Nationally there is a healthy group of buyers who are looking to buy a new home, and housing prices aren’t going up at steep rates as in past years. The slower rate of home prices contributes to a good buying environment. The housing marketing is stable through most of the nation with the eight states of Utah, Idaho Wisconsin, Indiana, Alabama, South and North Carolina and Georgia are the “hot” markets.
Still, sales of luxury home sales have declined nationwide due to rising mortgage rates, tax code rewrites, volatile stock market prices, and rapid home price growth. Economic and political uncertainty is creeping into the buyer’s soul in some of the country's most expensive markets. These subdued sales have cause luxury inventory to build up for the first time in years.
According to Mansion Global, "Home prices in the segment could begin to adjust if supply continues to build up and luxury buyers begin to reassess the value of their purchase. The result could see some sellers re-calibrate expectations, with more properties seeing price cuts."
The differences in the country’s luxury housing markets are likely to become more noticeable in tax reform areas that have been negatively affected. High-tax, high-income areas like California and New York see homes sales in general and luxury home sales, in particular, falling drastically. However, Colorado, North and South Carolina, and Florida will continue to see strength in luxury housing markets with prices rising, and buyers becoming more enthusiastic.
The trend of slower luxury home sales is expected to continue through the second quarter of 2019, but there are some notable exceptions. One exception is Park City, Utah here sales of luxury homes are slowing, but are not stopping.
Park City is not a snapshot of national housing marketing or even the market in Utah. It is a distinct and very segmented real estate market. Luxury home sales started slowly in 2019, but various factors contributed to this anomaly. A snowpack that was 150% of normal, buyers wanting to ski and play rather than view properties, and sellers not wanting to move contributed to the slower sales.
The median home price in Park City, Utah, is about $899,000 and there are about 2,445 homes, including condos listed. Statistics indicate that the end of the first quarter of 2019 saw a slight decline in sales, but an increase in price. However, research shows that sold prices are rising compared to a year ago. Property owners are lowering their list prices to sell their properties, and this brings in more buyers and investors.
Why consider investing or buying a home in Park City, Utah? There are many reasons to consider buying in Park City. There are the soaring mountains and spectacular scenery at your door and an outdoor enthusiast’s dream destination. Park City has a special quality that makes it attractive to visitors, residents, and new buyers. It is alive and vibrant with access to an international airport. The tax base in Utah is lower than in many states, and the educational values in Park City are very high.
There is a huge potential for profit in Park City. Buying a home in Park City, Utah gives you an almost instant return on our investment since the median home sale prices ha increase by almost 7% over the past year. There are new construction projects continually going on, and this gives Park City a growing real estate market.
Buying a home in Park City, Utah puts you in a stable buy-hold market. The area’s unemployment rates are about half of the national average, and the Park City economy is healthy. There is not a huge inventory of distressed homes, which makes Park City real estate an excellent investment.
So far this year, it has been a promising year for buying a home in Park City, Utah. The seemingly unending rise in home prices has started to slow, and mortgage rates have dropped to unexpected lows. Lower interest rates and lower home prices are good news for those who want to purchase a home in Park City, Utah, for family life or investment purposes.
Higher taxes in different states, the lure of the mountains, high quality of life, and the nationally-ranked Park City High School are great selling points for buying a home in Park City, Utah. Besides, what other area offers all four season and summers that average about 80⁰F and low humidity?