Market Update - Q3 2014 Wasatch Back Market Report

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We've crunched the numbers. Honoring the financial and analytic background of our parent company means we run a lot of stats around here. We are always monitoring the market and are committed to bringing you timely, honest stats with regards to Park City's marketplace.

As evidenced by the graph above, Median Home Prices are down from last quarter and the same quarter last year. However, it will be interesting to see if Median Home Prices go up following the Vail purchase. When looking at Number of Sales, sales are up when compared with last quarter but down from third quarter of last year. None of these findings is surprising as Q3 is typically slower in terms of market activity--residents and buyers have historically tended to realize their real estate goals in the spring and winter. While we are seeing tremendous growth in certain segments of Park City and continued interest in vacant land, growth has been piecemeal this year. It is more important than ever to rely on the experience and market knowledge of a BHHS professional.

Looking beyond our local market, domestic Real GDP grew by a respectable 3.7% this quarter, and the Average Home Price (at time of sale) increased to $216,100 from $206,900 same quarter last year. Even more noteworthy is the return of consumer confidence. According to the Nielsen Global Consumer Confidence Report, consumer confidence both domestically and globally has returned to pre-recession levels...and continues to trend upwards. Consumer idealism plays a crucial role in determining the health of the economy and more directly, the housing market. We look forward to continuing to see upward trends in all sectors.

Going forward, we have begun monitoring all segments of the Park City and Wasatch County real estate markets, watching for any noteworthy changes since the announcement of the Vail purchase. While we refrain from making any sweeping predications at this point, we do believe that now is an excellent time to explore real estate investment opportunities.

*All included statistics are the property of BHHS Utah and the result of in-house analysts.

Happening this month:

Sleepy Hollow Haunted Wagon Rides All Month

Autumn Classical Music Festival All Month

Park City Film Series All Month, Click for Schedule

The North Face Endurance Challenge 10/4-10/5

Rocky Horror Picture Show at the Egyptian 10/23-10/25

Park City Gallery Stroll 10/31

Howl-O-Ween! on Main Street 10/31

*Photo credit: Christopher Reeves

DEVELOPMENT SPOTLIGHT

Aspen Creek Crossing

Nestled in a quiet enclave at the base of Canyons Resort, Aspen Creek Crossing includes 18-home sites that boast some of the best available single family homes in terms of investment potential. Homes are spacious and custom built with dramatic views. The neighborhood is ideally situated to take advantage of the planned connection between Park City Mountain Resort and the Canyons, and includes easy access to both ski resorts and the new Canyons Golf Course. Further, these homes are priced affordably, especially considering their smart designs, ideal location, and first rate amenities.

BROKERAGE NEWS

1000 Offices in 1 year.

Berkshire Hathaway HomeServices, this month named its 1,000th office on the one-year anniversary of its brand launch. Our brand now accounts for more than 33,300 agents in 47 states. “Berkshire Hathaway HomeServices’ momentum keeps building,” said Earl Lee, CEO of HSF Affiliates. “This further demonstrates the power of the brand, and is a tribute to the quality of affiliates and agents who have brought the brand to life across America.”

 

 

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