Sending students back to school this fall while COVID-19 numbers continue to grow in some areas of the country is arguably one of the most contested topics across the U.S. right now. Though there is still concern from some parents and teachers about how schools can safely return, local school districts in Summit and Wasatch counties have solid plans in place to ensure kids who want to go back to school in-person are able to do so, and those for whom the prospect is not preferable can continue their instruction online.
With support from the state’s public health order mandating all K-12 students wear masks (with a provision for reasonable exceptions), along with the recently-published statewide COVID-19 School Manual, schools have been able to focus on structuring how their schedules will look without having to worry about entering the politics of the face covering debate. In Summit County, the health department recently reported a significant reduction in new COVID-19 cases, which they attribute to the county’s public face covering order that went into effect on June 26. Wasatch County has also seen a steady decline in cases over the past week, and their school district will be the first to return to school buildings, starting on Monday, August 17.
Wasatch County School District (WCSD) is offering three options for their 7,500 students – in-person full-day instruction, hybrid half-day instruction and online learning through a district-sponsored platform. After surveying parents, WCSD discovered nearly one-third would prefer to have their student attend school half days on-campus with social distancing (15 or fewer students in a class), and then the other half of the day would be at-home instruction. A smaller percentage of parents opted for at-home instruction, so the District contracted with Harmony Educational Services to keep students enrolled as Wasatch students, but also able to complete their studies entirely online. The three WCSD options and their school reopening plan can be viewed here: Wasatch.edu/COVID.
Park City School District (PCSD) will reopen schools and welcome students for in-person instruction on August 20, but they are also offering a remote learning option for all families. Their “Ready to Return Learning Options” also include online hybrid learning resources for illness or absence, which utilize technology as an extension of in-person classroom learning. PCSD’s remote learning option allows student to learn from home using a District-provided device with instruction facilitated by a certified, grade-level teacher following a daily learning schedule. The District is assuring Dual Language Immersion students that, if they select remote learning, they will be allowed to return to their regular DLI classroom once they are again learning in-person. PCSD’s school reopening plan can be found by clicking here.
South Summit School District (SSSD) will reopen their Silver Summit Academy on Tuesday, August 18, with South Summit Elementary, Middle and High School opening on Wednesday, August 19. Their return to school plan includes two schedules – five-day blended learning or online learning. Both options include remote learning, as the five-day blended model features in-person learning for four days, with the fifth day online. The District assures parents that the remote learning option is improved from online learning at the end of the last school year, and that students can change their choice at the end of the first quarter. In addition to these two options, Silver Summit Academy will pilot a hybrid option that features two days in-person, two days remote and one day for personalized intervention. SSSD’s school reopening plan can be found by clicking here.
North Summit School District (NSSD) is planning to open with a typical school day on Wednesday, August 19, but with increased hygiene protocols in place. For students who wish to engage in remote learning, all classrooms will be equipped with cameras for students to watch instruction live at home. More information on the District’s reopening plan can be found here: https://www.nsummit.org/
With so many milestones missed over the past five months, getting students back to school in some fashion remains a priority for many parents in our local communities. The “how” of school might look different from student to student, but the understanding and support our local families will receive from the area school districts is just one more reason so many people Choose Park City for their new home or vacation property. To learn more about the many ways to enjoy all Park City and the surrounding communities have to offer, connect with Christine Grenney at 435-640-4238, or visit her website by clicking here.
The famous McPolin “White Barn” draped in the stars and stripes during a previous July 4th holiday in Park City. Photo: Tiffany Fox
I don’t know where springtime went, but alas July is upon us! Summer time in Park City is in full effect, albeit with some restrictions in place, a few less events, and a bit more social distancing. Town has been noticeably more busy, including a lot of out of state visitors and home shoppers, and the Park City housing market is following suit. After a major slow down a few months ago, the market has been continuing to pick up speed in terms of sales volume, units under contract, and buyer demand.
Despite an increase in new listings as of late, year to date for 2020 as compared to this time in 2019, the total amount of new listings is down about 15%. At the same time, the number of properties that are pending, is actually up about 2% year over year. This is leading to a low supply of available inventory that is compounded by increased buyer demand, low days on market, and multiple offer situations for some price and property segments. It is an excellent time to be a seller, but as a buyer, you may need to be a little more patient than usual to find the right property, and then quick to act with a strong offer when it becomes available.
It is worth noting that compared to national averages, Park City’s housing market numbers are markedly better:
Nationally at the end of June, total available inventory was down by 29% compared to 2019. In Park City, total inventory was down by 12.3%, less than half of the decline seen nationally.
National median list prices are growing by 5.6% compared to 2019, while Park City list prices are growing by 8.9%
Nationally, the average days on market is 13 days more than at this time in 2019. Park City average days on market have actually decreased by 12 days compared to June 2019, as our market continues to heat up.
After a lull in weeks 13-16, new listings are back on pace with 2019, while new pendings (under contract listings) have surpassed 2019 by a sizable margin; courtesy PCBOR
With the holiday weekend, we’re keeping this market update a bit more brief, and honing in on some specific segments. We’ll take a more in depth look at another portion of the market next month.
Park City Real Estate
Park City Single Family Homes
This month, I’d like to take a moment to focus on a specific portion of the Park City housing market: single family homes between $1.0 and $1.5 million. This price point represents a relatively accessible (for Park City) market segment that is common for full time local residents, as well as those looking to relocate to Park City full time. It includes sought after family neighborhoods like Silver Springs, Jeremy Ranch, Sun Peak, Prospector, Ranch Place and others, and allows buyers to acquire an established home with 4-5 bedrooms and 2500-4000 square feet of living space, common requirements for many families.
Recently, we have been working with multiple buyers to purchase homes matching this criteria, and it has been apparent that there are not a lot of options on the market. As I said earlier, the overall inventory in the Park City housing market has decreased year over year, however this segment of the market has been particularly hard hit. The number of currently active single family listings in the Park City area between $1.0-$1.5 million is down by 25% compared to this time last year. In addition, the average days on market before going under contract has been slashed nearly in half, dropping from 54 DOM in June 2019, to only 28 DOM in June 2020.
While some understandable uncertainty in the socio-economic climate due to Covid and other factors are leading some homeowners to hold off on selling, for others it could be great opportunity. High buyer demand, low inventory, and rising prices bode well for a quick sale at favorable terms for the seller. At the same time, buyers must have their ducks in a row and be prepared to move efficiently and make strong offers, especially with new listings that are priced competitively.
We’re keeping things relatively brief this month (#dataoverload), but please take a minute to review the overall single family home and condo/townhome statistics for the last month.
Single family home sales, all price points, for June 2020 in the Park City area as compared to May 2020 and June 2019; courtesy PCBOR
Park City Condos and Townhomes
Condo and townhouse sales for May 2020 in the Park City area as compared to April 2020 and May 2019; courtesy PCBOR
As always, if you have any specific questions on these statistics, or other segments of the market, please call, text, or email me, and we can talk about your specific criteria. Every clients’ needs and every transaction is unique, and so specificity is key when evaluating your own real estate purchase or sale.
As growth in the Wasatch Back continues to boom, developments in Summit and Wasatch counties are creating opportunities for homeowners who prefer new construction and the opportunity to customize their home, without the steep architect fee.
We’ve compiled a list of standout developments in both existing and new communities, with links to the properties and a few tidbits about the area. Please reach out to me to learn more about the nuances of each development and to schedule a site tour!
SILVER CREEK VILLAGE
The Silver Creek community is located north of where I-80 and Hwy 40 meet, and has long offered large, sagebrush-covered lots compatible with horse riding and elk-viewing. The lower area of Silver Creek continues to be built out, and provides convenient access to both Salt Lake and Heber City, with sweeping views of the Snyderville Basin.
Two new communities from Salt Lake City-based Garbett Homes currently under construction are Skyscape and Eclipse, both with distinct features that set them apart from other developments in the area. Skyscape offers Park City’s first Zero Energy-Ready townhomes, comprised of 26 two- and three-bedroom residences starting at $474,000 for 1,480 square feet, while Eclipse includes 29 three- to six-bedroom single-family homes starting at $612,900 for 2,157 square feet, making it easily one of the best values located within the Park City School District.
CANYONS VILLAGE
Canyons Village is located at the base of Park City Mountain’s “Canyons” side, which is named for the former resort that was combined with Park City Mountain Resort in 2015 to create the largest ski area in the U.S. and is operated by Vail Resorts. The benefits of Canyons Village include proximity to lift-served on-mountain activities and the challenging Canyons Golf public course, easy access to trails and a shorter drive to Salt Lake and the airport.
Photo Credit: Pendry Park City
Buyers looking for a full-service, luxury property will enjoy the soon-to-be-completed Pendry Residences Park City, located adjacent to the Canyons Village and boasting the only rooftop pool and bar in Park City. Offering fully-furnished studios to four-bedroom residences (446 square feet to more than 2,500 square feet, with prices ranging from $675,000 to $2,995,000), the property includes four restaurants and lounges, an activities-based children’s program and a spa. Included among Forbes’ recent “The 30 Most Anticipated Luxury Hotel Openings for 2021” list, a planned high-speed lift will provide immediate access to the mountain, and Park City’s acclaimed ski and snowboard school can assure every level of skier or rider a fun and safe on-mountain experience.
Another new property ready to come online in Canyons Village is the affordable YOTELPAD Park City, offering fully-furnished micro-condos in the low $300,000s. The units range from 402-square-foot studios to a 1,013-square-foot three-bedroom, and boast features designed to maximize their compact spaces, such as SmartBunks that transform into a desk for day use.
Two other newly-constructed Canyons Village properties of note include Juniper Landing townhomes located between the 9th and 10th fairways of the Canyons Golf Course with three residences still available ranging from $1,250,000 to $1,950,000, and The Ridge at Canyons Village offering four- and five-bedroom ski-in townhomes with six units still available from $1,935,935 to $2,303,265.
NORTH OF THE JORDANELLE RESERVOIR
As you leave Park City along SR 248 towards the Kamas Valley, you’ll see new developments all along the roadway with price points for every buyer. These developments are mostly located in Wasatch County, as this small finger of Wasatch was cut off from the bulk of the county when the Jordanelle Reservoir was created in 1994, establishing one of the most popular state parks among water sports enthusiasts. With stunning views of the reservoir, especially in the early morning as fog floats along the water’s surface, these communities offer easy access to recreation and dining in Park City at a slightly reduced cost. These properties are not located within Park City or the Park City School District, so students will attend either Wasatch County or South Summit schools – both of which are excellent school districts.
Black Rock Mountain Resort, currently under construction next to the Black Rock Ridge community of condos and townhomes on SR 248 and Brown’s Canyon Road, offers 2- to 4-bedroom luxury condos starting at $455,900 with amenities that include underground parking, and outdoor heated pool, fitness center, full-service restaurant & bar and an Ice Event Center with one outdoor and two indoor ice rinks. The property website refers to it being within Park City, but that is not the case, as it is located in Wasatch County – and important note should prospective buyers have school-aged children.
Photo Credit: Klaim, Hideout
Deer Waters Resort, located in Hideout, offers three- to four-bedroom properties in its Phase 2, starting at 2,388 square feet overlooking the Jordanelle, while Klaim at Hideout features 88 3- to 5-bedroom contemporary townhomes starting in the $600,000s and sliding glass walls to take advantage of the reservoir views. Also located in Hideout is Shoreline, boasting 360-degree water and mountain views from energy-efficient townhomes starting at $804,750.
MAYFLOWER BASE
Photo Credit: Mayflower Lakeside
Located along Highway 40 on the way to Heber City, and overlooking the west side of the Jordanelle Reservoir, properties at the Mayflower exit (named for the Mayflower Mine, located above this side of the reservoir) offer ease of access to the Jordanelle Resort and Jordanelle Express Gondola for Deer Valley Resort. This is also where the planned Mayflower Mountain Resort will be bringing an additional five chairlifts and up to 1,000 acres of skiing. Existing developments in this area include Stillwater, Star Harbour Estates, and Fox Bay, but a new entry into this burgeoning community is Mayflower Lakeside, offering 3-bedroom condos starting at $580,000 and 1,577 square feet, and 4- to 5-bedroom townhomes starting at $850,000 and 2,494 square feet right on the banks of the Jordanelle. The planned community encompasses 93 acres with more than 65% designated as open space, plus trails, a community pool and clubhouse.
The combination of its rich mining history and unmatched outdoor experiences is one of the reasons people Choose Park City for their new home or vacation property. To learn more about the many ways to enjoy all Park City has to offer, connect with Christine Grenney at 435-640-4238, or visit her website by clicking here.
Much has been said about the “New Normal” we’re experiencing due to the COVID-19 pandemic, and the ways local eateries, presenters and nonprofits have adapted to this could become a preferred mode of engagement for many over the next few months, particularly for those who are not quite ready to venture out among the masses due to health issues or continued concern for personal safety.
I’ve cultivated a few ways locals can still participate in their favorite pastimes, while also staying within their own coronavirus comfort zone after the Park City quarantine.
Gourmet in PJs
Order this tasty take-home Brunch Box for 2 from Luna’s Kitchen Park City for just $40! (Photo credit: Luna’s Kitchen Park City)
Immediately after Parkites were directed to stay at home, many local restaurants jumped headfirst into curbside pick-up, with more restaurants than ever offering takeaway dinners safely. The opportunity to nosh nightly on everything from lobster rolls to Jamaican beef patties without even leaving your car means you can still get your favorite foods while staying safe and supporting local restaurants and their employees. A list of 35 restaurants serving curbside during and after the Park City quarantine is included on the Park City Chamber/Bureau site here, and includes options for every price range. It’s a perfect time to try a new place, and be sure to tip generously (think of all the money you’ll be saving by serving your own drinks at home).
Fitting in Fitness
(Photo credit: The Beau Collective)
As I’ve noted in an earlier blog, my fave sweat sessions happen at the Beau Collective, which has made its popular workouts virtual by offering ten classes (two per week) for just $50! Check out the details here, and toss any excuses not to exercise out the window.
Mountain Trails Foundation has made their Triple Trail Challenge (TTC) virtual this year, with the three events taking place during June, July and August. Covering 78.6 miles total, participants will have one month to complete each course by either running, walking or jogging, creating an event that is truly suitable for all ability levels. June is the Round Valley Rambler, July is the Jupiter Peak Steeplechase and August is the Mid-Mountain Marathon. Upon registration, participants receive a race bib and finishers medals for each stage, with overall event results posted online Sept. 2, 2020. Registration is $290 for new participants and includes a TTC jacket, while returning participants pay $250 and receive an embroidery with the 2020 logo/year to add to their jacket from previous years. Registration fees benefit Mountain Trails’ mission to build, maintain and protect local trails for non-motorized recreation. Click here to register for this year’s event.
Bring Performances Home
Providing arts experiences to a broader audience has long been the goal for presenting organizations, and the COVID-19 pandemic has inspired some area nonprofits to bring entertainment into the comfort of their patrons’ homes.
Park City Institute, presenters of the Eccles Center shows and Big Stars, Bright Nights summer series, is presenting its new “Locals Live” season by streaming concerts online. The performances are held at 7 p.m. on Saturday nights throughout the summer, and feature professional lighting, film and sound crews. The full schedule can be found by clicking here. Contributions from individuals and sponsors will go toward paying the artists, and can be made by visiting the donation page here.
Park City Film Series has scheduled a variety of “Virtual Cinema” screenings, including “Hail Satan?” from June 5 – 21, “The Hottest August” from June 5 – 18, and “One Ocean Film Tour” from June 8 – 10, and “Marona’s Fantastic Tale” from June 12 – 25. Each screening includes an online rental of the film, and some offer the opportunity to participate in a Q&A with the filmmaker on a set date by sending in questions in advance of the event. Park City Film Series receives 50% of each ticket price, so it’s a great way to view new films, while also supporting the series until they’re able to resume operations at the Jim Santy Auditorium. For more information on the Virtual Cinema program, click here.
While everyone is handling Park City quarantine re-entry at their own pace, it’s heartening to know we live in a community where individual approaches to ones own health and wellbeing are respected and supported, and is one of the many reasons people Choose Park City for their new home or vacation property. To learn more about the many ways to enjoy all Park City has to offer, connect with Christine Grenney at 435-640-4238, or visit her website by clicking here.
For many of us, Park City is a place we once visited and now have the good fortune to call home. Because of COVID-19 restrictions over the past few months, the very things that drew us here – exercising, dining out, experiencing the joy of live performance – have been temporarily off-limits. But now that Summit County is officially in the Yellow Risk Level, many of those activities are once again things we CAN do, so I wanted to focus on those here.
If you’re wondering what the Yellow Risk Level means, here are a few bullets:
(Photo credit: Summit County Health Department)
Groups of up to 50 people may gather following social distancing and sanitization guidelines
All businesses may operate fully if in compliance with the governor’s guidelines
Team and club sports are allowed
Restaurants are required to keep tables six feet apart, but up to 10 people may share a meal, preferably from the same household
Concerts can be held, but social distance must be maintained among attendees
Faith services can be held provided social distancing is maintained between people from different households
Face coverings in retail outlets are recommended, but not always required
Health care workers and employees of business who cannot maintain six feet of separation are required to wear a face covering
Though the county might move to a cautious Green Risk Level soon, the risk of cases spiking during the summer months has warranted most large public gatherings – such as Silly Market, art festivals, concerts and parades – to cancel this year. But there are still many things you can start to do again to help acclimate to our new normal.
Bison Burger at the No Name Saloon & Grill (Photo Credit: Dishing Park City)
Something you can start to do again is eat out, or at least continue to order take out and have an amazing restaurant experience in the comfort of your home! We all know Park City loves to dine, and after a few-months’ hiatus, now’s the time to show our local eateries – and their dedicated employees – you support them and have been awaiting their return. Visit the Park City Area Restaurant Association’s website by clicking here to see which restaurants offer curbside and eat-in options, and which are planning to reopen soon. As noted on their site, it’s not exactly business-as-usual, so please be patient with adjusted hours of operation and other restrictions they’re required to follow in order to re-open their doors to the public.
Historic Park City Alliance is also maintaining an updated online resource that lists businesses ready to receive patrons. Visit their site by clicking here. #shoplocal
In granting the “go-ahead” to gyms to start welcoming patrons back in, including PC Marc, Basin Recreation and other fitness facilities, with certain restrictions (masks, smaller class sizes) newly implemented.
If a pool party is more your thing, but if you’re continuing to follow the recommendation to limit nonessential travel, check into a local pool or club membership. The Waldorf Astoria Park City offers a monthly membership at $250 per individual or $400 per family of four (following a $3,000 initiation fee), along with daily cabana rentals. Call 435.647.5550 to book. Silver Mountain Sports Club & Spa’s outdoor pool & playground complex provides hours of fun for swimmers of all ages, and offers monthly memberships starting at $89.75 for individuals, or $159.75, with a $24.75 add-on for each dependent child ages 7-18 (children six and under are free). Another venue to consider is the aforementioned PC MARC.
One thing we have in abundance in Park City and throughout Utah is open space, often accessed through state and national parks. The Utah Department of Natural Resources (DNR) reopened many of its parks at the beginning of May, but is still following safety precautions with its staff, limiting group sizes and recommending social distancing guidelines be followed. This includes separating yourself from other recreators, avoid crowded trailheads, and helping to keep parks and facilities clean. State parks many locals frequent include Rockport, Echo, Jordanelle and Deer Creek reservoirs in Summit and Wasatch counties, along with Antelope Island and Bear Lake. Check out the full list of state parks by clicking here, and consider purchasing an annual pass for just $75 and making the most of the more than 40 state parks visitors from across the globe travel to Utah to experience.
(Photo Credit: Utah Division of Natural Resources)
Utah’s National Parks – which include Arches, Bryce Canyon, Canyonlands, Capitol Reef and Zion – opened in May, as well. However, the parks are implementing phased openings, which means some facilities and services will not be available in all parks, so check each park’s website to help plan your trip. And remember that all th graders get a free National Park Pass for their family through the “Every Kid Outdoors” program, which can be secured by clicking here.
However you choose to start reengaging after sheltering in place, there’s no better time than in the summer to enjoy all the things that make our town so special, and the restaurant and shop owners are sure to welcome you in true Park City style!
Coming together in times of uncertainty is one of the many reasons people Choose Park City for their new home or vacation property. To learn more about the many ways to enjoy all Park City has to offer, connect with Christine Grenney at 435-640-4238, or visit her website by clicking here.
A busy spring evening on Park City’s iconic Main Street
If I didn’t know better, I would say that Park City had skipped ahead a month, and that we’re already in the middle of summer! The sun is shining, temperatures are in the 80’s, and only the most well established snow patches are still clinging to the high alpine landscape. And it’s not only the weather that feels like summertime. The Park City housing market is also experiencing a rebirth.
After a fairly quiet month of selling property during April, May has seen a definite uptick in activity. Many homeowners who were planning to list their properties before COVID-19 hit, are now moving forward and taking action, knowing that we have the necessary resources at our disposal to safely and effectively market and sell their home. We have brought three new listings to market in the last two weeks, one of which went under contract the same day, and there are five more listings in the works. More on that later.
While we were originally only planning to do these in-depth market updates once a quarter or so, the overwhelming demand for the update in last month’s newsletter led us to forego that idea, and push out an update again this month. A lingering sense of uncertainty means everyone wants to stay up to date with exactly what is going on in the marketplace, and understandably so. I will breakdown some tangible housing market numbers for the month of May below, and then offer a few personal thoughts on what I have observed in the Park City housing market as of late.
As always, if you have any specific questions on these statistics, or other segments of the market, please call, text, or email me, and we can talk about your specific criteria. Every clients’ needs and every transaction is unique, and so specificity is key when evaluating your own real estate purchase or sale.
Park City Real Estate
Park City Single Family Homes
Overall for the month of May, the numbers for single family home sales in the Park City area paint a generally positive picture compared to April. While the median sales price dropped 16.6% compared to March, it was up nearly 20% as compared to May 2019. Prices remaining on the rise year over is great news for sellers and homeowners. Homes are selling at an average of 94.1% of the asking price, nearly even compared to April, and down 3.3% from last May. This is a reminder that while sellers should price their homes realistically to sell, they may also want to leave a little room in the list price for negotiations.
The number of homes sold in May is down substantially, nearly 71% as compared April 2019, and down 29.2% compared to this April. A substantial portion of the decrease in sales can be attributed to less homes being on the market. The number of homes available for sale is down 12.2% year-over-year for May, but up 12% from April of this year, a good sign for buyers and that the market is moving in the right direction. Less inventory means a greater demand for the homes that are available for sale (especially the really exceptional properties that are well-priced) and less properties to compete against for sellers.
The days on market are down substantially, decreasing 34.1% from May 2019, and down 54% from April of this year. The large decrease in days on market means that despite a lower than normal amount of homes for sale, buyers are taking action and homes are selling.
Single family home sales for May 2020 in the Park City area as compared to April 2020 and May 2019; courtesy PCBOR
Single Family Homes Below $1,000,000
Median sold price decreased 8.9% from April and 7.9% from May 2019 to a current price of $724,250
Average number of days on the market for May are 31, up slightly from April, and way down from 81 days on market in April 2019
Inventory increased 12% from April, and is down 34.9% from 2019
Single Family Homes Between $1,000,000 and $2,500,000
Median sold price decreased 12.1% from April, but is up 10.2% from April 2019 to a current price of $1,537,500
Average number of days on the market for May are 35, down 75% from 141 days on market in April, and 131 days on market in May 2019, a huge swing in favor of a sellers market
Inventory is up 24.5% from April, and is down 17% from April 2019
Median sold price more than doubled, increasing 105.8% from April and is up 104.1% from May 2020 to a current sold price of $6,175,000, though it is likely skewed by a number of high list price closings
Average number of days on market for May are 251, down from 263 days on market in April, and up from 153 days in May 2019
Inventory is up 4.9% from April, and has decreased 5% from May 2019
Park City Condos and Townhomes
Shifting gears to another substantial segment of the Park City housing market, the numbers for condo and townhome sales are showing swings relative to the previous month. While the median sales price has decreased 8.9% compared to April, it is up by 35.9% as compared to May 2019. While prices did drop compared to the previous month, the increase year over year is good sign for owners and prospective sellers. Condos and townhomes are selling at an average of 96.9% of the asking price, up 1.7% from April, and up 0.7% from last May, overall remaining fairly stable.
The number of condos sold in April is down 44.4% compared to April, and down 66.7% compared to May 2019. Again, a sizable portion of the reduced number of sales is due to less condos and townhomes being on the market. The number of condos available for sale is down 24.9% year over year, which is an improvement upon last months 30.8% decrease. The available inventory compared to April 2020, is actually up slightly by 1.9%, a positive sign of more owners deciding to list.
The average days on market has increased by 46.8% from April, and is up by 149.9% compared to May 2019. New listings have nearly tripled compared to last month, increasing by 196%, and while they are still down by 18.7% year over year, I would not be surprised to see a continued increase in listings, which should spur more sales, as buyers have more options to choose from.
Condo and townhouse sales for May 2020 in the Park City area as compared to April 2020 and May 2019; courtesy PCBOR
Median sold price increased 16.3% from last month, and went up 37.3% from May 2019 to a current price of $552,500
Average number of days on the market for May are 86, down from 106 days in April, and up from 49 days on market in May 2019
Inventory increased 15.4% from April 2020, and is down 6.3% from May 2019
Condos and Townhomes Between $750,000and $1,500,000
Median sold price decreased by 35.6% from April, but is still up 1.1% from May 2019 to a current price of $885,000
Average number of days on the market for May are 409, up from 134 days in April, and up from 86 days on market in May 2019. This data will be interesting to review next month, as this jump seems like a bit of an anomaly, possibly caused by re-listing properties that had already been on the market for a long time
Inventory decreased 9.4% from April, and is down 41.7% from May 2019
Condos and Townhomes Above $1,500,000
Median sold price is down 10.9% from April and is down 39.7% from May 2019 to a current price of $1,900,000
Average number of days on the market for May are 375, up substantially from 192 days in April 2019, and up from 255 days on market in May 2019
Inventory decreased 11.9% from last month, and is down 36.4% from May 2019
Heber Valley Real Estate Overview
Single family home sales in the Heber Valley area show an increase in the median sales price compared to April 2020 and May 2019. The inventory has increased slightly this month, although it is still down compared to this time last year. New listings are up substantially, and the number of days on market are on the rise, however the percent of asking price received on homes that have sold, is about even month over month, down slightly to 98% of asking. The influx of available inventory combined with an increased median sold price bodes well for sellers and owner, and I would expect the number of units sold to increase again next month. While an increase in days on market is evident, it is still down slightly compared to this time last year, and remains a sellers market.
Single family home sales for May 2020 in the Heber Valley area as compared to April 2020 and May 2019; courtesy PCBOR
Salt Lake City Real Estate Overview
The Salt Lake City real estate market continues to stay hot, and multiple offers and low days on market for in demand areas continues to be the trend. For single family homes in Salt Lake County, we have seen a decrease in closed sales of 28.9% from May 2019 to May 2020, and an increase of 11.9% from April to May of this year, as market activity increases. While the median days on market for May 2020 doubled from last month, and is up 33% from May 2019, the current number of 16 days on market remains a very strong number for sellers, and a sellers market.
A sellers market is generally defined as any time frame between 0 and 90 days on market, so 16 days on market is a very strong number for sellers and indicates a shortage in available homes for sale. Further supporting a strong sellers market, is that the median percentage of the asking price received by sellers is 100%. On average, homes are selling at the full asking price, up from 99% in May 2019, and down one point from 101% of asking price in April 2020.
Single family home sales for May 2020 in Salt Lake County as compared to the previous 12 months; courtesy Wasatch Front Regional MLS
My Observations
Last month, there had been some talk in real estate circles about bargain hunting, and buyers seeking out 15-25% discounts on properties for sale. That continues to be a false narrative in the current market environment. While some metrics have decreased, overall the market and its sales prices are holding steady, or even increasing in some instances. While demand has decreased for some properties, a decreased inventory has helped many segments of the market to remain steady. As of now, there aren’t any market statistics supporting massive discounts or property fire sales. Multiple offers are being seen in Park City, and regularly in Salt Lake City, where buyers would be wise to write strong, clean offers when purchasing. And don’t forget – get prequalified.
As of late, I have seen a particular interest in single family homes located in popular family neighborhoods, with prices between $1,000,000 and $2,000,000. A recently listed Jeremy Ranch home that I co-listed with fellow Summit Sotheby’s International Realty agent and friend Marc Coulam, had 3 showings before going on the market and went under contract the day we went live, with a backup offer in place. We continue to see an increased interest from out of state buyers, who seem to reevaluating life’s priorities, and want to seriously pursue their dream of living in a mountain town with a little bit slower pace of life.
As always, premium properties that are well presented, well marketed, and priced in line with the market, will sell. This is where our marketing team is a cut above the rest. The ability to present a property in its best light, while broadcasting it to the largest qualified audience possible, will help beat out the competition and get the property sold faster for more money. With in-person property showings on a definite decrease, we include a 3D tour of every property we list, no matter the value. Luxury and exemplary service are an experience, not a price point.
Top-notch service, a powerful network, superior marketing, and in-depth market knowledge are as important as ever when buying or selling property. The sky is not falling, homes are still selling, and Park City is still an incredible place to live, retire, or raise a family. If you are interested in looking at numbers specific to your neighborhood, or are thinking of buying or selling real estate in the near future, please, call, text, or email me, and I will help in any way I can.
It is safe to say that the last several weeks have impacted all of us. We miss loved ones and friends, school and playdates, skiing and happy hours. Inspired by the thought of “What is Home?”, the amazing Summit Sotheby’s in-house videography team stopped by the Utah homes of our sales associates, management and staff to say hello, from afar, with the help of some drones.
The message of home is powerful. Home is a sense of inclusion – a sense of place. It is where you can be yourself. We hope you enjoy getting a glimpse into our lives at home, but most importantly, we wanted to pause and say thank you to all of the families who have trusted us with their homes. Whether in Park City, Heber, Kamas, Salt Lake, or anywhere else in Northern Utah, it has been a privilege to work with so many great clients to buy and sell your Utah homes. Thank you for the opportunity, and thank you for choosing to call this wonderful place home.
It’s official, springtime is in the air in Park City. The snow is melting, birds are chirping, bees are buzzing, and real estate is selling. Or is it? Questions and opinions about the Park City real estate market seem to be uttered nearly as frequently as the latest news on the pandemic, the two of which are admittedly intertwined. Uncertainty has been the word of the day for roughly two months now, and everyone has a different take on what they think will happen next. But as any experienced forecaster of economics or weather knows , nobody can be certain.
What we can be certain about are verified statistics and hard numbers that give an honest, unbiased look at how well the Park City real estate market, and the surrounding Utah real estate market, is performing. Now more than ever, people crave tangible information. Sure, we all have our opinions of what may occur in the next 6-12 months, myself included, but speculation is an exercise in futility, and business decisions – like buying or selling property – are best made when using current numbers, not just gut feelings.
The goal of this market update is to paint a picture of how the Park City real estate market has reacted to the Coronavirus pandemic. In addition to throwing around a bunch of numbers, I’m going to do my best to translate what some of these metrics may mean to you, the consumer. Us realtors have a tendency to get all caught up in the minutiae of these metrics, and if we’re not explaining how these numbers can be useful to our clients – the buyers and sellers that drive the Park City real estate market – then we are doing a disservice. If you have any specific questions on these statistics, or other segments of the market, please call, text, or email me, and we can talk about your specific needs and wants, as every client and every transaction is unique.
Park City Real Estate
Park City Single Family Homes
Overall for the month of April, the numbers for single family home sales in the Park City area do not paint a doom and gloom picture that many may have been expecting. The median sales price is actually up 21% compared to March, and up 11% as compared to April 2019. Prices remaining on the rise is great news for sellers. Homes are selling at an average of 94.3% of the asking price, down slightly by 2.7% in March, and down 1.6% from last April. This is a reminder that while sellers should price their homes realistically to sell, that they may also want to leave a little room in the list price for negotiations.
The number of homes sold in April is down substantially, nearly 49% as compared April 2019, but only down 4% compared to this March, a relatively minor correction despite the pandemic. Also, a substantial portion of the reduced number of sales can be attributed to less homes being on the market. The number of homes available for sale is down 23.5% year-over-year for April, and down 12.7% as compared to March. Less inventory means a greater demand for the homes that are available for sale (especially the really exceptional properties that are well priced) and less properties to compete against for sellers.
While the average days on market is up substantially from April 2019, the time on market has actually decreased from March 2020 to April by 19.3%. A decrease in days on market, combined with increasing sales prices, and a decrease in inventory, all bodes well for those interested in selling their Park City home.
Single family home sales for April 2020 in the Park City area as compared to March 2020 and April 2019; courtesy PCBOR
Single Family Homes Below $1,000,000
Median sold price decreased 2.5% from March and 9.1% from April 2019 to a current price of $795,000
Average number of days on the market for April are 29, the same as March, and down from 30 days on market in April 2019
Inventory decreased 8.7% from March, and is down 41.7% from 2019
Single Family Homes Between $1,000,000 and $2,500,000
Median sold price increased 16.7% from March and is up 8.9% from April 2019 to a current price of $1,750,000
Average number of days on the market for April are 118, up from 82 days on market in March, and 65 days on market in April 2019
Inventory is down 20% from March, and is down 35.9% from April 2019, likely contributing to the increased median sold price
Median sold price decreased 2% from March and is down 29.2% from April 2019 to a current price of $3,000,000
Average number of days on market for April are 255, down from 446 days on market in March, and up from 54 days in April 2019
Inventory is down 8.8% from March, and has decreased 11.9% from April 2019
Park City Condos and Townhomes
Shifting gears to another substantial segment of the Park City real estate market, the numbers for condo and townhome sales also do not signify a massive drop off or correction in the market. The median sales price has increased 3.7% compared to March, and is up 7.3% as compared to April 2019. The annual and monthly increase in prices bodes well for owners, investors, and those looking to sell. Condos and townhomes are selling at an average of 95.3% of the asking price, down 2.5% from March, and down 1.5% from last April, but overall remaining fairly stable.
The number of condos sold in April is down 25% compared to March, and down 47.8% compared to April 2019. Again, a sizable portion of the reduced number of sales is due to less condos and townhomes being on the market. The number of condos available for sale is down 30.8% year over year for April, and down 11.6% as compared to March. The decreases in inventory means a greater demand for the condos available for sale and less properties to compete against for sellers. More on this later in the blog, where I share some personal experiences on the market as of late.
The average days on market has dropped 14.5% from March, and is nearly even compared to April 2019, down just 1.8%. A decrease in days on market, combined with increasing sales prices, and a decreased inventory, are all generally positive trends for those interested in selling their Park City condo or townhome.
Median sold price increased 8% from March and went up 4.1% from April 2019 to a current price of $475,000
Average number of days on the market for April are 97, down from 103 days in March, and up from 70 days on market in April 2019
Inventory decreased 8.6% from March, and is down 20.1% from 2019
Condos and Townhomes Between $750,000and $1,500,000
Median sold price increased a very impressive 61.8% from March and is up 59.1% from April 2019 to a current price of $1,375,000 April 2019 to a current price of $475,000
Average number of days on the market for April are 187, up from 129 days in March, and down from 266 days on market in April 2019
Inventory decreased 7.1% from March, and is down 42.8% from 2019
Condos and Townhomes Above $1,500,000
Median sold price is down 9.4% from March and is up 1.5% from April 2019 to a current price of $2,132,500
Average number of days on the market for April are 192, down substantially from 306 days in March, and down from 285 days on market in April 2019
Inventory decreased 18.6% from March, and is down 33.5% from 2019
Heber Valley Real Estate Overview
Single family home sales in the Heber Valley area show a decrease in the median sales price compared to March 2020 and April 2019. The inventory has increased this month, although it is down compared to this time last year. New listings and the number of days on market are on the rise as of late, however the percent of asking price received on homes that have sold, is up slightly to 99% of asking. The influx of available inventory is helping to drive down the median sold price and increase the days on market. That said, 45 days on market still very much represents a sellers market.
Salt Lake City Real Estate Overview
The Salt Lake City real estate market has been, and continues to be, HOT. For single family homes in Salt Lake County, we have seen a decrease in inventory of 30% from April 2019 to April 2020, and a decrease of 11% from March to April of this year. The decrease in inventory combined with a still very strong demand for housing in Salt Lake has led to the median days on market decreasing from 16 days in April 2019 and 13 days in March 2020, to only 8 days on market in April 2020.
A sellers market is generally defined as any time frame between 0 and 90 days on market, so 8 days on market is a very strong number for sellers and indicates a shortage in available homes for sale. Further supporting a strong sellers market, is that the median percentage of the asking price received by sellers is 101%. On average, homes are selling for above their asking price, up from 98% in April 2019, and 100% of asking price in March 2020.
My Observations
There has been a lot of talk recently in real estate circles about bargain hunting, and buyers seeking out 15-25% discounts on properties for sale. While some metrics have decreased, overall the market and its sales prices are holding steady, or even increasing in some instances. While demand has decreased for some properties, a decreased inventory has helped many segments of the market to remain steady. As of now, there aren’t any market statistics supporting massive discounts or property fire sales. Multiple offers are being seen in Park City, and regularly in Salt Lake City, where buyers would be wise to write strong, clean offers when purchasing.
As of late, I have seen a particular interest in 2-4 bedroom condos and townhomes under $750,000 that live similar to a single family home. A recently listed Hidden Creek townhome of mine had 10 showings in the first 36 hours on market, is under contract above asking price in multiple offers, and received 2 backup offers. Another recently listed Hidden Creek unit had 6 showings in its first day on market. If anything, the out of area demand for this type of property may have increased during the pandemic, as buyers in large cities and on the coasts are looking to have a place to get away to in times of uncertainty.
As always, premium properties that are well presented, well marketed, and priced in line with the market, will sell. This is where our marketing team is a cut above the rest. The ability to present a property in its best light, while broadcasting it to the largest qualified audience possible, will help beat out the competition and get the property sold faster for more money. With in-person property showings on a definite decrease, we include a 3D tour of every property we list, no matter the value. Luxury and exemplary service are an experience, not a price point.
Top notch service, a powerful network, superior marketing, and in-depth market knowledge are as important as ever when buying or selling property. The sky is not falling, homes are still selling, and Park City is still an incredible place to live, retire, or raise a family. If you are interested in looking at numbers specific to your neighborhood, or are thinking of buying or selling real estate in the near future, please, call, text, or email me, and I will help in any way I can.
As our students settle in to learn from home for the remainder of the school year, education continues to be a hot-button topic locally and across the U.S. Some parents and students are struggling with the online instruction model, while others are thriving. What we do know is every student in the U.S. is in the same situation right now, but because all of the schools in Park City provide access to digital devices for all students, kids in area public, private and charter schools were weeks ahead of its peers in other states, once again giving our students a leg up due to local educational leadership and foresight.
I’ve put together an overview of Park City School District, along with three additional school options in Park City, or available to Park City residents, including Park City Day School, Weilenmann School of Discovery and Silver Summit Academy.
It’s widely known that Park City’s schools are head and shoulders among others across the state, and funding for its many innovative programs is one of the reasons why. For the public and charter schools, property taxes from second homes, which are taxed at 100-percent of value vs. 55-percent for primary residents, fill the PCSD coffers at a rate unmatched in any of Utah’s other Districts. At Park City School District, per-pupil spending of $15,320 surpasses the national average of $12,201, while the average of all Utah school districts falls far below at $9,251.
There are currently 4,780 students enrolled in PCSD, down from its highest enrollment of 4,891 two years ago. The Utah State Board of Education provides a Utah School Report Card for each public school and district based on assessments, and has given PCSD the following marks:
(Photo credit: Utah State Board of Education)
Park City was the first district to have all of its elementary schools participating in the Dual Language Immersion (DLI) program, and elected to have French DLI at Jeremy Ranch and Trailside, and Spanish at McPolin and Parley’s Park. McPolin is has a full-school DLI program, wherein every student enrolled is placed into the program, while the other three schools have just two classes per grade, and engage in a lottery system each spring to determine which interested students will be placed into one of the available spots. It’s a program that’s been a feather in the cap of the Park City School District
Students in the program spend half the day with a teacher instructing math, science and social studies in the target language, and the other half with a teacher instructing language arts in English. Proficiency goals are set for each grade, with the presumption that students will take the AP exam in their target language in ninth grade, and university-level courses in grades 10-12.
If you’re considering entering your child in Dual Language Immersion, check out the state’s DLI video by clicking here, or ask to sit in on a class at the school your child will be attending in the fall. Initial meetings for incoming first graders are usually held in January, so visit Park City School District’s DLI page throughout the winter for updates.
In April, U.S. News and World Report’s 2020 Best High School report ranked Park City High 19th among Utah’s 429 high schools, and ranked “Best School District in Utah” by Niche in its 2020 Best Schools in America rankings and grades.
Other PCSD highlights include:
Ecker Hill Middle School was re-designated in 2019 as a national School to Watch. The honor is bestowed upon the administration and faculty for their exemplary work with young adolescents. Only 11 schools in Utah have received this distinction.
The Park City High School Class of 2019 graduates attend prestigious universities that include Auburn, Baylor, Cal Poly, Cornell, Dartmouth, Georgetown, Loyola Marymount, Pepperdine, Stanford, UCLA, Vanderbilt, Villanova, and Washington & Lee.
A top Advanced Placement district in Utah with a 75% student participation rate and a 70% pass rate.
Park City Center for Advanced Professional Studies (PCCAPS) offers courses in digital design, business strategy, engineering, software development, and teacher education. Instructors develop real-world, project-based learning strategies through collaboration with business and community partners.
Located in Quarry Village in the Pinebrook neighborhood (south of the Jeremy Ranch I-80 interchange), Park City Day School (PCDS) is an independent, non-sectarian school focusing on a dynamic liberal arts education for students in grades Preschool through 8th.
PCDS’s instructional model includes inquiry, place-based experiences via outdoor education, service learning and leadership through courses that include the Arts (music, performing and visual), Science, Mathematics, English/Language Arts, Social Studies, Wellness and Foreign Language Studies.
According to Private School Review, Park City Day School has an enrollment of just 163 students, with a teacher:student ratio of 5:1 and average class size of 14 students. Parents interested in enrolling their students at PCDS should contact the Admissions Director to learn more and to schedule at tour at 435-649-2791, or by emailing [email protected].
Weilenmann School of Discovery (WSD), located on Kilby Road west of the Jeremy Ranch interchange by Woodward Park City, is a public charter school serving grades K-8 with a focus on exceeding Utah core standards by integrating visual and performing arts, outdoor education, lab science, physical education and an off-campus Adventure P.E. program. Technology- and project-based learning experiences help students engage in their own learning and success, while gaining and applying deeper subject knowledge.
Daily learning incorporates small and flex groups, enrichment programs, tiered learning assistance and a comprehensive Special Education program. With approximately 600 students, WSD promotes a close-knit school community by focusing on character education. One of the hallmarks of the school is their Outdoor and Environmental Education coursework, which allows students to spend meaningful time in nature on a regular basis, using the outdoor classroom as a learning space.
New student enrollment is currently open for the 2020-21 school year, and can be started by clicking here and clicking the “Apply Now” button.
Silver Summit Academy is a K-12 school operated by the South Summit School District in Kamas, but is located near the western boundary of the Park City School District in the Silver Creek Business Park (Silver Summit Exit off Hwy 40, north of Home Depot). Students within the South Summit School District (SSSD) boundaries are given enrollment priority, with students from other district considered after SSSD students have been enrolled.
Silver Summit offers students a blended learning environment combining digital content with in-person instruction. Some classes are delivered mostly online, but there are teachers readily available to teach and assist students onside. With a focus on STEAM (Science, Technology, Engineering, the Arts and Mathematics), AP and Honors courses are offered, but extracurricular activities should be sought in the school district from which the student originates (i.e. students in the South Summit School District will engage in their clubs and athletics, while student in from other district will engage in extracurriculars in their home district’s schools).
The school notes that their curriculum works well for student athletes whose training and travel demands require flexibility, and they count quite a few competitive athletes among their student body.
The varied, yet all outstanding, education opportunities for students in preschool through 12th grade are just a part of what inspires so many families to people Choose Park City. To learn more Christine’s experiences with her school-age daughters, call her at 435-640-4238, or visit her website by clicking here.
As the weather warms and our community begins to slowly and carefully emerge from its Shelter in Place, we must remember that this pandemic is likely to continue to impact some of the most vulnerable members of community for the next few months, including our local students.
For nonprofits on the frontlines, the fiscal implication of COVID-19 has been significant, as none of their annual budgets could have taken into consideration the possibility of a global pandemic and the economic damage it could bring.
1000(Photo credit: Park City Education Foundation)
Among those nonprofits, Park City Education Foundation (PCEF) is no exception. As I shared last month, I’ve served as co-chair of PCEF’s Running with Ed (RWE) fundraising event, and am heartbroken it had to be canceled for later this month. Based on last year’s RWE record fundraising total, PCEF stands to lose $280,000 in critical funding for the 2020-2021 school year – a significant percentage of the $1.5-million they invest in Park City School District annually in programs like preschool, art and STEM.
While I’m disappointed we can’t celebrate our students as a community this month through Running with Ed, I’m encouraging everyone who has already paid their registration fee for this year to consider, if able, to change their runner registration into a runner donation, or log on to the RWE site to purchase a fun “Gap Year” t-shirt to show your support.
I asked my friend, Jennifer Billow, PCEF’s Associate Director of Communications and Development, to share the best ways that Parkites can help bridge the funding gap to serve the immediate needs of teachers and students throughout the District.
Jen said PCEF is focusing on two critical areas: Express Grants for teachers, and support for Bright Futures students.
With the governor shuttering schools through the end of the year, teachers had to quickly adjust their method of instruction to accommodate at-home learning, which meant some found themselves without the necessary tools to efficiently teach their students.
“We knew there was going to be this giant shift in the direction of education because of distance learning,” Jen explained. “Teachers were finding that just talking to their kids via Zoom (online meetings) is super boring, so they’re asking for tools like iPads and other technology to amplify what their students are doing on a laptop to make a lesson more interesting.”
To quickly provide funding to teachers, PCEF ramped up its Express Grant program, which typically has a budget of $10,000 and awards grants of $1,000 or less. Recognizing the urgent need to support teachers instructing at-home, once RWE was cancelled, PCEF asked supporters to donate to the Express Grant program instead. Within the first 10 days, nearly $25,000 was raised.
PCEF Express Grants help fund classroom supplies for low income families during at-home learning. (Photo credit: Park City Education Foundation)
The Express Grant fundraising goal is now $50,000, with funding earmarked for emergency requests, such as personal hygiene products and over-the-counter medicines for low-income families, classroom supplies some families are unable to provide for themselves at home, or new ed-tech resources for teachers (i.e. laptop compatible whiteboards, video/audio components, apps to enhance online learning). Jen noted these needs are likely to continue into the summer months, especially if summer school or bridge programs are put into place to support students who require additional instruction following the at-home learning period. To contribute to the Express Grant fund, please click here.
(Photo credit: Park City Education Foundation)
Also in need of urgent funding is Bright Futures, a program that mentors first-generation, low-income college students to help them from 10th grade through college graduation. This is accomplished by assisting students in choosing the right school, filling out financial aid forms and accessing critical resources to help them success in higher education. PCEF donors help bridge the gap between college expenses and what’s covered by scholarships and financial aid.
However, with most businesses closing or reducing services over the past few months and into the summer, the economic impact of COVID-19 has affected seniors and college students who relied on part-time jobs to help supplement their tuition.
“These kids are expected to contribute to their college costs by working part time, but their jobs dried up overnight,” Jen explained, adding, “Losing three to five months of income jeopardizes their ability to contribute.”
That’s why PCEF is seeking donations to support the 12 Bright Futures students currently in college and the 16 Park City High School seniors ready to start college in the fall. Ensuring these students are able to start and complete college through a life-changing contribution can be done by clicking here.
I encourage everyone to support PCEF – or any nonprofit near and dear to them – to the extent they are able, as supporting one another during these uncertain times can have benefits for both the recipient and the giver.
Park City Education Foundation and other frontline nonprofits are a few of the many reasons so many people Choose Park City for their new home or vacation property. To learn more about the variety of charitable organizations across Summit County that make the area so special, connect with Christine Grenney at 435-640-4238, or visit her website by clicking here.
