The real estate data is in and it looks good for Park City property owners thinking about renting their property.
Why? Because the inventory of homes for sale in the region is very small.
This means there are a lot of people in the market for a new home in the area, but they are struggling to get into a unit of their own.
This means they are renting, and, expect more renters in the future. Though Park City real estate prices have remained steady for the past three years, they are expected to increase in the coming years.
Recent Park City Real Estate Values
The Park City Board of Realtors recently reported the third quarter sales figures for 2014. Overall, they show this tightening market with, on average, a stable home median price.
They released the following figures that reflect the trend toward this trend:
- Sales of single-family homes are down 12% overall, 20% in Park City 84060 and 14% in 84098.
- Overall single-family home median prices are is up 2.1% (but has been stable since January, 2011).
- Park City Proper saw 126 sales, which is down 20% from last year’s number, with the median price at $1,315,000.
- The median price of a single family home rose 28% in Old Town to $1,165,000 over last year even though the number of sales was down 30% with 39 sales compared to 56 in 2013.
Condominium sales for the Park City market at the end of the third quarter was 566, 3% higher than last year’s number. Condo sales in Park City Proper represented the norm for the area, dropping 8% with the median price at $635,000. This was a 15% increase.
Why There are More Renters Now
There are a couple of factors leading to an increased number of renters.
One has to do with the competition. Because of lower housing inventory, there are more potential homeowners out there and it is taking them longer to find a home.
The difficult in finding properties make it a good time to rent your Park City real estate investment.
After the housing crash, it has become harder to borrow money to buy a home. In addition, sellers have more leeway into selling homes. They can get away with selling a home “as is” since the property owners don’t have competition they did in the past.
Potential buyers often see renting as the safer option. This has resulted nationwide rents for apartments rising about six percent since 2000.
Let Property Alliance Help You Rent Your Park City Property
In order take advantage if these conditions, a skilled Park City property manager may be just what you need.
Property Alliance of Park City has the experience and expertise to market your Park City investment property, find the right tenant, and make sure you are getting top profits from your property.
Contact the experts at Property Alliance and find out how you can profit from this renter’s market.