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2018 2nd Quarter Statistics

By Park City Board of REALTORS
Jun 04, 2018

  Park City Board of REALTORS® The Voice for Real Estate® in the Wasatch Back 1889 Prospector Ave

Park City, UT 84060

(435) 200-6900

FAX (435) 200-6901

F O R   I M M E D I A T E   R E L E A S E                                                                                                             CLICK HERE TO PRINT

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

 Todd Anderson                                                                        Sheila Hall

President, Park City Board of REALTORS®                          President-Elect, Park City Board of REALTORS®

(435) 901-1417                                                                               (435) 640-7162

Todd@YouInParkCity.com                                                        Sheila@SheilaHall.com

 

May 14th, 2018 – First Quarter Housing Statistics for Summit and Wasatch Counties, as reported by the Park City Board of REALTORS®, indicate a continued steady market trend in 2018.

At the end of the first quarter of 2018, the number of single-family home sales for our entire market area show a 6% increase, with an 11% increase over the previous 12 months. With almost 75% of these sales occurring outside the Park City Limits, home buyers are expanding their searches into neighboring areas in the Wasatch Back. Surprisingly, the Condominium sector experienced a 10% decrease in the number of sales, though increased 5% in median sales price.

Year-Over-Year Single Family Homes

  • The number of sales inside the Park City Limits was 7% higher than the previous year, while the median price remained basically unchanged at $1.85 M.
    • Thaynes Canyon saw 11 more sold homes than last year, also increasing 19% in median price.
    • The number of sales in Park Meadows was consistent to last year, while a 10% increase brought the median price up to almost $1.93 M.
    • With 61 home sales in the last 12 months, Old Town was up 20% and a 7% increase in median price to $1.55 M.
    • Prospector almost doubled in the quantity sold, with median price remaining flat at $867,000.
  • The number of sales in the Snyderville Basin was on par with last year’s number and median sales price increased 7% to $1.04 M.
    • The number of sales in Jeremy Ranch remained consistently strong with a 17% increase and a median sales price up 4% to $970,000.
    • Promontory saw the highest number of home sales in the Basin with a total of 73 – up 7%, though the median price dipped 11% to $1.77.
    • The number of sales in Silver Springs was flat to last year yet edged up 5% in median sales price to $957,000.
  • Jordanelle doubled the number of home sales and increased 17% in median sales price to just under $1.74.
  • The Heber Valley saw almost as many sales as the Basin and jumped 25% in median sales price reaching $492,000.
    • In the Red Ledges area, the number of sales almost doubled while the median price remained the same as the previous year.
    • Heber City had the highest number of home sales and a median price increase of 8%.
    • The number of sales in Midway was down 13% but prices continued to increase – up 15% to $544,000.
  • In the Kamas Valley sales were slightly higher with a median price of $384,000 – essentially the same as the previous twelve months.
  • Sales were up 19% in the Wanship, Hoytsville, Coalville, Echo, & Henefer areas with a slight price increase to $359,000.
Year-Over-Year Condominium Sales
  • Within the Park City Limits the number of condo sales decreased 5% while increasing 9% in median price to $767,000.
    • Old Town sales were flat to last year, yet still claimed the highest number of condo sales within the PC Limits by neighborhood. The median price was also flat to last year at $580,000.
    • In Lower Deer Valley condo sales were up 10%, with a median sales price matching last year’s number.
    • There were over three times as many closed sales in Empire Pass, bringing the total dollar volume up 173%, while the median sales price was similar to last year’s number at $2.72 M.
    • The number of Prospector condo sales was down 16%, but the median price experienced a moderate 5% increase to $145,000.
  • The number of sales in the Snyderville Basin decreased by 7% and the median price remained stable at $492,000.
    • Canyons Village had the highest number of closed sales in the Basin with 116 for the year but decreased 16% in median sales price.
    • The quantity sold in Kimball was only slightly up, but it saw a 29% median sales price sales jump reaching $405,000.
    • Pinebrook was down 38% in the number of units sold, while increasing 6% in price.
  • The number of Jordanelle condo sales was down 24% while pushing an 8% median price increase to $521,000.
Year-Over-Year Vacant Land
  • The end of the quarter marked an increase in sales for vacant land in Summit and Wasatch Counties. There was a 25% increase within the City Limits with a median price of $805,000.
  • There were more than six times as many lot sales in the Snyderville Basin as within the City Limits and the median price was flat to last year at $450,000. By neighborhood, Promontory had half of that number, with a total of 84 land sales.
  • Lot sales in Jordanelle increased 53% over last year’s number and climbed 13% in median price to $430,000.
  • Though down in the number of sales, the Heber Valley still saw 163 units sold and increased 11% in median price to $200,000.
  • The number of lot sales in the Kamas Valley, was up 21% with a 14% median price increase to $165,000.
Todd Anderson, President of the Park City Board of REALTORS® commented, “Inventory has declined over the years and that doesn’t seem to be changing. Home prices have increased at a steady pace year-over-year in the Park City area and are rising in extended areas in Summit and Wasatch Counties. Building costs are up as well. It appears that the increase in home-price trend is becoming the new norm across the state. We can’t build fast enough to keep up with the demand.”

Conclusion

By these numbers, it is easy to see that our market area is full of unique micro-markets that vary significantly from one neighborhood to another. Comparisons are hard to read on paper due to the unique features of individual properties. Simply reviewing overall real estate market trends is not sufficient to understand property values, as amenities, property condition and style, location, inventory, and age are hard to determine from a bird’s eye view. Buyers and sellers would be advised to contact a Park City Board of REALTORS® professional for the most accurate, detailed, and current 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.

2017 4th Quarter Statistics

By Park City Board of REALTORS
Jan 26, 2018

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®

1889 Prospector Avenue, Park City, Utah

(435) 200-6900 • (435) 200-6901 FAX

 

January 24, 2018 – The Park City Board of REALTORS® has released annual statistics for Summit and Wasatch Counties. The 2017 year-end summary report indicates the overall real estate market continues to be healthy, steady, and growing at sustainable rates.

The number of single-family home transactions and the median sales price grew at 5% and 14% respectively over the past year. 84% of these sales occurred outside the Park City Limits, as primary home buyers’ demand for the Wasatch Back lifestyle increased. The number of condominium transactions and median sales price grew at 4% and 6% respectively from 2016 to 2017. Condominium sales grew at a slightly faster pace inside the Park City Limits than in other areas in Summit and Wasatch Counties.

Todd Anderson, President of the Park City Board of REALTORS® commented, “These growth rates are highly sustainable. We believe the real estate market in Summit and Wasatch Counties is balanced between buyers and sellers. That being said, the market could always use more inventory.”

Remember that these overall statistics are simply a snapshot at a moment in time and may not be representative of long-term trends. Summit and Wasatch County markets are composed of numerous hyper local 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 as well as specific areas of interest.

Year-Over-Year Single Family Home Sales

Sales inside the Park City Limits increased by 13% and median sales price increased by12%.

Highlights:

  • Park Meadows sales were flat but median sales price increased 13%.
  • Old Town sales increased 30% but median sales price increased only 2%.
  • Prospector sales increased 30% and median sales price increased 7%.
Sales in the Snyderville Basin increased by 7% and median sales price increased by 6%.

Highlights:

  • Sales in the Canyons area were up 13% but median sales price decreased 31%.
  • Sales in Silver Springs were flat and median sales price increased 6%.
  • Pinebrook sales were also flat but median sales price increased 7%.
  • Jeremy Ranch sales increased a healthy 25% and median sales price increased 5%.
  • Promontory continued to grow as sales increased 20% but median sales price decreased 14%.
Other Summit and Wasatch County Area Highlights:
  • Heber Valley sales decreased slightly but the median sales price increased 15%.
  • Jordanelle sales increased 66% and median sales price increased 9%.
  • Kamas Valley sales increased 4% and the median sales price increased 1%, while Kamas and Marion sales were up significantly and median sales price increased 3%.
  • Oakley and Weber Canyon sales and median sales price decreased 13% and 2% respectively.
  • Wanship, Hoytsville, Coalville, Echo, & Henefer sales increased 13% and median sales price increased 9%.
Year-Over-Year Condominium Sales

Sales inside Park City Limits increased by 14% and the median sales price increased by 6%.

Highlights:

  • Old Town sales led the way with a 19% increase but the median sales price was flat to last year.
  • Lower Deer Valley sales increased by18% and the median sales price was up slightly.
  • Prospector sales and median sales price were essentially unchanged from 2016 to 2017.
In the Snyderville Basin sales decreased by 4% and the median sales price increased by 6%.

Highlights:

  • Canyons sales decreased 6% and the median sales price also dipped 10%.
  • Kimball sales increased 3% and the median sales price sales increased 33%.
  • Pinebrook sales decreased 17% but the median sales price increased 10%.
The number of condominium sales and median sales price in the Jordanelle area increased by 1%. Similarly, the number of Heber Valley sales and median sales price were flat to last year.

Conclusions

At a 40,000-foot level, the Greater Park City Area real estate market looks healthy and steady.  However, each micro-market needs to be understood apart from the overall market; simply reviewing the numbers is not suficient to understanding property value. Sales in individual markets can be influenced by a number of factors, including unique outlier sales that can heavily weight the statistics. In addition, amenities, property condition, floorplan, location, inventory, and new construction impact the numbers. The only sure way to fully understand the real estate market in Summit and Wasatch Counties 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.

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.

Solution for the Affordable Care Act

By Park City Board of REALTORS
Oct 29, 2013

If you, members of your family or your employees do not qualify for a subsidy you can shop for coverage now through www.nationalaffinity.net  web site.  If you have a health condition, pick a January 1, 2014 effective date as the coverage will be Guarantee Issue.

Click the heading to learn more.

 
 
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