The summer is in full swing. The weather through May was cool and wet with rain nearly every other day. The mountains are green and the trails are in excellent condition. We are now in the middle of a heat wave with record high temperatures around the west.

Vail has been very active at Park City Mountain Resort living up to their commitment to pour more than $50 million into improvements this summer. New lifts are going in and the Snow Hut has been razed and is being completely rebuilt from the foundation up. The gondola joining PCMR with Canyons is also being installed. The upcoming ski season will be fun and very exciting with the new look.

The real estate market continues to be active. Prices have been climbing steadily for the past two years. New inventory continues to come to market as prices climb. Here is a look at the activity for the first two quarters of the year as compared to the same period last year:

The total number of single family home sales went from 401 closed in 2014 to 453 this year for a 12% increase. The average home price climbed slightly from $1,007,746 to $1,039,784 or about 3%. The median home price jumped from $600,000 to $725,000 or about 17%.

Condominium sales have been similar with 399 total closed transactions vs 365 for the first half of 2014. That is a 9% increase. The average price rose from $669,294 to $720,693 for a 7% increase and the median price rose from $399,000 to $462,000 for a 14% increase.

Closed sales for new home sites dropped slightly from 231 closed in 2014 to 225 closed so far this year. This is a 3% decline and may be related to the lack of available inventory. The average price fell about 11% from $426,506 in 2014 to $380,362 so far this year. The median price increase from $213,000 to $239,000 for an 11% jump. Most of the available inventory of improved home sites currently exists in the private golf communities that surround the park City market area. Those include Glenwild, Promontory, Tuhaye, Victory Ranch and Red Ledges.

With the game changing events of the past year and all of the improvements that are being installed at the local resorts the market should continue to be active.

Thank you for reading our newsletter. I hope to see you on the trail.

Best Regards,

Brad Jensen

Jensen And Company

www.jensenandcompany.com
(435) 901-8333

 

Summit Sotheby's International Realty is the only brokerage in Park City to publish a resort report comparison of the western United States resort markets (California, Colorado, Idaho, Utah and Wyoming). The accessibility and fabulous mountain terrain continue to position these markets as the top resort community destinations worldwide. With the increasing desire for lifestyle-inspired home purchases; the resort community market should continue to rise. Please enjoy our 2015 Resort Market Report and contact Brad Jensen for additional information.  

 Click here or the pics above to view the 2015 Resort Report 

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