I believe it’s lastly secure to say that Fall is upon us in Park Metropolis. After a protracted, sizzling, and really busy summer time, city feels somewhat bit quieter lately. Don’t get me mistaken, persons are nonetheless on the town and coming to go to, however after what felt an absolute whirlwind and arguably Park Metropolis’s busiest summer time we’ve ever seen, it feels good to have the ability to catch our breath. Coupled with markedly cooler temperatures and the necessity for a puffy jacket within the early morning hours, it nearly looks like shoulder season once more.

The Park Metropolis housing market appears like it’s following go well with in simply the final week or two. Whereas many properties are nonetheless promoting, and promoting shortly, the tempo looks like it’s leveling off barely, and isn’t fairly as speedy because the promoting and firestorm firestorm of August and September 2020. We’ll break all of it down under, together with a selected take a look at land gross sales, and the way costs and market exercise have progressed as of late.

Park Metropolis Single Household Houses

It’s secure to say that the Park Metropolis housing market has recovered in an enormous method from the very quick lived slowdown within the spring and early summer time. Trying on the 12 months to this point from January 1st by way of September thirtieth 2020 for all single household house gross sales in Park Metropolis and the Snyderville Basin, the entire variety of lively listings is surprisingly nearly precisely the identical as in comparison with the identical timeframe in 2019. Nonetheless, the notable will increase are within the elevated variety of new, pending, and closed listings.

New listings are up by 13% 12 months over 12 months, whereas properties beneath contract have elevated by a whopping 49%. The variety of bought properties is up by 25%, nevertheless I might anticipate that quantity to rise with what number of properties have been going beneath contract. Almost on a regular basis when checking the new sheets on the MLS, newly pending properties out quantity newly listed properties, thus persevering with the lower in obtainable stock for consumers. The common sale value is up by 12% 12 months over 12 months, and with value and variety of models bought each growing, the related gross sales quantity is up by 41%

Now that we have now spoke on the general single household market 12 months to this point, we are going to take a better take a look at the month of September, and a break down of the totally different value segments available in the market under.

 

Screen Shot 2020 10 20 at 1Single household house gross sales, all value factors, for September 2020 within the Park Metropolis space as
in comparison with August 2020 and September 2019; courtesy PCBOR

Park City Single Family Homes Below $1,000,000

  • Median bought value decreased 8.1% from August and elevated 2.0% from
    September 2019 to a present value of $755,000
  • Common variety of days in the marketplace for September are 41, down 23.9% from August 2020, and method down from 71 days on market in September 2019
  • Energetic stock decreased 25% from August 2020, and is down 47.8% from September 2019

Park City Single Family Homes Between $1,000,000 and $2,500,000

  • Median bought value really decreased barely from August 2020 down 4.5%, however total is up 20.9% from September 2019
    April 2019 to a present value of $1,537,500
  • Common variety of days in the marketplace for September are 82, barely down 8% from 89 days on market in August, and down 36.8% from 130 days on market in September 2019
  • Stock is down 35.9% from August 2020, and is down a large 57.2% from September 2019

Park City Single Family Homes Above $2,500,000

  • The upper finish market in Park Metropolis has been on hearth this summer time, and September was no exception
  • Median bought value elevated 7.4% from August 2020 and is up 23.5% from September 2019 to a present median bought value of $3,037,500
  • Common variety of days on marketplace for September are 138, up 10.7% from 124 days on market in August, and down 37.3% from 220 days in September 2019
  • Stock for September 2020 is 113, down 21% from August, and has decreased by 41.5% from September 2019

Park Metropolis Land for Sale

It’s no secret that properties have been promoting shortly in and round Park Metropolis this summer time, however how about land? Lately it appears everybody desires to have extra room to roam, so is the need for more room equating to a rise in land gross sales and purchases? In a phrase, YES. In two phrases, BIG TIME. Bear in mind, constructing extra homes or condos is one factor, however you’ll be able to’t construct or create extra land.

Simply as we did with single household properties above, we are going to take a look at 12 months to this point (Jan 1st – Sept thirtieth) gross sales for all land within the Park Metropolis limits and Snyderville Basin space, after which add somewhat extra shade by relating the totally different value brackets. One factor to bear in mind is that in comparison with properties and condos, the pace at which the land market strikes tends to be somewhat bit slower.

Considerably surprisingly, new listings for land are down by 27% 12 months over 12 months. Maybe extra persons are sitting tight on the land they’ve, or at the moment are making a transfer to construct on it. Regardless of the lower in new listings, the variety of land parcels which might be beneath contract and have bought has seen a large uptick with will increase of 116% and 85% respectively. The common sale value total is up by 16%, whereas the demand for acreage particularly is obvious by the typical sale value enhance of 66%

Screen Shot 2020 10 20 at 2Land gross sales, all value factors, for September 2020 within the Park Metropolis space as
in comparison with August 2020 and September 2019; courtesy PCBOR


Park City Land Listed Under $500,000

  • Median bought value decreased 7.8% from August 2020 however has greater than doubled since September 2019, growing by 106% to a present value of $309,000
  • Common variety of days in the marketplace for September 2020 are 131, down 8.2% from August 2020, and down 28.1% from 183 DOM in September 2019
  • With loads of land promoting, lively stock decreased to 44 parcels, down 24.1% from August 2020, and down by 53.7% from September 2019

Park City Land Listed Between $500,000 – $1,000,000

  • Median bought value really decreased barely from August 2020 down 1.9%, however total is up 9.1% from September 2019 to a present bought value of $660,000
    April 2019 to a present value of $1,537,500
  • Common variety of days in the marketplace for September 2020 are 425, up 91.6% and almost doubling the 222 days on market in August 2020, and up a large 651.8% from solely 57 days on market in September 2019
  • Energetic stock is at the moment 49 parcels, down 22.2% from August 2020, and is down 45.6% from 90 listings in September 2019

Park City Land Listed Above $1,000,000

  • Simply as with properties, the upper finish land market in Park Metropolis has been on hearth this summer time, and the Colony is actually contributing its fair proportion of house and land gross sales with lower than 20 house websites remaining
  • Median bought value elevated 19% from August 2020 and is up 41.2% from September 2019 to a present median bought value of $2,400,000
  • Common variety of days on marketplace for September 2020 are 538, down 28% from 747 days on market in August, however up from by 400.8% from September 2019
  • Stock for September 2020 is 40, which is down 14.9% from August, and has decreased 49.4% from September 2019 which noticed 79 such listings on market

Thanks for studying this months market replace, and as all the time, reach out to us if in case you have questions on how these numbers will have an effect on you and your scenario. Whether or not you’re a potential house purchaser, potential house vendor, or land investor, we are able to put the stats and our market data to give you the results you want it doesn’t matter what your wants and pursuits are. Everyones conditions are totally different, so figuring out the best way to apply the info is integral to creating clever actual property selections.

-Brendan Trieb, Select Park Metropolis

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