A Year To Year Comparison Of First Quarter Real Estate Sales

I am late in writing this letter. I wanted to get it out during the first week of the month but life has been busy lately. Thank you for opening it and please look for it on time next month.

The market has been growing and so has the baby count at Jensen and Company. Crystal had her baby boy, Marcus, on April 2. Mother and child are doing very well. He is a good looking boy and already growing fast. Congratulations Crystal and Lee!

We have seen another ski season fly by and we are now looking at another first quarter of real estate sales in the rear view mirror. Ski tourism was very strong again this year in spite of less than average snow fall. It is surprising how good the skiing really was. I heard very few complaints except from the locals who are mostly spoiled because they know how good it can really be.

Real estate sales have been solid. Here is a comparison of the first quarter of 2015 sales as compared to sales for first quarter of 2014.

The number of units sold increased in all categories.

Single family home sales went from 163 units in 2014 to 183 units in 2015 or about a 10% increase.  The average price per home increased from $1,002,508  to $1,064,401 or about 6% and the median sales price increased from $632,000 to $736,500 or about 14%. 

Condo sales went from 168 units sold in 2014 to 188 units sold 2015 for an 11% increase. The average sales price climbed from $712,850 to in 2014 to $752,166 in 2015 or just over 5%. The median sales price went from $404,086 to $439,900 for an increase of just over 8%.

Vacant land and lot sales went from 94 units sold in 2014 to 104 units sold in 2015, about a 10% increase. The median price went from $197,500 to $225,000 for a 12% increase. The average price was down dramatically due to some very large sales in 2014.

Interest rates continue to be very low. This has been helping to fuel the market. There has also been a lot of refinancing of existing residences as well.

Inventories have been shrinking. The inventory of vacant lots is very limited especially within the Park City limits.

The statistics and figures listed above were taken from the Park City MLS and represent sales in all areas.

Thank you again for taking the time to read this newsletter. If I can ever be of assistance please send a note or give me a call. I appreciate your inquiries and referrals.

Best Regards,

Brad Jensen

Jensen And Company

www.jensenandcompany.com
(435) 901-8333

 

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