Park City Luxury Real Estate Market Report for September 2019

P A R K CI T Y UTAH –September 2019–

www.LuxuryHomeMarketing.com

PARK CITY

SINGLE - FAMILY HOMES

LUXURY INVENTORY VS. SALES | AUGUST 2019 Inventory

Sales

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

31

0 18

0

$5,400,000 - $6,199,999 $4,700,000 - $5,399,999

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

0

26

16

0 15

2

25

1 19

5

30

3

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

39

5

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

1

Total Sales Ratio2: 9%

1

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

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

Buyer's Market

16

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

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

Total Sales: 27 23

0

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

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

19

2

$3,500,000 - $4,099,999 $3,300,000 - $3,499,999

Total Inventory: 309

16

4 7

1

9

3

Square Feet3

Price

Beds

Baths

Sold

Inventory

Sales Ratio

-Range-

-Median Sold-

-Median Sold-

-Median Sold-

-Total-

-Total-

-Sold/Inventory-

0 - 2,999

$1,581,500

4

4

4

27

15%

3,000 - 4,999

$2,075,000

4

4

9

73

12%

5,000 - 6,999

$2,200,000

5

6

11

108

10%

7,000 - 8,999

$3,525,000

5

7

1

56

2%

9,000 - 10,999

NA

NA

NA

0

26

0%

11,000+

$5,474,750

7

9

2

19

11%

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 $2,375,000

$2,280,000

$2,105,250

$2,564,500

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

$2,279,474

$2,475,000

$2,500,000

$2,487,500 $2,150,000 $1,765,000

281

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

20

18

28

25

Feb-19

Mar-19

Apr-19

May-19

309

306

285

246

233

Jun-19

27

24

17

Jul-19

Aug-19

MEDIAN DATA INVENTORY July

SOLDS

August

July

309 VARIANCE: 1 %

24

306

SALE PRICE PER SQFT. July

August

537

$

467 VARIANCE: -13 %

$

SALES PRICE August

27 VARIANCE: 13 % SALE TO LIST PRICE RATIO July

August

95.25% 94.44% VARIANCE: -1 %

July

2.49m

$

August

2.15m VARIANCE: -14 % $

DAYS ON MARKET July

44

69 VARIANCE: 57 %

PARK CITY MARKET SUMMARY | AUGUST 2019 • The Park City single-family luxury market is a Buyer's Market with a 9% Sales Ratio.

• Homes sold for a median of 94.44% of list price in August 2019.

• The most active price band is $1,500,000-$1,599,999, where the sales ratio is 33%.

• The median luxury sales price for single-family homes has decreased to $2,150,000.

• The median days on market for August 2019 was 69 days, up from 44 in July 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

August

PARK CITY

ATTACHED HOMES

LUXURY INVENTORY VS. SALES | AUGUST 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

12

0 8

0

7

0

Total Sales Ratio2: 14%

9

4

6

14

1 13

0

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

16

1

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

18

1

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

21

4

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

10

6

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

6

1

13

0

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

1

Buyer's Market

12

0

$2,500,000 - $2,799,999

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

Total Sales: 24

0

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

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

Total Inventory: 173

8

6

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

$1,175,000

3

3

4

44

9%

2,000 - 2,999

$1,445,000

4

4

10

80

13%

3,000 - 3,999

$1,772,500

4

5

10

37

27%

4,000 - 4,999

NA

NA

NA

0

7

0%

5,000+

NA

NA

NA

0

5

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 $1,700,000

$1,692,500

$1,775,000

$1,665,000

Solds

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

$1,667,500

$1,775,000

$1,362,500

157

$1,445,000

$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

173

24

11 Jul-19

Aug-19

MEDIAN DATA INVENTORY July

August

175

SOLDS July

SALES PRICE August

173 VARIANCE: -1 %

24 VARIANCE: 118 %

SALE PRICE PER SQFT.

SALE TO LIST PRICE RATIO

July

August

753

$

620 VARIANCE: -18 %

$

11

July

August

96.30% 96.93% VARIANCE: 1 %

July

1.78m

$

August

1.45m VARIANCE: -19 % $

DAYS ON MARKET July

32

86 VARIANCE: 169 %

PARK CITY MARKET SUMMARY | AUGUST 2019 • The Park City attached luxury market is a Buyer's Market with a 14% Sales Ratio.

• Homes sold for a median of 96.93% of list price in August 2019.

• The most active price band is $1,100,000-$1,199,999, where the sales ratio is 75%.

• The median luxury sales price for attached homes has decreased to $1,445,000.

• The median days on market for August 2019 was 86 days, up from 32 in July 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

August