Park City Real Estate Stats: Q4 2015 Good Morning Summit Sotheby s Today s topics: 1. Demand: a look at pended and closed transactions 2. Supply: comparison of listings for the past two years 3. Absorption rates: overall and specific areas 4. Cash Sales 5. Pricing Trends: reviewing appreciation for the past year Goal: create a compelling narrative for both buyers and sellers. Making markets and bridging expectations in todays environment is not an easy task.
Demand: Pending Sales NAR announced (1/28/2015) the pended home sales index rose slightly, 0.1%, in December and has declined or remained stable four times in five months. This December is 4.2% above last year. Pended home sales peaked in May. Dr. Yun said the decline in the second half of the year is explained by home prices rising too sharply in several markets, mixed signs of an economy losing momentum and waning supply levels have acted as headwinds in recent months. GPC PHSI also fell for the third straight month in November plummeting to 98.36. Our 4th quarter pended sales fell precipitously from last year s 4th quarter. December saw some improvement and this December s index is 2% higher than it was last year.
Demand: Pending Sales 140 NAR and GPC Pending Home Sales Index Thru 11/2015 Source: NAR, PCMLS/Compiled by Rick Klein 130 120 110 100 90 80 70 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 National PHSI Park City PHSI
Demand: Pending Sales 200 Pended Sales: Greater Park City As of 12/2015 Source: PCMLS/Compiled by Rick Klein 180 160 140 While the month of August was the highest monthly pended month since 2006, this November was the lowest pended sales month for November since 2010. # of transactions 120 100 80 60 40 20 0 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Land SFR Condos Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15
Demand: Pending Sales # of Transactions 2000 1800 1600 1400 1200 1000 800 Pended Sales: Greater Park City Annual Comparison (as of 12/2015) Source: PCMLS/ Pended sales continue to rise; albeit, slowly: up 3.4% from 2014 and 4.9% above 2013. 600 400 200 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 VL SF CO
Demand: Pending Sales 400 Pended Sales: Greater Park City 4th Qtr Comparison (as of 12/2015) Source: PCMLS/Compiled by Rick Klein # of Transactions 350 300 250 200 150 4th quarter surprise: Q4 2015 down 16% from Q4 2014 Let s go a little deeper here. 100 50 0 Q4 2006 Q4 2007 Q4 2008 Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 VL SF CO
Demand: Pending Sales 400 Pended Sales: Greater Park City 4th Qtr Comparison (as of 12/2015) Source: PCMLS/Compiled by Rick Klein # of Transactions 350 300 250 200 150 Between Q4 2014 and Q4 2015: Condo sales down 29% Home sales down 23% Vacant Land up 53% One quarter does not a trend make... 100 50 0 Q4 2006 Q4 2007 Q4 2008 Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q4 2013 Q4 2014 Q4 2015 VL SF CO
Demand: Pending Sales )!!" (!!" '!!" 4th Quarter Drop Seasonality and variance &!!" %!!" $!!" #!!"!" *#"$!!(" *%"$!!(" *$"$!!)" *&"$!!)" *#"$!!+" *%"$!!+" *$"$!!," *&"$!!," *#"$!#!" *%"$!#!" *$"$!##" *&"$!##" *#"$!#$" *%"$!#$" *$"$!#%" *&"$!#%" *#"$!#&" *%"$!#&" *$"$!#'" *&"$!#'" -"./01/1"
Demand: Pending Sales Diminished Demand or The Vail Effect Number of Pended Sales Q1 Q2 Q3 YTD Q4 2013 411 455 470 1336 307 2014 394 407 464 1265 379 % change -4% -11% -18% -5% 23%
Demand: Pending Sales Diminished Demand or The Vail Effect Number of Pended Sales Q1 Q2 Q3 YTD Q4 2013 411 455 470 1336 307 2014 394 407 464 1265 379 % change -4% -11% -18% -5% 23% Number of Pended Sales Q1 Q2 Q3 YTD Q4 what if 2014 394 407 464 1265 379 307 2015 459 433 503 1395 318 318 % change 16% 6% 8% 10% -16% 4%
Demand: Exis1ng Sales NAR announced (12/22/15) existing home sales rebounded 14.7% in December because of delays in closings due to know before you owe legislation which delayed closings in November. Annually, 2015 saw 5.26M units sold and this is the best since 2006; this is a 6.5% increase over 2014. Dr Yun forecast 2016 GDP at 1.5% resulting in homes sales being flat but with prices rising 4% - 5% due to a housing shortage in many markets. GPC three month rolling average closed down 9% from last December due to the Vail Effect. GPC showed a 5.6% annual increase over 2014 and is also the highest number of sold transactions since 2006..
Demand: Existing Sales 7,500,000 7,000,000 NAR and GPC # of Transactions As of 12/2015 Source NAR, PCMLS/Compiled by Rick Klein 350.0 300.0 6,500,000 250.0 6,000,000 200.0 5,500,000 150.0 5,000,000 4,500,000 4,000,000 Jan-00 Jul-00 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 NAR SAAR Left Axis Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 PC 3 Mo Rolling Avg Right Axis Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15 100.0 50.0 0.0
Demand: Exis1ng Sales Closed Sales: Greater Park City Number of Transactions (as of 12/2015) Source: PCMLS/Compiled by Rick Klein 200 180 160 140 # of Transactions 120 100 80 60 40 20 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Jul-08 Oct-08 Jan-09 Apr-08 Jul-09 Oct-09 Jan-10 Apr-09 Jul-10 Oct-10 Jan-11 Apr-10 Jul-11 Oct-11 Apr-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Jul-13 Oct-13 Jan-14 Apr-13 Jul-14 Oct-14 Jan-15 Apr-14 Jul-15 Apr-15 Oct-15 0 CO SF VL
Demand: Exis1ng Sales # of Transactions 1800 1600 1400 1200 1000 800 600 400 Closed Sales: Greater Park City Annual Comparison (as of 12/2015) Source: PCMLS/Compiled by Rick Klein Closed sales show slow but consistent increase: 2015 above 2014 by 5.6% 2015 above 2013 by 5.0% 2015 above 2012 by 23.6% 16% 33% 51% 200 0 "2007" 2008 2009 2010 2011 Condo Sf VL 2012 2013 2014 2015
Demand: Exis1ng Sales # of Transactions 500 450 400 350 300 250 200 Closed Sales: Greater Park City 4th Quarter Comparison (as of 12/2015) Source: PCMLS/Compiled by Rick Klein Similar story as pended sales. # of transaction down 9% over Q4 14. - Vail Effect 150 100 50 0 Q4 06 Q4 07 Q4 08 Q4 09 Q4 10 Q4 11 Q4 12 Q4 13 Q4 14 Q4 15 Condo Sf VL
Demand: Exis1ng Sales Voume Sold 1,800,000,000 1,600,000,000 1,400,000,000 1,200,000,000 1,000,000,000 800,000,000 Greater Park City Annual Volume (as of 12/2015) Source: PCMLS/Compiled by Rick Klein Volume for SF Homes in 2015 is a new record! Total volume up 10.8% from last year. 10% 55% 600,000,000 400,000,000 200,000,000 35% 0 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Condo SF VL
Demand: Existing Sales *)!" *!!" #)!"./012341"23"5671869:;6<"=5." >?1"0@"(#+#!()A"!"#$%&'()*+,!-*"./01&2(34(50%6(71&08" Number of sales back to 5/2003 Volume back to 04/2005 #!!$!!!$!!!" ('!$!!!$!!!" (&!$!!!$!!!" (%!$!!!$!!!" #!!" ()!" (#!$!!!$!!!" (!!$!!!$!!!" '!$!!!$!!!" (!!" &!$!!!$!!!" )!" %!$!!!$!!!" #!$!!!$!!!"!"!" (+(+!!" ((+(+!!",+(+!(" -+(+!#" )+(+!*" *+(+!%" (+(+!)" ((+(+!)",+(+!&" -+(+!-" )+(+!'" *+(+!," (+(+(!" ((+(+(!",+(+((" -+(+(#" )+(+(*" *+(+(%" (+(+()" ((+(+()" B"./016C"&"D0"?;4">/6E"?F21A" G0/HD6"&"D0"?;4">724IJ"?F21A"
Supply: Inventory NAR: Total housing inventory at the end of December decreased 1.79M existing homes for sale and is now 3.8% lower than a year ago. Unsold inventory is at a 3.9 month supply and is the lowest since January of 2005. GPC total listings January 1st were 1,051 down 3.8% from the month before and are up 32 listings or 3.1% from last year, where it hit a historic low. The absorption rate is 8.1 months for all properties and 6.9 months for condos and single family.
Supply: Inventory Source NAR and Wells Fargo Securities
Supply: Inventory 2500 2000 1500 Active Listings - Greater Park City (Inventory as of first of the month) February 1, 2016 Source: PCMLS/Compiled by Rick Klein 1051 Listings as of 1/1/16 compared to 1,019 as of 1/1/15. Feb 2016 at 1076 listings is the lowest Feb since we began tracking. # of listings 1000 500 0 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 VL SF CO May-11 Sep-11 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 May-14 Sep-14 Jan-15 May-15 Sep-15 Jan-16
Supply 65 60 Absorption Rate (ex lots): Greater Park City December 2015 (Sales: 3 mo rolling avg.) Source: PC MLS/ Compiled by Rick Klein # of Months 55 50 45 40 35 30 25 20 15 10 5 0 Jan-07 Apr-07 Jul-07 Absorption rate at 6.9 months average since 2010: 11 months Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15
Supply: Q4 15 Inventory Change Per Area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of Sales based upon past 12 months
Supply: Q4 15 Absorption Rate Per Area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of Sales based upon past 12 months
Cash Sales NAR: cash sales were 24% of transactions in December down from 26% a year ago. Individual investors purchased 15% of homes last month; 64% of investors paid cash in December. First time buyers jumped up to 32% from 29% last December. Will we finally see an improved rate of financing in GPC?
Cash Sales 60% Cash Sales History Source: PCMLS/ 50% Cash per property type 2015 CO - 43% SF - 37% 45% VL - 82% 50% 48% 50% 48% 47% 48% % of Cash Sales 40% 30% 20% 26% 35% 10% 0% 2007 2008 2009 2010 2011 2012 2013 2014 2015 Cash Sales
Mortgage Rates Rates quoted for a purchase transac>on (as of 2/8/16) 30 Year Fixed 7/1 ARM Conforming High Balance ($600,300) Non-Conforming 3.875% 3.970% APR 3.875% 3.902% APR 3.500% 3.513% APR 3.500% 3.475% APR 3.500% 3.470% APR 2.750% 3.158% APR Conforming 15 year fixed: 3.125%; APR 3.273%
Mortgage Rates 20 18 30 Year Fixed Mortgage Rates Source: FHLMC, Rick Klein 16 14 12 10 Average rate since 1975: 8.4% 8 6 4 2 0 Jan-75 Jan-76 Jan-77 Jan-78 Jan-79 Jan-80 Jan-81 Jan-82 Jan-83 Jan-84 Jan-85 Jan-86 Jan-87 Jan-88 Jan-89 Jan-90 Jan-91 Jan-92 Jan-93 Jan-94 Jan-95 Jan-96 Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 30 Yr Fixed Mortgage Rates
Home Prices Case Shiller announced (1/26/16) home prices increased 5.3% annually as of November 2015. FHFA stated (1/26/16) home prices increased 5.9% for the 12 months ending November 2015 and were up 0.5% from October. CoreLogic reported (2/2/16) home prices increased 6.3% year over year in December. Home prices nationwide remain 7.6% below their peek set in April 2006. CL forecast a rise in prices of 5.4% next year. Last year s appreciation rate in Utah was 7.2%. NAR (10/23) stated median existing home price was $224,100; this is a 7.6% increase from December 2014. GPC 12 month median price for 2015 is $560K and the mean price is $940K. This represents a 4.7% and 6.1% increase respectively over 2014.
Home Prices The Case-Schiller Index is about 4.8% below the peak it set in July 2006 and 29.2% above the bottom it touched in January 2012. Home prices are back to early 2005 levels.
Home Prices
Home Prices Federal Housing Finance Agency Prices back to Q1 07.
Home Prices $260,000 $240,000 NAR and PC Median Price Trends As of 12/2015 Source: NAR, PCMLS/ $800,000 $700,000 NAR Median $220,000 $200,000 $180,000 $160,000 $140,000 $120,000 $600,000 $500,000 $400,000 $300,000 $200,000 PC 6 Mo Rolling Avg $100,000 $100,000 1/1/00 1/1/01 1/1/02 1/1/03 1/1/04 1/1/05 1/1/06 1/1/07 1/1/08 1/1/09 1/1/10 1/1/11 1/1/12 1/1/13 1/1/14 1/1/15 US Median left axis PC Median right axis
Homes Prices $800,000 Greater Park City Median Prices 12 month rolling average (As of 12/2015) Source PCMLS & $700,000 $600,000 Rolling 12 month median increase of 5% over last year. Median Price $500,000 $400,000 $300,000 $200,000 $100,000 Jan-01 Jul-01 Jan-02 Jul-02 Jan-03 Jul-03 Jan-04 Jul-04 Jan-05 Jul-05 Jan-06 Jul-06 Jan-07 12 Mo avg Med Price` Using the 12 month rolling average; GPC is 22% below April 2008; since the lows at the end of 2011, prices have increased 25% Jul-07 Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11 Jan-12 Jul-12 Jan-13 Jul-13 Jan-14 Jul-14 Jan-15 Jul-15
Homes Prices By Areas Condos from peak to trough and back
Homes Prices By Areas Single Family from peak to trough and back
Home Prices 800000 GPC 12 Month Median Prices As of 12/2015 Source: PCMLS/Compiled by Rick Klein Median Price 700000 600000 500000 400000 300000 2015: Up 4.7% over 2014 Up 10% over 2013 200000 100000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Median Price
Home Prices 1200000 GPC 12 Month Average Prices As of 12/2015 Source: PCMLS/Compiled by Rick Klein Avg price 1000000 800000 600000 400000 2015: Up 6.1% over 2014 Up 14.7% over 2013 200000 0 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Average Price
Home Prices by Segment ')($$$($$$!! 34,5/6!7+84/9!:;6+<!%"1! =6>68?6;!&$%#! %&!8@!;@//4,5!+A5! 3@.;>6B!CDEF3"36+G@,!C;4,>6HI4>J!K/64,!!&#$!! '&(#$$($$$!!!&$$!! '&($$$($$$!!!%#$!! '%(#$$($$$!!!%$$!! '%($$$($$$!! '#$$($$$!! Average Price 2015 over 2014 up 17.1% Median Price up 16,5% # of Transaction down 12.2%!#$!!!"!!!! *+,"$-! *./"$-! *+,"$0! *./"$0! *+,"$1! *./"$1! *+,"%$! *./"%$! *+,"%%! *./"%%! *+,"%&! *./"%&! *+,"%)! *./"%)! *+,"%2! *./"%2! *+,"%#! *./"%#!!:A6;+56!!!E6L4+,!! M!G;+,<+>N@,<!O;45PG!+Q4<R!
Home Prices by Segment )%*($$*$$$!! 451637!80953:!;<70=!%$"&'! >7?79@7<!&$%#! %&!9A!<A33516!0B6! 4A2<?7!CDEF4"470GA1!C<51?7HI5?J!K3751!!(#$!! )%*'$$*$$$!! )%*&$$*$$$!! )%*%$$*$$$!! )%*$$$*$$$!! ).$$*$$$!! )-$$*$$$!! ),$$*$$$!! )+$$*$$$!! )#$$*$$$!! Average Price 2015 over 2014 up 19.8% Median Price up 17.4% # of Transaction up 7.4%!($$!!!'#$!!!'$$!!!&#$!!!&$$!!!%#$!!!%$$!!!#$!! )($$*$$$!!!"!!!! /01"$,! /23"$,! /01"$-! /23"$-! /01"$.! /23"$.! /01"%$! /23"%$! /01"%%! /23"%%! /01"%&! /23"%&! /01"%'! /23"%'! /01"%(! /23"%(! /01"%#! /23"%#!!;B7<067!!!E7L501!! M!G<01=0?NA1=!O<56PG!0Q5=R!
Home Prices by Segment 45/657!89:.7!%!"!3! ;:<:=>:9!&$%#! %&!=5!9522?/@!.A@! B519<:!C4DEB"B:.F5/!C9?/<:GH?<I!J2:?/!!#$$!! )%*($$*$$$!!!(#$!!!($$!! )%*&$$*$$$!!!'#$!! )%*$$$*$$$!!!'$$!!!&#$!! ),$$*$$$!!!&$$!!!%#$!! )+$$*$$$!! Average Price 2015 over 2014 up 4.6% Median Price up 10.1% # of Transaction up 7.4%!%$$!!!#$!! )($$*$$$!!!"!!!! -./"$0! -12"$0! -./"$,! -12"$,! -./"$3! -12"$3! -./"%$! -12"%$! -./"%%! -12"%%! -./"%&! -12"%&! -./"%'! -12"%'! -./"%(! -12"%(! -./"%#! -12"%#!!8A:9.@:!!!D:6?./!! K!F9./7.<L5/7!M9?@NF!.O?7P!
Home Prices by Segment *(($+$$$!! 45.657!89:-7!#$!"!%&! ;:<:=>:9!%$#(! #%!=5!9511?.@!-A@! B509<:!C4DEB"B:-F5.!C9?.<:GH?<I!J1:?.!!)$$!! *($$+$$$!!!($$!! *'($+$$$!! *'$$+$$$!! *&($+$$$!!!'$$!!!&$$!! *&$$+$$$!!!%$$!! *%($+$$$!! Average Price 2015 over 2014 up 8.6% Median Price up 5.0% # of Transaction up 26.9%!#$$!! *%$$+$$$!!!"!!!!,-."$/!,01"$/!,-."$2!,01"$2!,-."$3!,01"$3!,-."#$!,01"#$!,-."##!,01"##!,-."#%!,01"#%!,-."#&!,01"#&!,-."#'!!8A:9-@:!!!D:6?-.!! K!F9-.7-<L5.7!M9?@NF!-O?7P!,01"#'!,-."#(!,01"#(!
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In Summary Demand is increasing, is stable, and is sustainable. The number of sales in 2015 are 5.3% higher than 2014. Inventory remains low. There are about 30 more listings than this time last year - which hit historic lows. Lack of inventory will constrain sales in certain locations in the coming year. Median prices for GPC increased a modest 4.7% over last year. Yet, price appreciation varies considerably per area with many market segments increasing by double digits. GPC is highly segmented and extremely dynamic. Consumers need informed and professional agents. Rates are great and we have double the number of cash sales than national stats. Please do your part.