2017 3rd Quarter Statistics

By Park City Board of REALTORS
Oct 26, 2017

Park City Board of REALTORS® The Voice for Real Estate® in Summit and Wasatch Counties

PRESS RELEASE                                                                               CLICK HERE TO PRINT

F O R   I M M E D I A T E   R E L E A S E

For further information, contact the Park City Board of REALTORS®

Sara Werbelow                                                                               Terry Nolan President, Park City Board of REALTORS®                                CEO, Park City Board of REALTORS® (435) 640-5300                                                                                  (435) 200-6900 swerbelow@the-chateaux.com                                                        Terry@parkcityrealtors.com

 

October 20, 2017 – The Park City Board of REALTORS® has released year over year quarterly statistics for Summit and Wasatch Counties.  The overall real estate market continues to be healthy, stable, and growing at sustainable rates.

The number of single family market transactions and the median sales price grew at 7% and 7% respectively over the past year.  The bulk of these sales occurred outside the Park City Limits as buyers searched for properties that fit their lifestyle and budget.  The condominium market transactions and median sales price grew at 10% and 10% respectively over the past year.  These sales were spread more evenly across the Summit and Wasatch markets.

Sara Werbelow, President of the Park City Board of REALTORS® commented, “The real estate market is solid.  We have sufficient inventory to meet our client’s needs.  Prices do continue to escalate, but at a reasonable pace.”

Remember that these are overall statistics and are simply a snapshot at a moment in time and may not be representative of long-term trends.  The Summit and Wasatch markets are composed of numerous diverse micro-markets.  More granular statistics are shown below.  Buyers and sellers are encouraged to contact a member of the Park City Board of REALTORS® to find answers to specific real estate related inquiries and fully understand trends in the overall market and specific areas of interest.

Year-Over-Year Single Family Home Sales

  • The number of sales inside the Park City Limits increased by 12% and median price increased 18%.
Highlights:
  • Park Meadows sales increased 15% and median price increased 21%.
  • Old town sales increased 15% and median price increased 11%.
  • Lower Deer Valley sales decreased 19% but median sales price increased 8%.
  • Snyderville Basin sales increased 9% and median sales price increased 2%.
Highlights:
  • Sales in The Canyons increased 14% and but median price decreased 26%.
  • Sales in the Silver Springs area decreased 6% but median price increased 4%.
  • Pinebrook sales were flat but median sales price increased 13%.
  • Jeremy Ranch sales increased 27% and median sales price increased 5%.
  • Promontory Sales increased 13% and median sales price decreased 12%.
  • Jordanelle sales increased 15% and median price increased 34%.
  • Heber Valley sales decreased 9% and the median price increased 4%.
  • Kamas Valley sales increased 32% and the median price decreased 5%.
Highlights:
  • Kamas and Marion sales increased 135% and median price increased 7%.
  • Oakley and Weber Canyon sales increased 5% and median price decreased 10%.
  • Wanship, Hoytsville, Coalville, Echo, & Henefer sales increased 54% and median price increased 17%.
Year-Over-Year Condominium Sales
  • Sales inside Park City Limits increased 28% and the median price increased 21%.
Highlights:
  • Old Town sales increased 28% and the median price increased 9%.
  • Lower Deer Valley sales increased 7% and the median price dipped 3%.
  • Prospector sales decreased 4% and the median price dropped 3%.
  • Snyderville Basin sales decreased 9% and the median price increased 6%.
Highlights:
  • The Canyons sales decreased 13% and the median price dipped 1%.
  • Kimball sales increased 6% and the median price increased 10%.
  • Pinebrook sales decreased 16% and the median price increased 3%.
  • Jordanelle sales increased 17% and the median price dropped 5%.
  • Heber Valley sales increased 10% and the median price increased 21%.
Conclusions

Clearly each micro-market has its own character and story. Simply reviewing the numbers is not sufficient to understand the big picture. Individual markets can be influenced by a number of factors including specific sales that can skew the statistics. In addition, amenities, property condition, location, and new construction impact the numbers. The only sure way to fully understand the local real estate market is to contact a member of the Park City Board of REALTORS®.

 

 

___________________________________________________________________________

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.

2017 2nd Quarter Statistics

By Park City Board of REALTORS
Aug 16, 2017

Park City Board of REALTORS® The Voice for Real Estate® in Summit and Wasatch Counties

 

PRESS RELEASE                                                                               CLICK HERE TO PRINT

F O R   I M M E D I A T E   R E L E A S E

For further information, contact the Park City Board of REALTORS®

Sara Werbelow                                                                               Terry Nolan

President, Park City Board of REALTORS®                                CEO, Park City Board of REALTORS®

(435) 640-5300                                                                                  (435) 200-6900

swerbelow@the-chateaux.com                                                        Terry@parkcityrealtors.com

 

August 16, 2017 – Within the broader Park City market area, a changing geographic trend continues

At the close of the second quarter year-over-year housing statistics released by the Park City Board of REALTORS® show steady market growth and absorption of inventory in Summit and Wasatch Counties. With a unique mix of primary, secondary and investment property owners, the broader Park City market area is composed of numerous diverse micro-markets. Price-sensitive buyers looking for value are becoming more enticed by neighborhoods outside Park City than in the past; while properties in certain neighborhoods within the City Limits and the Snyderville Basin are being renovated to address design changes towards more contemporary layouts.

Year-Over-Year Single Family Home Sales

For our entire market area, the number of single family home sales was up 13% over the previous 12 months, the total dollar volume was up 16%, and the median sold price of $690,000 was up 4%.

With 374 closed sales, the Snyderville Basin surpassed all other areas and experienced more than double the total number of sales within the City Limits; while the median price in the Basin climbed 5% over the previous year to $970,000, it rose 20% within the City Limits reaching $1.9 M. With the growing number of second-home buyers who are willing to pay a higher price for new construction or recently renovated properties, there has been an upward tic in price for sought after locations.

Snyderville Basin

  • Over the last 12 months the neighborhood with the highest number of closed sales in the Basin was Promontory with a median price of $1.72 M. Offering new product and amenity-rich lifestyle, buyers have been drawn to the new design and multi-season services found in neighboring gated communities.
  • Jeremy Ranch had a median price of $925,000 and a total of 53 closed sales.
  • Pinebrook saw a 23% increase in median price to $922,000 and 48 closed sales.
  • Consistently low on inventory, Silver Springs had a median price flat to last year’s number at $938,000, with five fewer sales.
Park City Limits
  • Park Meadows saw a 23% increase in median price with $1.84 M and 44 closed sales – up 13% to the previous 12 months.
  • Old Town experienced an 11% median price increase to $1.49 M but a 16% decrease in number of sales.
  • The median sales price in Prospector was slightly up reaching $825,000, with 10 closed transactions.
  • Combined there were only 13 home sales in Empire Pass and Upper Deer Valley. Both neighborhoods saw median price decreases as well, with Empire at $5.66 M and Upper DV at $5.85 M.
  • Lower Deer Valley saw a burst of activity with nine more closed sales than the previous 12 months and held a stable median price of $2.1 M.
Jordanelle, Heber and Kamas Valleys
  • Driven by new construction in Victory Ranch, the Jordanelle area was up 28% in median price to $1.52 M.
  • Heber / Daniel had 203 closed sales for the year with a slight increase in median price to $360,000.
  • Midway, consistently reporting the highest median sold price in the Heber Valley, did so again at $469,000.
  • Quantity sold increased 24% in the Kamas Valley – and median sold price also significantly increased over the previous 12 months:
    • Woodland / Francis had a median price of $457,000 with 30 transactions.
    • Kamas / Marion had a median price of $312,000 with 34 transactions.
    • Oakley had a median price of $397,000 with 48 transactions.
Year-Over-Year Condominium Sales

For our total market area, the total number of closed sales was up 6%, total dollar volume was up 28%, and median sold price increased 12% to $500,000. The 333 condo sales within the City Limits surpassed the Snyderville Basin’s number of 310, and with new product available, the Jordanelle area saw a steep 39% increase in the quantity sold reaching 191.

Snyderville Basin / Jordanelle

  • The Canyons neighborhood averaged 10 sales per month with a total of 113 for the year – the highest in the Basin, with a 14% median price increase to $635,000.
  • The Kimball area had a steady 80 transactions with a median price of $335,000.
  • Pinebrook was on par to last year’s number of 61 closed sales sustaining a median price of $463,000.
City Limits
  • Old Town accounted for the highest number of condo sales with 133 (28 more than last year) and ended the quarter with a median price of $565,000.
  • Upper Deer Valley shot up in quantity sold, with 31 more sales than last year – the lion’s share of which can be attributed to Stein Eriksen Residences. The median price also increased to $2.6 M.
  • Activity in Park Meadows picked up due to larger unit sales in sub-divisions like Last Sun and Four Lakes, with a 31% increase in the quantity sold and a noticeable 56% price increase to $932,000.
  • Prospector’s median price of $136,000 remained stable to last year’s number.
Looking Forward

Sara Werbelow, President of the Park City Board of REALTORS® commented, “It’s important to pay attention to the micro-market areas that tell their own story; however, in general supply is continuing to pace with demand in our greater market area.” Since zip codes don’t explain neighborhood individuality, property condition, or amenities; and neighborhoods vary greatly in both price and inventory levels, buyers and sellers are encouraged to contact a member of the Park City Board of REALTORS® to find answers to specific real estate related inquiries.

2017 1st Quarter Statistics

By Park City Board of REALTORS
May 15, 2017

 Park City Board of REALTORS® The Voice for Real Estate® in Summit and Wasatch Counties

 

PRESS RELEASE                                                                             CLICK HERE TO PRINT

FOR IMMEDIATE RELEASE

For further information, contact the Park City Board of REALTORS®

1889 Prospector Ave Park City, UT 84060 (435) 200-6900 FAX (435) 200-6901

Demand for real estate in Summit and Wasatch Counties leads to a record-breaking first quarter of 2017

Park City, Utah – May 11th, 2017

The number of closed sales for the first quarter of 2017 in Summit and Wasatch Counties was the highest we’ve seen since 2007 – up 20% over 2016, according to statistics released by the Park City Board of REALTORS®. Q1 also saw the highest number of pended sales on record and a 26% increase over the previous year in total dollar volume. Growth continued to morph, and expand, encompassing outlying communities in the Wasatch Back as the entire market area was pushed to new peak levels.

Single Family Homes

Micro-markets developed and shifted as low inventory affected the activity in certain neighborhoods. The median price surged upward where the supply was limited, and conversely, the number of sales surged upward where a moderate supply could be found. Broken down by area, the median price and number of units sold varied:

  • Park City Proper (84060) – Limited supply resulted in only slight growth overall in the number of units sold but there was a 21% median price increase reaching $1.85 M for single family homes within the City Limits.
    • Lower Deer Valley, with 17 more home sales than the previous twelve months and a median price of $2.13 M, was a hot spot of activity.
    • Still highly sought after, Park Meadows had seven fewer sales but saw an 18% price increase reaching $1.75 M.
  • Snyderville Basin (84098) – With moderate supply in the Basin, there were 45 more home sales than the previous 12 months – up 13%, accompanied by a price increase of 7% to $972,000.
    • Certain neighborhoods, like Summit Park, had 28% more closed sales and a 9% median price increase to $600,000.
    • The popular neighborhood of Silver Springs, where inventory has been consistently low, saw ten fewer closed transactions than the same time last year, with a slight dip in median price to $910,000.
    • In the Basin, Promontory had the highest number of transactions with 67 closed sales and median price of $2 M, indicating that new product and amenities remained in high demand.
“We have been seeing buyers who may start looking in Park Meadows or Deer Valley, then end up preferring the amenities offered in our Gated Communities. Buyers are also willing to pay a premium for new product,” says Sara Werbelow, President of the Park City Board of REALTORS®.
  • Jordanelle – Offering new construction but a limited supply, the Jordanelle saw little growth in number of sold units, but a giant 64% leap in median price reaching $1.49 M.
  • Heber Valley – Becoming increasingly popular with buyers for the bang for the buck and offering a moderate supply of inventory, the Heber Valley had a very active twelve months. With new product on the market, there were 98 more home sales – up 37% from last year, but the median price held in check to last year’s number of $397,000.
Condominiums

Within the Greater Park City Area, the condominium sales accounted for almost half the number of closed transactions in the first quarter.

The number of condo sales in Old Town and Jordanelle exceeded any other area. There were 134 units sold in the last twelve months in Old Town – 34 more transactions than the previous year. The median price in Old Town also shot up 31% to $583,000. Jordanelle had 59 more condo sales than last year and a 30% increase in price to $485,000.

“The fast paced activity in the Jordanelle condo market attests to that fact that growth continues to be oriented in that direction. Outlying areas are being perceived as simply an extension of Park City and an evolution of the larger market picture,” said Chris Hansen, Valuation Consulting Group.

Vacant Land

Vacant land did not show much growth in either sale numbers or values, but with limited supply of existing product coupled with strong demand, it may be only a matter of time before the land market awakens more fully and movement occurs.

Looking Forward

Sara Werbelow concluded, “It feels like Summit and Wasatch Counties are entering a boom time. With the number of first quarter closed and pended sales at some of the highest we have seen to date, our market area has reached pre-recession levels. Buyers are willing to travel further distances if they can find value, pushing the number of closed sales up outside the City Limits. Distance from front door to ski chair doesn’t seem to be quite as much as a factor for current home buyers. What used to be perceived as “far away” or “out of town” is not so anymore.”

Due to the uniqueness of our market area and the varying degree property types, neighborhood characteristics, and inventory levels, buyers and sellers are encouraged to contact a local Park City Board of REALTORS® Professional Agent to find out more detailed housing information.

 

 

___________________________________________________________________________

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 4th Quarter Statistics

By Park City Board of REALTORS
Feb 02, 2017

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

FOR IMMEDIATE RELEASE:                                                             

February 1st, 2017

For further information, contact Park City Board of REALTORS®

Sara Werbelow, President 435-640-5300 swerbelow@the-chateaux.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 – February 1st, 2017

2016 year-end housing statistics for Summit and Wasatch Counties, as reported by the Park City Board of REALTORS® Multiple Listing Service, show that over the past four years, the number of closed, pended, and active listings has continued to trend at a healthy and stable rate, with an averaged median price increase of 7.5% annually. However, in 2016, the median sales price for single-family homes, condominiums, and vacant land increased at a rate double that number. Overall, the quantity of sold properties did not increase sharply over previous years, yet the dollar volume for our entire market area was up 18%.

President of the Park City Board of REALTORS®, Sara Werbelow adds, “We have experienced a sustainable growth trend for several years. Areas surrounding Park City Proper, such as the Heber Valley and Jordanelle, are proving to be a consistent and robust draw for both primary and secondary homeowners, as buyers are capitalizing on new construction and great value.”

Single-Family Home Sales

Activity within the City Limits (84060)

With limited inventory and high demand for single-family homes within the City Limits, the median price climbed to $1.69 M.

  • Lower Deer Valley doubled in the number of homes sold and saw a 15% increase in median price reaching just under $2.2 M.
  • Park Meadows, consistently in high-demand, experienced seven fewer sales than in 2015 but ended the year with a slight increase in the median price to $1.59 M.
  • The number of sales in Prospector was on par with last year, but median price rose 13% hitting $833,000.
  • Old Town, with seven fewer closed sales than in 2015, ended the year with a median price of $1.48 M – up 12%.
Activity within the Snyderville Basin (84098)

With 366 home sales in 2016 – a 7% increase over last year, the Snyderville Basin accounted for the highest dollar volume in our market area with a median price reaching $968,000.

  • With 46 closed sales – 12 more than the previous year, Trailside took a lion’s share of activity in the Basin and also increased 13% in median price to $723,000.
  • Jeremy Ranch averaged one sale per week, with a total of 52 closed sales – 11 more than in 2015, and held on to a median price of $922,000.
  • The number of sales in the Canyons area went from nine to 23, several of which were in the Colony, ending 2016 with a median price of $5.89 M.
  • Silver Springs had ten fewer sales than last year, showing some market resistance to rising home prices in that neighborhood. The median price also dipped slightly to $897,000.
  • Kimball Junction saw more activity than last year with 16 closed sales and a 12% median price increase to $553,000.
  • Promontory climbed 20% in median price, reaching $2 M, and kept pace with last year’s number of sales.
Activity within the Kamas Valley

Overall, single-family home prices in the Kamas Valley rose 22% in 2016, compared to the previous year, with a median price reaching $380,000.

  • The Oakley / Weber Canyon area accounted for half of the total number of sales in the Kamas Valley with 45 and ended the year with a $387,000 median price.
  • Woodland / Francis saw more activity than in previous years and held on to a median price of $428,000.
Activity within the Heber Valley

With 359 home sales – 111 more than in 2015 – the Heber Valley rivaled the Basin’s number of units sold seeing areas of hot activity, with a median price of $394,000.

  • Midway / Charleston had 29 more sales than last year – which is a 38% increase, held on the median price of $480,000. Approximately 40% of the homes in Midway are second-homes.
  • The Heber City / Daniels area accounted for the bulk of the single-family home sales in the Heber Valley with a total of 214 – that is 83 more than 2015. The median price of a home gently coasted to $359,000.
Park City Board of REALTORS®’, Statistics Committee Chair, Carol Agle explains, “Our market area has a bifurcated buyer pool. The market resistance for single-family homes seems to be at the $1 million price point and consumers have started to erase any preconceived, artificial delineation of zip codes and addresses.”

Condominium Sales

With 318 condominiums sold in 2016, Snyderville Basin (84098) outpaced the Park City Limits (84060) by 15 units. Despite double-digit price increases in both zip codes, demand continued to be strong in both the City Limits and in the Basin with the median price of $685,000 in town and $468,000 out of town.

City Limits

  • Old Town had the highest number of closed sales by neighborhood within the City Limits, averaging two per week with 118 and saw a 26% jump in median price to $568,000.
  • Park Meadows had ten fewer sales than the previous year and crept along with a median price close to last year’s at $565,000.
  • Lower Deer Valley, with 24 fewer sales than last year, was up slightly in price to $831,000.
  • Prospector, the most affordable neighborhood within the City Limits, had a median price of $139,000.
Snyderville Basin
  • With new product closing at Canyons, that area had an uptick in quantity sold, averaging ten sales per month, and saw a 53% jump in median price to $615,000.
  • Due to large projects closing at the end of 2015, the Kimball Junction area experienced a decrease in the number of units sold in 2016 but finished the year with a solid 79 closed sales, which is close to two sales per week.
  • The Pinebrook area had a solid year with 63 units sold and maintained a steady median price of $437,000.
  • The appeal of new product in the Jordanelle area kept buyers’ interested, as can be seen by a 28% increase in quantity sold and the median price of $479,000.
­­­­­­­­­­­­­­­­­­Looking Ahead

The number of active listings has remained surprisingly consistent over the last several years, with 1,840 currently listed on the Park City MLS. Prices in our market area have continued to rise year-over-year as both primary and secondary homeowners desire to live, work, and play in Summit and Wasatch Counties. Finding affordable property in certain areas remains challenging with high demand, limited inventory, and rising home prices, so buyers continue to look for value and affordability in outlying communities. With the average home remaining on the market between 7 – 11 months, properties listed at or below their neighborhood’s median price are selling almost 4 times as quickly.

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 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 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®.

 

 

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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.