Park City Real Estate Update
Local experience leads to impressive national exposure
The Park City area is known internationally for the “Greatest Snow on Earth” and its world class ski resorts. SKI Magazine’s annual reader survey ranked Deer Valley Resort as the #1 ski resort in North America for a record-shattering 5th year in a row. Perennial favorite, Park City Mountain Resort, and the up-and-coming Canyons Resort, garner rave reviews as well. Located only 35 minutes from the Salt Lake City International Airport, SKI Magazine ranks Park City’s resorts as the most easily accessible in North America.
What visitors to Park City don’t necessarily realize is that the Park City, Summit County & Wasatch County areas are home to a vibrant and fully engaged year-round residential community.
One of Utah’s most desirable areas, Park City serves as a bedroom community of the Salt Lake Valley, which includes the cities of Salt Lake City, Provo/Orem and Ogden. The Salt Lake Valley is Utah’s business center and comprises the bulk of Utah’s population.
Forbes has been a fan of Utah’s economy for some time now, recently naming Utah the “Best State for Business” for the 2nd year in a row. Kurt Badenhausen of Forbes comments, “No state can match the consistent performance of Utah.” Forbes also lists Salt Lake City, Provo/Orem and Ogden at the top of categories such as, “Best Big Cities for Jobs.” Best Mid-Sized Cities for Jobs,” and “America’s 25 Best Performing Cities”. The American Legislative Exchange Council (ALEC), a nonpartisan public-private partnership of America’s state legislators and members of the private sector seems to agree,ranking the State of Utah #1 for “Economic Outlook” for the 4th straight year.
Last week’s meeting of the US Chamber of Commerce named Utah as the #2 “Boom State” in the country. Based on recent housing and jobs data, Realtor.com rated Salt Lake City as the 6th “Best Place to Buy a Home Right Now.”
The strong economic and business core of the Salt Lake Valley has had a positive influence on the valley’s real estate market with the Salt Lake Board of Realtors recently reporting 11 consecutive months of increasing residential sales transactions along with the 1st month of increasing median sales price in 4 years.
Last week, the U.S. Census Bureau released estimates rating Utah #3 in the nation for housing growth during 2012. Summit County, home of the greater Park City area, ranked as the #27 county in the United States for housing growth in 2012. Summit County’s 3.25% growth rate is approximately 6.5 times faster than the national average.
#1 - Best State for Business (Forbes, 2nd year in a row)
#1 - Economic Lookout (American Legislative Exchange Council,
ALEC, 4th year in a row)
#2 - Next Boom States (U.S. Chamber of Commerce, June 2012) #3 - Housing Growth (U.S. Census Bureau, June 2012)
Salt Lake Valley Rankings
Salt Lake City
#3 - Best Big Cities for Jobs (Forbes)
#6 - America’s 25 Best-Performing Cities (Forbes)
#6 - Best Place to Buy a Home Right Now (Realtor.com) Provo/Orem
#7 - Best Mid-Sized Cities for Jobs (Forbes)
#9 - America’s 25 Best-Performing Cities (Forbes) Ogden
#15 - America’s 25 Best-Performing Cities (Forbes)
Park City / Summit County Rankings
#27 - New Housing Growth by County (U.S. Census Bureau, June 2012)
A solid local economic foundation, job growth and low interest rates are combining to create the most historically-affordable opportunity to purchase a new home. Buyers of primary residential single family homes in the Park City area are noticing shrinking inventories of available homes resulting in fewer choices in popular areas. Park City neighborhoods such as Park Meadows, Thaynes Canyon, Pinebrook, and Jeremy Ranch are producing higher numbers of home sales compared with 2011.
With some of the most attractive residential real estate found anywhere Park City is ready to embrace the new Utah economic boom.
Park City Real Estate Search
Berkshire Hathaway HomeServices Utah
2200 Park Avenue, Park City, Utah 84060
Linda: 435-640-4816 | Jason: 435-602-9294