July vs. July Sales and YTD Real Estate Comparison

As I've mentioned in previous posts, real estate sales for the first half of 2011 have been up over the same period of 2010 and this trend is continuing. Year-to-date sales (through July), for single-family homes are up 23% from 349 in 2010 to 430 in 2011. Comparing July to July, there were 58 sales of single-family homes in 2010, compared to 67 sales in 2011 or an increase of over 15%. Year-to-date average sold price is up 4.2%, $852,820 in 2010 to $888,601, 2011. July to July averages are more dramatic as average sold prices increased 32.4%: $688,534 in 2010 to $911,958 in 2011. While the number of sales has been increasing, the number of new listings of single-family homes continues to decline. In July, 2010, there were 219 new homes listed but only 165 listed in July 2011, a decline of 24.7%.

Condo sales show a mixed trend. Number of sales year-to-date have increased 10.6% from 293 in 2010 to 324 in 2011, but average sold price continues to decline from $943,085 to $603,026 in 2011 for a decrease of 32%. As with single-family homes, the number of new condos listed has also continued to decline, from 757 in 2010 to 623 in 2011, or a decrease of 17.7%. Comparing July to July, the number of sales has increased 34.6% from 26 in 2010 to 35 in 2011 but average sold price was dramatic: $817,942 in 2010 to $335,287 in 2011 for a decrease of 59%. Again, like single-family homes, the number of listings is down 18% July vs. July, from 92 new condo listings in 2010 to 77 in 2011.

So what does this all mean? Buyers are here and they are buying. However, buyers are very price-sensitive and only buying what they perceive to be deals. With inventory continuing to decline, the better properties are going away faster than they are being replaced. Does this equate to be the right time to buy? Low prices, dwindling inventory and low interest rates: resort real estate has always been popular and now it appears buyers are back in the market. If you've always wanted that vacation home, whether it be the mountains, beach, or golf course community, this might be the right time for you to purchase. To paraphrase my favorite ski film photographer Warren Miller: if you don't buy your vacation home this year, you'll just be that much older when you do.

While summer is still here in the mountains, a hint of fall has definitely arrived. Days are noticeably shorter and mornings are cooler. If you have not already done so, it is time to start getting in shape for ski season.

Blue Skies, Wildflowers, and Cool Nights

As I mentioned last week the Park City Arts Festival was held this past weekend and was a huge success. The weather couldn't have been better. Bright blue skies, temps in the high 70s to low 80s, and not a cloud to dampen the spirits. Arts Fest is such a great time with Main Street Park City turned into one big art show, with vendors from all over the country: artists from Tennessee, Oklahoma, Louisiana, Washington, Arizona, California and many others that I can't recall. Each displaying their unique wares. The festival over the years has become so popular that artists start applying for entry early during the winter, then by spring the Kimball Arts Center--who is the sponsor--makes their determination as to who will be allowed to participate in that year's festival. All the artists that I spoke with said that the festival was very profitable for them and most have participated for many years.

Unique to the Rocky Mountains, the weather starts cooling off in August. Daytime temperatures are not as high, evenings are a little cooler, and this summer has been a little cooler than usual. Salt Lake City, which is about 3,000 feet below us in elevation, has yet to hit 100 degrees, and if they haven't by now it's doubtful that they will this year. It's not uncommon during the hot month of July for Park City to get a few days at or near 90, but not this year. With the late start of summer and all the rain, the mountain flowers are still in full bloom and absolutely spectacular.

Nothing real exciting in real estate news this week. Sales continue to be brisk but will be very interested to see what if any effect the government's mess with the economy will cause. With the stock market in a freefall for the last two weeks I'll be very interested to see if this makes buyers more inclined to put their money in the safety of real estate or just afraid to do anything. Needless to say, here in the resorts, where our economy is so tied to both the US and world economies, we are just a little nervous right now and wishing that the politicians in Washington DC would get their act together and quit creating these crises. The next month should be very telling, so come back and let's see what happens.

This coming Saturday the Utah Symphony will be performing under the stars at Deer Valley and will be featuring the music of Queen. I'm really looking forward to this show. It should be a delightful evening and I'll be very interested to see who the symphony brings in for the main performers for Queen.

Here it is the second week of August and we are actually starting to think about the upcoming winter. Next month I'll give a wrap-up of what improvements the resorts have made this summer and what to expect for the upcoming ski season. In the meantime, enjoy your summer and start getting in shape for ski season!

August in the Mountains

So, it's August 1. How did that happen so quickly when summer only came a month ago? Oh well, the joy of living in the mountains at 7,000 feet. This summer has been cool and rainy, much like the summers were when I first arrived in the '80's. Could it be that we have turned a corner and the drought cycle is over? Time will tell but the mountains are so green right now and the wildflowers are so vibrant that it is absolutely spectacular.

This coming weekend is the annual Park City Arts Festival, a summer highlight. It starts off Friday night with what has traditionally become Local's Night, where admission is free, most all the vendors have set up and all the PC locals come up to preview what's going on, drink wine, have dinner on main street and catch up with friends before the crowds arrive. The Art Festival traditionally brings 100,000 visitors to PC over the weekend. A great event in town, the merchants and innkeepers are happy, and once again the people-watching is amazing, and the exhibitors continue to amaze festival goers.. August is thunderstorm season in the mountains and not uncommon to have afternoon thunderstorms come during the arts festival with all the vendors scrambling to secure their wares and hold the tents down during the storm. This year, while it has been very stormy for the past few weeks the forecast for the weekend is to be dry warm and sunny. Terrific for the festival, merchants, and festival goers. Tune in next week for photos from this years' arts festival.

Mid-Year Golf Course Wrap-Up

Unfortunately I have to start this week's blog with some very sad news. A local park city skier, "Speedy" Jaret Peterson tragically took his life on Monday. Speedy grew up in Park City, won a silver medal at the Vancouver Olympics in freestyle and like so many others, lost his battle with alcoholism and depression. Speedy will be missed by all and hopefully there is a lesson to be learned here.

On a much brighter note, the town is absolutely bustling with activity. Walking around Main Street, the shops are full, the restaurants are full and everyone seems to be in a good mood. Could there be a correlation between the oppressive heat wave the rest of the country is seeing and our beautiful mountain weather? IF you're reading this while living anywhere in the Midwest or Eastern US, my full intent is to make you jealous by telling you our daytime temps are in the high 70s to low 80s, with nighttime temps in the 50s and 60s. Visitors might think that we live here for the winters and skiing, but it's really the summers. They are so beautiful!

2011 Mid-Year Real Estate Update

Well, summer is in full swing here in the mountains which means that we get daily thunderstorms. The days start out clear and warm, some time after noon big thunderstorms start to build, and then we get maybe an hour or so of rain late in the afternoon/early evening. Really keeps things fresh, clean and cool.

Last Saturday evening the Utah symphony performed at Deer Valley and featured the music of the Eagles. The symphony brought in a group whose lead singer was formerly with the group Kansas to perform for us with the symphony as backup. It was really a magical night with the sound of steel guitars combined with the symphony, playing all of the classic Eagles songs. And all of this under the stars at Deer Valley.

More summer festivals

Summer is in full swing in Park City, which means that we are awash in various festivals and music events. This past weekend, Park City was host to our annual Food and Wine Festival where vintners from all around the west gather and showcase their wines in a variety of venues. The two most popular events were the Friday afternoon Main Street stroll and Saturday afternoon at the Canyons Resort. For the Main Street Stroll on Friday afternoon, various vintners take over numerous restaurants up and down Main Street. Participants start off on the Plaza at the Town Lift bridge where a variety of food and wine booths start the revelry. Participants then wander up and down Main Street at their leisure, popping in at designated establishments to sample a specific vintner's wares. All of this is done with guidebooks and rating sheets to help everyone remember just which wines it was that they liked, which of course can be a problem after many hours of sampling. This is truly a great time and great people-watching as the streets are packed with festival-goers carrying wine glasses and big smiles. Saturday's event at the Canyons Resort is a little more structured as it all takes place on the Plaza at the base of the Canyons. There the various vintners set up booths around the plaza where participants freely move about the plaza sampling their favorite wines. Again a great event for people-watching and enjoying a beautiful afternoon in the mountains.

July 5th in the Mountains

July 4th has come and gone with all its celebrations, festivals, parades, fireworks, and of course, way too much barbecue. If you haven't experienced the 4th of July in a small town you're really missing out on a slice of Americana. Park City goes all out for the holiday with a de4lightfully funky and quirky parade, followed by music and activities in the City Park, including a Rugby tournament. It really is what America is about.

Being a ski town of course Park City's parade involves the Olympic athletes, luge, the freestyle-team jumping on trampolines and all the kids that make Park City so great. Here are some photos from the parade: