REAL ESTATE NEWSLETTER, JULY 2016
From the Desk of Brad Jensen
The summer season has been fantastic. It is hard to believe that we are already deep into July. Biking, outdoor concerts, golf and water sports are all on the agenda these days. I hope that you are getting a chance to enjoy all that Park City has to offer in the summer. The weather has been fantastic and the mountains are green and beautiful.

It is time for a quarterly market update. I am sorry that it has taken half the month of July to prepare. Generally speaking, the real estate market continues to clip along.

This is an analysis of the overall market in the Park City MLS area comparing the first two quarters of 2016 to the first two quarters of 2015.

Single family home sales have been up for the first two quarters of 2016. The total number of units sold has been 526 as compared to 471 units sold in 2015. The average price per sale has also increased from $1,036,000 in 2015 to $1,138,000 in 2016 or about 9%. The median price decreased however from $725,000 in 2015 to $687,000 in 2016 for a 5% decrease. The average price per sold square foot is $291 which is down from the first two quarters of 2015 when it was $327. That is a 12% decrease.  The total dollar volume for the first two quarters in single family home sales is approximately $598.7 Million. 

Condo sales have slowed from 412 total units in 2015 to 387 units in 2016 for a 6% decrease.  The average price per condo sale increased by 3% from $710,000 in 2015 to $735,000 in 2016.  The median price increased by 11% from $453,000 in 2015 to $510,000 in 2016. The average price per sold square foot increase by 5% from $387 per foot to $405 per foot. The total volume for condo sales  for the first two quarters was just under $284.75 Million. 

Vacant land and home site sales has been about equal to last year with 232 sales versus 230 sales in 2015. The average price has increased by about 17% from $375,000 to about $454,000 in 2016. The median price increased by approximately 4% from $232,000 to $243,000. The total dollar volume in vacant land sales is $105.4 Million for the first half of the year. 

I hope that you find this interesting. If you have questions about this report or if you would like more specific information regarding your neighborhood, please let me know. I always enjoy a good market discussion. 

I hope to see you on the trail.

Sincerely,

Brad Jensen
(435) 901-8333
Summit Sotheby's International Realty

The Collections Magazine is Summit Sotheby's International Realty's premiere guide of the finest luxury properties, lifestyles and real estate throughout Utah. Each issue, published bi-annually, showcases luxury estates and homes for sale from the finest international real estate specialists.
 
If you haven't already picked up a copy, drop by our offices for a free copy or simply call or email us to have one mailed to you. Click here or on the image above to view our online edition!

Save the Date

August 7th - Tour of Utah Finish Line Party
For the 6th consecutive year, Historic Main Street in Park City will be the start and finish site for the challenging and final Stage 7. The action-packed racing starts at noon and the finish line party starts at 3:30 pm. We will have food, drinks and the best views again!


August 12th - 
Local's Night at the Park City Art's Festival
Opening night has become a popular tradition for the Kimball Arts Festival and locals. It's a magical night as locals get a first look at the art available and visit with friends and neighbors.

SSIR Comprehensive Park City 
Real Estate Market Update Website
Real estate is hyper local. So much so, that each neighborhood, block and even street can have varying histories and current market data. This is why we built parkcitymarketupdate.com, a responsive, user-friendly website to help you navigate Park City's market trends. Here you'll find videos, infographics, quarterly and yearly reports, all broken down by neighborhood. Want more in-depth information? A property evaluation? Connect with Brad Jensen for up-to-the-minute market information and expert knowledge and experience
Market Update
Deer Valley Nightly Rental
Nantucket Island, MA Rental   
Upcoming Park City Events

07/01/2016 to 07/31/2016 -

21 RESTAURANTS VYING FOR TITLE IN PARK CITY'S SUMMER COCKTAIL CONTEST

Bars and restaurants are hoping to be crowned the new home of the best summer libation.

No need to wait for November! Election

 

07/22/2016

Features the great Rodgers & Hammerstein hits from Showboat, Sound of Music, King and I, Carousel, and Oklahoma. Also, sing-along with Edelweiss, Climb Every Mountain, Shall We Dance, Oh What A

 

07/08/2016 to 09/02/2016 -

Put on your walking shoes and explore Park City's Historic Main Street! Explore the architecture and stories of Park City's unique history-from the days as a booming mine town to an emerging ski town.

 

06/03/2016 to 10/21/2016 -

Come build with us! Unleash your creativity and build whatever your heart desires. We have Duplo's for our smaller friends, and LEGOS for our master builders! Share and explain creations at the end of

 

06/29/2016 to 08/31/2016 -

Concert located on our plaza from 7-9:30 PM. 21 and up for seating at our bar - Tavern. Under 21 seating on the restaurant patio and surrounding areas.

 

07/21/2016 to 07/24/2016 -

Rock of Ages tells the story of small town girl Sherrie and city boy Drew, who meet on the Sunset Strip while pursuing their Hollywood dreams. Their rock 'n' roll romance is told through the

 

06/26/2016 to 09/04/2016 -

Catch the high-flying action every weekend through July and August with the Flying Ace All-Stars Freestyle Show. See Olympians and National Team skiers and snowboarders perform acrobatic feats as they

 

06/18/2016 to 09/03/2016 -

Join us for a casual, fun wine tasting class guaranteed to get you laughing and learning at the same time. We taste wines selected based on the topic for the weekend. Each class is designed to give

 

07/23/2016 

When the sun goes down, the movie goes up...on our 20 foot movie screen! Bring your blankets, chairs and snacks to our movie in the park. Enjoy a FREE Park City summer night out with family and

 

07/23/2016 

General Info:

Outside food & drink is permitted. We recommend arriving early to picnic on the lawn prior to the concert. Concessions, including options from the grill and beverages, are for sale at

 

07/24/2016 

BEETHOVEN FESTIVAL CONCERT Outstanding classical soloists from around the world performing chamber music together in intimate, beautiful settings as part of Utah's oldest classical music festival: For

 

07/24/2016 

Gravel-voiced Kip Moore dominated country airwaves with his debut hits, "Beer Money," "Hey Pretty Girl," and "Somethin'Bout a Truck." This "unapologetic badass with a touch of Springsteen" (The

 

06/19/2016 to 08/28/2016 -

Every Sunday at 6pm
FREE

Billy Blanco's
8208 Gorgoza Pines Rd
435.575.0846
ww.billyblancos.com

6/19: Something Like Seduction
6/26: Joshy Soul &The Cool Last
7/3: The Accomplices
7/10: Swagger
7/17: Tony

 

06/12/2016 to 08/14/2016 -

Summit Land Conservancy is looking to tap into the brewing business! With over 2,600 acres of protected open space, the Conservancy is looking for citizen scientists to hunt and nurture hops

 

06/12/2016 to 09/18/2016 -

The Park Silly Sunday Market is an eco friendly, open-air market and street festival. It is a treasure box that features unique and eclectic-local and regional arts and crafts, music and performance

 

07/25/2016 

Join Jazz and Classical Pianist John Jensen for an evening of fantastic piano improvisation. Bordering on musical wizardry, Jensen's mind bends from Beethoven to Basie, so come along for the ride.

 

06/13/2016 to 08/22/2016 -

You're so talented, you deserve an audience. Do you sing, dance, rap, play an instrument, or do a little comedy? Come out and show us what you can do, or just sit back and prepare to be amazed.

 

07/12/2016 to 08/16/2016 -

Hops on the Hill is a Tuesday Night Summer Festival at Stein Eriksen Lodge, located mid-mountain at Deer Valley Resort. Each event will feature beer samplings by Utah's finest, award-winning craft

 

07/27/2016 

A guitar and vocal duo play a stripped down version of late twentieth century acoustic pop music. Joy & Eric perform familiar "radio" music with intricate, sparse, guitar work, with clear, ringing

 

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1408 Deer Valley Drive N, Park City, Utah 84060 - Price: $650,000
2 Bedrooms | 2 Bathrooms | approx. 1,212 sf  
This immaculate Deer Valley condo is in a premier location close to everything, yet nestled in a private setting. It is a favorite of both summer and winter guests alike because of the setting and single-level living. Walk the grounds and enjoy the Deer Valley lakes and large grassy open spaces with the beautiful ski resort and mountain views as a backdrop. Interior features include a cozy fireplace for those cold winter nights on your ski vacation, upgraded kitchen and bathrooms with granite counter-tops and slate flooring. Tastefully furnished, this quiet main- floor end unit has extra storage and assigned underground parking. There is a fabulous outdoor living space with a private hot tub. It's an easy walk to Main Street and the free transit/shuttle stops right in front. This condo is an absolute must-see! 
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