2016 3rd Quarter Statistics

By Park City Board of REALTORS
Nov 03, 2016

P R E S S   R E L E A S E                                                                                 CLICK HERE TO PRINT

FOR IMMEDIATE RELEASE:                                                             

January 26th, 2016

For further information, contact Park City Board of REALTORS®

Rick Shand, President 435.655.1930 Rick@RickShand.com

Carol Agle Chair, Statistics Committee 435.640.0379 Carol@Agle.com

Terry Nolan, CEO, Park City Board of REALTORS®,  435-200-6900 Terry@ParkCityRealtors.com

 

Park City, Utah – November 3, 2016

Summit and Wasatch County property values continue to rise in the third quarter of 2016

Statistics reported by the Park City Board of REALTORS® at the close of the third quarter show the median sales price for single family homes, condominiums, and vacant lots in the Greater Park City area have increased at a rate of 7.5% annually since 2012 and are up 14% over the previous 12 months as buyers are becoming more attracted to resort real estate.

Single-Family Home Sales

Greater Park City Area

Demand remained high for single-family homes in the Greater Park City area, with some neighborhoods increasing in price at a faster rate than others as growth outside the City Limits continued.

Within the Park City Limits (84060), the median sold price of a single-family home was up 18% reaching 1.63 M, while the number of sales was down 18% compared to last year. Illustrating the complexity of our area market, Lower Deer Valley, which has been stagnant for several years, experienced 21 closed sales, which is 9 more than last year, and saw a 32% increase in median price to $2.168 M; Park Meadows, typically very active, was down 34% in quantity sold and flat to last year’s median price of $1.5 M.

  • Old Town was down in units sold but up 7% in median price to $1.4 M.
  • Thaynes Canyon, with one more sale than last year, was also up in median price to $1.7 M
  • Prospector, with 7 closed sales in the last 12 months, was up 17% in median price to $840,000.
“One of the trends we are seeing is that buyers aren’t as concerned with purchasing a home in a particular neighborhood or zip code as they have been in the past,” says Rick Shand, President of the Park City Board of REALTORS®. Within the Snyderville Basin, the overall number of closed sales was flat to last year at 357, while the median sold price was up 11% to $975,000.
  • Trailside was up 23% in units sold and experienced a solid 13% median price increase to $715,000.
  • Summit Park was active with 30 closed sales and a 22% increase in median price to $619,000.
  • Silver Springs was flat to last year in the number of sales and a median price hovering at $897,000.
  • Promontory had the highest number of closed sales in the Basin with 67 and saw a median price increase to $1.95M.
  • Jeremy Ranch, with 49 closed sales, had a median price of $919,000.
Kamas and Heber Valleys:

While there were 19 fewer sales in the Kamas Valley than the previous year, the median price leaped 30% to $391,000. Accounting for the highest dollar volume, the Oakley / Weber Canyon area saw 41 closed sales and a price increase to $395,000. Woodland/Francis was also up in median price reaching $433,000.

With 355 total sales – a 52% increase over last year, the Heber Valley jumped 13% in median sales price to $401,000.  Specifically, the Heber/Daniels and Midway areas accounted for 322 of the total units sold.

Growth in the Jordanelle continued with 28% more closed sales than the previous 12 months and saw a 36% increase in median price to $1.19.

Park City Board of REALTORS® Statistic Committee Chair Carol Agle notes, “Very active neighborhoods are popping up that we haven’t seen before; whereas other places, that in some years have been hotbeds of activity, are static.”

Condominium Sales

The number of condominium sales in the Snyderville Basin (84098) outpaced the Park City Limits (84060). Over the last 12 months, there were 101 fewer condo sales within the City Limits than the previous year, though the median price trended 16% upward reaching $650,000. Demand in the Snyderville Basin, with 325 closed sales, wasn’t quite as high as last year, but there was an uptick in median price reaching $455,000.

  • Old Town was down 20% in the number of sales but up 18% in price at $529,000.
  • Park Meadows was down 47% in the number of sales and down 25% in price to $520,000.
  • Lower Deer Valley, with 25 fewer sales than last year, was up 16% in price to $853,000.
  • Prospector, the most affordable neighborhood within the City Limits, had 19 fewer sales than last year with a median price of $139,000.
  • The Canyons neighborhood climbed 34% in the number of sales, with 117, and saw a median price increase to $590,000.
  • Pinebrook accounted for 61 closed sales and saw a 19% price increase to $455,000.
  • In the Jordanelle area, there were 34 more condo sales than last year with a median price increase to $475,000.
  • The Heber Valley had 17 more sales than last year and a median price of $280,000. Midway / Charleston saw the bulk of the activity with 34 units sold and a substantial median price increase reaching $289,000.
Vacant Land Sales

Due to limited inventory within the Park City Limits, there were 12 fewer land sales this year and a median price of $667,000. In the Snyderville Basin there were a total of 145 closed sales, with a 29% increase in median price reaching $450,000.

  • Old Town had the highest number of sales by neighborhood and a median price of $600,000.
  • Promontory had the highest number of sales in the Basin and a median price flat to last year at $330,000.
  • The Jordanelle area, with 86 sold lots, more than doubled the number of the previous year and was up 21% in price reaching $323,000.
  • The Heber Valley, with 188 sold lots, was up 17% and was flat to last year’s median price of $200,000. 127 closed sales occurred in Heber City/Daniels.
Looking Ahead

Prices continue to rise at a steady rate as all types of buyers see value in Summit and Wasatch Counties. Finding affordable property in certain areas remains challenging and demand in new neighborhoods is higher than in previous years.

Millennials, the largest generation ever produced in our country, is a new class of buyers who are becoming more and more active in our market.

With the average home remaining on the market for 9 – 12 months, pricing at or below the median price can speed up that time significantly. Carol Agle advises, “In any tiny market segment your REALTOR® can compute what the median price is, and we have found that anything priced at or below the median price will see action, action, action and anything priced above it, may sit, sit, sit.”

Our market area is complex and constantly changing and evolving with micro-markets dividing product by property type, location, price, age, and amenities. Buyers and sellers are advised to contact a local Park City REALTOR® for information on what is happening in your neighborhood.

 

 

___________________________________________________________________________

The Park City Board of REALTORS® (PCBR) is a trade association of more than 900 members comprised of REALTORS® and Affiliates from the greater Park City real estate industry. PCBR analyzes and reports on real estate trends for the greater resort community of Park City.

2016 2nd Quarter Statistics

By Park City Board of REALTORS
Aug 03, 2016

P R E S S   R E L E A S E                                                                                 CLICK HERE TO PRINT

FOR IMMEDIATE RELEASE:                                                             

January 26th, 2016

For further information, contact Park City Board of REALTORS®

Rick Shand, President 435.655.1930 Rick@RickShand.com

Carol Agle Chair, Statistics Committee 435.640.0379 Carol@Agle.com

Terry Nolan, CEO, Park City Board of REALTORS®,  435-200-6900 Terry@ParkCityRealtors.com

 

Park City, Utah – August 3, 2016

Property values have increased at approximately 7% annually since 2012

Statistics reported by the Park City Board of REALTORS®, at the close of the second quarter of 2016, indicate a steady annual price increase for single family homes, condominiums, and vacant lots in Summit and Wasatch Counties. Areas outside the Park City Limits, such as the Heber Valley and the Jordanelle, have also seen double digit growth in the number of sales.

Single Family Home Sales

In the entire market area, there are currently five times more pending sales outside the Park City Limits than what is pended within Park City Limits (84060). Over the last twelve months, the median price of a single family home within Park City Limits increased 19%, while the number of sales decreased 17%. Old Town and Park Meadows generated the majority of sales. Though the demand remains high, the lack of inventory has limited the number of units sold. The median sales price in Old Town was up 8% over last year reaching $1.33M and Park Meadows was up 12% to $1.54M. The quantity sold, dollar volume, and median price were up in Thaynes Canyon ($2M), Lower ($2M), Upper Deer Valley ($7.5M), and Empire Pass ($8.27M).

The number of Single Family home sales in the Snyderville Basin was more than double inside the Park City Limits.  Median prices in most areas in the Basin showed steady growth, with Summit Park up 27% to $615,000 and Trailside up 16% to $716,000. The median price in Pinebrook rested at $755,000 compared to $915,000 in Jeremy Ranch, while both neighborhoods had roughly the same number of sales. With 60 sales, Promontory had the highest number, by neighborhood, with a median price increase of 19% reaching just under $1.85M. The Jordanelle area continued its active pace with 11 more sales than last year and a 42% increase in price reaching almost $1.2M.

There were 80 more sales in the Heber Valley than last year – a 35% increase with a 16% jump in median price to $400,000. Rick Shand, President of the Park City Board of REALTORS®, notes that “Over the last 12 months, the trend of buyers searching for value continued as the Heber Valley experienced double digit growth in the number of unit sales, dollar volume, and median price. The line between Park City, Snyderville, and Heber Valley areas is not as distinct as it used to be and buyers are finding homes to better suit their needs by expanding their selection of areas.” Midway / Charleston ($480,000) and Heber / Daniels ($355,000) had substantial growth in the quantity sold.

Condominium Sales

Typically a strong single family market, the Snyderville Basin now outpaces the number of units sold within the Park City Limits in both single family and condominium property types.

Though Condominium sales in-town outnumbered home sales two to one, for the first time and perhaps signaling a trend, the Snyderville Basin (84098) had a higher number of unit sales than the Park City Limits (84060). Over the last 12 months, there were 105 fewer condo sales within the City Limits than the previous year, though the median price trended upward 18% to $660,000. Old Town ($519,000) and Lower Deer Valley ($835,000) were particularly strong with double digit price increases. The most affordable neighborhood within the City Limits has consistently been in Prospector, and though there were 14 fewer sales than last year, the median price was steady at $143,000.

Activity in the Snyderville Basin, with 369 units sold (up 21%) and a median price of $429,000 (up 12%), generated a dollar volume of just over $181M. Kimball Junction averaged 11 sales per month and jumped 52% in price to $380,000. The Canyons neighborhood, with 110 sales this year, jumped 39% in price to $542,000. In Sun Peak/ Bear Hollow, there were five more condo sales than the previous year, with a slight median price increase to $430,000. Pinebrook was also active with 60 units sold and 18% price increase reaching $452,500.

The median price for a condo in the Jordanelle area was approximately $387,000, which is actually a 12% decrease compared to the year before. In the Heber Valley, there were 16 more sales than last year – up 84%, with a median price of $222,000. Midway / Charleston saw the bulk of the activity with 30 units sold and a 37% price increase to $278,000.

Vacant Land Sales

Due to low inventory within the Park City Limits, there were 12 fewer land sales than the previous year, but the median sales price climbed to $750,000 (up 25%).The number of sales in the Snyderville Basin was the same as last year at 153, but the median sales price increased to $412,000 (up 29%). By neighborhood, Promontory had the highest number of land sales with 59 and median price of $335,000 (up 7%), and the Canyons area had seven more sales than last year reaching a median price of $1.9M (up 19%).

The Jordanelle area, with 87 lots sold, more than doubled the number of the previous year. The median sales price in the Jordanelle also increased significantly to $320,000. The number of land sales in the Heber Valley was flat to last year with 161 units sold and a median price of $205,000.

Looking Ahead

A note of continued interest was that product at or below the median sales price point sold in one-quarter of the amount of time, indicating that buyers are sensitive to rising prices and looking for value. “We have also seen that with limited inventory, activity has increased outside of the City Limits, which seemingly has integrated our market area into a single community,” says Shand. Because our market is highly segmented with micro-markets dividing product by property type, location, price, age and amenities, buyers and sellers are advised to contact a local Park City REALTOR® for information on what is happening in your neighborhood.

 

 

___________________________________________________________________________

The Park City Board of REALTORS® (PCBR) is a trade association of more than 900 members comprised of REALTORS® and Affiliates from the greater Park City real estate industry. PCBR analyzes and reports on real estate trends for the greater resort community of Park City.

2016 1st Quarter Statistics

By Park City Board of REALTORS
May 04, 2016

P R E S S   R E L E A S E                                                                                 CLICK HERE TO PRINT

FOR IMMEDIATE RELEASE:                                                             

January 26th, 2016

For further information, contact Park City Board of REALTORS®

Rick Shand, President 435.655.1930 Rick@RickShand.com

Carol Agle Chair, Statistics Committee 435.640.0379 Carol@Agle.com

Terry Nolan, CEO, Park City Board of REALTORS®,  435-200-6900 Terry@ParkCityRealtors.com

 

Park City, Utah – May 3, 2016

Property prices continue to rise at a sustainable rate throughout Summit and Wasatch Counties

Statistics reported by the Park City Board of REALTORS®, at the close of the first quarter of 2016, indicated a steady annual increase of 6% in the median sales price for single family homes, condominiums, and vacant lots in Summit and Wasatch Counties. Specifically in the Single Family Home sector, prices have edged back up to where they were in 2007 but have not reached the market highs of 2008.

Single Family Home Sales

Though the number of Single Family Home sales was down 12% within the Park City Limits (84060) and 4% in the Snyderville Basin (84098), the median price, in both locations, was up 13%. The lack of active listings for homes under the median price point has been a factor specifically inside the City Limits. Currently there are only 16 homes on the market inside the 84060 zip code under the median sold price of $1.53 million. At the end of the first quarter of 2016, Old Town and Park Meadows had the highest number of closed sales, averaging about one per week. The median sales price of a home in each neighborhood was also very close with Old Town reaching $1.35 (up 14%) and Park Meadows at $1.4 million (down 3%). In Prospector, sales were down 35% compared to last year, but the median sales price climbed 6% to $740,000. Upper Deer Valley and Empire Pass experienced a spike in the number of sales, and, due to several high priced transactions, the median price increased as well.

Within the Snyderville Basin (84098), the median sales price hit $912,500. Board President, Rick Shand, points out, “Currently one of the strengths in our market is in single family home sales in the Snyderville Basin.  Not only are most of these homes more affordable for families and younger buyers, but there is a higher number of active listings in this area than in town.” By neighborhood, Jeremy Ranch was up 16% in median price to $874,000, Silver Springs was up 19% to $930,000, and Summit Park climbed 14% reaching $549,000. The highest number of sales occurred in Promontory with a huge 31% increase over last year, averaging over 5 sales per month. The median sales price in Promontory also increased 15% to $1.78 million.

There were 16 more home sales than last year in the Jordanelle area with a 5% increase in price to $900,000. Becoming increasingly popular with buyers, the number of sales in the Heber Valley was up 13% with the median sales price also up 13% reaching $383,000. Midway was up 10% in price reaching almost $473,000; Heber / Daniels was up 15% reaching $355,000; and Timberlakes was up 16% to $314,000.

Condominium Sales

Within Park City Limits, the number of condominium sales was down 19% compared to last year’s number but up 7% in median sales price. Statistics Committee Chair Carol Agle points out, “Condominium sales within the City Limits remained surprisingly steady in median price. With all neighborhoods in the mix, the median price over the last 12 months was $593,000 – excluding Deer Valley numbers, it was $511,000. There was indeed a decrease in the number of sales, probably due to the absorption of inventory, consequently reducing the number of listings.” The highest number of sales by neighborhood occurred in Old Town ($446,000) with an average of 8 sales per month. Both Lower Deer Valley ($774,000) and Prospector ($130,000) had 54 sales this year. Park Meadows ($659,000) averaged slightly less than 3 sales per month, accounting for 16 fewer sales for the year.

Activity was the highest in the Snyderville Basin, with 361 sales for the year (up 26%) and a 14% increase in price reaching $420,000. With 56 closings at Newpark Terrace this year, Kimball Junction averaged 11 sales per month and jumped 67% in price reaching just over $380,000. The Canyons neighborhood, with 99 sales this year, jumped 39% in price to $515,500. In the Sun Peak/ Bear Hollow neighborhood, there were 20 more condo sales than the previous year, with a median sales price of almost $393,000. Condo sales in the Heber Valley were strong – up 22% in the number of units sold and up 8% in median sales price reaching just under $200,000.

Vacant Land Sales

The highest number of Vacant Land sales for our market area was in the Jordanelle area with 80 lots sold – double the previous year. The median sales price of a lot in the Jordanelle also increased significantly to $370,000. Due to low inventory within the Park City Limits, there were only 28 land sales, but the median sales price shot up 32% to $725,000. In the Snyderville Basin, there were 156 lot sales with a 24% increase in price to $396,000. By neighborhood, the highest number of sales occurred in Promontory with 62 total sales and a median price of $311,000. The Heber Valley was active with 152 units sold and a median price of $200,000.

Looking Ahead

The gradual increase in median sales price indicated continuing desirability for buyers in Summit and Wasatch Counties. “We are very fortunate to live in a region with many positive attributes, so the fundamentals of Summit-Wasatch County will continue to be attractive to buyers.  Primary residents, retirees, second home owners and vacationers create a balanced demand for real estate purchases of all types,” says Shand.  Low inventory remained a notable issue for buyers looking for product at or below the median sales price point. Shand states, “Measured growth and the ability to keep pace with buyer interest will be one of the challenges in our industry.” Because our market is highly segmented with micro-markets dividing product by property type, location, price, age and amenities, buyers and sellers are advised to contact a local Park City REALTOR® for information on what is happening in your neighborhood.

 

 

___________________________________________________________________________

The Park City Board of REALTORS® (PCBR) is a trade association of more than 900 members comprised of REALTORS® and Affiliates from the greater Park City real estate industry. PCBR analyzes and reports on real estate trends for the greater resort community of Park City.

2015 4th Quarter Statistics

By Park City Board of REALTORS
Jan 26, 2016

P R E S S   R E L E A S E                                                                                 CLICK HERE TO PRINT

FOR IMMEDIATE RELEASE:                                                             

January 26th, 2016

For further information, contact Park City Board of REALTORS®

Rick Shand, President 435.655.1930 Rick@RickShand.com

Carol Agle Chair, Statistics Committee 435.640.0379 Carol@Agle.com

Seaton Prince, Interim CEO, Park City Board of REALTORS®,  435-200-6900 Seaton@ParkCityRealtors.com

 

Park City, Utah – January 26th, 2016

Summit and Wasatch County property prices rise at a steady market pace in 2015

At the end of the fourth quarter of 2015, the year-end statistics reported by the Park City Board of REALTORS® indicated a slow but consistent annual increase in both the number of closed sales and the median sales price for single family homes, condominiums and vacant lots in Summit and Wasatch Counties. The total dollar volume for 2015 was up 10% over 2014, reaching $1.85 billion, with single family homes sales accounting for the highest dollar volume by property type.

Single Family Home Sales

Within the City Limits (84060), the median sales price of a single family home was 17% higher than the year before, reaching almost $1.52 million, but the number of closed sales decreased by 12%. By neighborhood, Old Town had the highest number of closed sales with a total of 52 with a 6% increase in median sales price to $1.31 million. Thaynes Canyon had the highest jump in median sales price – up 46% from 2014 to $1.82 million with a total of 11 closed sales for the year. Park Meadows had seven fewer sales than last year but the median sales price was up 11% to $1.44 million. In Prospector, the median sales price increased 6% to $740,000, but there were only 11 closed sales for the year (down 39%), which demonstrates how low inventory of active listings can affect the number of sales in certain neighborhoods. “Higher median prices of homes within City Limits and lower number of unit sales is reflective of demand outpacing inventory. In this case a decrease of home sales from the previous year is not a sign of a weakening market. In our current cycle, single family homes listed for less than the median sales price are in very short supply,” says Rick Shand, President Park City Board of REALTORS®.

Within the Snyderville Basin (84098), there were seven more home sales at year-end than 2014’s number, with an 18% jump in median sales price reaching $912,500. The median sales price shot up 23% in Jeremy Ranch to $874,000 and was up 25 % in Silver Springs to $960,000, though both neighborhoods were slightly down in the number of sales. The highest increases in the number of sales occurred in Glenwild / Silver Creek (up 77% with 39 sales), Pinebrook (up 30% with 48 sales), and Jordanelle (up 85% with 37 sales). With new construction in Promontory, there continued to be an upward trend in the number of sales, ending the year at 60, with a median sales price of $1.67 million, as well as, in the Jordanelle area, with 37 total sales – up 85% from last year, and a median price of $900,000.

According to Carol Agle, Statistics Chair for the Park City Board of REALTORS®, “In and around the Jordanelle Reservoir we are seeing increased interest from both primary and secondary home buyers. There were 135 condo sales in Jordanelle at an affordable median price of $375,000, and 37 home sales at a median price of $900,000. Contrast that with the rest of Wasatch County ending the year with only 25 condo sales, but 241 single family home sales with an 8% increase in the median sales price to $369,000. We are definitely seeing a dual market then in Wasatch County, with the focus on the Jordanelle area for the newer condos.” In the Kamas Valley, there was a 10% increase in the number of sales with a 4% increase in median sales price to $310,500.

Condominium Sales

Within Park City Limits, the number of condominium sales was down 13% from 2014 but up 11% in median sales price reaching $605,000. Neighborhoods with increased closed sales include Lower Deer Valley Resort (up 25%), Upper Deer Valley Resort (up 23%), and Prospector (up 38%). The median sales price for a condo was up 9% in Lower Deer Valley to $780,000, down 35% in Upper Deer Valley to $995,000, down 24% in Park Meadows to $585,000, up 15% in Old Town to $450,000, and up 27% in Prospector to $155,000. “Once again we see the relative affordability in surprise sectors within Park City. The 55 condo sales in Prospector saw a remarkable $155,000 median sales price. Old Town and the base of Park City Mountain saw 108 condo sales at a median price of $449,000,” Agle adds.

The overall Snyderville Basin condo market was up 35% in the number of sales with a total of 361 sales, or one a day, at a median price of $400,000. The strongest condo market was at Kimball Junction and Jordanelle which each averaged a sale every two and a half days with 135 units sold at the median sales price of $375,000. The quantity of units sold in the Sun Peak/ Bear Hollow neighborhood was 71% higher in 2015 than 2014 with a median sales price of $394,000. Jeremy Ranch was up 36% in the number of sales and 15% in median price to $574,000. At the Canyons, the median sales price of $401,000 and 84 closed sales were both flat compared to last year’s number.

Vacant Land Sales

Vacant Land sales account for the smallest volume of the market by property type, though for the total market area, the quantity of lots sold was 9% higher than last year; median sales price was 13% up, and total dollar volume was 8% up. Within the City Limits, there were 13 fewer land sales than last year, a 33% decrease, but the median sales price was up a solid 18% reaching $677, 000. The median price for a lot in Park Meadows was up 19% to $970,000, and in Old Town it was up 35% to $575,000.

In the Snyderville Basin, there were 170 lots sold, which is the exact same number as 2014. The Glenwild / Silver Creek area saw increased activity with 42 units sold and a 19% median sales price increase to $443,000. The two neighborhoods with the highest number of vacant land sales were Promontory up 31% to last year with a total of 72 units sold and a median sales price of $305,000, and Jordanelle up 92% with a total of 69 lots sales and a median price of $250,000. Though the number of sold lots dipped slightly in both the Heber and Kamas Valleys, the median sales price increased 15% in both areas reaching $205,000 in Heber and $101,000 in Kamas.

Looking Ahead

The gradual increase in dollar volume, median sales price, and number of closed sales in Summit and Wasatch Counties indicated strong and steady growth in 2015, though the market is not back to the highs of 2007. The median sales price continued to rise slowly at a pace of 4.7% this year, which fits the upward trend we have been seeing annually since 2011. There is still affordable property to be found within Park City Limits and the Snyderville Basin. While new construction continues to be in high demand, buyers must pay the premium costs for it.

“Over the past five years, our market has continued to post solid gains. Changes in the overall market have been steady and for the most part, headed in the right direction. Demand appears to be increasing and as more buyers focus on our area for family, work, retirement and lifestyle, inventory will be an issue, particularly in popular areas. Our community will continue to grow and with that, we hope there will be a variety of housing opportunities for a wide range of buyers,” says Shand. Our market continues to be highly segmented with micro-markets dividing product by price, property type, and demand, so it is best to contact a local Park City REALTOR® for information on what is happening in your neighborhood.

 

 

___________________________________________________________________________

The Park City Board of REALTORS® (PCBR) is a trade association of more than 900 members comprised of REALTORS® and Affiliates from the greater Park City real estate industry. PCBR analyzes and reports on real estate trends for the greater resort community of Park City.

2015 3rd Quarter Statistics

By Park City Board of REALTORS
Oct 30, 2015

P R E S S   R E L E A S E                                                                                 CLICK HERE TO PRINT

FOR IMMEDIATE RELEASE:                                                             

October 29th, 2015

For further information, contact Park City Board of REALTORS®

Nancy Tallman, President 435.901.0659 NancyTallman@gmail.com

Carol Agle Chair, Statistics Committee 435.640.0379 Carol@Agle.com

Anne Reynolds, Park City Board of REALTORS®, CEO 435-200-6900 Anne@ParkCityRealtors.com

 

Park City, Utah – October 29th, 2015

Closed sales for the first nine months of 2015 are the highest since 2007

At the 2015 third quarter end, both the median sales price and the number of closed sales continued to trend upward despite the number of active listings hovering at historically low levels in the Greater Park City Area. By property type, including single family homes, condominiums, and vacant land, for the entire market area, there was a 12% increase in quantity sold and 10% increase in median sales price compared to the previous four quarters, with condominium sales accounting for half the closed transactions, according to statistics released by the Park City Board of REALTORS®. Year-over-year the total dollar volume was also up 20% reaching $1.85 billion.

Single Family Home Sales

The dollar volume for single family homes in the Greater Park City area for the first nine months of this year was the highest since 2006. Comparing the last four quarters to the previous four quarters, the median sales price within the City Limits (84060) was up 11% in quantity sold and 7% in median sales price reaching $1.39 million. By neighborhood, activity was steady in Park Meadows with 59 sales and a median sales price of almost $1.44 million – which is an 18% increase. Old Town was up 18% in the number of sales with a 10% increase in median price reaching about $1.28 million. The Prospector area was slightly down in the number of sales compared to the previous twelve months, but the median sales price remained stable at $721,000.

The number of closed sales over the last four quarters in the Snyderville Basin (84098) was almost double the number of sales within the City Limits. The median sales price in the Basin also climbed 20% reaching $875,000. “The median price of a single family home in the Snyderville Basin appreciated at almost three times the rate of 84060 – reducing the gap between the two areas,” said Nancy Tallman, President of the Park City Board of REALTORS®.

The neighborhoods with the highest number of increased sales included Promontory – up 27% in quantity sold with a median price remaining flat to last year at $1.63 million; Pinebrook – up 38% with only a slight increase in median price to $770,000; and Glenwild / Silver Creek – up 50% with a 19% median price jump reaching $1.2 million. Though quantity sold was down compared to the previous four quarters in a few neighborhoods, the median price increased: Jeremy Ranch was up 27% to $875,000; Trailside was up 9% to $635,000; and Silver Springs was up 25% to $903,000.

The median sales price for a single family home in the Jordanelle area has remained steady over the last four quarters ($878,000), though the quantity sold increased a whopping 113% compared to the previous four quarters. In the Heber Valley, the median sales price has gradually increased to $355,000, and there was a 12% increase in number of sales. Also increasing in activity, the Kamas Valley was up 36% in the number of sales and ended the quarter with a median sales price of $300,000. Statistics Committee Chair Carol Agle commented, “Wasatch County continues to become more part of our market with desirable new product attracting many buyers.”

Condominium Sales

By property type, condominiums accounted for about half the number of total transactions in the Greater Park City area market. “Although prices are rising, there are affordable condominiums available for purchase in several neighborhoods, which may account for the increase in closed sales over the last twelve months,” says Tallman.

Comparing year-over-year, the number of condominium sales within the Park City Limits was 14% higher, but the median price remained flat at $561,000. In Old Town over the last twelve months there were 137 sales, an average of 12 sales per month; the median sales price in Old Town was up 21% to $450,000. There were almost three times the number sales in the last twelve months than the previous year in Prospector, reaching a total of 69 with a steady median sales price of $134,000. In Lower Deer Valley the quantity of sold units was up a significant 82% with only a slight median sales price increase to $735,000.

The number of condominium sales in Snyderville Basin has climbed 37% in the last year with a 13% increase in median price reaching $389,000. The highest number of sales occurred in the Kimball area, up 77%, partially due to numerous closings in the third quarter at New Park Terrace; the median price also jumped 58% to $359,000. In Sun Peak/ Bear Hollow the median price was $385,000, and the number of sales increased by 62%. The Jordanelle area averaged 11 sales per month and was slightly up in price reaching $423,000. 

Vacant Land Sales

The number of vacant land sales within the City Limits (84060) over the last four quarters was 15% less than the previous year, but up 27% in median sales price to $700,000. In the Snyderville Basin, lot sales were down 12%, but the median price increased to $350,000. The highest number of vacant land sales for the entire market area was in Promontory with 66 sales over the last four quarters; the median price at Promontory also increased 46% to $335,000. The Jordanelle area saw a 64% leap in quantity sold with 54 lot sales and a 40% price increase to $267,000. Old Town averaged one sale per month and had a 46% increase in median price climbing to $615,000. The number of lot sales in Park Meadows was down 44% to the previous four quarters but shot up 54% in price reaching $970,000. 

Looking Ahead

Prices have risen gradually in the Greater Park City area at a rolling average of 6.7%. There may be increased activity and demand in the months ahead due to first-time visitors coming to ski Vail resorts, but the market remains steady and somewhat price-sensitive. New construction is always in demand, but also carries a premium cost, so buyers may continue to look for value in older product. The increase in condominium sales indicates that affordable condominiums are still available in many locations in the Greater Park City area. Because our market continues to be highly segmented with micro-markets divided by price, inventory, property type and demand, contact a local Park City REALTOR® for information on what is happening in your neighborhood.

 

 

___________________________________________________________________________

The Park City Board of REALTORS® (PCBR) is a trade association of more than 900 members comprised of REALTORS® and Affiliates from the greater Park City real estate industry. PCBR analyzes and reports on real estate trends for the greater resort community of Park City.

2015 2nd Quarter Statistics

By Park City Board of REALTORS
Jul 29, 2015

P R E S S   R E L E A S E                                                                                 CLICK HERE TO PRINT

FOR IMMEDIATE RELEASE:                                                             PCBR statistics discussion with Leslie on KPCW

July 29th, 2015

For further information, contact Park City Board of REALTORS®

Nancy Tallman, President 435.901.0659 NancyTallman@gmail.com

Rick Shand, President-Elect 435-655-1930 Rick@RickShand.com

Carol Agle Chair, Statistics Committee 435.640.0379 Carol@Agle.com

 

Park City, Utah – July 29, 2015, Number of closed sales and total dollar volume for the first half of 2015 are the highest since 2007

The total number of closed sales, year-to-date, for the entire market area was 9% higher than the first two quarters of 2014 and was the highest first half of any year since 2007, according to statistics released by the Park City Board of REALTORS®. The total dollar volume was up 11% and the median sales price continued to trend upward on a gentle curve in most areas. The Summit and Wasatch County market remains highly segmented; some market segments are drifting down while others are moving up. 

Single Family Home Sales

The median sales price for a single family home within the City Limits (84060) over the past twelve months has remained close to $1.34 million, while the average price has actually come down 11%. Comparing the last four quarters to the previous four quarters by neighborhood, Old Town experienced a marked increase of activity with a 28% higher number of home sales and a slight increase in median sales price to $1.21 million. The sales price in Prospector climbed 8%, reaching $700,000, with almost double the number of sales compared to the previous four quarters. The number of sales in Park Meadows was up a healthy 24% (with 31 sales already this year) and had a median sales price of just under $1.38 million. According to Park City Board Statistics Committee Chair Carol Agle, “Steady is the single adjective to describe our market. Prices are certainly not back to the market highs of 2007.”

Within the Snyderville Basin (84098), the median sales price for a single family home was $850,000, up 18% from one year ago, bringing the cost of a single family home outside the City Limits closer to the price of a house within the City Limits. In the Basin, Promontory had the highest number of sales with a median sales price of about $1.56 million, 3% less than 12 months ago. The number of sales was down 21% in Silver Springs, but the median sales price was up ($850,000). Park City Board President-Elect, Rick Shand, commented, “In areas of our market where there is a strong demand and increases in average and median prices, we are starting to see the effect of limited inventory with lower quantity of sales from the previous 12 month period.”

Year-over-year, the median sales price has come up slightly in other neighborhoods including Jeremy Ranch ($850,000), Pinebrook ($780,000), and Trailside Park ($619,000). The Canyons area jumped in median sales price to $5.475 million, primarily due to home sales in The Colony. Growth continued in the Jordanelle area with an increase in the number of sales and median price ($838,000). The Heber Valley was up 17% in number of sales with a median sales price of $345,000. 

Condominium Sales

By property type, there continued to be a high proportion of condominium sales. The number of sales for the entire market area at quarter end was 9% higher than the previous twelve months, with a 14% overall increase in median sales price.

Though there were fewer sales in Old Town than the previous four quarters, the median sales price increased to $445,000 – up 21%. By neighborhood, Prospector had the highest jump in number of sales, also with a median sales price increase reaching $132,000. Lower Deer Valley experienced market absorption in the condo sector with more than double the number of sales along with a 15% median sales price increase to $735,000. “After a prolonged period of limited demand and soft pricing, Lower Deer Valley condominiums are showing good signs of recovery.  As locations closer to the ski resorts become limited due to inventory issues, buyers are turning to older product in Lower Deer Valley for value,” Shand said.

Similar to the single family home market, the number of condo sales in Snyderville Basin increased steadily in quantity sold, dollar volume, and median sales price. Year-over-year, quantity sold was up by 21% in the Basin with a 13% price increase to $380,000. In Kimball Junction the median sales price increased slightly to $245,000. The Canyons area, with its wide-ranging property types, was up 41% in the number of sales over the previous four quarters with a median sales price of $389,000. Jeremy Ranch showed an increase of activity with 58% more sales than the previous four quarters and a price increase to $535,000. With new construction continuing in the Jordanelle area, both the number of sales and the median sales price of $439,000 were slightly higher than the four quarters of the previous year. “New construction is most sought-after, and buyers will pay for the increased costs of it,” said Agle. 

Vacant Land Sales

The number of Vacant Land sales for the entire market area was slightly higher than the previous four quarters and lot prices increased 10% in median sales price. Lower Deer Valley was up in both quantity sold and median sales price ($523,000). Lots in Old Town ($562,000) and Park Meadows ($858,000) increased in median sales price from what they were the previous year. In the Snyderville Basin, neighborhoods with price increases were Trailside Park ($317,500), Glenwild/Silver Creek ($400,000), Promontory ($312,500), and Pinebrook ($190,000). The Jordanelle area continued to grow, with lot sales up 21% and a median sales price of $208,000. The Heber Valley saw a similar quantity sold compared to the previous four quarters with a 5% price increase reaching $195,000.

Looking Ahead

We appear to be in a relatively stable market with short sales and foreclosures at pre-recession levels. The number of days a property remains on the market has been consistently low over the past few years, as well as, the number of active listings on the market at any one time. Low inventory has been a consistent factor in our market area since the third quarter of 2012, but as of July 1, inventory was the highest it has been in a year. The varying property types and desirability of certain neighborhoods over others make the Greater Park City area a highly segmented and complex market of submarkets. More than ever, buyers and sellers are wise to enlist the services of a local REALTOR®.

 

 

___________________________________________________________________________

The Park City Board of REALTORS® (PCBR) is a trade association of more than 900 members comprised of REALTORS® and Affiliates from the greater Park City real estate industry. PCBR analyzes and reports on real estate trends for the greater resort community of Park City.

2015 1st Quarter Statistics

By Park City Board of REALTORS
May 20, 2015

P R E S S   R E L E A S E                                                                                 CLICK HERE TO PRINT

FOR IMMEDIATE RELEASE:

May 18th, 2015

For further information, contact Park City Board of REALTORS®

Nancy Tallman, President 435.901.0659 NancyTallman@gmail.com

Suzanne Sheridan, President-Elect 435-901-8217 Suzanne@SheridanRealEstateGroup.com

Carol Agle Statistics, Committee Chair 435.640.0379 Carol@Agle.com

 

Park City, Utah – May 18th, 2015, Number of sales for the first quarter of 2015 remains steady with prices rising gradually

The total number of closed sales, including single family homes, condominiums, and vacant land, within the Greater Park City Area, for the first quarter of 2015 was 11.5% higher than Q1 of 2014 and 18.5% higher than Q1 of 2013. With another strong quarter in condominium sales, the number of closed transactions for the first quarter of 2015 marked the highest number of first quarter sales since Q1 of 2007. The total dollar volume for the first quarter was 17% above that of 2014 and 37% higher than 2013, according to statistics released by the Park City Board of REALTORS®. The median sales price for the Greater Park City Area, including all property types, seems to be trending up at a gradual pace – 5.7% higher than the first quarter of last year, but still below that of 2010.

Single Family Home Sales

The number of single family home sales for the entire market area at quarter end was 180, which is 11% higher than Q1 of 2014. Despite low inventory impacting the number of sales in some neighborhoods, several areas experienced an increase of activity. Comparing the last four quarters with the previous four quarters within the Park City Limits (84060), Old Town was down 13% in quantity sold but up 7 % in median price to $1,180,000. Park Meadows continued to average one sale per week, flat in the number of sales compared to last year, but up 16% in median price reaching $1,450,000. A four quarter comparison in the Prospector area shows a 31% increase in the number of sales along with a 21% price increase to $700,000, but sales were down in the first quarter of 2015 compared the first quarter of 2015 due to lack of inventory. Park City Board President, Nancy Tallman, comments, "We are noticing that some listings are selling within a matter of a few days if they are priced right and well presented.  Buyers are accepting the listing prices with greater immediacy due to lower inventory.  Multiple offers and back up offers are becoming more frequent.  While the rapid sales and appreciating prices may remind some of the last real estate bubble, conditions are much different today.  About half of all sales are cash and buyers who finance come with large down payments."

Comparing year-over-year numbers within Snyderville Basin, areas with the highest number of sales include Glenwild/Silver Creek – up 38 % in quantity sold with a 5% median price increase to $1,175,500, Promontory – up 30% in sales with a median price of $1,550,000 (flat to last year), The Canyons – up 20% in sales with a median price of $5,507,489 (up 36%, largely due to sales at The Colony), and Sun Peak / Bear Hollow – up 45% in sales with a 2% median price increase to $852,500. Though quantity sold is down compared to last year, the median price increased in Trailside ($615,000), Pinebrook ($772,500), and Silver Springs ($780,000).

Year-over-year, the Jordanelle area saw a 25% price increase reaching $858,132 with a 13% decrease in quantity sold. The Heber Valley has experienced increased activity with a 19% increase in number of sales and a 2% median sales price increase to $341,500. Statistics Committee Chair, Carol Agle, explains, “There has been a lot of activity and focus on neighboring areas to Park City including Heber. We are in the process of combining our databases with Wasatch County and will eventually have more detailed and accurate reports.” There were 11 more single family home sales in the first quarter of this year compared to last in the Heber Valley! The Kamas Valley was also up 11% in sales and 3% in median price to $299,500. 

Condominium Sales

By property type, there has been a growing proportion in the number of sales and dollar volume within the condominium market. The number of condominium sales for the entire market area at quarter end was 184, which is 10% higher than Q1 of 2014, with an 11% overall increase in median price.

Comparing year-over-year, the number of condominium sales within Park City Proper was flat to last year with a median price of $552,500 which was 8% higher than last year’s number. By area, the number of sales in Old Town was down, but the median price increased 14% to $415,000. Other areas of interest include Empire Pass up 37% in quantity sold with a median price of $3.08 million, Lower Deer Valley up 55% in sales with a median price reaching $732,375, and Prospector up 12% in the number of sales and 41% increase in median price to $134,000.

The Snyderville Basin showed increased activity in the condo market, up 11% in number of sales and 9% in median price reaching $364,600. Comparing year-over-year by area, the highest number of sales occurred in the Canyons neighborhood (up 27%) with a median sales price of $371,250. The number of sales in Sun Peak/ Bear Hollow was slightly down, but experienced a 20 % median price increase to $477,500. "With Vail's plans to connect Park City Mountain Resort to the Canyons, there was greater demand for affordable condominiums in the Canyons area.  We also believe sales were limited at Bear Hollow due to lack of inventory,” Tallman shares. Other areas with an increase in activity include Pinebrook, up 29% in number of sales with a 17% median price increase to $395,726, and the Jordanelle area, up 13% in number of sales and 15% in median price reaching $412,671. 

Vacant Land Sales

Vacant Land sales for the entire market area were 6% higher than Q1 of 2014, with a median price increase of 18%. By area, Old Town had an 88% increase in sales and a 38% increase in median price to $465,000. The median price for a lot in Park Meadows was $775,000 though sales were flat compared to the previous four quarter number. In the Snyderville Basin area, the number of land sales was slightly lower than the previous year, but increased 7% in price to $320,000. A few hot spots for vacant land sales include The Canyons area with a 35% increase in number of sales and a 19% increase in median price to $1.6 million and Pinebrook with seven more lot sales than the year before and a 29% price increase reaching $168,900. The number of sales in the Trailside area was 25% higher over last year’s number with an 18% increase in price to $235,000. “We believe there is a huge pent-up housing demand due to Utah’s booming economy and a lack of new construction. The good news is that the increase in sales of vacant land is an indicator of future new construction. The inventory constraint is not unique to Park City, but is a nationwide phenomenon,” says Tallman.

Looking Ahead

Gradual price increases seen in most of our market area and property types could be viewed as a stable market trend. Low inventory has been a consistent factor in our market area since the third quarter of 2012 and as of May 12, 2015, there were only 1,884 active listings compared to 1,940 at the end of Q1 2014. Though January and February were, as historically expected, slow months in the number of closings, March finished strong, and it looks like April, May and June will follow. For the most accurate advice and information, consult your local REALTOR®.

 

 

___________________________________________________________________________

The Park City Board of REALTORS® (PCBR) is a trade association of more than 900 members comprised of REALTORS® and Affiliates from the greater Park City real estate industry. PCBR analyzes and reports on real estate trends for the greater resort community of Park City.

2014 4th Quarter Statistics

By Park City Board of REALTORS
Jan 26, 2015

P R E S S   R E L E A S E                                                                                 CLICK HERE TO PRINT

FOR IMMEDIATE RELEASE:

January 23, 2015

For further information, contact Park City Board of REALTORS®

Nancy Tallman, President 435.901.0659 NancyTallman@gmail.com

Suzanne Sheridan, President-Elect 435-901-8217 Suzanne@SheridanRealEstateGroup.com

Carol Agle Statistics, Committee Chair 435.640.0379 Carol@Agle.com

 

Park City, Utah – January 23, 2015 – Highest 4th Quarter sales since Q4 of 2005 with inventory at a new low

Though the total number of closed sales, including single family homes, condominiums and vacant land, within the Greater Park City Area at year-end was slightly lower than 2013, total dollar volume was 8.7% higher and the median sales price was 5.5% higher, according to the Park City Board of REALTORS®. Led by a spike in condominiums sales, the number of closed transactions across the Park City MLS in the fourth quarter of 2014, marked the highest number of fourth quarter sales since 2005.

Condominium Sales

The big news of Q4 was the huge jump in number of pended sales in October creating a rush of closed sales in the last quarter of 2014, culminating in a 49% increase over 2013. The number of condominium sales for the entire market area at quarter end was 808, which is 10% higher than last year’s number. Condominium sales in Park City Proper bounded ahead of last year’s number, as well in Q2 and Q3 of this year, to end 2014 with 376 sales – up 6%. The median price of $542,450 was 5% higher than last year’s number.

By area, Old Town had the highest number of condominium sales at 166 – a 6% increase – with a median sales price reaching $390,000. Board President, Nancy Tallman shares, “There was a definite uptick of 4th quarter condominium sales near the base of PCMR.  We can't be sure whether this is the so-called ‘Vail Effect’ or just the settlement of the lawsuit and the certainty that the resort would be open this season.  Whatever the reason, the sales speak for themselves.” Two other areas of interest include Empire Pass with 37 condominium sales, up 68% from last year, with a median price of $2.8 million, and Park Meadows which dipped 13% in the number of sales but soared 40% in median price to $768,750.

Condominium activity in the Snyderville Basin parallels that within Park City Proper – up 7% in the number of sales with an 11% increase in median price reaching $360,975. By area, the highest number of sales occurred in the Canyons neighborhood with 83 – up 11% over last year and a median sales price of $387,000. The number of sales in Sun Peak/ Bear Hollow was up 17% with a median price increase of 6% to $438,500. Pinebrook was up in number of sales (by 21%) totaling 58 and median price (by 20%) reaching $387,500. The Jordanelle ended the year 19% above 2013 with 124 total units sold and reported a 15% median price increase to $408,385. “The lack of inventory and gradual pricing increase is making it almost impossible for first-time home buyers to find affordable single family residences.  Many of these buyers are forced into condominiums and townhomes due to pricing.  In fact, we are seeing full-time residents buy condominiums that were traditionally used as vacation residences,” says Tallman.

Single Family Home Sales

At year-end, the number of Single family home sales dropped 6% within Park City Proper, and finished 2014 with a median price of $1,300,000. Still a highly segmented market, the Lower Deer Valley® Resort area had 38% fewer sales, but reported a 22% median price increase to $1.855 million. In contrast, the Prospector area was up 38% in the number of sales and up 20% in median price reaching $697,500. Park Meadows was flat compared to last year in both number of sales (56) and median price ($1,300,000). The highest increase in price, by area within Park City Proper, was in Old Town – up 36% to a median of $1.24 million.

In the Snyderville Basin, the number of sales fell 13% compared to 2013, yet the median price ended the year at $775,000 – a 10% increase. Several areas experienced an increase of activity: The Canyons up 11% in quantity sold and 31% in median price ($5.507 million) and Sun Peak / Bear Hollow up 33% in sales and 24% in median price ($1.02 million). Though there were fewer sales, the median price increased in Trailside ($585,000), Pinebrook ($746,000), and Silver Springs ($769,500). The Jordanelle area saw a 21% price increase over last year reaching $795,382. The Heber Valley had 212 total sales with a 3% price increase to $345,000. The Kamas Valley had 87 total sales and 3% price gain to $298,000.

Vacant Land Sales

Park City Proper ended the year with 40 sold lots (down 17%), but a median price increase of 4% to $574,500. Old Town had an 18% increase in sales and a 65% increase in median price to $425,000. The median price for a lot in Park Meadows shot up 77% to $816,500! In the Snyderville Basin area, land sales were up 6% with a 22% price increase to $335,000. One particular hot spot with increased activity was Canyons area with a 16% increase in number of sales and a 21% increase in median price to $1.575 million. Sales in the Trailside area leaped 50% over last year’s number with a 44% increase in price to $287,500.

Looking Ahead

Gradual price increases seen in most of our market area and property types this year brought the dollar volume for 2014 to over $1.678 billion, which is 10% over 2013, and 43% over 2012. What could be viewed as a stable market trend with healthy property appreciation seems likely to continue. Low inventory has been a consistent factor in our market area since Q3 of 2012, and with a new low in the number of active listings, it doesn’t seem to be changing. As of January 1, there were only 1,904 active listings compared to 2,001 active listings on January 1 of last year. “Every neighborhood has its own story, but the common thread was a dramatic decrease in inventory.  We believe this is a big reason why sales were flat between 2013 and 2014,” says Tallman. For the most accurate advice and information, consult your local REALTOR®.

 

 

___________________________________________________________________________

The Park City Board of REALTORS® (PCBR) is a trade association of more than 900 members comprised of REALTORS® and Affiliates from the greater Park City real estate industry. PCBR analyzes and reports on real estate trends for the greater resort community of Park City.

2014 3rd Quarter Statistics

By Park City Board of REALTORS
Oct 29, 2014

P R E S S   R E L E A S E                                                                                 CLICK HERE TO PRINT

FOR IMMEDIATE RELEASE:

October 31, 2014

For further information, contact Park City Board of REALTORS®

Marcie Davis, President 435.602.9577 Marcie@AskMarcie.com

Nancy Tallman, President-Elect 435.901-0659  NancyTallman@gmail.com

Carol Agle Statistics, Committee Chair 435.640.0379 Carol@Agle.com

 

Park City, Utah – October 31, 2014 – Q3 of 2014 shows fewer number of sales compared to same time period in 2013, but median sales price is trending upward

The total number of closed sales, including single family homes, condominiums and vacant land, within the Greater Park City Area in the third quarter of 2014 is 12% below Q3 of 2013, with single family home sales down over 16%, according to the Park City Board of REALTORS®. Though the number of sales is down, median prices continue to climb at a gradual pace.

Single Family Home Sales

By property type, single family homes had the least activity in Q3. Within Park City Proper, there were 126 sales - down 20% from last year’s number, with the median price at $1,315,000. In Old Town, the median price of a single family home rose 28% to $1,165,000 over last year even though the number of sales was down 30% with 39 sales compared to 56 in 2013. In the Lower Deer Valley® Resort area, the median sales price is up 28% to $1,925,000 with 38% less inventory, but 53% fewer sales – though the sample size is very small with only 9 units sold to date this year. Interestingly, the Prospector neighborhood experienced an increase in sales at 14, compared to 10 in 2013, with a median sales price increase of 18% to $724,750. Park Meadows, consistently a keen area of interest, ended the quarter with 29 active listings (down 24%) and median sales price down 12% to $1,300,000. The number of sales in Park Meadows is also down 16% with 36 sales compared 43 last year. President Marcie Davis says, “These statistics seem to indicate that the bottom of the market is gone and the lack of inventory is affecting sales.”

In the Snyderville Basin, the number of sales dropped 14% to 246 compared to 286 in Q3 of 2013. Silver Springs and Pinebrook saw decreases in the number of sales compared to last year, but increases in the median price, reaching $767,000 in Silver Springs and $715,000 in Pinebrook. Sales were flat in the Trailside area, but the median sales price shot up 18% reaching $600,000 – An increase of $90,000 over last year. The Jordanelle area saw the highest price increase in single family homes – up 35% to $868,132. The Heber Valley had 149 sales with a 4% price increase to $352,000. The Kamas Valley had 58 sales (an 8% decrease) and slight price gain to $292,250.

Davis advises, “The median price within Park City Proper is $1.3 million compared to $767,000 in the Snyderville Basin which illustrates that neighborhoods vary drastically in price, inventory, and property type which is why using local REALTORS® is important if you want to receive the most up-to-date market information.”

Condominium Sales

The number of condominium sales for the entire market area at quarter end was 566, which is actually 3% higher than last year’s number. Though condos in Park City Proper dropped 8% in the number of sales, the median price was $635,000, which is a 15% increase. By area, Old Town had the highest number of sales reaching 111 units with a median sales price of $375,000. Empire Pass saw a whopping 32 sales so far this year, compared to only 17 in 2013. In the Snyderville Basin, condo sales fared slightly better than within the City Limits – up 4% with an 8% increase in price to $347,450. By area, the highest number of sales was in the Kimball neighborhood with 49 and a median sales price of $220,000. The number of sales in Sun Peak/ Bear Hollow was up 24% with a median price of $461,250. Pinebrook gained 23% in the number of sales while posting a 25% gain in price reaching $392,500. The Jordanelle jumped 21% to 91 total units sold and reported a 13% median price increase to $392,741.

Vacant Land Sales

Park City Proper ended the quarter with 32 sold lots (down 22%) and a median price of $550,000 (down 12%). Alternatively, land sales were up 18% in the Snyderville Basin area reaching 138 so far this year, with a 13% price increase reaching $337,500 per lot. The Jordanelle area had the highest median price increase of 38% to $190,000, though the number of sales was down 29%. Lots in the Heber Valley increased in the number of sales (35%) and median sale price (14%) reaching $175,000. In the Kamas Valley there were 38 sales-to-date which is up 41%, while the median price fell slightly to $85,000.

Looking Ahead

Because of the modest price increases seen in most of our market area and property types this year, the total dollar volume for Q3 is $1.164 billion, slightly above Q3 of 2013, and up a surprising 33% over 2012.The low inventory has certainly contributed to the drop in sales in single family homes. As of October first, there were 1,198 active listings within the Greater Park City Area, which is the lowest it has been since June of this year. “Though supply remains reduced, we are heading into our busy season and looking forward to the increased activity winter brings to Park City,” says Davis. With distressed sales no longer factoring into our market, prices have stabilized and are improving slowly. For the most accurate advice and information, consult your local REALTOR®.

 

 

___________________________________________________________________________

The Park City Board of REALTORS® (PCBR) is a trade association of more than 900 members comprised of REALTORS® and Affiliates from the greater Park City real estate industry.  PCBR analyzes and reports on real estate trends for the greater resort community of Park City.

2014 2nd Quarter Statistics

By Park City Board of REALTORS
Jul 23, 2014

P R E S S   R E L E A S E                                                                                 CLICK HERE TO PRINT

FOR IMMEDIATE RELEASE:

July 23, 2014

For further information, contact Park City Board of REALTORS®

Marcie Davis, President 435.602.9577 Marcie@AskMarcie.com

Nancy Tallman, President-Elect 435.901-0659  NancyTallman@gmail.com

Carol Agle Statistics, Committee Chair 435.640.0379 Carol@Agle.com

 

Park City, Utah – July 23, 2014 – Though real estate prices in the Greater Park City Area are trending upward, the number of sales is down 9%.

The number of closed sales in the Greater Park City Area dropped 9% in the second quarter of 2014 compared to the same time period last year, according to the Park City Board of REALTORS®. Though there were 39 fewer sales this year (single family, condominiums and vacant land), median prices continue to trend slowly upward in 2014.

Single Family Home Sales:    By property type, single family homes had the least activity in Q2. The number of single family home sales within Park City Proper was down 29% compared to the second quarter in 2013. Both Snyderville Basin and Heber Valley were down 9%, and Kamas fell 6%. Yet pricing in most areas is climbing at a gradual pace. The median price for a single family home within Park City Proper is $1,675,000 (up 36% over Q2 of 2013). The median sales price for a single family home in the Snyderville Basin area is rising at a slower pace, but is still up 8% over 2013 to a median sales price of $755,500. The Jordanelle area saw the highest price increase, reaching $885,000 (up 48%). “We are seeing buyers at different ends of the spectrum. Some have expendable income or cash and don’t mind paying for a new product they like. Others are more cautious and resistant to price increases,” says President of the Park City Board of REALTORS®, Marcie Davis. Single family home prices remain relatively flat in both the Heber Valley with a median price of $359,150 and the Kamas Valley with a median price of $268,460.

Condominium Sales:    In contrast, condominium sales in Park City Proper reached 168 units (Up 8% over Q2 2013) with a median price of $636,500 (up 11%). By area, Old Town had the highest number of sales in Park City Proper, reaching 84 units (up 27%). The Jordanelle recorded the highest number of condo sales in the Greater Park City Area with 62 units (up 48%) and a median price of $380,800 (up 15%). There were 107 condo sales in the Snyderville Basin which is flat compared to last year, though Sun Peak, Bear Hollow, Kimball, and Pinebrook saw significant increases in the number of sales for the second quarter. The median price for a condo in the Snyderville Basin is $337,500 (up 5%).

Vacant Land Sales:    Park City Proper (down 34% compared to Q2 of 2013) and Jordanelle (down 39%) ended the quarter with 19 sales apiece. Alternatively, the Snyderville Basin had 97 land sales (up 24%) with a median price of $340,000 (up 27%). Within Park City Proper, the median price for a vacant lot is $700,000 (up 33%). The Jordanelle area had the highest median price increase jumping to $180,000 (up 52%). Lot sales in the Heber Valley are also 40% higher than last year with a median price of $175,000 (up 40%). The Kamas Valley had 22 sales (up 22%), though the median price fell slightly to $85,000.

Looking Ahead:    The lack of inventory – possibly caused by a perceived delay in listing new properties through the spring due to colder than normal weather conditions – may have contributed to lackluster sales as even pended sales numbers remained lower than last year until mid-June. Within the Greater Park City Area, there have been 119 new listings in July – highlighted by an increase of 68 single family homes. “July should pick up in both activity and sales. When a property is new to the market and priced right, it goes very quickly,” says Davis.

Distressed sales are no longer a topic as they accounted for less than 3% of the sales in the second quarter and less than 2% of the properties currently listed. Total dollar volume for Q2 is up 10% over Q2 of 2013 and median prices are climbing. Park City real estate remains diverse and cannot be classified into “one market.” Because neighborhoods vary drastically in price, inventory, and demand, to get the best advice and information on what is happening in the real estate market today, call your local Park City agent.

 

 

 

___________________________________________________________________________

The Park City Board of REALTORS® (PCBR) is a trade association of more than 900 members comprised of REALTORS® and Affiliates from the greater Park City real estate industry.  PCBR analyzes and reports on real estate trends for the greater resort community of Park City.