First Quarter 2013 Statistics are in… Park City Real Estate’s best quarter since 2007!

Park City, Utah – April 26, 2013 – Park City Board of REALTORS® just released statistics for the first quarter of 2013 showing the number of sales are up 17% from the first quarter of 2012. The sales dollar volume is up 28% over the same time-period last year, climbing from $239 million in Q1 of 2012 to over $306 million for Q1 of 2013. With 402 closed sales already this year, Mark Seltenrich, Statistician for the Park City Board of REALTORS® said, “This is the best first quarter we have seen since 2007.”

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Inventory
The current inventory of active listings in the greater Park City area is lower than it has been since 2006.  As of April 1st, there has been a 21% decrease in listings since April 1st of 2012. The current number of listings is down 47% since the high mark in July, 2008.

Distressed Sales
Foreclosures have become a less significant part of our market.  Distressed properties (foreclosures and short sales) now make up only three percent of active listings and accounted for only 13% of sold properties in Q1– down from 23% in Q1 of 2012.

Single-Family Homes
The number of sales for single family homes in all areas in Q1 increased 18% compared to Q1 of 2012, and the median sales price rose 30% to $619,500.  The median price for single family homes in the Snyderville Basin and Jordanelle area was up 28% reaching $634,500 from Q1 of last year, though down slightly from the year-end 2012 figure of $649,000.  The median price of a home within the city limits for the first quarter was $1,312,500, up 12% from the first quarter of 2012 and up 22% from the year-end 2012 figure. 

Condominiums
Overall, condominium sales decreased 3% from Q1 of 2012; however, the number of sales inside the city limits was up 21%. The median sales price within the Park City limits was $639,000, which is down 18% from the first quarter of 2012—though well above the 2012 year-end figure of $522,500.  While the number of sales in the Snyderville Basin and Jordanelle area was down 23% compared to the first quarter of 2012, the median price for a condo was $334,128, which is up 22% over the first quarter of 2012 and up 8% over the year end 2012 figure. 

Vacant Land
Vacant land sales increased 45% in the first quarter of 2013 with 74 transactions compared to 51 transactions in 2012.  Lot sales increased in both the city limits, up six sales (75%), and in the Snyderville Basin and Jordanelle areas, up 19 sales (73%).

The median price of a vacant lot, for all areas, fell 9% in the first quarter of 2013, dropping to $182,150 from $200,000 in 2012.  Lot prices within the city limits climbed 10% from $468,000 in 2012 to $514,500 in 2013.  Median lot prices in the Snyderville Basin and Jordanelle areas dropped from $237,000 in 2012 to $180,000 in 2013, a 24% decrease.  “These lower prices will not be sustained and prices through the rest of the year should rise as there are far fewer lower priced lots on the market. Prices overall, although higher, are still a great value,” Seltenrich said.

Looking Ahead

Buyer activity continues to be strong, and historically sales in the first quarter of the year are slower than the remainder of the year.  This means that competition for certain properties, especially single family homes under $500,000, will be harder to find. Though, with interest rates remaining historically low, today’s buyer has 43% more purchasing power than they did in 2006, as reported by Rick Klein of Wells Fargo Home Mortgage.

The low inventory is increasing the pressure on price. In some market segments, the absorption rate for a new listing is as low as 1.8 months on the market, while in others it is 144 months. Jeff Spencer notes that, “There are still specific areas within our market that are slower to respond to price increase and demand; therefore, opportunity still exists for good buys.”

Visit www.SheSellsParkCity.com to view current market inventory.

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
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Relocating to Utah? Here are the facts:

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Did you know…

  •   Forbes Magazine ranked Utah as the #1 Best State for Business and Careers for the third year in a row.
  •   One of only 7 states to maintain the highest bond rating by Moody’s, Finch, and S&P.
  •   #1 ranking in the ALEC-Laffer State Economic Rankings for 2012
  •   #1 “Best Place to Live in the Future”  by Gallup.
  •   CNBC ranks Utah #2 for the Best State for Doing Business.
  •   Salt Lake City ranks in the top 15 Hottest American Cities of the Future by Business Insider.
  •   Provo and Ogden are ranked #1 and #6 Best Cities for Business by Forbes.
  •   Utah ranks #8 Overall in the 2012 New State Economy Index and #1 for “Economic Dynamism” by the Information Technology & Innovation Foundation
  •   Utah is the top state for volunteerism in America for seven years in a row according to the Volunteering and Civic Life in America report.
  •   Utah also ranks first nationally for doing favors for neighbors, according to Census based data.
  •   #1 ranking for Utah by Pollina Corporate Real Estate survey for Top 10 Pro-Business States.
  •   Chief Executive Magazine shows Utah as #9 Best State for Business.
  •     #1 Five years in a row for “Expected Economic Recovery and Economic Outlook” by the American Economic Council.
  •   “Best Managed States in the Nation” #1 ranking by the Pew Center on the States
  •   Utah is the #4 “Best Run State in America” by 24/7 Wall Street
  •   Innovation Daily shows Utah as #2 for “The New Places Where America’s Tech Future is Taking Place” for 2005-1012.
  •   Top ten “Best Tax Climates for Business” by the Tax Foundation
  •   #1 (with Minnesota) for “Best Livable States of the Future” by NBC News/Reuters
  •   #1 “Best States to Live – In 2032” by CNN Money
  •   Utah #2 “The Next Boom States” by the U.S. Chamber of Commerce

Interested in more or the details?  Go to www.business.utah.gov/whyutah/accolades

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Employment  2012 showed a 2.9% increase in nonagricultural jobs, or about 35,800 new positions created, exceeding the national rate of 1.4% by more than double.  Unemployment fell from 5.8% to 5.2%, significantly below the U.S. rate of 7.1%.  Industries leading this job expansion were Information, Hospitality, Financial, and Professional Services.  Construction was the only sector with a net job loss, down 2.2% over 2011 though we expect that trend will reverse with solid gains in 2013 of nearly 10%.  Overall, we should see net gains of 3.5% for 2013 in nonfarm jobs.

Wages and Income  Utah ranked 7th in America for personal income growth, finishing 2012 up 4.7%, led by strong wage growth of 5.5% with a similar increase expected for this year.  Annual average pay per capita was up 3.2% to $41,070 last year and is projected to rise 2.7% in 2013.  Median household income stands at $58,438, 11th in the nation.

Taxable Sales | Tax Collection  Taxable sales rose 6.2% in 2012 and retail trade was up 6.7%.  Business investment tax collection rose 6.6% and those on services were up 6.4%.  This year, we can expect retail sales to grow by 6.1% and taxable sales to gain 5.4%. Tax collections for the State will rise to about 5.7% this year.

Population  Utah’s population increased in 2012 by 40,090 people or 1.5% ranking fifth overall in the nation, though on a percentage basis we were more than double the U.S. rate.  Our total population stood at 2,855,287 for 2012 and should be about the same for this year.  Utah’s high internal birth rate will continue and will offset a somewhat slower in-migration trend, though continued nonagricultural job creation, particularly in construction could have a stronger positive impact. Utah’s life expectancy stands at 78.6 years, third in America. The median age is 29.5 which ranks youngest in the nation.  We also have the largest average household size currently at 3.13 persons per home.

Education  90.3% of Utah residents are high school graduates and 29.7% of those over 25 years hold a bachelor’s degree.

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

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!