{"id":3920,"date":"2015-05-28T10:36:57","date_gmt":"2015-05-28T16:36:57","guid":{"rendered":"http:\/\/www.parkrag.com\/?p=3920"},"modified":"2015-05-28T10:36:57","modified_gmt":"2015-05-28T16:36:57","slug":"update-on-our-local-real-estate-market","status":"publish","type":"post","link":"https:\/\/v2.parkrag.com\/index.php\/2015\/05\/28\/update-on-our-local-real-estate-market\/","title":{"rendered":"Update on Our Local Real Estate Market"},"content":{"rendered":"<p>I love when when KPCW&#8217;s Leslie Thatcher interviews Nancy Tallman, President of Park City\u00a0Board of Realtors and Carol Agle, Chairperson of board&#8217;s statistic group. Last Friday&#8217;s interview didn&#8217;t disappoint. Here are some of the highlights provided by Ms Tallman and Ms Agle about the local real-estate market:<\/p>\n<ul>\n<li>Prices as a whole\u00a0are stable. They\u00a0said that they\u00a0couldn&#8217;t remember a time when they took the sales added up for all homes in the Park City city limits and the average price went up $0.<\/li>\n<li>The average price in Park Meadows, which is the &#8220;bellwether&#8221; market in Park City, and the average price in Jeremy Ranch did not go up, either.<\/li>\n<li>When looking at the median price it went up because &#8220;everyone is buying from the lower end of the market.&#8221;<\/li>\n<li>Leslie Thatcher, given the fact that average prices did not go up, asked about the bright spots. The response from Ms Tallman and Ms Agle was that stability is actually a good thing.<\/li>\n<li>As being in town becomes more pricey, people are willing to live farther out and get houses with lower prices.<\/li>\n<li>They say that we&#8217;ve run up against the limits of what a primary home buyer can pay. Home buyers may have got\u00a0a few raises recently but that their expenses have gone up too. So, there is a ceiling to what they can borrow.<\/li>\n<li>The median price in Old Town is $415,000. Median price means 50% of all sales happen below $415,000. They would like to know why some of this property can&#8217;t be used for affordable housing requirements instead of building on new land. Many of these are 2-4 bedroom condos.<\/li>\n<li>They\u00a0said inventory was at historic lows. They then discussed\u00a0why prices aren&#8217;t up, given typical supply versus demand principles. The response was that people are tapped out\u00a0and that they may be looking at newer, more exciting areas.<\/li>\n<li>Inventory started declining in 2013 and hasn&#8217;t really recovered.<\/li>\n<li>Short sales and foreclosures are way down here and across the country.<\/li>\n<li>Now people are staying in homes 10 years, versus before the economic downturn where they were staying in a home 6 years.<\/li>\n<li>Ms Thatcher asked what properties are doing well and selling fast. The response\u00a0was some homes around a million dollars in Prospector, Ranch place, and Silver Springs were often going fast.<\/li>\n<li>The median price of homes sold in the Park City city limits (basically to the white barn) was $1.3 million, which is the same as a few months ago. They are seeing a mental block with buyers going higher than $1.3.<\/li>\n<li>The median price of homes sold in the entire Snyderville Basin was $800,000.<\/li>\n<li>The number of sales is down 29%. They said this fits into the lack of\u00a0inventory issue.<\/li>\n<li>They are seeing some people in Park Meadows who have &#8220;tear down houses&#8221; but then fix them up to try and sell them. They are not spending money wisely. They gave an example of 2 houses on American Settler that both sold for $1.5 million that will be torn down. Therefore, they recommend talking to a real-estate professional to make sure that buyer&#8217;s views of their property really reflect reality.<\/li>\n<\/ul>\n<p>Note <a href=\"http:\/\/kpcw.org\/post\/local-news-hour-friday-may-22-2015\">the full interview<\/a> can be heard on KPCW&#8217;s website, where they post most Local News Hour Programs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>I love when when KPCW&#8217;s Leslie Thatcher interviews Nancy Tallman, President of Park City\u00a0Board of Realtors and Carol Agle, Chairperson of board&#8217;s statistic group.&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":""},"categories":[42],"tags":[],"_links":{"self":[{"href":"https:\/\/v2.parkrag.com\/index.php\/wp-json\/wp\/v2\/posts\/3920"}],"collection":[{"href":"https:\/\/v2.parkrag.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/v2.parkrag.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/v2.parkrag.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/v2.parkrag.com\/index.php\/wp-json\/wp\/v2\/comments?post=3920"}],"version-history":[{"count":0,"href":"https:\/\/v2.parkrag.com\/index.php\/wp-json\/wp\/v2\/posts\/3920\/revisions"}],"wp:attachment":[{"href":"https:\/\/v2.parkrag.com\/index.php\/wp-json\/wp\/v2\/media?parent=3920"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/v2.parkrag.com\/index.php\/wp-json\/wp\/v2\/categories?post=3920"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/v2.parkrag.com\/index.php\/wp-json\/wp\/v2\/tags?post=3920"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}