Carol Agle
Prudential Utah Real Estate
Latest News & Statistics from Carol Agle
Chairman, Statistics Committee Park City / Deer Valley
  • Through Q3 2013, the PC/DV market is showing great strength: consecutive months of year-over-year gains in both number of sales and median price.... Read More
  • Two important notes in the current market: (a) inventory is way down, lowest in several years; (b) the market continues to show great segmentation.... Read More
I Invite You to Search All Properties in the Park City Area
Photo ShortlyHigh Above Thaynes Canyon
2348 Morning Star Court
Bedrooms: 5
Price: $3,150,000
MLS 9998640  More Info

Photo ShortlyFairway Hills - Panoramic Wasatch Views
3081 Fairway Hills Court
Bedrooms: 4
Price: $1,740,000
MLS 9997064  More Info

Photo ShortlyAbove the Fairway in Promontory
3319 Westview Trail
Bedrooms: 4
Price: $1,388,000
MLS 11400172  More Info

Photo ShortlyCanyons Condo
Silverado Lodge 207
Bedrooms: 2
Price: $399,000
MLS 9998223  More Info

Photo ShortlyGlenwild Home
7994 Glenwild Drive
Bedrooms: 3
Price: $2,095,000
MLS 9997571  More Info

Photo ShortlyColony Residence - Incredible Design
177 White Pine Canyon Road
Bedrooms: 5
Price: $5,920.000
MLS 11400250  More Info

Photo ShortlyGreat Home featuring Panoramic Wasatch Views
2574 Silver Cloud Court
Bedrooms: 6
Price: $4,920,000
MLS 9988929  More Info

Photo ShortlyWest Ridge - Views!
2550 Lupine Lane
Bedrooms: 4
Price: $4,020,000
MLS 9993832  More Info

Photo ShortlyTrue Ski In/Out at Park City
Snowflower 126
Bedrooms: 2
Price: $652,000
MLS 9995210  More Info

Photo ShortlyMountain Ranch Estates Luxury
5915 Ranch Place Drive
Bedrooms: 5
Price: $1,721,000
MLS 9998365  More Info

Real Estate Trends

Situation – The High End of the Market

While there is activity at the high end of the market, it is less robust than five years ago.  Right now high-value properties, particularly luxury second homes, are in more of a “hold and wait” state.  Generally this is because these homes are often bought for cash and there’s little pressure for most of these owners to do anything except enjoy their homes and the activities in Park City.

Situation – The Rest of the Market

The primary home segment of the market is more active than the high end second home segment.  People whose real estate purchases are influenced by employment and other everyday lifestyle decisions are moving ahead with their next real estate/career/residential lives.  This active market segment has changed a bit, however.  Median sale prices in most of these neighborhoods are noticeably lower than in 2005, although they have generally stabilized over the last year or two.

Park City at Night

Meaningful Trends

Trend 1:

Foreign investment is increasing.  I am seeing much more activity from “Pacific Rim” investors – particularly Australia and New Zealand.  The hemisphere-inverse seasons provide year-round recreation in either winter or summer activities and climate to enjoy.  The exchange rate is a further enticement, as well as a general belief in slow but certain US economic recovery.

Trend 2:

The growth of Park City / Deer Valley summer events is a strong attraction to residents of warmer areas.
I am seeing robust interest and activity in Park City from buyers resident in the US southeast.  In contrast to the normal summer vacation spots for these families, the cooler temperatures of Park City and Deer Valley, the multitude of recreational offerings, and the dynamic mountain setting, are increasingly appealing for family vacations compared to the traditional beach and even the interior mountain resorts of the southeast.

What’s next? – The question everyone asks….

This is of course a more uncertain time than any in recent memory.  My quick sense: we are at or around a market bottom, but will bounce along at reduced valuations for an extended period of time, as distressed inventory clears, and as the national economy finds direction. 

We could go to somewhat lower valuations in selected segments, but further decline from this point should be much less than that experienced from the valuation peak to the present. To be precise, from valuation peaks, we are presently down 28% in homes and condominiums, and 45% in lots.
In fact, there are sound reasons for doing transactions now.  For buyers, the selection of listing inventory is large; much greater than in more normal times.  For sellers moving to new properties, a straight valuation move from one undervalued property to another is capital gain/loss neutral.

Is my trend analysis and thinking helpful to you?
I love thinking and talking about real estate trends.  Please call or email any questions or personal observations. I update this section whenever I see change or something of interest.  I’m happy to share!  I’m a real estate professional because this interests and engages me.

Click Here to Sign Up for Periodic Park City / Deer Valley Real Estate Trends Updates

© 2011-2012-2013; Carol Agle