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I am a realtor in Summit and Wasatch counties and though my blog is not about REAL ESTATE, I wanted to give an update to all of the people who have been asking me about the market.  Here are the market stats for Q1 according to the Park City Board of Realtors.  As you can see…we have been busy.  (And thus skiing my 100 days was not always easy.)

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.”

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. It is important to consult your local REALTOR® to find out what the market is doing in your neighborhood.”

 

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Mr. Man and I are finishing our basement this year.  We are adding almost 1200 sq ft of living space including a bedroom, bathroom, media room and beer room.

BEER ROOM? Dave is a beer connoisseur and loves to brew beer as well as drink it.  So, are building him a beer kitchen.  He will never want to leave the house again.  I will post pix when I take some.

 

 

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Park City is experiencing the same road difficulties we deal with in Tollgate Canyon. Pay tax money and get no services.  Not that I am saying Pine Meadows Ranch does not do a good job with the HOA’s money, but when you pay money to the county and they do not help…..

The same day I was at the meeting for the ‘dogs off leash on the trail issue’.  My sassy, sexy friend Amy T was taking note to try and get some assistance with their community roads.  Phil has now started a petition to require the repair of the roads that the government has been taxing them for.  Makes sense to me.  GO GET ‘EM PHIL!  Below is a link to the article in the Park Record.

http://www.parkrecord.com/ci_23090264/service-area-6-homeowners-say-they-want-roads

There was some interesting chatter going on that Provo was going to release some big news today.  For those of you across the globe that do not know, Provo is located just south of Salt Lake and home of BYU.  We commonly refer to it as Happy Valley as it has one of the highest per cap usage of prozac like drugs in the county.  It is a college town, heavily religious tons of kids and young adults with no parting.  (pleasantville?)

Well the news has been released… google fiber is putting this town on it’s shortlist of towns to partner with.  Wow.  Big news.  I thought they were going to get a Disney park.   BUMMER.

Dogs, dog owners and mean nasty smelly douche-bag dog haters (with guns) are up in arms about dogs off leash on trails in Park City.  Summit county has a leash law, however Park City has been a dog friendly town for years.  With the influx of people we are all feeling the heat on this issue.  A Summit County Council meeting to discuss the county leash laws is scheduled Wednesday, April 17 at 1:35 p.m. at the Sheldon Richins Building, located at 1885 West Ute Boulevard.

As the parent of two well trained active Weimaraner biking dogs, you can guess this is an upsetting topic for me.  I can understand that some people have a real fear of these animals and you ALWAYS need to exercise caution when approaching any animal…cat, dog, fish, monkey, bear  I have been bit by many things, nothing serious and all my fault.  HOWEVER…..some animals need to run.

When you are on a trail you give the horse the right of way and respect others on the trail.  As a dog owner I feel it is my responsibility to make my animals model citizens and unfortunately other owners are more lax about this.  I repeatedly have other trail users compliment my animals behavior-and this is no accident.   And any bad behavior has been when I encounter a lax owner.

 

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please don’t take our trail privileges away……

I think that it is really sad that our town has grown so much that this decision is being made due to the two complete opposite groups in the minority that can’t respect others.    And by respect others I mean train their animals or grow a pair and deal with your fears.    One woman was threatened by a man to pull a gun and shoot her dog this winter.  Be nice people…

TO THE HATERS…Keep in mind that an dog on a leash is sometimes more dangerous than one off.  AND you moved to a dog friendly town illustrated by the  book called “dogs on main st” and the fact that is was once referred to as BARK CITY at what point did you think that would stop when you moved your pansy ass from the city.

Interested in heading down to the meeting tomorrow at 1?  Kurbi and I may be going.

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