go where my girlfriends take me.

Park City Village Choices

Erik Schlopy: I like Upper Apex Ridge / Apex Ridge at The Canyons because it’s long and usually not crowded. Very nice run to cruise with my kids.

Park City attractions for the artsy traveler.

Park City, Utah is a multifaceted destination known for its world-class mountain resorts, incredible dining venues, and unforgettable events. The town is also a well-known haven for art seekers, as it is home to an abundance of talented artists.

If you’re looking to experience Park City’s vibrant arts scene, here are some of the best attractions for you to check out:

Sundance Film Festival

Since 1978, Park City has hosted the Sundance Film Festival, the ultimate gathering for filmmakers, storytellers, and audiences in search of new perspectives.

Thousands of films including documentaries, feature films, and short films are showcased throughout the 10-day festival, alongside panel discussions, filmmaker conversations, and live music performances.

Coming to Town during Sundance?

This year’s Sundance Film Festival is from January 24 to February 3, 2019. Visit the official Sundance website for tickets, schedules, and more information.

Park City has put also together a community guide to help you navigate around the action with minimal impact on your daily activities. Download the available guide through bit.ly/2019sundance.

Last Friday Gallery Stroll

Hosted by the Park City Gallery Association, the Last Friday Gallery Stroll is a free communitywide event highlighting the work of visiting and local artists, as well as special exhibits at art galleries throughout Park City.

Taking place on the last Friday of each month, the Last Friday Gallery Stroll is the best way to immerse yourself in the town’s diverse art scene, check out the latest art collections and installations, and enjoy light refreshments while mingling with other art enthusiasts.

The Last Friday Gallery Stroll is held along Park City’s Main Street Historic District and runs from 6-9 pm on the last Friday of each month. Visit this page for a printer-friendly map of the participating art galleries.

Kimball Art Center

A pillar of Park City’s art community since 1976, Kimball Art Center serves as a platform and a venue for artists and art lovers to gather, develop their skills, and enjoy and appreciate art. read more…

What’s Ahead for Real Estate in 2019?

What's Ahead for Real Estate in 2019

As we begin another year, everyone wants to know: “Where is the housing market headed in 2019?”

It’s not only buyers, sellers, and homeowners who are impacted. The real estate market plays an integral role in the overall U.S. economy. Fortunately, key indicators point toward a stable housing market in 2019 with signs of modest growth. However, shifting conditions could impact you if you plan to buy, sell, or refinance this year.

HOME VALUES WILL INCREASE

The value of real estate will continue to rise. Freddie Mac predicts housing prices will increase by 4.3 percent in 2019.1 While the rapid price appreciation we witnessed earlier in the decade has slowed, the combination of a strong economy, low unemployment, and a lack of inventory in many market segments continues to push prices higher.

“Ninety percent of markets are experiencing price gains while very few are experiencing consistent price declines,” according to National Association of Realtors (NAR) Chief Economist Lawrence Yun.2

Yun predicts that the national median existing-home price will increase to around $266,800 in 2019 and $274,000 in 2020. “Home price appreciation will slow down—the days of easy price gains are coming to an end—but prices will continue to rise.”

What does it mean for you? If you’re in the market to buy a home, act fast. Prices will continue to go up, so you’ll pay more the longer you wait. If you’re a current homeowner, real estate has proven once again to be a solid investment over the long term. In fact, the equity level of American homeowners reached an all-time high in 2018, topping $6 trillion.3

SALES LEVELS WILL STABILIZE

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Park City Real Estate Market Update Quarter 4 2018

Park City Area Overview

In the Park City real estate market, conditions continue to favor both buyers and sellers, even as more houses become available compared to this time last year. Quarter 4 2018 found an increase in the number of active listings for single-family homes, according to information from Park City MLS.

Park City Real Estate Market Update Quarter 4 2018 Overview

The 233 new listings in Quarter 4 2018 represented a 25% percent increase over Quarter 4 2017. Active Average Monthly listings increased 8 percent to 486 over the same period. Actual sales of single-family homes also decreased over the same period. The Park City MLS reports that in Quarter 4 2018, a total of 155 single homes were sold in the Park City area. This represents a 5 percent decrease over sales in Quarter 4 2017. read more…

Park City Real Estate Market Update November 2018

Park City Area Overview

In the Park City real estate market, conditions continue to favor both buyers and sellers, even as fewer houses become available compared to this time last year. November 2018 found an increase in the number of active listings for single-family homes, according to information from Park City MLS.

The 55 new listings in November 2018 represented a 33 percent decrease over November 2017. Active listings increased 7 percent to 485 over the same period. Actual sales of single-family homes also increased over the same period. The Park City MLS reports that in November 2018, a total of 43 single homes were sold in the Park City area. This represents a 10% percent increase over sales in November 2017.


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9 Ways to Share the Spirit of the Season—Starting From Home

The holiday season is upon us, and many of us have already begun to celebrate. From trimming trees to lighting candles, it’s the time of year to fill your homes (and hearts) with holiday joy.

But there’s no need to stop at your front door. Let the spirit of the season radiate outward from your house into your community. Some homeowners hang outdoor lights and decorations to help make the neighborhood “merry and bright.” But that’s not the only way to share the magic of the holidays with others.

Not sure where to start? Check out these 9 inspirational ideas for spreading cheer far and near!

THERE’S NO PLACE LIKE HOME

You probably don’t have to look far to find someone who could benefit from a gift or kind gesture this time of year. Try one (or all) of these ideas for sharing the season with those closest to home.

9 Ways to Share the Spirit of the Season—Starting From Home

1. Host a Holiday Party

Hosting a neighborhood holiday party is a great way to reconnect with old friends and welcome new families to the community. And it doesn’t necessarily require a huge investment of time or money. Plan a potluck dinner and ask your guests to bring a dish or drink to share. Or host a holiday cookie exchange and ask everyone to bring a couple dozen of their favorite cookie to swap with other guests. Hot cocoa and caroling is another great way to bring neighbors together to celebrate the season.

If you have a neighbor who you’ve been at odds with in the past, consider extending them an invitation, as well. It could be the perfect opportunity to make peace in the new year.

2. Help a Neighbor in Need

The holiday season is the perfect time to offer help to a neighbor in need. Next time you head out to rake your leaves, take care of an elderly neighbor’s, as well. Or drop off dinner for a friend who is recovering from surgery.

If you know of someone in your community with a larger need, consider setting up a Care Calendar through a site like CareCalendar.org. Then share the link with other neighbors who may be interested in helping, too. Users can signup to run errands, cook a meal, babysit, wash laundry, clean the house, mow the lawn, or complete other household tasks depending on the individual’s needs. Even a small gesture of kindness can make someone’s holiday extra jolly.

3. Treat Your Mail and Package Carriers


read more…

Taxes and Assessed Value: Why you should buy in Utah

Taxes and Assessed Value : Why you should buy in Utah.

Posted by Team Schlopy on Thursday, December 6, 2018

Just wanted to reach out to all of you buyers out there and give you a little information about what’s going on in Park City and in Utah.  

Non-Disclosure State

Something that a lot of people don’t know is that we are a non-disclosure state. And you ask, what does that mean? Well, that means that we do not have to tell the county or the state on how much we paid for our homes when we make a purchase. 


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Park City Real Estate Market Update October 2018

Welcome to the Park City Real Estate Market Update October 2018

Park City Area Overview

In the Park City real estate market, conditions continue to favor both buyers and sellers, even as more houses become available compared to this time last year. October 2018 found an increase in the number of active listings for single-family homes, according to information from Park City MLS.

Park City Real Estate Market Update October 2018

The 86 new listings in October 2018 represented a 43 percent increase over October 2017. Active listings increased 4 percent to 480 over the same period. Actual sales of single-family homes also increased over the same period. The Park City MLS reports that in October 2018, a total of 63 single homes were sold in the Park City area. This represents a 5 percent increase over sales in October 2017.

Prices in the Park City real estate market began to fall during that year-long period. The median price of a single-family home in the Park City area increased 13 percent between October 2017 and October 2018, to $1,535,000. Average home prices fell 3 percent during that period to $1,869,897. The dollar volume of sales during the year increased 1 percent. In total, $103,175,805 worth of homes were sold in October 2018.

Homes spent an average of 148 days on the market in Park City, which is a increase from October 2017. Generally, high prices, limited availability, and slow sales of those homes that come up for sale make the Park City real estate market a favorable environment for buyers.

Team Schlopy Real Estate provides expert real estate services to residential buyers and sellers in Park City and surrounding communities. Contact us today for more information on Park City real estate and for professional assistance navigating this sometimes complex home market.

If you have any questions please contact us at 435.640.5660. We will be happy to help.

Vote for Open Space in Park City

We are pleased that the Treasure Mountain bond was passed. Below is what it could have been if it didn’t pass and the second is what it will always be. Thank you to those that voted in favor of Open Space for all.

Open Space in Park City

This Bond means…

What we will pay for the Treasure Bond

Most people ask about how this bond will affect us.

So, here are the numbers.

  • The average Park City resident has an assessed value of $799,000. This is not the sales price or actual market value of the home, just the assessed amount that their taxes are based on. Many homes that would sell for over $2M still have assessed values at $799K or less.
  • For a resident with a primary home valued at $799,000 will pay $194/yr.
  • For a second homeowner whose home valued at $799,000 will pay $353/yr.

What our Property Tax Debt will look like

Park City Future Property Debt

Currently, we are paying $6,402,284 per year, paying on 7 bonds which 5 will be paid off in the next 7 years. Then it will increase the amount paid to the Treasure Mountain bond. This is like the debt snowball method. When a bond is paid in full, you roll the money you were paying on that bond into the Treasure Mountain bond. By 2033, the cost of the Property Tax Debt will lower to $5,402,284 with only the Treasure Mountain bond left to pay.

If the purchase of Treasure Mountain and Armstrong Snow Creek Ranch Pastures cost $64M, why is there only $48M bond?

Park City is contributing by spending cuts which includes:

  • $6M from postponing the Main Street Plaza (adjacent to Wasatch Brew Pub)
  • Cancelled Plans for a new Public Utilies Buidling
  • Delayed Old Town street reconstruction projects
  • Delayed Stormwater improvements
  • Cancelled sidewalk repairs and improvements
  • Allocated reserves (revenues in excess of expenditures FY18)
  • Alocated proceeds from land sold to the PC Fire District
  • Allocated all remaining open space funds

Utah Open Lands will also raise $3M in private donations.

Conclusion

We are happy that Park City residences’ voices were heard, and we will be able to have Open Space for all. With a little impact on us financially, we can make a big difference.

How’s the Market? What’s Ahead for Real Estate.

While no one can predict the future with certainty, most experts expect to see modest growth in the U.S. housing market for the remainder of this year and next. Inventory will remain tight, mortgage rates will continue to creep up, and affordability will remain a major issue in many parts of the country.

So what does that mean for home buyers and sellers? To answer that question, we take a closer look at some of the top indicators.

CONTINUED GROWTH IN HOUSING MARKET

There’s good news for homebuyers! In many markets across the country, prices have begun to stabilize after a period of rapid appreciation. Nationwide, home sales experienced a slight decline of 1.6 percent in the second quarter, primarily due to higher mortgage rates and housing prices combined with limited inventory.

However, buyers who have been waiting on the sidelines in anticipation of a big price drop may be disappointed. Demand remains strong across the sector and prices continue to rise. The Case-Shiller U.S. National Home Price Index reported a 6.2 percent annual gain in June, a healthy but sustainable rate of appreciation.1

In its latest Outlook Report, Freddie Mac forecasts continued growth in the housing market due to a strong economy and low unemployment rate, which dropped to 3.9 percent in July.2

“The housing market hit some speed bumps this summer, with many prospective homebuyers slowed by not enough moderately-priced homes for sale and higher home prices and mortgage rates,” according to Sam Khater, Chief Economist at Freddie Mac. “The good news is, the economy and labor market are very healthy right now, and mortgage rates, after surging earlier this year, have stabilized in recent months. These factors should continue to create solid buyer demand, and ultimately an uptick in sales, in most parts of the country in the months ahead.”3

INVENTORY TO REMAIN TIGHT, NEW CONSTRUCTION MAY HELP

Experts predict that demand for housing will continue to outpace available supply, especially in the entry-level price range.

“Today, even as mortgage rates begin to increase and home sales decline in some markets, the most significant challenges facing the housing market stem from insufficient inventory accompanying unsustainable home-price increase,” said National Association of Realtors (NAR) Chief Economist Lawrence Yun in a recent release.

“The answer is to encourage builders to increase supply, and there is a good probability for solid home sales growth once the supply issue is addressed,” said Yun. Additional inventory will also help contain rapid home price growth and open up the market to prospective homebuyers who are consequently—and increasingly—being priced out. In the end, slower price growth is healthier price growth.”4

With so much demand, why aren’t more builders bringing inventory to the market? According to the National Association of Home Builders, a crackdown on immigration and tariffs on imported lumber have made home construction more difficult and expensive. Those factors—combined with the rising cost of land and increased zoning requirements—have put a damper on the industry overall.5

Still, there’s evidence that a modest rise in the rate of new building projects may be on the way. Freddie Mac predicts new housing construction will increase slightly after a stall last quarter.2 And a recent report by Freedonia Focus Reports forecasts an annual increase in housing starts of 2.4 percent through 2022, led by an uptick in single-family homes.6 The boost in inventory should help drive sales growth and relieve some of the pent-up demand in tight markets.

While the current lack of inventory is generally preferred by sellers because it means less competition, a combination of high prices and rising interest rates has narrowed the pool of potential buyers who can afford to enter the market. Sellers should seek out real estate agents who utilize technologically-advanced marketing tactics to reach qualified buyers in their area.

AFFORDABILITY REACHES LOWEST LEVEL IN A DECADE

According to a recent report by Morgan Stanley, Americans are paying the most in monthly mortgage payments relative to their incomes since 2008.7 And prices aren’t expected to come down any time soon.
read more…

What is happening in the Park City Real Estate Market September

I have been talking to a lot of people, and everybody’s asking, is the market softening? Yeah, there’s a lot of things that are going around in politics and stuff, but let me give you some Park City stats that will allow you to determine how our market is going.

Listings

Listings have been bouncing up and down across the board, so you can get a couple of months that are at 150 new listings, couple of months that are 180 new listings, and that’s been up and down throughout the year, without any rhyme or reason. So this month we’re at probably the lowest. This is the first time that we’ve gone under 150 new listings, you know, here in September.

But in July, just to do a breakdown so you can see kind of where the market’s going, and how it actually reflects back and forth from single family homes to condos. So, in July, there were a total of 93 single family homes listed. Since then, single-family homes have decreased month over month, since July.

So now we are at 42 new listings for single family homes in Park City. Now, on the other hand, if you’re looking at the condo market, in July, we started at 61 condos for sale, and we have had a month over month increase. So we have listed a total of 96 condos for September. So, as you can see, single family homes, going down in listings, and condos are going up in listings. According to the Park City MLS, sold properties were strong in July and August, probably the tops of the year, with approximately 100 properties sold each month.

What it looks like in September

There’s a substantial dips in closings for September. So, we had a total of only 67 closings in September, which is a year trend, you know, year after year. So for the last three years, this statistic has been the same. It might seem that we’re dipping, but we’re really not. A lot of that is affected by back to school time, and also Labor Day, you know, getting the kids in place.

In Snyderville Basin, we are showing a sales price of approximately $1.5 million for our single-family homes.

And then in, in town, so Park City proper, we are seeing a top trend of three million dollars, in, let’s see, in the month of August, but since then, we have dipped, so now the average single-family home prices is 1.9 million.

Now, taking a look at condo sales, the trend has been the same, approximately for sale pricing, just like single-dfamily homes, so it’s been kind of going up and down month over month. In condo sales, in Park City proper, it’s approximately average, $1.2 million, and in Snyderville Basin, it’s approximately 700,000.

Conclusion

So, to wrap this all up, and to answer your question, is the market softening? No, the market isn’t softening. This is a normal trend that we have year after year, and we’re transitioning, like I said, from a single family market to more of a condo market, so for all of you single family owners out there, that are like, oh my gosh, this is not the time for me to list, my answer to that question is no.

This is an amazing time to list. You’re gonna have a lot less competition, and the key to that, to selling your property in this market, is to make sure that it is priced accordingly. Average days on market for condos and also single-family homes right now, is approximately 90 days, so just keep that in consideration when your agent is going to be marketing your home. Thank you for joining me for my market update, and I will see you next time. Thanks.

Kevin Crockett Realtor
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