Reflecting on 2014.
2014 was momentous for our company.
Our June transition to Berkshire Hathaway HomeServices was a success and has already contributed substantively to our growth throughout northern Utah. Adopting the most respected brand in the world (according to Barron's famed annual poll) has provided us with the latest in sophisticated market watching and marketing tools. From proprietary digital e-mail systems, advanced market statistic reports, and cutting edge social media monitoring, our clients are given every advantage needed to position themselves successfully and make informed decisions in today's market.
In 2014, we were also named the largest brokerage in Utah in terms of sales volume, with over $1.8 billion in sales.* It is an honor to be Utah's choice real estate firm, and we look forward to building on our stronghold. Locally, the arrival of Vail with its newsworthy purchase of Park City Mountain Resort and its announced intention to combine Canyons Resort with PCMR has energized the town and the real estate community. As the largest development brokerage in Park City, we look forward to contributing to the responsible growth of our town and market.
*2014 announcement reflects sales volume achieved in 2013 according to MLS statistics.
2014 Market Recap.
- Our marketplace remains highly segmented. 2014 illustrated the complexity of our local market place. Given the variety of product and price points in our real estate community, it is not surprising that certain areas such as Old Town and Heber Valley saw intense activity and growth, while other areas like Park Meadows saw erratic price variation. As ever, the assistance of an informed professional remains critical.
- Median sale price increased. While vacant land and certain neighborhoods saw stunning price increases, most areas saw a gradual and measured increase of median price.
- Inventory remains low. We witnessed limited inventory, particularly in Q2 and Q3 but predict that given the excellent climate for selling, we will see a return of more options in 2015.
- The development market has returned. BHHS Utah represents more developments than any other Park City brokerage and can say with authority: the development market is healthy and heating up. From large acreage ranch properties to contemporary luxury builds in Deer Valley, Summit and Wasatch counties are entering a period of intense growth. Investment opportunities abound.
- Consumers found their confidence. Consumer confidence returned to pre-recession levels, which had a hugely positive and stabilizing effect on the domestic real estate market.
- The market as a whole has normalized. Distressed sales and failed developments are a thing of the past. In 2014, the market returned to pre-2008 levels.
What we expect from the market in 2015.
- Our market will remain segmented. Park City offers real estate options for every buyer, which makes our jobs here a bit easier. It also means that each neighborhood operates as its own market.
- Inventory will return. Inventory remained relatively low in 2014 (there was a slight increase from 2013), but it seems likely that sellers will capitalize on the current climate, which will increase inventory gradually over the course of 2015.
- Vail's purchase will have a positive effect on Park City's market. Vail's creation of the largest ski resort in America is sure to have a positive impact on our market place. We have already seen price increases in and around Canyons Resort and Old Town.
- Foreign buyers and visitors will increase. While foreign buyers have historically accounted for less than 1% of local buyers, Vail's arrival and its roster of foreign Epic Pass holders along with Salt Lake's ever growing economy will result in an increase in international visitors and potential foreign buyers. As a global brokerage, we are equipped to meet the needs of and reach a global client base.
- More development. Summit and Wasatch counties will continue to garner interest from developers, meaning new and different product for buyers to select from.
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