Housing Market Snapshot
May 23, 2018
How are local real estate sales shaping up for 2018? We asked Todd Anderson, 2018 president of Park City Board of Realtors, for his thoughts on what's selling, what's lingering, and what's on the horizon.
What's hotter than hot?
While most areas are strong, neighborhoods offering new construction are smoking-hot. That includes the Canyons Village base area of Park City (first quarter reports indicate 109 pre-construction and under-construction homes and condos under contract), as well as the Jordanelle area east of town (90+ pre-construction and under-construction homes and condos under contract).
What else is flying off the shelves this year?
First quarter single-family home sales were stable (condo sales experienced a drop), but building lot sales were up dramatically — an increase of 35 percent over this time last year.
Why the focus on new builds and lots?
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It's an indication that buyers are not finding exactly what they are looking for in the resale market.
Can you give us a big-picture of various neighborhoods?
In the first quarter, single-family home sales in zip code 84060 — Park City proper — were up 7 percent, with a median sales price of $1,853,500. In zip code 84098, sales were down a touch, by 2 percent, with a median sales price of $1,040,000. And in Heber Valley, while sales are off by 8 percent, the median sale price went up by an impressive 25 percent, to $492,000.
Why are some homes lingering on the market?
Price points have a major impact. The luxury and ultra-luxury categories are more buyer-friendly at the moment, while the more mainstream market favors sellers. In the first quarter of 2018, the lower-priced portion of the market saw the strongest gains.
What's your advice to sellers looking for the best possible outcome?
Price it right, and make it clean and move-in ready. We deal with many second homeowners who are looking to enjoy the area, not spend their time remodeling and fixing up their vacation home.
And for buyers looking for a great investment?
Focus on what you want in terms of return and be ready to move quickly. The best deals do not stay on the market very long.
Do you anticipate the change in property tax deduction impacting the region?
It hasn't happened yet, although we expect there may be some impact. Compared to many areas of the country our property taxes are very low. It is conceivable that we could see more people moving here away from higher tax areas.
What's your secret formula for finding a dream home?
Our area is expanding rapidly and there are constantly new offerings in terms of lifestyle activities and recreation. Focus on what you do outside the home and narrow in on the particular area and price point that best allows you access to it, and you can find a happy place.
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