JENSEN AND COMPANY 
PARK CITY, UTAH
APRIL 2016
REAL ESTATE NEWSLETTER
From the Desk of Brad Jensen
It has been a very nice ski season and it is now drawing to a close. There are a couple more weeks to get your downhill turns in. People are beginning to ride their bikes and the local golf courses are beginning to open. So as always, there are a lot of people who achieve the daily double (any two of the three sports in a day) but the trifecta is a real challenge. If you bag either one of these goals, please let me know. 

Next year's season passes are on sale at the lowest rate for those who know that they are going to be skiing next year. Who isn't?  There are benefits. 

The ski season turned out to be a fairly good one after 4 years of drought. It was the year of the big "El Nino" and the weather was very mild. We did have a lot of snow early so it turned out to be good skiing through the season.

Let's take a look at the real estate market for the first quarter of the year. 

There are currently 1,969 properties currently on the market including single family homes, condos and vacant land (homesites). In addition, there are currently 613 pending contracts.

Comparing the first quarter of this year to the first quarter of 2015, sales were down for all types of property. 

For single family homes there are currently 672 homes listed for sale plus 263 pending contracts. In the first quarter there were 179 closed transactions. The average price per sale was $1,188,814. The median sold price was $715,000.

During the first quarter of 2015 there were 181 closed transactions for single family homes with an average price of $1,076,360 and a median sold price of $749,500.  So the total number of sales were down by 1% or flat, the average price was up by 9.5% and the median price was down by 4.5%.

Regarding the condo market there are currently 450 active condo listings plus 268 pending contracts. In the first quarter of this year there were 155 total closed sales. The average price per condo was $730,291 and the median price per condo was $470,000.
 
During the first quarter of 2015 there were 189 condos sold with an average price per sale of $750,286 and a median price of $439,450. The total number of sales was down in 2016 by about 18% and the average price was down almost 3% while the median price was up 6.5%.

Regarding vacant land and new home sites, there are currently 847 listings and 82 pending contracts. For the first quarter of this year there have been 101 closed sales with an average price of $451,599 per sale and a median price of $267,000.

During the first quarter of 2015 there were 104 total closed transactions with the average price per sale of $320,473 and a median price of $225,000. Therefore the total number of sales was down by almost 3%. The average price was up just over 29% and the median price was up almost 16%.

Another interesting fact is that there are 260 single family homes currently on the market that are listed over $2,000,000. In the first quarter there were 21 sales over $2,000,000 and there are currently 35 pending contracts for properties listed over $2,000,000.

On the other hand, there are 400 homes actively listed for sale under $2MM. There were 160 closed sales in the first quarter under $2MM and there are 230 pending contracts in this price range. 

So, under $2MM there were almost as many closed transactions or pending contracts as there are properties for sale in the first quarter. While in contrast there were only about 56 sold or pending contracts for properties over $2MM which is about 18% of the existing inventory.  This represents close to a year and a half worth of inventory on the market currently in the price range over $2MM.

As we have seen for the past couple of years, demand has been strong for single family homes under $2MM. The demand is coming from young families that are end users and who are looking for a primary residence.

Sellers are very confident and therefore pushing prices beyond what the demand will allow. Buyers however are more skeptical and are not wiling to pay inflated prices. As always, for sellers, it is very important to price your home right the first time. 

I am confident that the market will continue to do well. There is demand. People are buying real estate in this market place. There is also enough supply. Buyers are driving the bus however and sellers need to get competitive with their prices to move their property. 

I hope that this is helpful. As always, I appreciate you taking the time to read this news letter. If I can ever be of service to you please give me a call or send a note. I would love to hear from you.

Sincerely,

Brad Jensen
(435) 901-8333
Summit Sotheby's International Realty
Sotheby's International Realty Increases Property Video Exposure on MansionGlobal.com
The Sotheby's International Realty brand continues to create new exposure opportunities for property videos. In addition to sothebysrealty.com, The New York Times real estate section and luxuryestate.com, approved property videos are now being syndicated to the property details pages on mansionglobal.com.  The Mansion Global website receives over 1 million monthly visitors with 30% of traffic coming from the United States and 70% of the traffic coming from international countries.

Summit Sotheby's International Realty Property videos may also receive featured placement opportunities on:
  • sothebysrealty.com Home Page Featured Video
  • youtube.com/sothebysrealty Brand Channel
  • Architectural Digest - Sitewide Video Interstitial
  • Bloomberg - Video Pre Roll
  • Dwell - Video Pre Roll
  • The New York Times - Great Homes Slideshow
  • The Wall Street Journal - Video Pre Roll
  • Mansion Global - Video Pre Roll
  • Portrait Unit Ad Campaign - Reaching over 1.7 million impressions across multiple media partner sites
  • Social Media Video of the Week - Reaching over 316,000 followers worldwide through Facebook, Twitter, Google+ and the Extraordinary Living Blog

Did you know that we can help you buy/sell anywhere in the world?
How often have you wished a trusted friend or colleague could recommend a professional to you rather than relying on a stranger from the internet or phone book?
 
If you're thinking of buying, we'll find you an agent who knows the area you're interested in. If you are looking to sell a property out of state, we will research, interview and find you a REALTORŪ who is best suited to assist you and who has a proven track record. We have relationships with Sotheby's International Realty sales associates all over the world. 
 
So wherever you are, when you decide to buy or sell real estate, please call Brad (435) 901-8333. We work diligently to earn your business and your confidence. After you become acquainted with our service, we encourage you to confidently recommend us to others who will appreciate working with ethical, reliable professionals. Your friends will thank you and we will too!
Market Update
Deer Valley Nightly Rental
Nantucket Island, MA Rental   
Upcoming Park City Events

 

Ritual Chocolate Factory Tours
  • Times: Thursday's & Friday's at 5:00 pm, Saturday's at 12:00 pm
  • Location: Ritual Chocolate
  • Phone: 435-200-8475
  • Visit Website
Park City Food Tours
  • April 01, 2016 - April 15, 2016
  • Phone: 435-640-1271
  • Visit Website 
Illuminations of Africa's Wildlife: Its Beauty, Its Struggle to Survive Photographs by Beverly Joube
  • April 01, 2016 - April 24, 2016
  • Times: 10:00am - 5:00pm Mon-Fri and 12:00pm - 5:00 pm Sat-Sun
  • Phone: 435-649-8882
  • Visit Website

Spring Concert Series

  • April 02, 2016 - April 09, 2016
  • Visit Website                                  
Live Music at O.P. Rockwell with Lyrics Born
  • April 06, 2016
  • Times: Doors @ 8 / Music @ 9pm
  • Location: O.P. Rockwell
  • Visit Website
Thin Air Innovation Festival 2016
Main Street Concert featuring Thievery Corporation
  • April 08, 2016
  • Times: 6 - 8 pm
  • Location: Historic Main Street
  • Visit Website
Louden Wainright III
  • April 08, 2016 - April 09, 2016
  • Times: 8:00pm nightly
  • Phone: 435-649-9371
  • Visit Website
Park City Film Series - Embrace of the Serpent
  • April 08, 2016 - April 10, 2016
  • Times: Friday & Saturday 8pm, Sunday @ 6pm
  • Location: Jim Santy Auditorium
  • Visit Website
Aspen Santa Fe Ballet
  • April 09, 2016
  • Times: 7:30-10:00
  • Location: The George S. & Dolores Dore` Eccles Center for the Performing Arts
  • Phone: 435-655-3114
  • Visit Website
Tribal Seeds
  • April 09, 2016
  • Times: 9:00 PM
  • Location: Park City Live
  • Phone: 435-649-9123
Deer Valley Ski Resort Closing Day (conditions permitting)
  • April 10, 2016
  • Location: Deer Valley Resort
  • Phone: 800-424-3337
  • Visit Website
Park City Resort Closing Day (conditions permitting)
  • April 10, 2016
  • Location: Park City Mountain Resort
  • Phone: 800-222-7275
  • Visit Website
Park City Film Series - The Messenger
  • April 14, 2016
  • Times: 6:30 pm
  • Location: Jim Santy Auditorium
  • Visit Website
Understanding Clean Eating
  • April 14, 2016
  • Times: 6PM to 730PM
  • Location: Silver King Cafe
  • Phone: 435-333-3535
  • Visit Website
Egyptian Theatre presents Booker T. Jones
  • April 15, 2016 - April 17, 2016
  • Times: Friday & Saturday at 8pm, Sunday at 6pm
  • Phone: 435-649-9371
  • Visit Website
Park City Film Series - Hitchcock/Truffaut
  • April 15, 2016 - April 17, 2016
  • Times: Friday & Saturday 8pm, Sunday @ 6pm
  • Location: Jim Santy Auditorium
  • Visit Website
Ferry Corsten
  • April 16, 2016
  • Times: 9:00 PM
  • Location: Park City Live
  • Phone: 435-649-9123
Imagination Movers
  • April 16, 2016
  • Times: 7:30-10:00
  • Location: The George S. & Dolores Dore` Eccles Center for the Performing Arts
  • Phone: 435-655-3114
  • Visit Website
Fox School of Wine's Table of 12
  • April 21, 2016
  • Times: 6:30 - 7:45 pm
  • Location: The Market at Park City
  • Phone: 435-655-9463
  • Visit Website
Park City Film Series - Just Eat It
  • April 21, 2016
  • Times: 7 pm
  • Location: Jim Santy Auditorium
  • Visit Website
Park City Film Series - City of Gold
  • April 22, 2016 - April 24, 2016
  • Times: Friday & Saturday 8pm, Sunday @ 6pm
  • Location: Jim Santy Auditorium
  • Visit Website
Egyptian Theatre presents Park City Follies
  • April 22, 2016 - May 01, 2016
  • Times: Wednesday, Thursday, Fridays & Saturdays @ 8pm; Sundays @ 6pm
  • Phone: 435-649-9371
  • Visit Website
Summit Land Conservancy Film Screening: Inhabit
  • April 28, 2016
  • Times: 7pm-9pm
  • Location: Jim Santy Auditorium 
Park City Film Series - The First Monday in May
  • April 29, 2016 - May 01, 2016
  • Times: Friday & Saturday 8pm, Sunday @ 6pm
  • Location: Jim Santy Auditorium
  • Visit Website 
Last Friday Gallery Stroll
  • April 29, 2016 - December 30, 2016
  • Location: Various venues in Park City
  • Visit Website
Our Blog
111 W Goshawk Ridge Road, Park City, Utah 84098 - Price: $2,300,000

This beautiful mountain estate sits on 11.5 acres in Goshawk Ranch; a tranquil 184 acre community within minutes to Park City and a quick 30 minute commute to Salt Lake City. This 10,292 sf estate includes 6 bedroom suites, an open & spacious floor plan; which allows for easy entertaining of family & friends; a gourmet kitchen with top of the line appliances, an exercise room with a wave-resistance pool, elevator and oversized 6-car heated garage. Immerse yourself in the serenity and wildlife with moose, elk and fox sightings. Enjoy breathtaking southern views of all three world class ski resorts. This ranch estate is zoned for horses and allows for a guest house, barn and corral to be added, if the Buyer so chooses. Don't miss the opportunity to preview this one-of-a-kind property. From the incredible sunsets to the ever changing seasons of the Wasatch Back, this property has it all!
If you would like more information on your market area wherever it may be, please let me know. If it is not my area of expertise I can most certainly find a professional in your area who can assist you. It is great to be a part of such a powerful Sotheby's International Realty network. 

Sincerely, 
Brad Jensen 
(435) 901-8333
Brad Jensen
Associate Broker
Summit Sotheby's International Realty
(435) 901-8333