Park City Real Estate Blog

 

Press Release

March 2020

Two Trillion economic Stimulus Package

In response to the Coronavirus Virus pandemic the Senate passed the biggest fiscal stimulus package in U. S. History. The Senate just approved a $2 trillion economic stimulus package,  for businesses, healthcare , and Americans. Click on this link to read the Bill.   Senate Majority Leader, Mitch McConnell stated, "This isn't even a stimulus package. "It is emergency relief. Emergency relief. That's what this is."

  • $350 billion plus to aid small businesses.
  • $150 billion to hospitals and other health-care providers for equipment and supplies.
  • In early April: Direct payments to lower- and middle-income Americans of $1,200 for each adult, as well as $500 for
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The Last quarter of 2019, the Park City real estate market for both Summit and Wasatch Counties showed strong appreciation with increases for single family homes median sale price rising 12% year over year. The number of homes sold increased 4%. We were on an upward trajectory. Since March 09, 2020, Park City proper and the Snyderville Basin area have had 28 properties go under contract. We continue to have single family homes, condos, and land enter into the marketplace.

In January, we started to experience a global pandemic with a virus that has now gripped the world. This virus has no boundaries so we are dealing with a global economic recession. The stock market has the virus. The good news! The stock market slipped 30%, in the past economic

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Quick Summary:

"Park City Fourth Quarter Real Estate Market"

Park City Real Estate for the fourth quarter of 2019 continued to show strong appreciation with increases in both average and median sale price as well as dollar volume as re-ported by the Park City Board of REALTORS® Multiple Listing Service.

The greater Park City market in general continues to show great stability in single family homes. The number of homes sold increased 4% with the median sale price rising 12% year over year. During the same period in 2018, the median sale price gained 7% indicating a sustained period of steady, consistent growth.

Condominium sales exploded in fourth quarter increasing 24% in units sold (966 vs 777 sold in 2018) with a solid median price gain

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Park City Q4 Real Estate Market Report

Park City Single Family Homes:

Soon Park City will be in the peak of homes entering into the market place. Our home selling season peaks between May and October with the inventory of homes available starts to shrink from mid- summer until early spring the following year. Last year the number of homes for sale decreased from a peak of 2,347 in June and this year will be no different. Inventory will be tight.

Old Town:

The median price for a home in Old Town increased 17% to $1.83M.

Park Meadows:

The median price for a home in Park Meadows had an average price increase of 4% to just over $2.25M.

Snyderville:

The median price increased  8% to just over $1.7M.

Pinebrook:

Pinebrook Area

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Park City Quarter 3 Real Estate Market Report 2019

Park City’s population continues to rise as more and more people discover the ease of access from the Salt Lake International airport with only a 30 minute commute. The Salt Lake City economy is flourishing with tech companies moving to the area. The Park City area is a bedroom community for new residents that desire clean air, beautiful mountain surroundings, and an upscale lifestyle.  Summit Sotheby’s International Realty reports on the Park City and Salt Lake City real estate market, sectioning into several micro markets and neighborhoods. Collectively, comparing the results through Q3 of 2019 to that of 2018, new listings did not change much from this same time as last year at 1,131. Total dollar

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"Will the recession begin in the election year of 2020?"

The Wall Street recently conducted a survey with over 36 economists by asking the question "When will the next recession begin?"

The chart shows the results of that survey the was asked of the economists from four major surveys done by four major entities, the Pulsenomics survey, the Duke University survey, the National Association of Business Economics survey, and the Wall Street Journal survey.

According to Morgan Housel, "It might be over before we realized it began.” But, I’m a little nervous about people panicking over it since there’s so much talk to it, especially coming into a presidential election year. In short, I don’t think the recession is going to be anything like 2008 fro

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Press Release

August 21, 2019

The Park City Board of REALTORS® Multiple Listing Service just release the second quarter of 2019 housing statistics. The data is a year-over-year stat pulled from the Summit and Wasatch Counties. Overall, the area continues to show strong appreciation numbers with an in crease in both average and median sales price and this includes the dollar volume.

Single Family homes

Greater Park City area: When comparing the median sales price to last years there was an increase of 13% increase. The home price change in the Top 10 states were relatively flat.

Old Town: When comparing the median sales price from 2018 we saw an increase of 9% to $1.73m. The number of sales dropped by 19% over last year mainly due to

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2019 Fourth of July in Park City

Park City and the surrounding area offers fantastic 4th of July festivities for everyone. This year was one of the best that I have seen with patrons enthusiastically raising the red, white, and blue celebrating "Our Freedoms".

Independence Day is one of my favorite holidays. I enjoy hearing the stories of those that have served and protected the freedoms we share. I love the fanfare and patriotism.

Silver Mountain Spa and Sports Club created a fun float for the Fourth of July celebration as seen on Main Street in Park City, Utah. 

This float caught my attention with the grandeur and statue for displaying our flag for the likes of Betsy Ross, Great Star, and Old Glory.

Keith Urban was the

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Retiring Soon?

Top Tips for House Hunting in Salt Lake City Looking for a new home for your retirement?

Salt Lake Communities

 

You should know that Salt Lake City, UT counts itself among U.S. News’ list of top places to retire in America. This city is not to be overlooked.

Retirees who love the outdoors will appreciate the city’s 900-plus acres of public parks, including Liberty Park, Sugar House Park and This is the Place Heritage Park. For those who love cultural experiences, museums such as the Utah Museum of Fine Arts, performing arts venues such as the Vivint Smart Home Arena, and attractions such as the Hogle Zoo offer an array of options.

First thing’s first, though - you need to start your house hunting journey to find your

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On April 2019,  Lawrence Yun the Chief Economist and Senior Vice President of Research at the National Association of REALTORS® released the most recent economic and real estate outlook for 2019. 

The last Q1 of 2019, indicated that the Park City area trends over the last year is a steady and stable real estate market. The market data indicated that the median price is up 9.7 percent over last year. This is on par to the March 2019  National FHA report for the mountain areas.  The report that Lawrence Yin released indicated that Park City has a forecast sales price change to approximately  +2.7% in 2019 and 3% in 2020.

The first quarter housing report indicated that the number of home sales have decreased, inventory is down, but sales price is up.

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