Park City Area Real Estate Market Perspective 2012 – 2013

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After a slow start during the first quarter of 2012, the Park City real estate market turned the corner and finished with three relatively strong quarters. Only 340 units were sold during the first quarter of 2012, this is the lowest number of units sold since the first quarter of 2010. However, during the second quarter there were 491 units sold, the highest since the fourth quarter of 2007. In the fourth quarter of 2012 there were 502 units sold, up over 100 units from the fourth quarter of 2011. This is a 25% quarterly increase of units sold in just one year.

The rolling 12 month total number of units sold in December of 2012 was 1842, a 10% increase over the 12 months ending in December 2011. This also amounts to the highest number of units sold in a twelve month period since July of 2008. The six month rolling average ending in December was the highest since January of 2008, indicating that units were selling at a brisker rate in the second half of 2012 than in the first half and that the market is continually improving. This momentum is likely to continue through the first half of 2013.

The number of active listings in the Park City market continues on a declining trajectory dropping to 1959 listings in December. Active listings have not been this low since July of 2006. At the end of December there was a 12.76 month’s supply of units in the market, down from 16.63 months a year ago. The absorption rate has not been at this level since May of 2007, and is well below the peak reached in August of 2009 when there was a 40.77 month’s supply of units.

With listings on the decline, the absorption rate moving in a positive direction and the number of units sold on the rise there is pressure starting to mount on pricing. The median sales price in the local market at the end of 2012 was 548,000 compared to 523,000 at the end of 2011. May 2009 was the last time the median home price was at this level.

The 12 month rolling total volume sold in the market reached $1.24 billion in December 2012. This is the highest total volume sold since October 2008. At that time there were 1600 units sold to equal the 1.2 billion in sales, in 2012 there were 1800 units sold to equal the same amount demonstrating the decrease in home values over the four year period of time. However, the 1.24 billion in sales over the 12 month period ending in December 2012 is a 15% increase over the 12 months ending December 2011. During the same time frame the quantity of units sold was up 10% indicating there has been a rise in home prices over the past year.

Two final numbers worth noting in respect to the market are the percent of listings that have sold and the percent of asking price received by sellers. At the end of December 52.66% of all properties listed during the previous 12 months were sold. Not since August of 2006 has the percentage of listed homes sold been this high however at that time the measure was contracting and at this time it is growing. The percent of asking price received has remained at a steady rate of 95% over the past several months, signifying that sellers are holding more firm to their asking prices and not quite as willing to negotiate on pricing with buyers.

All major market indicators show that the Park City real estate and the greater Wasatch Back real estate market is on a solid path to recovery. What has been a buyer’s market for the past several years is starting to balance out and become a more equitable market between buyers and sellers. There are of course certain segments and geographical areas that are not performing as well as others but the overall market is stable and is expected to remain this way in 2013.

Sometimes I am hard to catch.  If you try me at the following places, you will have a much better chance of finding me:

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Kristen Johnson
435.659.8041
shesellsparkcity@gmail.com
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The Most Expensive Ski Homes Currently for Sale in Park City – Deer Valley

To follow up the last post … now with the Most Expensive Homes Currently for Sale in the Park City area:

This magnificent estate owned by the Hunstman family is a gated 22,000 square foot residence on 60.22 acres in Upper Deer Valley. This sophisticated rustic retreat perfectly encapsulating that classic ambience of Yellowstone National Park lodge, warm yet dramatic at once. With 12 bedrooms and 16 baths, the living spaces provide for entertaining on a grand scale. There is a large indoor pool and game room on the lower level. Extensive outdoor living spaces are surrounded by spring creeks, a waterfall and a fishing pond. The most expensive home currently for sale in the Park City and Deer Valley area and is offered at $44,000,000.

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This Ultimate Ski Home located in the Colony at the Canyons is being offered at $26,200,000. With 9 bedrooms and 15 bathrooms in over 15,000 square feet of living space, this home has something for everyone!  This is one of the most extraordinary homes in the Rocky Mountains!  Seller Financing is available.

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The SKI Magazine Dream Home is truly a Deer Valley masterpiece, exuding stunning architecture, a brilliant design and inspiring panoramic mountain and lake views. Raising the level of resort luxury, this home features direct ski-in/ski-out access from Deer Valley’s Mountaineer ski run, a heated outdoor pool, waterfall, custom elevator, golf simulator, grand theatre, DJ booth, 550-gallon aquarium, steam room, sauna, day spa, and approximately 4,500 square feet of heated decks and patio space. This dream home offered at $21,900,000.

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In every way possible this residence really is the True Ski Home, sitting at the top of Deer Valleys Silver Lake Village area in the very private gated Bald Eagle Club featuring views for miles down valley, across the ski resorts and to the city lights. The 14,0000 square foot home makes entertaining easy with a billiard room, game room, multiple living areas, resort like ski room, indoor pool and spa and sauna and caretakers quarters.  A rare combination of extreem security, privacey and ski in ski out right into your own ski lounge. Offered at $20,500,000.

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Rounding out the top 5 is another home in The Colony. This amazing 18,500 square foot estate resides on seven acres in The Colony. The main home has three bedroom suites and there is an attached five-bedroom guest house. A gourmet chef’s dream comes to life in the fully outfitted kitchen and butler’s pantry. There is an amazing indoor 25 meter pool with automatic cover,Jacuzzi and a waterfall feature on the lower level.There is a ski prep room,fitness room and theatre as well as a family room complete with billiards. This estate is offered at $19,500,000.

 

Sometimes I am hard to catch.  If you try me at the following places, you will have a much better chance of finding me:
www.shesellsparkcity.com
Facebook
LinkedIn
Twitter

Kristen Johnson
435.659.8041
shesellsparkcity@gmail.com
Friends, followers, and connections are a way of the future. Feel free to share!

2012 Top Home Sale Prices in Park City

And the winner is… a $11,225,000 home in Deer Crest!

Park City, and the Deer Valley area in particular, still remains one of the most affordable luxury ski destinations in the country which rivals the likes of Aspen and Vail. 

Deer Crest

#1 10282 N Summit View Dr – Deer Crest : $11,225,000

This home sold in October coming in at #1 for the year at $11M. A total of 17,000 square feet with 7 bedrooms and 11 bathrooms, this is a very large and luxurious estate home in the Deer Crest area. This ski home sits on 2.5 acreas overlooking the Jordanelle Reservoir with stunning views and great ski access down to the Deer Crest Gondola.  

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#2 9100 Marsac Avenue #1182 – Montage Deer Valley : $8,250,000

The #2 spot is a condominium at the luxurious Montage Deer Valley in Empire Pass sold by the Montage sales team. This development is one of the most prestigious in the Deer Valley area with many sold residences for this ski-in ski-out luxury complex. This unit is a four bedroom and seven bath residence with 6,858 square feet which is one of the largest residences offered at The Montage. 

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#3 9950 N Summit View Dr – Deer Crest : $6,900,000

Deer Crest top the charts with another sale. This estate offered great ski access right out of the door and grand lake views. Sold in April of last year for just under 7M by our own Keller William associate.  With six bedrooms, eight bathrooms, and almost ten thousand square feet of slope-side living, this is an impressive ski home. 

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#4 7840 Hawk Ct – Bald Eagle : $6,875,000

This impressive estate home in Bald Eagle was sold back in February as the 2nd sale within Bald Eagle to top the list. This home is in the prestigious and gated area of Bald Eagle and designed by Otto Walker. A cabin style luxury home at it’s finest with expansive views. The home boasts 12,000 square feet of living space with eight bedrooms and twelve bathrooms. This home was built in 1997 in one of the most renowned locations in all of Deer Valley. 

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#5 2300 E Deer Valley Dr #802 – St. Regis : $6,200,000

Another resort residence made the top 5 sales for 2012 located at the St. Regis inside of Deer Crest. This is a four bedroom with 5 bathrooms unit with 3,615 square feet of living space. This sold for $1,716/sq ft which is an impressive number to see selling after coming out of the suppressed markets we have seen these last few years. St. Regis is another luxurious development to rival the Montage and is in the gated Deer Crest area. 

Sometimes I am hard to catch.  If you try me at the following places, you will have a much better chance of finding me:

www.shesellsparkcity.com
Facebook
LinkedIn
Twitter

Kristen Johnson
435.659.8041
shesellsparkcity@gmail.com
Friends, followers, and connections are a way of the future. Feel free to share!