April InTouch Newsletter

By Lea Hartley Team
Apr 01, 2014

 

Real Estate Market Update

 

A recent survey of over 50,000 real estate professionals reports a consensus view that home prices will continue to increase moderately this year, at a median rate of 3.9%. Tight credit conditions and conservative family budgeting may limit price increases, but the real estate market will continue to grow in strength.  As evidence of this, properties are currently selling more rapidly -- the median of days on market has dropped to 62.

 

 

According to the report, “Access to credit” was often cited as a deterrent to home buying. About 13 percent of REALTORS® who did not close a sale in February reported having clients who could not obtain financing. Other professionals found that the combination of rising prices; higher interest rates; and added fees such as FHA’s up front and continuing mortgage insurance premiums has eroded affordability. Modest job and income growth and difficult underwriting standards have also held off prospective buyers.

 

Fortunately, Utah’s economy is projected to grow steadily and more rapidly than the national average. The state’s real estate market will most likely experience a 3 to 5% increase in home prices due to a stabilizing economy, statewide business growth, and historically low inventory. 

 

 

 

Prudential Utah Real Estate lists and sells more exceptional Park City properties than any other brokerage in the area. We know how to price, market and negotiate extraordinary homes. Please contact your Prudential Realtor® to sell or find your Park City home.

 

Development News

 

Juniper Landing is a luxury community located at the lively base of Canyons Resort, just 35 minutes away from Salt Lake International airport. Juniper Landing residents enjoy private ski-in/ski-out access to Canyons Resort (one of the top ten resorts in North America) and are within walking distance to free live concerts, fine-dining options, the farmer’s market, and other special events.

 

These modern residences feature granite finishes, vaulted ceilings, private two-car garages, central air conditioning, Viking® appliances, fireplace living areas, individual hot tubs, and come fully furnished. 

 

 

Market Area Spotlight

 

Upper Deer Valley   

 

Upper Deer Valley’s market remains robust. While home prices continue to increase, condominiums are selling for less than last year, making them good investment options. Since January, Upper Deer Valley homes have had an average selling price of $6,400,000, up from $3,200,000 at the same time last year. In contrast, sold condominiums had an average selling price of $1,200,000, which is down from $1,700,000 last year.  

 

 

Stein Eriksen Residences Update

 

Stein Eriksen Residences have seen a tremendous amount of activity since their initial winter release and are offering new additional product. Due to the success of the previous reservation phase, developers have decided to release the final building. The current 37 reservations are expected to convert to purchase contracts in June, and the project will be constructed en masse with no phasing starting this summer. Completion for the condominium buildings is estimated at twenty months. Contact your local Prudential agent for more information.  

 

 

 

For more information, visit steineriksenresidences.com

 

Park City Community News

 

Spring arrived in time for the 7th Annual Spring Gruv Pond Skimming competition at the Canyons Resort. Competitors wore outrageous costumes and wielded elaborate props to the delight of the large crowd of enthusiastic spectators. A few contestants managed to cross the length of the constructed pond while others elected to make a splash entrance. The annual Gruv event marks the beginning of the spring season calendar of events.

 

 

More Spring Events:

 

4/5 Olympic Parade of Athletes Main Street, Park City, 5pm

4/9 - 4/13 IFSA North American Junior Championships at Snowbird Resort 

4/18 - 4/20 Utah Barrel Racing Association Summer Series 415 Southfield Rd., Heber City

4/20 Park City Mountain Resort’s Annual Easter Egg Hunt and Celebration 

4/26 Red Butte Gardens Tree Tour - Red Butte Gardens, 10-11:30 am

 

For more on upcoming Park City events: visitparkcity.com

 

 

© 2014 BRER Affiliates LLC. Real Estate brokerage services are offered through the independently owned and operated network of broker member franchisees of BRER Affiliates LLC. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, used under license with no other affiliation with Prudential.

 

Equal Housing Opportunity. 

Prudential Utah Real Estate
890 Main Street  |  Park City, Utah 84060  |  435.649.7171

info@pru-utah.com

 

www.facebook.com/pruutah  

 

Getting Specific on Park City's Neighborhoods

By Lea Hartley Team
Mar 18, 2014

Yes, Park City is a small town but contains several different areas which suit a variety of tastes!

 

March 2014 : Park City Real Estate & Community Update

By Lea Hartley Team
Mar 12, 2014

March newsletter

Featuring the Lea Hartley Team!

By Lea Hartley Team
Mar 08, 2014

We are so incredibly proud to be associated with the Prudential family here in Park City, Utah.  We are industry leaders as a company and definitely as long time local Realtors.  What a great job we have, what a great life we enjoy.  As the saying goes “if you are lucky enough to live in Park City, you are lucky enough”.  Give us a call if you would like a slice of our mountain paradise.

 

New Recycle Utah Grocery Bag, available for purchase at Recycle Utah!

By Lea Hartley Team
Feb 26, 2014

Rob joins Deb and Jim on PCTV's Mountain Morning Show.

By Lea Hartley Team
Feb 11, 2014

Home sales in Park City area are strong

By Lea Hartley Team
Feb 08, 2014

Number of homes on market at lowest since 2007

Alan Maguire, The Park Record

Park City area 2013 single-family home and condominium sales results were released by the Park City Board of Realtors last Friday and the trends appear to be moving in a positive direction.

"Finishing 2013 with a total of 2,230 sales, the Park City area real estate market is up 22% over 2012 and double the number of the market low in 2009," the Board's press release stated. "Property prices show a steady appreciation of 7% over last year and demand is strong for all property types selling in both the high and low price ranges."

Inventory is at an all-time low. The Board reported 1,981 active listings in the greater Park City area (which includes the Heber Valley, Oakley and Kamas), down 46 percent from the "high mark of 3,684 in July of 2008."

The Board has only been tracking inventory numbers since 2007, but still describes the current number as "shocking."

Greater sale prices are not yet necessarily accompanying the reduced inventory, however.

"Supply and demand, you would assume that because the supply is so low the prices would be going up, and we really haven't seen that," Marcie Davis, the Board's new president, told The Park Record. "They've gone up a bit and they're starting to move up, but you wouldn't say that the entire market is up a whole heck of a lot."

With respect to the length of time homes are taking to sell (the "absorption rate"), the Board reported an average of 7.4 months.

It stated that this figure "varies widely by property type and neighborhood," and noted that Silver Springs and Summit Park homes averaged only 1.45 and 2.07 months on the market, respectively.

Old Town was singled out as being a particularly active area for sales in 2013, "averaging about one sale every five days," with a median price of $912,500 for single-family homes and $380,000 for condos -- 14 and 17 percent increases over the prior year, respectively.

The Jordanelle area was singled out as being "flat" in total sales "and actually saw a 12% decrease in price to $660,000," the Board reports. However, that area did have the "highest spike" in the number of vacant land sales, more than double than in 2012. The Heber and Kamas Valleys also saw increases in vacant land sales. "With reduced inventory and increased sales in Summit County, buyers naturally branch out for better prices. Wasatch County saw a lot of activity in 2013," Davis said.

Distressed sales have declined to the point where "they are no longer a factor in our market," the Board stated, reporting 3.4 percent of total sales as distressed in the last quarter of 2013, down 13 percent from the same period in 2012 and 31 percent from 2011.

Though the overall trends are showing a market on the upswing, Davis stops short of making any bold predictions for 2014. "As I say to my clients, my crystal ball is broken," she said. "It's really tough, it depends. I mean, the [stock] market went down how many points [Monday]? All of that is going to have an effect. So for us to try and say what we think the market is going to be, you just don't know.

"I do think that Park City is now on everybody's radar, where I think years ago it was not."

Median price of all units sold in the greater Park City area:

  • 2007: $540,000
  • 2008: $480,000
  • 2009: $411,000
  • 2010: $398,000
  • 2011: $350,000
  • 2012: $395,000
  • 2013: $409,000
Data from Park City Board of Realtors

All About Appraisals

By Lea Hartley Team
Jan 07, 2014

Jim Lea and Deb Hartley discuss the basics of appraisals.

January Update

By Lea Hartley Team
Jan 02, 2014

Happy New Year from the Lea Hartley Team!

JAN-2014-DigiNewsletter

November's In Touch Newsletter

By Lea Hartley Team
Nov 20, 2013

Nov-2013-DigiNewsletter

 
 
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