Tag Archives: real estate report

April 2018 Washington County Real Estate Market Video Update

April 2018 Washington County Real Estate Market Video Update

Summit Sotheby’s International Realty has released information about real estate markets in Washington County for the previous month. These market reports focus on units sold, median sales price, days on market and the inventory of homes for sale.

Washington County – Single Family Homes: Active inventory was down 24% from 2017 with 832 units on the market and down 8% from the previous month. The median listing price was just under $430,000. The average days on market was down 14% from 65 days in 2017 to 56 days in 2018. The median sales price was just over $320,000. The averages for units sold in the month of March decreased 15% for units sold year over year and increased 38% month over month with a total of 307 units sold.

Washington County – Condominiums: Active inventory was down 16% from 2017 with 124 units on the market and down 18% from the previous month. The median listing price was just over $220,000. The average days on market was up 2% from 46 days in 2017 to 47 days in 2018. The median sales price was just under $190,000. The averages for the month of March show an decrease of 19% for units sold year over year and 5% increase over the previous month with a total of 60 units sold.

To find out more about all our local real estate markets, watch our 60-second market videos at: www.summitsothebysrealty.com/market-update

March 2018 Washington County Real Estate Market Video Update

March 2018 Washington County Real Estate Market Video Update

Washington County – Single Family Homes: Active inventory was down 22% from 2017 with 870 units on the market and up 5% from the previous month. The median listing price was just under $420,000. The average days on market was down 10% from 63 days in 2017 to 57 days in 2018. The median sales price was just under $330,000. The averages for units sold in the month of February decreased 5% for units sold year over year and decreased 8% month over month with a total of 213 units sold.

Washington County – Condominiums: Active inventory was down 11% from 2017 with 126 units on the market and down 3% from the previous month. The median listing price was just under $225,000. The average days on market was up 16% from 38 days in 2017 to 44 days in 2018. The median sales price was just over $190,000. The averages for the month of February show an increase of 6% for units sold year over year and 7% decrease over the previous month with a total of 53 units sold.

To find out more about all our local real estate markets, watch our 60-second market videos at: www.summitsothebysrealty.com/market-update

Collections Magazine Winter 2017 Coming Soon!

The leaves are falling, the weather is changing and that means one thing to the creative team at Summit Sotheby’s International Realty: Collections Magazine!

This issue is sure to be better than ever, with listings spanning the state, stunning photography on every page, and unique print techniques few have ever seen! For Winter 2017, the team is shaking things up and really pushing the boundaries of how luxury real estate is marketed across the globe.

Stay tuned for launch information, the digital version, and where you can find one of our 115,000 copies of Collections Magazine!

August 2016 Park City Real Estate Market Update

August 2016 Park City Real Estate Market Update

Summit Sotheby’s International Realty has released information about real estate markets in the Greater Park City area for July 2016. These market reports focus on units sold, median sales price, days on market and the inventory of homes for sale.

Greater Park City Area – Single Family Homes: Active inventory was down 6% from 2015 with 867 units on the market and up 5% from the previous month. The median listing price was just over $1,160,000. The average days on market was down 32% from 153 days in 2015 to 104 days in 2016. The median sales price was just under $640,000. The averages for units sold in the month of July show a decrease of 1% for units sold during July year over year and a 28% decrease month over month with a total of 91 units sold.

Greater Park City Area – Condominiums: Active inventory was down 12% from 2015 with 439 units on the market and down 7% from the previous month. The median listing price was just under $800,000. The average days on market was down 4% from 69 days in 2015 to 66 days in 2016. The median sales price was $490,000. The averages for the month of July show an increase of 7% for units sold year over year and up 19% over the previous month with a total of 74 units sold.

To find out more about all our local real estate markets, watch our 60-second market videos at: www.parkcitymarketupdate.com

The Global Luxury Residential Real Estate Report 2015 – Sotheby’s International Realty | Blog

Nearly US$3 trillion of the world’s private wealth is held in owner-occupied residential properties, a value greater than the GDP of India, a new report by Wealth-X and the Sotheby’s International Realty^® brand released today showed.

There are 211,275 ultra high net worth (UHNW) individuals – defined as those with US$30 million and above in net assets – in the world and 79% of them own two or more residences.

Some of the main hubs for luxury residential real estate are New York City, London and Hong Kong, but niche locations – such as Lugano, the Hamptons outside New York City, and rural areas around the world – are gaining in popularity.

The Wealth-X and Sotheby’s International Realty Global Luxury Residential Real Estate Report forecasts that the ongoing shift in the wealth creation cycle from the West to the East, and the growing significance of intergenerational wealth transfers will have significant consequences on the luxury residential real estate market – with a noted emphasis on new developments and a change in investment grade cities.

Below are other key findings from the inaugural report:

The value of UHNW-owned residential real estate assets increased by 8% globally in 2014.
On average, UHNW individuals own 2.7 owner-occupied residences.
As of 2014, over 7% of the world’s UHNW population made their wealth through real estate, up from 5% in 2013.
Ultra affluent women value real estate assets more than their male counterparts, holding 16% of the net worth in such assets, on average, compared to less than 10% for men.
Luxury residential real estate is an asset class typically favored by UHNW individuals with inherited wealth: these individuals hold 17% of their net worth in such assets, compared to just under 9% for self-made UHNW individuals.
UHNW individuals with net worth between US$30 million and US$50 million typically keep their primary residences for over 15 years and their secondary residences for over 10 years.
Billionaires change one of their four properties, on average, once every three years.
Secondary residences are typically 45% more valuable than primary residences; twice the square footage and have 10 acres of land.
At 83%, Monaco has the highest density of foreign-owned UHNW residences.
Over 6% of the world’s UHNW population have relocated their primary residence to a different country from which they were born – these individuals often keep a secondary residence in their home countries, and India is the leading country in this respect.

The Wealth-X and Sotheby’s International Realty Global Luxury Residential Real Estate Report 2015, which looks at trends in the UHNW population’s appetite for luxury residential real estate across the world, identifies specific attitudes, behaviors and locations that matter to this industry and this wealth segment.

Wealth-X President David Friedman commented: “Wealth-X is pleased to partner with the Sotheby’s International Realty brand for this inaugural report, which underscores Wealth-X’s commitment to conducting groundbreaking research on the world’s ultra high net worth (UHNW) population. Expert commentary from the Sotheby’s International Realty team complements Wealth-X’s global intelligence on the world’s UHNW population, producing a report that demonstrates a true collaboration between the world’s leading UHNW intelligence provider and the global leader in luxury residential real estate. Luxury residential property is a core component to the anatomy of the ultra affluent at the intersection of their lifestyle and investment.”

“We are proud to partner with Wealth-X to provide valuable insights into today’s luxury real estate market and the buying behaviors of the ultra high net worth consumer,” said Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “We believe that a solid investment in real estate is one of the single best factors for building long-term wealth, and that many of today’s ultra high net worth consumers would agree.”

Download the report >

via The Global Luxury Residential Real Estate Report 2015 – Sotheby’s International Realty | Blog.

August 2014 Park City Real Estate Market Update

August 2014 Park City Real Estate Market Update

Summit Sotheby’s International Realty has released information about real estate markets in the Greater Park City area for August 2014. These market reports focus on units sold, median sales price, days on market and the inventory of homes for sale.

Greater Park City Area – Single Family Homes: The averages for units sold in the month of August show a decrease of 5% for units sold during July year over year and the median sales price was just under $540,000. The average days on market was up 21% from 2013 to 127 days from 105 days. The median listing price was $915,000. Active inventory was down 10% from 2013 with 1,053 units on the market.

Greater Park City Area – Condominiums: The averages for the month of August show a increase of 17% for units sold year over year and the median sales price was $454,000. The average days on market was up 70% from 2013 at 165 days. The median listing price was just under $600,000. Active inventory was down 6% from 2013 with 501 units on the market.

To find out more about all our local real estate markets, watch our 60-second market videos at: www.summitsothebysrealty.com/market-update

Luxury Lifestyle Report

Park City, Utah (June 2, 2014) — Summit Sotheby’s International Realty in Park City today announced that according to the just-released Sotheby’s International Realty^® Luxury Lifestyle Report, if the top wishes of wealthy Americans could be expressed in a single dream home, it would be a “lifestyle property” on the waterfront with a multicar collector’s garage, which they designed themselves. To view the entire report, click here.

Wealthy Brits particularly value homes with historic significance. Chinese wish for space to display their art collections and Brazilians harbor a desire for a “smart” home, the Sotheby’s International Realty Affiliates LLC research found. The survey, which focused on the purchasing behavior of high net-worth consumers, determined that buyers in each country made similar decisions based on lifestyle, family needs and return on investment.

A search of the Sotheby’s International Realty inventory identified homes that meet many of the criteria expressed in the survey, which should reassure high-net-worth buyers that if they can afford such a house, they can turn their dreams into reality. Examples include a Water Mill, N.Y., waterfront home with three-car garage, a first floor apartment in England overlooking the River Thames that was built in 1894, a smart home in Arizona and a Hong Kong home with space to display art.

The “Sotheby’s International Realty Luxury Lifestyle Report” surveyed affluent consumers in the United States, United Kingdom, Brazil and China and found that the majority in all four countries are more likely to purchase a lifestyle property now than they were five years ago and to make a lifestyle property their primary residence. A waterfront property was the top choice for what they would consider purchasing next. A concurrent study of lifestyle search activity on sothebysrealty.com shows “waterfront” was the top lifestyle search on the website in 2013 at 42 percent.

The majority of affluent consumers in the United States, United Kingdom, Brazil and China also were likely to make a legacy home purchase, which is a property intended to remain in the family or be gifted to children, with the highest percentages in China (93 percent) and Brazil (92 percent). A survey of Sotheby’s International Realty network members revealed that more than half of respondents say their clients spend between $1 and $3 million for a legacy home.

In addition, the “Sotheby’s International Realty Luxury Lifestyle Report” showed that earning a return on investment was a key driver for clients when purchasing a property. Compared with five years ago, a majority of affluent consumers are more confident in the strength of the housing market in their country of primary residence, which they believe offers the best real estate value right now.

“Last year, we observed that the luxury sector led the overall market recovery, making insights into the purchasing behavior of high net worth consumers critically important,” said Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “Our findings confirmed what we have known to be true when it comes to the motivations and desires of these consumers: they are looking for homes that meet the needs of their varied lifestyles and that support their most precious asset, their family. These consumers also recognize the important role real estate plays in building wealth, and they expect to yield a return on their investment. In a testament to the health of the luxury market, they are more confident in their property’s ability to grow their overall net worth.”

“This research confirms the important role lifestyle plays in the purchase of a home,” said broker/owner Thomas Wright. “We understand the unique attributes and lifestyles offered by the Park City, Salt Lake City and St. George markets and are well-positioned to showcase our clients’ properties to a global audience of consumers.”

Summit Sotheby’s International Realty was organized in 2008 and became the exclusive Sotheby’s International Realty company for the state of Utah by producing over $1 billion in annual sales volume. Today the firm has 7 offices and over 100 brokers and support staff associates serving some of Utah’s best-known luxury markets in Park City, Deer Valley, Heber, Midway, St. George and metropolitan Salt Lake City. Summit Sotheby’s International Realty is located at 1750 Park Avenue, Park City, Utah.

The Sotheby’s International Realty network currently has more than 15,000 independent sales associates located in approximately 700 offices in 54 countries and territories worldwide. Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the network’s brokers and clients benefit from an association with the Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.

Methodological Notes:

The Sotheby’s International Realty Survey was conducted by Wakefield Research among affluent consumers ages 25 and older with 401 interviews conducted in the U.S., and 100 interviews conducted in the UK, 101 interviews conducted in Brazil, and 102 interviews conducted in China, between January 28 and February 18, 2014, using an email invitation and an online survey. Results of any sample are subject to sampling variation. The magnitude of the variation is measurable and is affected by the number of interviews and the level of the percentages expressing the results. For the interviews conducted in this particular study, the chances are 95 in 100 that a survey result does not vary, plus or minus, by more than 4.9 percentage points for the U.S. sample, and 9.8 percentage points in the UK and Brazil sample and 9.7 among the China sample, from the result that would be obtained if interviews had been conducted with all persons in the universe represented by the sample.

About Sotheby’s International Realty Affiliates LLC

Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. Sotheby’s International Realty Affiliates LLC is a subsidiary of Realogy Holdings Corp. (NYSE: RLGY), a global leader in real estate franchising and provider of
real estate brokerage, relocation and settlement services. In February 2004, Realogy entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.