Park City Real Estate Luxury Market Report

P A R K CI T Y UTAH –August 2019–

www.LuxuryHomeMarketing.com

PARK CITY

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | JULY 2019 Inventory

Sales

Luxury Benchmark Price 1: $1,500,000 $7,000,000+ $6,200,000 - $6,999,999

19

0

$5,400,000 - $6,199,999

Buyer's Market Total Sales Ratio2: 8%

15

0

26

2

$3,300,000 - $3,499,999

12

1

$3,100,000 - $3,299,999

18

1

$2,700,000 - $3,099,999

23

2

$2,400,000 - $2,699,999

19

4

$2,100,000 - $2,399,999

35

2

$1,800,000 - $2,099,999

34

5

$1,700,000 - $1,799,999

14

3

$1,600,000 - $1,699,999

1

Total Sales: 24 22

1

$3,500,000 - $4,099,999

$1,500,000 - $1,599,999

Total Inventory: 306 21

1

$4,700,000 - $5,399,999

$4,100,000 - $4,699,999

29

1

8

1

11

0

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 2,999

$1,875,000

4

4

5

30

17%

3,000 - 4,999

$2,837,500

5

5

6

70

9%

5,000 - 6,999

$2,375,000

5

6

6

108

6%

7,000 - 8,999

$3,450,000

5

7

3

56

5%

9,000 - 10,999

$5,100,000

6

7

3

21

14%

11,000+

$7,000,000

7

10

1

21

5%

The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.

PARK CITY

SINGLE - FAMILY HOMES

13 - MONTH LUXURY MARKET TREND 4 Median Sales Price

Inventory

Solds

$3,000,000

$2,280,000

$2,200,000

$2,375,000 $2,105,250

$2,564,500

$2,562,500 $2,300,000

$2,279,474

$2,500,000

$2,475,000

$2,487,500

$1,765,000 281

272

19 Jul-18

265

263

27

18

Aug-18

Sep-18

274

255

30

Oct-18

265

260

21

15

Nov-18

Dec-18

18

Jan-19

245

306

285

246

233

20

18

28

25

Feb-19

Mar-19

Apr-19

May-19

24

17 Jun-19

Jul-19

MEDIAN DATA INVENTORY June

July

285

306 VARIANCE: 7 %

SALE PRICE PER SQFT. June

July

389

537 VARIANCE: 38 %

$

$

SOLDS June

SALES PRICE July

17

24 VARIANCE: 41 % SALE TO LIST PRICE RATIO June

July

93.48% 95.25% VARIANCE: 2 %

June

1.77m

$

July

2.49m VARIANCE: 41 % $

DAYS ON MARKET June

106

44 VARIANCE: -58 %

PARK CITY MARKET SUMMARY | JULY 2019 • The Park City single-family luxury market is a Buyer's Market with an 8% Sales Ratio.

• Homes sold for a median of 95.25% of list price in July 2019.

• The most active price band is $2,400,000-$2,699,999, where the sales ratio is 21%.

• The median luxury sales price for single-family homes has increased to $2,487,500.

• The median days on market for July 2019 was 44 days, down from 106 in June 2019.

Square foot table does not account for listings and solds where square foot data is not disclosed.

4 Data reported includes Active and Sold properties and does not include Pending properties.

3

July

PARK CITY

ATTACHED HOMES

LUXURY INVENTORY VS. SALES | JULY 2019 Inventory

Sales

Luxury Benchmark Price 1: $1,100,000 $4,600,000+ $4,200,000 - $4,599,999 $3,800,000 - $4,199,999 $3,400,000 - $3,799,999

$3,100,000 - $3,399,999

9

0

Total Sales Ratio2: 6%

8 6

1

16

0 10

2

16

1

$1,700,000 - $1,899,999

21

2

$1,500,000 - $1,699,999

22

2 9

0

$1,300,000 - $1,399,999

7

1

$1,200,000 - $1,299,999

1

Buyer's Market

11

0

$1,900,000 - $2,199,999

$1,100,000 - $1,199,999

Total Sales: 11

0

$2,200,000 - $2,499,999

$1,400,000 - $1,499,999

Total Inventory: 175

6

0

$2,800,000 - $3,099,999 $2,500,000 - $2,799,999

9

1

15

1

10

0

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 999

NA

NA

NA

0

0

NA

1,000 - 1,999

$1,242,000

3

3

1

48

2%

2,000 - 2,999

$1,975,000

4

5

6

83

7%

3,000 - 3,999

$1,726,251

4

4

3

33

9%

4,000 - 4,999

$7,525,000

4

5

1

8

13%

5,000+

NA

NA

NA

0

3

0%

The luxury threshold price is set by The Institute for Luxury Home Marketing. 2Sales Ratio defines market speed and market type: Buyer's < 14.5%; Balanced >= 14.5 to < 20.5%; Seller's >= 20.5% plus. If >100% MLS® data reported previous month’s sales exceeded current inventory.

PARK CITY

ATTACHED HOMES

13 - MONTH LUXURY MARKET TREND 4 Sale Price

Inventory $2,150,000

$2,025,000 $1,777,500

$1,700,000

$1,692,500

$1,775,000

$1,665,000

Solds

$2,082,500 $1,775,000

$1,667,500

$1,362,500

157

156

14

Jul-18

$1,775,000

$1,300,000

10

9

Aug-18

Sep-18

20 Oct-18

229

191

181

173

159

151

7

10

Nov-18

Dec-18

14

Jan-19

205

181

187

177

175

17

10

18

11

5

Feb-19

Mar-19

Apr-19

May-19

Jun-19

11 Jul-19

MEDIAN DATA INVENTORY June

July

187

SOLDS June

SALES PRICE July

175 VARIANCE: -6 %

11 VARIANCE: 120 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

June

July

498

$

753 VARIANCE: 51 % $

5

June

July

98.07% 96.30% VARIANCE: -2 %

June

1.30m

$

July

1.78m VARIANCE: 37 % $

DAYS ON MARKET June

238

32 VARIANCE: -87 %

PARK CITY MARKET SUMMARY | JULY 2019 • The Park City attached luxury market is a Buyer's Market with a 6% Sales Ratio.

• Homes sold for a median of 96.30% of list price in July 2019.

• The most active price band is $2,200,000-$2,499,999, where the sales ratio is 20%.

• The median luxury sales price for attached homes has increased to $1,775,000.

• The median days on market for July 2019 was 32 days, down from 238 in June 2019.

Square foot table does not account for listings and solds where square foot data is not disclosed.

4 Data reported includes Active and Sold properties and does not include Pending properties.

3

July