park city utah real estate report

26
Rick J. Klein 435 647 9055 NMLSR 413601 Na#onal and Local Real Estate Review 3rd Quarter 2013 Building Momentum Rick J. Klein Private Mortgage Banker NMLSR 413601 October 18, 2013 435 647 9055 Park City Real Estate Sta#s#cs

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Page 1: Park City Utah Real Estate Report

Rick J. Klein435 647 9055NMLSR 413601

Na#onal and Local Real Estate Review3rd Quarter 2013

Building Momentum 

Rick J. KleinPrivate Mortgage Banker

NMLSR 413601

October 18, 2013435 647 9055

Park City Real Estate Sta#s#cs

Page 2: Park City Utah Real Estate Report

!"#$%&'%()*"+

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0

20

40

60

80

100

120

140

160

180

200

Jan-0

7

Apr-07

Jul-0

7

Oct-07

Jan-0

8

Apr-08

Jul-0

8

Oct-08

Jan-0

9

Apr-09

Jul-0

9

Oct-09

Jan-1

0

Apr-10

Jul-1

0

Oct-10

Jan-1

1

Apr-11

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Oct-11

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Apr-12

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Jan-1

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Apr-13

Jul-1

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# of

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ions

Pended Sales: Greater Park City As of 9/2013

Source: PCMLS/Rick J. Klein

Land SFR Condos

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Page 3: Park City Utah Real Estate Report

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Q3

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10

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11

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12

Q3

13

Num

ber o

f Tra

nsac

tions

Greater Park City 1st 9 Mo. Comparison (as of 9/2013)

Source: PCMLS/Rick J. Klein

Condo Sf VL

Page 4: Park City Utah Real Estate Report

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2006

Q3

2007

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Q3

2009

Q3

2010

Q3

2011

Q3

2012

Q3

2013

# of

Tra

nsac

tions

Pended Sales: Greater Park City 3rd Quarter Comparison

(as of 9/2013) Source: PCMLS/Rick J. Klein

VL SF CO

Page 5: Park City Utah Real Estate Report

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20

40

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80

100

120

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Mar

-07

May

-07

Jul-0

7 Se

p-07

No

v-07

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8 M

ay-0

8 Ju

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May

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p-09

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Sep-

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Jan-

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Mar

-13

May

-13

Jul-1

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p-13

# of

Tra

nsac

tions

Closed Sales: Greater Park City Number of Transactions

(as of 9/2013) Source: PCMLS/ Rick J. Klein

CO SF VL

!"#$%&'()*+&E0(.#-&./0#.&+12+#$

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Page 6: Park City Utah Real Estate Report

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Q3

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09

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11

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12

Q3

13

Num

ber o

f Tra

nsac

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Closed Sales: Greater Park City First Nine Months Comparison

(as of 9/2013) Source: PCMLS/Rick J. Klein

Condo Sf VL

Page 7: Park City Utah Real Estate Report

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0

50

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150

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450

500 Ja

n-07

Jan-

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Jan-

09

Jan-

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Jan-

11

Jan-

12

Jan-

13

# of

Tra

nsac

tions

Closed Sales: Greater Park City 3rd Quarter Comparison

(as of 9/2013) Source: PCMLS/Rick J. Klein

Condo Sf VL

Momentum?

Page 8: Park City Utah Real Estate Report

Rick J. Klein435 647 9055

NAR: Total inventory at the end of August increased 0.4% to 225M units  which represents a 4.9 month supply at the current sales rate.  Listed inventory is 6.3% below a year ago when it was a 6.0 month supply.

GPC total lisWngs October 1st was 1,160 a decrease of 5.6% from September and down 14% from last year.  This is an all Wme low since January 2007.  At current levels the absorpWon rate is 5.7 months which is also an historic low.  The average absorpWon rate (ex‐lots) since Jan 2010 is 13.2 months. 

Supply: Inventory

Page 9: Park City Utah Real Estate Report

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0

500

1000

1500

2000

2500

Jan-07

May-07

Sep-07

Jan-08

May-08

Sep-08

Jan-09

May-09

Sep-09

Jan-10

May-10

Sep-10

Jan-11

May-11

Sep-11

Jan-12

May-12

Sep-12

Jan-13

May-13

Sep-13

# of

list

ings

Active Listings - Greater Park City (Inventory as of first of the month)

October 1, 2013 Source: PC MLS & Rick Klein

VL SF CO

Page 10: Park City Utah Real Estate Report

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45.0

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65.0

Jan-07

Apr-07

Jul-0

7

Oct-07

Jan-08

Apr-08

Jul-0

8

Oct-08

Jan-09

Apr-09

Jul-0

9

Oct-09

Jan-10

Apr-10

Jul-1

0

Oct-10

Jan-11

Apr-11

Jul-1

1

Oct-11

Jan-12

Apr-12

Jul-1

2

Oct-12

Jan-13

Apr-13

Jul-1

3

# of

Mon

ths

!"#$%&'$()*+,-.)/%-+,-%)0+%1)23,4)October 1, 2013

(Sales: 3 mo rolling avg.) Source: PC MLS and Rick J. Klein

Page 11: Park City Utah Real Estate Report

Rick J. Klein435 647 9055Supply: 10/1/12 compared to 10/1/13

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

D0 NX CA 3&%-1

Page 12: Park City Utah Real Estate Report

!"#$%&'%()*"+

,-.%/,0%12..G".Q'I"&,.

26%

35%

45%

50% 48%

50%

58%

48% 45%

0%

10%

20%

30%

40%

50%

60%

70%

2007 2008 2009 2010 2011 2012 Q1 2013 Q2 2013 Q3 2013

% o

f Cas

h Sa

les

Cash Sales History Source: PCMLS/Rick J. Klein

Cash Sales

Page 13: Park City Utah Real Estate Report

Rick J. Klein435 647 9055

NAR: Distressed homes accounted for 12% of August sales, down from 15% in July and the lowest level since tracking began in  October 2008.  They were 23% in August 2012.  8% of distressed sales were foreclosures and 4% were short sales. Foreclosures sold for an average discount of 16% below market value in July, while short sales were discounted 12%.

GPC Distressed properWes accounted for 5.4% of Q3 2013 sales down sharply from 13.5% in Q3 2012.   Distressed sales sold for 6% below market transacWons.    

Distressed Sales

Page 14: Park City Utah Real Estate Report

!"#$%&'%()*"+

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0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

Q3

10

Q4

10

Q1

11

Q2

11

Q3

11

Q4

11

Q1

12

Q2

12

Q3

12

Q4

12

Q1

13

Q2

13

Q3

13

Percent of Distressed Sales Summit County Source: Summit County Recorder, PCMLS/Rick J. Klein

Short Sale REO

Page 15: Park City Utah Real Estate Report

Distressed Sales & Pricing

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

$350,000

$400,000

$450,000

$500,000

$550,000

$600,000

$650,000

Sep-10

Oct-

10

Nov-10

Dec

-10

Jan-

11

Feb-

11

Mar-11

Apr

-11

May-11

Ju

n-11

Ju

l-11

Aug-11

Sep

-11

Oct-11

Nov

-11

Dec-11

Ja

n-12

Fe

b-12

Mar

-12

Apr-12

May

-12

Jun-

12

Jul-1

2 Aug

-12

Sep-12

Oct-

12

Nov-12

Dec

-12

Jan-

13

Feb-

13

Mar-13

Apr

-13

May-13

Ju

n-13

Ju

l-13

Aug-13

Sep

-13

All Ex Distressed % Distressed right axis

Greater Park City Median Prices

6 month rolling average (as of 9/2013)

Source: PCMLS/Rick J. Klein

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Page 16: Park City Utah Real Estate Report

Distressed

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0

20

40

60

80

100

120

140

160

Q1 07

Q2 07

Q3 07

Q4 07

Q1 08

Q2 08

Q3 08

Q4 08

Q1 09

Q2 09

Q3 09

Q4 09

Q1 10

Q2 10

Q3 10

Q4 10

Q1 11

Q2 11

Q3 11

Q4 11

Q1 12

Q2 12

Q3 12

Q4 12

Q1 13

Q2 13

Q3 13

Foreclosure Report - Wasatch County Source: Wasatch County Recorder/Rick J. Klein

Notice of Default Trustee's Deed

!"#$%&'%()*"+

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Page 17: Park City Utah Real Estate Report

Distressed

0

50

100

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200

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Q2 07

Q3 07

Q4 07

Q1 08

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Q3 08

Q4 08

Q1 09

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Page 18: Park City Utah Real Estate Report

$0

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

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May

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Ja

n-02

May-02

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-02

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-03

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Jan-11

May

-11

Sep-11

Ja

n-12

May-12

Sep

-12

Jan-13

May

-13

Sep-13

Greater Park City Median Prices 6 month rolling average

(as of 9/2013) Source: PCMLS/Rick J. Klein

6 mo Median Price

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Page 19: Park City Utah Real Estate Report

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Page 20: Park City Utah Real Estate Report

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Page 21: Park City Utah Real Estate Report

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Page 22: Park City Utah Real Estate Report

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Page 23: Park City Utah Real Estate Report

Rick J. Klein435 647 9055Q3 2013 Snap Shot

*Median ‐ 6 mo mean

*

!"#$%&$ !"#$%&" '#()*+,- !"#$%&$ !"#$%&" '#()*+,-./#&01 ./#&%0$"23453+,4#16"% $78 $&9 0$9:&' 23453+,;6"% &;$ &<$ 0&$:"'=#5>*+4*(53?+4 81 &&" <":%' =#5>*+4*(53?+4 1& &%8 &8:;'@-A3*+B <99%%% <89C%%% <:<' @-A3*+B "%8C%<" "<%C%%% &%:8'D?EFG- ;%C;"7C&77 7;C8"9C;"; <":%' D?EFG- $1C178C"$& <&C7<9C;;8 "1:9'

HI#&01 HI#&%0$"23453+,#16"% &;1 &98 08:&' 23453+,#;6"% $78 $;; 08:"'=#5>*+4*(53?+4 "1 9$ "":"' =#5>*+4*(53?+4 17 &"7 <%:7'@-A3*+B &C%&$C9%% &C$99C%%% $<:%' @-A3*+B ;;9C%%% 8&8C%%% 8:7'D?EFG- 9<C<""C&18 &%;C;<%C<%< 19:1' D?EFG- &%$C71%C877 &"7C<$8C1"7 "<:9'

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3;)<;9:)$=>-5 *-?= **@5 +*?A56B$<&(9)(7<;C9) -?@ ?D* -@A*6%E: 732,714 882,455 ,5A?6F'G;(9HH 455,750 510,000 **A=62CIJK' 253,519,044 415,636,305 63.9%

**Median ‐ 3 mo mean

Page 24: Park City Utah Real Estate Report

Rick J. Klein435 647 9055Mortgage Rates

30 Year Fixed 5/1 ARM

Conforming 4.250%4.388% APR

3.000%3.046% APR

High Balance($600,300)

4.375%4.505% APR

3.625%3.258% APR

Non-Conforming 4.000%4.112% APR

2.500%2.850% APR

Rates quoted for a purchase transacWon w/one point (as of 10/18/13)

Conforming 15 year fixed: 3.375%; APR 3.620%

Page 25: Park City Utah Real Estate Report

Rick J. Klein435 647 9055

May 2006 April 2013

Down 20% 20%

P & I $1,800 $1,800

Rate 6.500% 4.250%

Loan Amt $284,800 $365,900

Price $356,000 $457,400

Increase of 28%28%

Affordability

Page 26: Park City Utah Real Estate Report

Rick J. Klein435 647 9055In Summary

Demand is robust.  For the first nine months of 2013, closed sales are up 22% from the three quarters  of 2012. 

Supply is down by 14% from this Wme last year. 

Property prices show sustainable appreciaWon.  Median prices are 11% higher in Q3 2013 over Q3 2012.

The headwinds of foreclosed and distressed properWes are sWll evident, but have a minor effect in our market place.

Rates are great and your referrals are appreciated.