2018-QUARTERLY REPORT Statistics - Park City, Utah

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2018-QUARTERLY REPORT

Statistics - Park City, Utah

PARK CITY, UTAH (August 8th, 2018) -- Recent housing statistics for Summit and Wasatch Counties, as reported by the Park City Board of REALTORS®, revealed continued demand and increase in median sales price. At the close of the second quarter of 2018, the number of single-family home sales in the Greater Park City Area increased by 6%, vacant land by 5%, while the condominium sector was slightly down compared to last year’s sales. Demand continued to rise on a gradual level, with single-family homes accounting for 49% of the total dollar volume, condominium sales for 40%, and vacant land for 11% of the market share.

Single Family Homes

Year-over-year, the number of single-family home sales within the City Limits was up 9%, while the median price of $1.93 M remained flat to last year. By neighborhood, Old Town had the highest number of sales – up 36%, while there were 20% fewer sales in Park Meadows.

Snyderville Basin reported more than twice the number of home sales as the City Limits – a 4% increase over last year – with the median price climbing to $1.13 M – up 17%. In Silver Creek sales were up 40% and 37% in median sales price reaching $1.16 M. By neighborhood, Promontory had the highest number of sales in the Basin with 77 sold homes in the last 12 months. Activity in the Jordanelle area had a sizable increase in sales with a 14% median price increase reaching $1.73 M.

Sales in the Heber Valley continued at a strong pace, with nearly one sale a day, and a 28% median price increase to $506,000. There were 20 more homes sold in RedLedges compared to last year, with a median sales price of $1.16 M – up 8%. Midwaycontinued to thrive with 96 closed sales and 17% median price increase reaching $544,000.

“There are many factors contributing to the numbers we are seeing in the Heber Valley. Despite the sharp increase in construction costs, single-family homes are still well below Park City prices. With new amenities in the Heber Valley and excellent schools, buyers are weighing their options,” said Park City Board of REALTORS® President, Todd Anderson.

In the Kamas Valley, the number of sales decreased 15%, though the median price climbed 10% to $412,000. Sales numbers in the Wanship, Hoytsville, Coalville, Echo, & Henefer areas remained the same with a median price of $359,000. 

Condominium & Townhome Sales

Year after year, the number of condo sales within the City Limits was up 8% and up 15% in median price to $787,000. The Snyderville Basin reported essentially the same number of sales as last year with 308 units and the median price of $503,000.

Anderson explained, “The difference between these two areas may be attributed to the completion of developments in Empire Pass versus the reserved or pending status of the to-be-built product in Canyons Resort Village.” The Kimball Junction area, which can offer primary residence condominiums, saw flat sales but a 15% median price increase to $385,500.

The number of closed sales dropped 20% in the Jordanelle area possibly due to lack of inventory as new construction projects have been absorbed, but there was a 12% increase in median price reaching $528,000.

Vacant Land Sales

Park City Limits saw 14 more lot sales than last year and a 15% median price increase reaching $820,000. By neighborhood, Promontory had the highest number of land sales in the Basin with 72, and the median price continued its upward tick reaching $405,000. Canyons Village saw increased sales activity and a 22% median price increase to $2.28 M.

CONCLUSIONS  

Historically, July and August are the months with the highest level of inventory for homes and condos in the Wasatch Back – and Q2 of 2018 was just below Q2 of 2017. In some of the most desirable neighborhoods, a shortfall of for-sale properties has placed an upward pressure on the median prices. With the demand for all that the Wasatch Back lifestyle has to offer, listed properties have been selling at a faster pace. In the last 12 months, the average length for a home to sell was less than 6 months in the Basin and less than 11 months in the City Limits.

If you have any questions do not hesitate to call or text me at 435.602.8228.

Information deemed reliable, but not guaranteed. All information provided by the Park City Board of REALTORS®. 

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Buying Is Now 26.3% Cheaper Than Renting in the US!

The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting, with a traditional 30-year fixed rate mortgage, in 98 of the 100 largest metro areas in the United States.

In the six years that Trulia has conducted this study, this is the first time that it was cheaper to rent than buy in any of the metropolitan areas.

It’s no surprise, however, that those two metros are San Jose and San Francisco, CA, where median home prices have jumped to over $1 million dollars this year. Home values in Wasatch County have risen 29% in the last year, while rents have remained relatively unchanged.

For the 98 metros where homeownership wins out, 97 of them show a double-digit advantage when buying. The range is an average of 2.0% less expensive in Honolulu (HI), all the way up to 48.9% in Detroit (MI), and 26.3% nationwide!

Below is a map of the 100 metros that were studied. The darker the blue dot on the metro, the cheaper it is to buy there.

In order to calculate the true cost of renting vs. buying, Trulia includes all assumed renting costs, including one-time costs (like security deposits), and compares them to the monthly costs of owning a home (insurance, mortgage payments, taxes, and maintenance) including one-time costs (down payments, closing costs, sale proceeds). They also assume that households stay in their home for seven years, put down a 20% down payment, and take out a 30-year fixed rate mortgage. The full methodology is included with the study results here.

Below is a chart created with the data from the last six years of the study, showing the impact of the median home price, rental price, and 30-year fixed rate interest rate used to calculate the ‘cheaper to buy’ metric.

In 2016, when buying was 41.3% less expensive than renting, the average mortgage rate was the driving force behind the difference. Rates this year are the highest they have been in six years which has narrowed the gap, all while home price appreciation has also been driven up by a lack of homes for sale.

Cheryl Young, Trulia’s Chief Economist, had this to say,

“One point deserves emphasizing: The ultra-costly San Francisco Bay Area is not a harbinger for the nation as a whole. While renting may outweigh buying in San Jose and San Francisco, it is unlikely that renting will tip the scales nationally anytime soon.”

Bottom Line

Homeownership provides many benefits beyond the financial ones. If you are one of the many renters out there who would like to evaluate your ability to buy this year, let’s get together to find your dream home.

A SURVIVAL GUIDE FOR MOVING WITH PETS

One of the most stressful changes for people is moving, and for animals, it is no different. According to statistics published by the Humane Society of the United States, 79.7 million households have at least one pet. This is a survival guide for some of the most common stress-induced issues furry family members may face during a move.

Canines
According to the vets at Pet MD, dogs generally tend to internalize their emotional pain, and stress reactions usually manifest in tummy troubles and/or a decrease in appetite. They may also become isolated and sleep more than usual.

To help relieve some of the stress associated with an impending move, Jodi Frediani, wrote in her article that the key to managing a dog in a stressful situation is balance and understanding. If you need to make changes that affect your pet, like doing doggie daycare to allow more home showing flexibility, you should try to ease them into the transition, by maybe doing a few hours a day until the dog can acclimate. At the same time, keep everything else as close to the same as possible, like feeding times, brand of food, and the amount of time you spend together.


Felines
Felines are nothing like dogs. If they ain’t happy, ain’t nobody happy. Cats have a harder time with stress and change than the average dog. Loud noise from workers preparing the home for market, strange people walking through the home and being confined to certain areas of the house are all stressors and could be the first sign of impending kitty apocalypse.

Pam Johnson-Bennett, a cat behaviorist, said that when getting ready to move with your feline family members, try to take household changes slowly. Repainting, new carpet installation, moving a litter box, and a busy open house all within the same week is just too much for most cats to process at once. Limit your changes to things that are absolutely necessary, and during this period do not change brands of food, litter, or the location of food, water, or litter boxes. Make sure kitty has a safe place to hide, and do not remove scratching posts or cat towers if your cat regularly uses them.


Pocket pets
One out of every 25 households has some form of “pocket pet,” the term used to classify small furry creatures like chinchillas, ferrets, sugar gliders, and rabbits. These little guys can also get stressed out from changes in their environment. When going through a move, sometimes our pets may get less attention due to the new demands on our time. Even though a pocket pet may not need to be walked, a lack of attention to cleaning their habitat or handling them can stress their immune systems. Daily handling can catch a small problem before it gets out of hand.


Moving can be stressful to our pets, but taking some of the above precautions will help everyone have a safe and comfortable move into your new home.

"Out-Of-State" Sellers Must Now Collect and Pay State Sales Taxes

The U.S. Supreme Court has overturned 26 years of precedent to rule that a state may compel out-of-state, or “remote,” sellers to collect sales tax from consumers who make purchases within the state. See South Dakota v. Wayfair, Inc., No. 17-494, 585 U.S. ---, 2018 WL 3058015 (June 21, 2018). The Court ruled that a state may do so even where the seller does not have a “physical presence” in the state, such as employees or tangible assets. Although the decision by its terms applies to any “out-of-state” seller, the ruling is squarely aimed at online retailers, who previously reaped a competitive advantage at the expense of brick-and-mortar businesses by avoiding the costs of complying with state sales tax collection and payment laws, as well as a perceived price advantage over brick-and-mortar businesses.




Unless there is a provision in a tax treaty that exempts citizens of a contracting party from local taxation, sellers that are not based in the United States will also be subject to state sales tax collection and payment obligations on sales made into the United States.

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Park City Summer Events You Shouldn't Miss

Park City Summer Events You Shouldn't Miss

In the last 90 days, Park City's real estate market has grown increasingly complex. Buyers "tying properties up" with full-price offers, then cancelling for a myriad of unpredictable reasons. Sellers attempting to navigate the sales process solo. Agents using contract forms inaccurately. "Zestimates" setting unrealistic expectations. New construction projects with fluid completion timelines. A general sense of entitlement on all sides.

I, personally, did not see this coming and cannot explain the shift. What's the takeaway? For agents: know your value proposition and be able to articulate it concisely. For buyers and sellers: allow your REALTOR® advocate to do their job for you; trust them and heed their advice. Lastly, forgive me, because while I wish I could control everything, I can't. Just know that I am working tenaciously to get you to the closing table with your expectations exceeded every.single.time.

 

NOT YET ON THE MLS:

• 3BD/5BA/3074sf Old Town town home with rooftop deck; walkable to Main Street (~$1,650,000)
• 4BD/2BA/2095sf home with 1000sf unfinished basement on 200 East in Midway (~$470,000)
• 4BD/3BA/4659sf fixer-upper log home with apartment on 2.65 acres in Silver Creek ($950,000)
• 4BD/4BA/3616sf home built in 2010 with solar panels on a cul-de-sac in Prospector ($1,200,000)
• 6BD/6BA/6800sf home with entertainers deck on Lower Lando in Jeremy Ranch (~$1,695,000)
• 3BD/3BA/1571sf town home facing common area with a deep driveway at Park’s Edge ($439,000)
• 4BD/3BA/5713sf updated home with south-facing resort views in Park Meadows ($2,300,000)
• 4BD/4BA/4315sf downhill floor plan home with golf course views on Daybreaker in Jeremy Ranch ($1,350,000)
• 5BD/4BA/5180sf remodeled home on a flat 2.4-acre lot in Silver Creek ($1,225,000)
• 4BD/4BA/2900sf town home completed in Sept '17 at Retreat at Jordanelle ($620,000)

 Follow Me for the Latest on Park City Real Estate:

Big Stars Bright Nights "ST. REGIS"

This summer,the concerts will be located at Quinn's Junction Sports Complex, Gillmor Way, in Park City with the exception of Grace Potter on July 13th, that will be held in City Park.

LOS LONELY BOYS
 July 3, 2018

GRACE POTTER
​​July 13, 2018

CHRIS BLUE
July 23, 2018

LUCIA MICARELLI
and JOSHUA ROMAN
​August 5, 2018

CORINNE BAILEY RAE
August 10, 2018​ 

​DON FELDER
formerly of the Eagles
August 11, 2018 

BRUCE HORNSBY
​and The Noisemakers
​​August 16, 2018​

THE WALLFLOWERS
​August 24, 2018

NASHVILLE CAFÉ
CHRIS CARMACK • CHIP ESTEN
​September 2, 2018

Kings Crown Park City, new development at the Base of Park City Mountain

Credit Myths and Misconceptions

Make sure you’re on track with Credit Monitoring.

Credit myths and credit misconceptions are plentiful.
Don't let incorrect information influence your 
credit behavior.

1. One widespread credit misconception fools a lot of people, but viewing your own report and score is counted as a "soft inquiry" and doesn’t change the score one way or another. “Hard inquiries" by a lender or creditor, such as those resulting from your applying for credit, can slightly lower your credit score. If you’re shopping for a loan and concerned about harm to your score, know that multiple loan inquiries within a period of a few weeks are usually treated as a single inquiry to minimize impact.

2.  Credit myth advocates closing old and inactive accounts to hike up your score. However, this might inadvertently have the opposite affect and lower your credit score because now the credit history appears shorter. If you don’t trust yourself to put a card away in a safe place and not use it, then consider canceling newer accounts.

3.  Negative records, such as collection accounts and late payments, will remain on your credit reports for up to seven years from the date of first delinquency. Paying off the account sooner doesn't mean it’s deleted from your credit report; instead it’s listed as “paid.” Of course, it’s smart to pay your debts, both to reduce the total amount of debt you owe and to show your willingness to repay your obligations, but expect the negative record to have some effect until it is purged from your report.

4. If you open an account jointly or co-sign a loan, you will be held legally responsible for the account. Activity on the joint account is displayed on the credit reports of both account holders. If you co-sign for a friend's auto loan and that person doesn’t make the payments, your credit profile will be hurt and vice versa. The only way to end the dual liability is to have one party refinance the loan, or persuade the creditor to formally take you off the account.

5. Credit reporting agencies companies determine your credit score via a complex algorithm that uses hundreds of factors and values to calculate it. It’s almost impossible to calculate the difference in points changing one factor might make. It’s wise to pay your bills on time, work to lower your debts and ask that any inaccuracies be corrected. A proven record of sound financial behavior and time will have the most significant impact on your score.

The spring market is in full swing

 The Higman  are ready to work on fast pre-approvals, answer any questions, thoughtfully consider all options and communicate every step of the way to the closing table.

Do you have any friends or family in need of real estate to buy or sell their home?  If so most of my business comes from referrals. I would be grateful for a referral from you.

In today’s competitive buyer’s market, standing out from the crowd with a home offer letter may be the difference when it comes to my customers purchasing the home of their dreams. While the best possible offer for the home is crucial, writing a personal letter to accompany that offer is an excellent idea. shot me an email or give me a call and I will be happy to give you some great tips about writing a personal letter to accompany your home offer.

My team is ready to help you become homeowners today. Text or call me at (435) 602.8228 with your referrals, and I will call them promptly! Have a fantastic June!

Thank you
Paula Higman- Lead agent
Engel & Völkers