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2020 2nd Quarter Statistics

By Park City Board of REALTORS
Sep 17, 2020

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

Park City Board of REALTORS® Serving Summit & Wasatch Counties

William Winstead                                                     Mark Jacobson

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

William.Winstead@SothebysRealty.com                    markjparkcityre@gmail.com

435-640-1900                                                                    435-659-1123

 

July 29, 2020 – At the end of the second quarter of 2020, the importance of tracking trends in year-over-year housing statistics for Summit and Wasatch Counties continued to pale in the face of the growing influence and impact of the COVID-19 on the industry. The numbers show strong appreciation with increases in both average and median sale price as well as dollar volume as reported by the Park City Board of REALTORS® Multiple Listing Service. Fears that the market might be facing a long term slow down followed by a slow, sustained recovery period were short lived. While the market dipped quickly in April, by mid-May the recovery was already beginning. By mid-June, many areas of the market had recovered fully and some were exceeding the prior year results.

The greater Park City service area (Summit and Wasatch counties combined) in general continues to show great stability in single family homes. The number of homes sold increased 2% with the median sale price holding steady year over year, and days on market decreasing slightly (down 6%).

The strongest single-family price gains appeared in the fast growing Tuhaye/Hideout area on the east side of the Jordanelle Reservoir where the median sale price jumped 51% to almost $1.7 million. The Jordanelle overall posted a 18% median price increase over the same period in 2019 with a 27% increase in number of homes sold.

Condominium sales continued sustained strength in second quarter increasing 13% in units sold (904 vs 802 sold in 2019) with a solid median price gain of 16%. Vacant land sales increased 12% to 548 units on slightly lower median prices, down 9% to $279,000 from the year prior.

A closer look – Single Family Homes

Among the five major areas measured by the Park City MLS, homes within the Park City limits fared well with units sold dipping slightly while prices held steady.
  • Within Park City Limits, total unit sales were down 5% to 157 units over 2019 while sales volume was down as well to $403 million, a 15% drop year-over-year.
  • The median price of a single-family home across the city fell 3% to $2.03 million
  • But in Old Town, while sales volume was up 9% (50 units), the median price rose 16% over 2019 to $2.01 million
  • Snyderville residents saw a similar small drop in sales volume (down 6%) while the Median price increased 4% to $1.3 million
  • The hotspots were south and east of the metro area in Jordanelle which saw vigorous activity (sales units up 27%) that pushed the sales volume to $116 million, up 42% from the year earlier.
  • Heber Valley saw a 14% rise in sales units and 26% higher sales volume while the Median price remained steady at just over a half-million dollars.
  • As we saw in first quarter, Tuhaye/Hideout was the hot spot in the region with Median price jumping 51% in a year to nearly $1.7 million on strong gains in sales units and sales volume.
The Jordanelle area continued its dominance in the two-county area when measured by Median price appreciation jumping fully 18% in median price to just over $2.0M on unit sales that were up 27% over last year. That median price bumped Park City proper from its long-held perch as the most expensive area.

Heber Valley again had over 340 home sales in the last 12 months as demand remained strong for this growing community with good schools and near proximity to the Park City ski resorts.

The number of home sales in the Snyderville Basin tracked closely to last year’s number and while prices remained steady to slightly up.

  • The Promontory neighborhood led the price appreciation parade with 20% growth in their median price, topping the $2.3 million mark.
  • In Jeremy Ranch sales were down slightly compared to the year before but the median price rose a respectable 19% to $1.25M.
  • Promontory saw the greatest number of home sales in the Basin with a total of 75, 7% more than the year before.

Despite fluctuations in the regional markets, Single Family sales activity on a region wide basis was on par with the year prior with unit sales up 2% and median prices unchanged.

Single Family Summary One Year Period ending 6/30/20 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 157 -5% 403,867,895 -15% 2,572,407 -10% 2,030,000 -3%
Snyderville Basin 331 -6% 578,778,444 -2% 1,748,575 5% 1,300,000 4%
Jordanelle 61 27% 116,162,316 42% 1,904,300 12% 2,075,000 18%
Heber Valley 341 14% 264,642,071 26% 776,076 10% 545,000 2%
Kamas Valley 103 -23% 100,885,927 12% 979,475 45% 549,900 10%
Wanship/Hoytsville 63 62% 35,074,131 69% 556,732 5% 485,000 12%
Total Primary Market Area 1,056 2% 1,499,410,784 2% 1,419,897 1% 927,500 0%

 A closer look – Condominium Sales

If you’re looking for the hot action in home sales, look no further than the condo market. For the Summit and Wasatch Counties combined market area, the number of sold condominiums was up 13% to 904 units compared to the previous 12 months. Median pricing was up as well to $650,000, 16% above the year earlier.
  • The Condo market in Old Town Park City continued to be solid with sales up slightly (7%) in units on a modest gain in Median price of 8% to $615,000.
  • Park Meadows and Deer Crest were the standout neighborhood performers with sales up 33% in each while the Median prices climbed 44% and 62% respectively.
  • In the Snyderville area, Canyons Village saw the biggest gains with sales units almost doubling last year’s number (233 units) and sales volume following suit with 171% rise in the Median price to over $950,000.
  • Condo sales in Midway were up 39% with the Median price increasing slightly by 8% gain to $340,000.
  • Heber topped Midway in Condo sales with a 173% increase (30 units) and 199% in sales volume.
In the Snyderville Basin, there were more than 380 condos sold and the median price continued its upward trend growing 26% to $695,000.
  • By neighborhood, Canyons Village had the highest number of closed sales at 233 and the median price in Canyons Village jumped 53% to $952,000.
  • Outside of the core neighborhoods, as we saw in single-family sales, the nexus of activity was in the Heber Valley and Midway areas which saw sales jump 81% and median prices gain 2% to over $288,000.
 
Condominium Summary One Year Period ending 6/30/20 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 305 2% 332,854,534 0% 1,091,326 -2% 791,000 -1%
Snyderville Basin 381 36% 369,090,455 89% 968,741 40% 695,000 26%
Jordanelle 138 -20% 89,142,848 -14% 645,963 7% 641,000 5%
Heber Valley 74 80% 26,463,515 81% 357,615 0% 288,600 2%
Kamas Valley 6 -25% 2,979,087 -6% 496,514 26% 503,529 16%
Total Primary Market Area 904 13% 820,530,439 26% 907,666 12% 650,000 16%

Conclusion

Overall, the second quarter numbers continue to reinforce the stability and pricing consistency within the greater Park City area despite fluctuations seen in other cities as a result of the nationwide pandemic. Pricing growth continues at or slightly above the national average.

As the second quarter of 2020 drew to a close, the overwhelming effect of the COVID-19 virus pandemic was in full force and fury in Summit and Wasatch counties. The area had weathered the near complete shutdown of businesses and recreational activities. The U.S. as a whole was going through a bounce in reported cases as many states reopened too soon and without appropriate safeguards in place to quell the spread of the disease. Many governors were forced to reinstate closings and issue mask mandates. The only good news seemed to be that the real estate market, at least in the Wasatch Back area, was resilient and rebounding.

As of the July 4th holiday weekend, New Listings were tracking parallel to the listing rate in 2019 after hitting their nadir between mis-April and early-May. Pending contracts bottomed in mid-April, but exceeded 2019 totals in all but one of the following ten weeks to finish the quarter with 41% more Pending listings than in the same period the year before. Closed sales which usually track four to six weeks behind contract signings, were expected to catch up quickly.

The negative economic impact of the pandemic, as expected, has been widespread. Unemployment has spiked by magnitudes unseen in history. Locally, the tourism industry has been hardest hit with local businesses that rely on summer vacationers struggling to stay afloat. But the effect on housing at least on a local level has been far less than during the housing crisis of 2008.

What’s pushing the market? Mortgage lenders have kept rates the lowest they have been in 60 years, some dropping below 3%. This has made borrowing more attractive even for first time home buyers. Sellers have been slow to return to the market, perhaps out of concerns about strangers touring their homes without sanitation awareness. This has pushed median sale prices, particularly in “outlying” areas higher with Jordanelle (up 18%) and Kamas Valley (up 10%) seeing the greatest gains.

The biggest unknowns facing the industry in the months ahead focus on how the continuing Covid-19 pandemic will affect the fall opening of schools and the winter ski season. Can both activities be allowed to continue while still following appropriate social-distancing guidelines? Or will a resurgence of the virus compel local authorities to tighten the restrictions and further complicate the economic relationships between business, education, and recreation? It is a situation that must be closely watched as we head into late summer and early fall.

What do Park City agents see coming in the next three to six months? Here are a few observations and predictions from those with their fingers on the pulse of the market.

  • There will be no slowdown anytime soon. Many specialty and resort markets, particularly those in the upper end of the price curve are blessed. These markets are holding strong or expanding.
  • Most ski resorts are confident they will open fully and on schedule with all runs open and terrain maintained. Food and beverage may be affected but their intention is to open with the full experience operational for their guests.
  • Many expressed concerns about the economy in general. Will unemployment rate come down and will people have money to spend on recreation, not just on houses?
  • Ski resorts may be affected by federal visa restrictions. Finding sufficient capable staff may be a challenge which may point to more local hires.
  • The biggest unknowns: the pending November election and the uncertain level of tourism coming to Park City for ski-season.
We have no crystal ball, but local market watchers are optimistic that the uniqueness of Park City area housing stock may continue to insulate this market somewhat from larger macro-level changes elsewhere in the country.

 

Real estate in the Wasatch back consists of highly segmented markets with nuances that vary significantly from one neighborhood to another and one house to another. Comparisons are hard to read on paper due to the unique features of individual properties, such as amenities, condition, style, location, age, and inventory. Buyers and Sellers are advised to contact a local Park City Board of REALTORS® Professional for the most accurate, detailed, and current information.

2020 1st Quarter Statistics

By Park City Board of REALTORS
May 14, 2020

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

Park City Board of REALTORS® Serving Summit & Wasatch Counties

William Winstead                                                     Mark Jacobson

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

William.Winstead@SothebysRealty.com                    markjparkcityre@gmail.com

435-640-1900                                                                    435-659-1123

 

April 29, 2019 – At the end of the first quarter of 2020, the importance of tracking trends in year-over-year housing statistics for Summit and Wasatch Counties continued to pale in the face of the growing influence and impact of the COVID-19 on the industry. The numbers show strong appreciation with increases in both average and median sale price as well as dollar volume as reported by the Park City Board of REALTORS® Multiple Listing Service. But the effect of the virus, which hit Utah in mid-March and prompted isolation orders for citizens and closures of nearly all small businesses across the region has yet to be fully realized in the numbers.

The greater Park City market in general continues to show great stability in single family homes. The number of homes sold increased 11% with the median sale price rising 5% year over year. During the same period in 2019, the median sale price gained 10% indicating a sustained period of steady, consistent growth.

The strongest single-family price gains appeared in the fast growing Jordanelle area to the southeast of the Park City metro area, south of State Rd 32, and in the Tuhaye/Hideout area on the east side of the Jordanelle Reservoir. Jordanelle overall posted a 85% median price increase over the same period in 2019 with a 70% increase in homes sold.

Condominium sales continued sustained strength in first quarter increasing 19% in units sold (971 vs 815 sold in 2019) with a solid median price gain of 12%. Vacant land sales did not fare as well with sales down 5% due to a shrinking inventory of available lots. Median prices for vacant lots dropped 9% over last year.

A closer look – Single Family Homes

Among the five major areas measured by the Park City MLS, homes within the Park City limits fared well with a 13% rise in units sold while prices dipped slightly putting the median sale price to just under $2.M.
  • Within Park City Limits, total unit sales were up 13% to 180 units over 2019 while sales volume was down slightly, $456 million, a 2% drop year-over-year.
  • The median price of a single-family home across the city fell 10% to $1.9 million
  • But in Old Town, while sales volume was up 13% (52 units), the median price rose 7% over 2019 to $1.9 million
  • Snyderville residents saw a slight increase in sales volume (up 4%) while the Median price remained flat at $1.25 million
  • The hotspots were south and east of the metro area in Jordanelle which saw an explosion of activity (sales units up 70%) that more than doubled the sales volume to $128 million from the year earlier.
  • Heber Valley saw a 23% spike in sales units and 32% higher sales volume while the Median price remained steady at just over a half-million dollars.
  • Tuhaye/Hideout was the hot spot in the region with Median price jumping 68% in a year on more than double the sales units and volume.
The Jordanelle area continued its dominance in the two-county area when measured by Median price appreciation jumping fully 85% in median price to just shy of $2.1M on unit sales that were up 70% over last year. That median price bumped Park City proper from its long-held perch as the most expensive area.

Heber Valley again had over 350 home sales in the last 12 months as demand remained strong for this growing community with good schools and near proximity to the Park City ski resorts.

The number of home sales in the Snyderville Basin tracked closely to last year’s number and while prices remained steady to slightly down.

  • The Pinebrook neighborhood led the price appreciation parade with 30% growth in their median price, topping the $1 million mark.
  • In Jeremy Ranch sales were flat compared to the year before but the median price rose a respectable 9% to nearly $1.2M.
  • Promontory saw the greatest number of home sales in the Basin with a total of 73 with a median price of over $2.2M, up a healthy 5% over the same period in 2019.
Single Family Summary One Year Period ending 3/31/20 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 180 13% 455,821,217 -2% 2,532,340 -14% 1,950,000 -10%
Snyderville Basin 362 -1% 624,160,386 4% 1,724,200 5% 1,250,000 -1%
Jordanelle 68 70% 128,347,693 118% 1,887,466 28% 2,087,500 85%
Heber Valley 364 23% 271,551,711 32% 746,021 8% 528,500 1%
Kamas Valley 109 -11% 103,302,197 26% 947,727 42% 535,000 7%
Wanship/Hoytsville 62 38% 35,525,481 66% 572,992 20% 487,500 15%
Total Primary Market Area 1,145 11% 1,618,708,685 13% 1,413,719 1% 940,828 5%

 A closer look – Condominium Sales

If you’re looking for the hot action in home sales, look no further than the condo market. For the Summit and Wasatch Counties combined market area, the number of sold condominiums was up 19% to 971 units compared to the previous 12 months. Median pricing was up as well to $650,000, 12% above the year earlier.
  • The Condo market in Old Town Park City continued apace with sales up 28% in units and 21% in volume over the year earlier on a modest gain in Median price of 7%.
  • Park Meadows was the standout neighborhood performer with sales up 65% while the Median price dipped slightly to $800,000
  • In the Snyderville area, Canyons Village saw the biggest gains with sales units doubling last year’s number (250 units) and sales volume more than tripling on a 50% rise in the Median price to over $900,000.
  • Condo sales in Midway were up 15% with the Median price increasing slightly by 9% gain to $312,000.
  • The historically active condo market in Old Town continued its trend with a 28% increase in number of sales on median prices up 7% to $600,000.
  • Park Meadows saw a healthy 59% increase in the number of units sold but the demand was for lower priced stock, reflected in a median price drop of 8% from 2019 down to $800,000.
In the Snyderville Basin, there were more than 400 condos sold and the median price continued its upward trend growing 21% to $665,000.
  • By neighborhood, Canyons Village had the highest number of closed sales at 250 and the median price in Canyons Village jumped 46% to $902,000.
  • Outside of the core neighborhoods, as we saw in single-family sales, the nexus of activity was in the Tuhaye/Hideout area which saw sales rise 25% and median prices gain 10% to over $875,000.
Condominium Summary One Year Period ending 3/31/20 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 342 11% 360,323,584 -8% 1,053,578 -17% 772,500 -11%
Snyderville Basin 413 44% 389,780,310 100% 943,778 39% 665,000 21%
Jordanelle 142 -15% 91,161,695 -3% 641,984 15% 642,420 14%
Heber Valley 65 30% 23,271,875 30% 358,029 0% 287,000 8%
Kamas Valley 9 200% 4,010,587 266% 445,621 22% 437,500 -3%
Total Primary Market Area 971 19% 868,548,051 24% 894,488 4% 650,000 12%

Conclusion

Overall, the first quarter numbers continue to reinforce the stability and pricing consistency within the greater Park City area. Pricing growth continues at or slightly above the national average.

As the first quarter of 2020 drew to a close, the overwhelming effect of the COVID-19 virus pandemic started to make its impact on the Park City area. The biggest unknown is, of course, what impact the small business closings, rising unemployment, and travel constraints will have on the tourism-based economies of Summit and Wasatch counties.

The numbers started to change as we entered the last weeks of the quarter. New listings began a marked decline from a peak of 79 in the week ending March 8 to just 28 by the week ending April 14. Pending sales followed a similar trajectory, peaking at 49 and dropping to 15 in the same period. Closings, which lag Active and Pending by weeks, held fairly steady throughout the quarter but will now be expected to drop as fewer contracts are in the pipeline awaiting closure.

The negative economic impact of the pandemic is expected to be widespread, but the effect on housing is predicted to be far less than during the housing crisis that began in 2008 for several reasons.[1]

Lending guidelines have been tightened and the loose market that allowed homeowners to refinance home equities far above the real market value of homes are gone.[2] Mortgage forbearance is common practice of lenders who want to avoid the massive foreclosures they implemented a decade ago.[3] Mortgage rates remain low allowing more potential buyers to remain in the market.[4] Great Depression era banking regulations imposed in 1933 were repealed in 1999 allowing banks to grow to a size called “too big to fail.” New regulations passed in 2010 reversed that laxity in banking oversight.[5]

A great debate is continuing as to whether the housing recovery will be U-shaped or V-shaped – a gradual upturn once the virus has been controlled, or a sharp “bounce” as pent up demand returns to the marketplace with a vengeance triggering price wars as demand far exceeds supply.[6]

We have no crystal ball, but local market watchers are optimistic that the uniqueness of Park City area housing stock may insulate this market somewhat from larger macro-level changes elsewhere in the country.

Real estate in the Wasatch back consists of highly segmented markets with nuances that vary significantly from one neighborhood to another and one house to another. Comparisons are hard to read on paper due to the unique features of individual properties, such as amenities, condition, style, location, age, and inventory. Buyers and Sellers are advised to contact a local Park City Board of REALTORS® Professional for the most accurate, detailed, and current information.

[1] USA Today, March 11, 2020 – Online at https://www.usatoday.com/story/money/2020/03/11/recession-heres-how-coronavirus-crises-different-2008/5012228002/

[2] Seattle Times,  Sept. 22, 2018 – Online at https://www.seattletimes.com/business/real-estate/after-the-2008-crisis-mortgages-are-safer-but-tougher-to-come-by/

[3] Forbes, April 16, 2020 – Online at https://www.forbes.com/sites/advisor/2020/04/16/covid-19-mortgage-forbearance-what-to-know-before-you-delay-payment/#40137ca43481

[4] Historic interest rate chart – Online at https://www.valuepenguin.com/mortgages/historical-mortgage-rates

[5] History of Glass-Steagall Act, Investopedia, Dec. 5, 2019 – Online at https://www.investopedia.com/terms/g/glass_steagall_act.asp

[6] Mike DelPrete, April 21, 2020 – Online at https://www.mikedp.com/articles/2020/4/21/us-markets-suggest-checkmark-shaped-real-estate-recovery

 

 

___________________________________________________________________________

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.

2019 4th Quarter Statistics

By Park City Board of REALTORS
Feb 07, 2020

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

Park City Board of REALTORS® Serving Summit & Wasatch Counties

William Winstead                                                     Mark Jacobson

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

William.Winstead@SothebysRealty.com                    markjparkcityre@gmail.com

435-640-1900                                                                    435-659-1123

 

January 29, 2019 – At the end of the fourth quarter of 2019, the overall year-over-year housing statistics for Summit and Wasatch Counties continued to show strong appreciation with increases in both average and median sale price as well as dollar volume as reported by the Park City Board of REALTORS® Multiple Listing Service.

The greater Park City market in general continues to show great stability in single family homes. The number of homes sold increased 4% with the median sale price rising 12% year over year. During the same period in 2018, the median sale price gained 7% indicating a sustained period of steady, consistent growth.

The strongest single-family price gains appeared in the fast growing Jordanelle area to the southeast of the Park City metro area, south of State Rd 32, and in the Tuhaye/Hideout area on the east side of the Jordanelle Reservoir. Jordanelle overall posted a 40% median price increase over the same period in 2018.

Condominium sales exploded in fourth quarter increasing 24% in units sold (966 vs 777 sold in 2018) with a solid median price gain of 7%. Vacant land sales did not fare as well with sales down 25% due to a shrinking inventory of available lots. Median prices for vacant lots were steady gaining just 2% over last year.

A closer look – Single Family Homes

 

Among the five major areas measured by the Park City MLS, homes within the Park City limits fared well with a 15% rise in units sold while prices dipped slightly putting the median sale price to just under $2.M.

  • In Old Town, the number of sales was steady while the median sales price increased 17% to $1.83M.
  • Park Meadows had the largest increase in sales activity with a 71% jump over last year on an average price increase of 4% to just over $2.25M.
  • Snyderville residents saw sales volume nearly equal to 2018 with the Median price gaining 8% to $1.7 million
  • Pinebrook saw the biggest increase in Median price of 30% to $1.16 million
  • In outlying areas, Deer Mountain, Tuhaye/Hideout and South Jordanelle saw double digit increases in median price and sales volume.
The Jordanelle area continued its dominance in the two-county area when measured by Median price appreciation jumping fully 40% in median price to just shy of $2.2M on unit sales that were up over 20% from last year. That median price bumped Park City proper from its long-held perch as the most expensive area.

Heber Valley again had over 300 home sales in the last 12 months as demand remained strong for this growing community with good schools and near proximity to the Park City ski resorts. Heber Valley posted a 4% gain in median price to $528K. By neighborhood, Heber City had the highest number of sales and (129) saw a 16% median price increase to $450,000

The number of home sales in the Snyderville Basin tracked closely to last year’s number and posted a respectable 5% median price increase reaching $1.28M.

  • The Pinebrook neighborhood led the price appreciation parade with 30% growth in their median price, topping the $1 million mark.
  • In Jeremy Ranch there were slightly more sales than the year before but and a small increase in median sale price to just over $1M.
  • Promontory saw the greatest number of home sales in the Basin with a total of 79 with a median price of nearly $2.25M, up a healthy 8% over the same period in 2018.
Single family home sales tend to peak in May and October as vacationing homebuyers visit the area and start making more inquiries about second home purchases. The inventory of homes available starts to shrink from mid-summer until early spring the following year. At the end of 2019, there were just over 2,000 homes for sale, down from a peak of 2,347 in June. We expect history to repeat itself a hold inventory steady through April when the spring selling season will again launch with vigor.
Single Family Summary

12 Month period ending 12/31/19

Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 183 15% 484,200,260 12% 2,645,903 -3% 1,980,000 -5%
Snyderville Basin 368 2% 643,331,551 10% 1,748,184 8% 1,286,250 5%
Jordanelle 61 22% 118,180,294 54% 1,937,382 26% 2,195,000 40%
Heber Valley 324 0% 225,984,016 4% 697,482 3% 528,000 4%
Kamas Valley 109 -8% 106,196,735 41% 974,282 53% 526,000 5%
Wanship/Hoytsville 57 24% 31,793,831 47% 557,787 19% 485,000 14%
Total Market Area 1,102 4% 1,609,686,687 14% 1,460,696 10% 1,020,500 12%

 A closer look – Condominium Sales

If you’re looking for the hot action in home sales, look no further than the condo market. For the Summit and Wasatch Counties combined market area, the number of sold condominium was up 24% to 966 units compared to the previous 12 months. Median pricing was up as well to $644,000, 7% above the year earlier.
  • The historically active condo market in Old Town continued its trend with a 33% increase in number of sales on median prices up 3% to $589,000.
  • Park Meadows saw a healthy 52% increase in the number of units sold but the demand was for lower priced stock, reflected in a median price drop of 30% from 2018.
  • Similar price drops were evident across most of the Park City neighborhoods, with only Old Town, Lower Deer Valley and Deer Crest showing median price gains. Sales activity in Old Town topped 2018 by 33%, growing to a near record 132 units, just shy of the 141 units sold in 2017.
In the Snyderville Basin, there were nearly 400 condos were sold, more than the 352 within the City Limits, and the median price continued its upward trend growing 20% to $649,500.
  • By neighborhood, Canyons Village had the highest number of closed sales at 217, more than triple second place finish of Kimball Junction. However, unlike Kimball Junction where prices remained relatively flat, the Median price in Canyons Village jumped an eye-popping 61% to $975,000. The increase was driven by a demand for newer units. The average age of units sold in 2018 was 17 years, while in 2019 it was less than 10.
  • Outside of the core neighborhoods, as we saw in single-family sales, the nexus of activity was in the Tuhaye/Hideout area which saw sales more than double and median prices rise 10% to almost $900,000.
Condominium Summary 12 Month period ending 12/31/19 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 352 11% 382,538,518 -10% 1,086,757 -20% 779,000 -12%
Snyderville Basin 390 45% 361,337,506 109% 926,506 44% 649,000 20%
Jordanelle 145 -3% 93,339,681 15% 643,722 19% 639,900 20%
Heber Valley 70 71% 24,203,081 60% 345,758 -6% 279,400 5%
Kamas Valley 9 800% 3,841,900 1967% 426,878 130% 437,500 135%
Total Primary Market Area 966 24% 865,260,686 24% 895,715 0% 643,890 7%

A closer look – Vacant Land

Vacant land sales fell in all reporting areas as inventory shrinks and new offerings are fewer and fewer. With inventory down, competition for the remaining lots increased, driving up prices in every area except Jordanelle.
  • Within the City Limits, the number of sold lots was down by one-third, while median prices increased 6% to $1.1M.
  • There were five times as many vacant land sales in the Snyderville Basin (98) as within the City Limits (190), but still 31% fewer than last year on steady appreciation in the Median price.
  • At the neighborhood level, Tuhaye/Hideout (63 lots) beat out last quarter’s leader Promontory (54 lots) and fast-growing Red Ledges (55 lots) for the highest number of vacant land sales on a median price of $279,000, up 12%
  • Area-wide, Heber Valley and Jordanelle had significantly more land sale transactions than other areas, showing evidence that buyers were forced further from the metro center in order to find reasonably priced lots.
Vacant Land Summary Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 19 -34% 25,450,000 -24% 1,339,474 16% 1,100,000 6%
Snyderville Basin 98 -31% 70,543,950 -27% 719,836 6% 527,500 7%
Jordanelle 134 -9% 56,522,750 -21% 421,812 -13% 293,250 -26%
Heber Valley 129 -25% 40,742,550 -13% 315,834 15% 250,000 9%
Kamas Valley 45 -44% 19,834,150 -19% 440,759 44% 250,000 47%
Wanship/Hoytsville 52 -15% 6,161,400 -11% 118,488 5% 89,700 3%
Total Primary Market Area 477 -25% 219,254,800 -22% 459,654 3% 300,000 2%
 

 Conclusion

Overall, the fourth quarter numbers continue to reinforce the stability and pricing consistency within the greater Park City area. Pricing growth continues at or slightly above the national average. Inventory constraints and the impact of new, higher priced construction support a well-balanced and nearly straight-line appreciation in home values.

Growth in areas outside of the core resort communities is a continuing trend. William Winstead, President of the Park City Board of REALTORS® noted, “We are seeing two major trends in our market. Long-time Park City residents with significant equity in their homes are cashing out and moving to Heber or Jordanelle where they can buy a larger home, on a larger lot, with less automobile traffic and often have cash left over and no mortgage. Also, younger families with kids are finding Park City too expensive. With the much-improved schools in Wasatch County that are newer, more competitive with larger campuses, we are seeing more families with school-age children gravitate south as well.” He went on to add, “Park City continues to be a great long-term investment, whether as a primary residence, seasonal getaway home, or as an investment rental. We expect that steady increase in value to continue.”

Homes listed at or below the median price historically sell much more quickly. For example, Rick Klein, a private mortgage banker who tracks home prices for Wells Fargo Home Mortgage, points out, “Single family homes in Park City proper on average take eight months to sell. Those priced under the median will sell on average in 3.5 months, while those above the median take over 12 months to sell.” Homeowners are well advised to seek guidance from their local Realtor in order to price their homes competitively to shorten marketing time.

Real estate in the Wasatch back consists of highly segmented markets with nuances that vary significantly from one neighborhood to another and one house to another. Comparisons are hard to read on paper due to the unique features of individual properties, such as amenities, condition, style, location, age, and inventory. Buyers and Sellers are advised to contact a local Park City Board of REALTORS® Professional for the most accurate, detailed, and current information.

PARK CITY MULTIPLE LISTING SERVICE – QUARTERLY MARKET UPDATE

SINGLE FAMILY HOME SALES – Period Ending December 31, 2019

         
CLOSED SALES – LAST 12 MONTHS MEDIAN SALES PRICE
 

PARK CITY METRO

2018

159

2019

183

 

PARK CITY METRO

2018

$2.08M

2019

$1.98M

% CHANGE +15% % CHANGE -5%
     
 

HEBER VALLEY

2018

323

2019

324

 

HEBER VALLEY

2018

$507K

2019

$528K

% CHANGE -0% % CHANGE +4%
     
 

KAMAS VALLEY

2018

118

2019

109

 

KAMAS VALLEY

2018

$501K

2019

$526K

% CHANGE -8% % CHANGE +5%
 

PARK CITY MULTIPLE LISTING SERVICE – QUARTERLY MARKET UPDATE

CONDOMINIUM SALES – Period Ending December 31, 2019

         
CLOSED SALES – LAST 12 MONTHS MEDIAN SALES PRICE
 

PARK CITY METRO

2018

316

2019

352

 

PARK CITY METRO

2018

$885K

2019

$779K

% CHANGE +11% % CHANGE -12%
     
 

HEBER VALLEY

2018

41

2019

70

 

HEBER VALLEY

2018

$267K

2019

$279K

% CHANGE +71% % CHANGE +5%
     
 

SNYDERVILLE BASIN

2018

269

2019

390

 

SNYDERVILLE BASIN

2018

$540K

2019

$649K

% CHANGE +45% % CHANGE +20%
 

 

 

___________________________________________________________________________

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.

2019 3rd Quarter Statistics

By Park City Board of REALTORS
Nov 19, 2019

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

Park City Board of REALTORS® Serving Summit & Wasatch Counties

Sheila Hall                                                                  William Winstead

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

Sheila@SheilaHall.com                                                   William.winstead@sothebysrealty.com

435-640-7162                                                                    435-640-1900

 

October 22, 2019 – At the end of the third quarter of 2019, the overall year-over-year housing statistics for Summit and Wasatch Counties continued to show strong appreciation with increases in both average and median sale price as well as dollar volume as reported by the Park City Board of REALTORS® Multiple Listing Service.

The greater Park City market in general continues to show great stability in single family homes. The number of homes sold increased 13% with the median sale price rising 7% year over year. During the same period in 2018, the median sale price gained 3% indicating a sustained period of steady, consistent growth. By comparison, the top US cities for price rises reported by Case-Shiller in October were Phoenix (6.3%), Charlotte (4.5%), Tampa (4.3%) and Atlanta (4%), Nationally prices grew at a relatively flat 2.0%.[1]

As was the case last quarter, the strongest single-family price gains appeared in areas outside of the Park City metro area. Hebert City and the Jordanelle areas both posted strong double-digit median price increases over the same period in 2018.

Condominium sales rebounded from a slight second quarter slump increasing 6% on price gains of 9%. Vacant land sales did not fare as well with sales down 21% despite a price decline of 7%.

A closer look – Single Family Homes

Among the five major areas measured by the Park City MLS, homes within the Park City limits fared well with a 13% rise in sales volume, coupled with rise of 7% in median sale price to just under $2.1M.
  • In Old Town, the number of sales dropped 4% over last year’s number while the median sales price increased over 20% to $1.82M.
  • Park Meadows had the largest increase in sales activity with a 66% jump over last year on a median price decline of 8%, down to just below $2.0M.
  • Upper Deer Valley continued doubled-digit sales increases but on softening prices, down 16% from the year earlier to $4.6M.
The Jordanelle area bumped Kamas Valley out of the top spot for price appreciation in the two-county area jumping fully 36% in median price to just shy of $2.15M on unit sales that were slightly lower than last year. That median price bumped Park City proper from its long-held perch as the most expensive area.

Heber Valley again had over 300 home sales in the last 12 months, but pricing remained flat. Despite an 8% drop in units sold Heber Valley still posted a 1% gain in median price to $528K. By neighborhood, Heber City had the highest number of sales and saw a 11% median price increase to $420,000

The number of home sales in the Snyderville Basin tracked closely to last year’s number but saw a 7% median price increase reaching $1.28M.

  • The Sun Peak/Bear Hollow area led the price appreciation parade with 27% growth in their median. At the top end of the market, those areas that averaged over $2mm per sale last year all dropped their median prices by as much as 24%, with the exception of Old Ranch Road which was up 13% to $2.8mm.
  • In Jeremy Ranch there were slightly more sales than the year before but and a small increase in median sale price to just over $1M.
  • Promontory saw the greatest number of home sales in the Basin with a total of 74 with a median price of just under $2M, down slightly (7%) over the same period in 2018.
Single family home sales tend to peak in May and October as vacationing homebuyers visit the area and start making more inquiries about second home purchases. The inventory of homes available is beginning to shrink as we begin the fourth quarter. That will increase competition among buyers and will push asking prices higher as sellers back away from the market during the last quarter of the year. Expect strong activity in October as buyers negotiate for the final few homes available going into ski season.
Single Family Summary Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 181 13% $508,389,616 25% $2,808,782 10% $2,050,000 7%
Snyderville Basin 345 -3% 581,142,947 0% 1,684,472 3% 1,285,000 7%
Jordanelle 54 -5% 101,020,183 17% 1,870,744 24% 2,147,500 36%
Heber Valley 310 -8% 211,845,943 -4% 683,374 4% 528,000 1%
Kamas Valley 112 3% 105,131,898 53% 938,678 49% 516,250 19%
Wanship/Hoytsville 53 26% 30,694,010 57% 579,132 24% 481,776 13%
Total Market Area 1,055 -1% $1,538,224,596 11% $1,458,033 12% $952,750 13%

 A closer look – Condominium Sales

For the primary Summit and Wasatch Counties market area, the number of sold condominium was up 6% to 867 units compared to the previous 12 months. Median pricing was up as well to $616,000, 9% above the year earlier.
  • The historically active condo market in Old Town continued its trend with a 10% increase in sales on median prices up 8% to $570,000.
  • Lower Deer Valley saw a healthy 24% increase in the number of sold units while the median price kept pace at 19% higher than last year.
  • Activity in the Prospector neighborhood was relatively on par with 2018 with median prices flat in Prospector to $168,250 and in Park Meadows, dropping 1% to $865,000.
In the Snyderville Basin, there were 317 condominium sales, compared to the 328 within the City Limits, and the median price continued its upward trend growing 9% to $577,500.
  • By neighborhood, Canyons Village had the highest number of closed sales at 147, more than double second place finish of Kimball Junction. They diverged on pricing trends with Kimball down 9% while the Canyons increased 18% over last year.
  • Pinebrook had the third highest number of sold units (56 up 37%) while prices remained steady from the previous period hovering in the mid-$500’s.
  • The number of condo sales in the Jordanelle area increased by 16% as did the median price up 23% to almost $640,000.
Condominium Summary Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 328 -2% $351,148,448 -19% $1,070,575 -18% $785,000 -4%
Snyderville Basin 317 8% 244,782,879 32% 772,186 22% 577,500 9%
Jordanelle 165 16% 105,603,319 44% 640,020 24% 639,900 23%
Heber Valley 49 -2% 17,202,809 2% 351,078 4% 282,000 6%
Kamas Valley 8 700% 3,408,900 1734% 426,113 129% 439,750 137%
Total Primary Market Area 867 6% 722,146,355 2% 832,925 -4% 615,989 9%

A closer look – Vacant Land

Vacant land sales fell in all reporting areas except in Heber Valley and Wanship, which continue to attract new home construction drawing on their proximity to the Park City resort areas yet significantly lower price points for lots and homes. In Heber Valley land sales over the past 12 months are up to 5%, while median prices rose 11% to just short of $250,000K. Contrast that with lot sales within Park City Limits – down 38% on volume and up 7% in median price, just over four times the Heber Valley median. Pricing across the broader service area remained steady to up slightly.
  • Within the City Limits, the number of sold lots was down by one-third, while median prices increased 7% to $1.07M.
  • There were five times as many vacant land sales in the Snyderville Basin (100) as within the City Limits (20), but still 34% fewer than last year and no change in median price.
  • At the neighborhood level, Promontory had the highest number of vacant land sales (82) on a median price of $527,000, up 17%
  • Area-wide, Heber Valley had the most land sale transactions (152) showing evidence that buyers were forced further from the metro center in order to find reasonably priced lots. The median price of $249,000, while up 11% over the year before, was still half the Snyderville median and 25% of the Park City Limits median.
Vacant Land Summary Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 20 -38% $26,234,500 -29% $1,311,725 14% $1,075,000 7%
Snyderville Basin 100 -34% 59,259,593 -47% 592,596 -19% 494,000 0%
Jordanelle 105 -26% 50,408,150 -22% 480,078 4% 395,000 5%
Heber Valley 152 5% 48,468,530 20% 318,872 15% 249,000 11%
Kamas Valley 46 -43% 15,223,400 -38% 330,943 9% 177,000 4%
Wanship/Hoytsville 56 4% 6,798,799 25% 121,407 21% 95,750 27%
Total Primary Market Area 479 -21% 206,392,972 -27% 430,883 -8% 285,000 -7%

Conclusion

Sheila Hall, President of the Park City Board of REALTORS® added, “Inventory has passed its annual peak level in June when we had 2,350 units in all types for sale. Current inventory is down over 10% from that crest and continues to drop as it does every year until it recovers in late spring. With shrinking inventory, buyers will continue to be challenged not only to find the type of home they are looking for but at a price that seems reasonable given the growing competition for fewer available properties.”

Homes listed at or below the median price historically sell much more quickly. For example, Rick Klein, a private mortgage banker who tracks home prices for Wells Fargo Home Mortgage, points out, “Condos in Park City proper on average take seven months to sell. Those priced under the median will sell on average in 2.5 months, while those above the median take almost 11 months to sell.” Homeowners are well advised to seek guidance from their local Realtor in order to price their homes competitively to shorten marketing time.

As we head into the holiday season, inventory will continue to drop and activity will start to plateau until after the new year.

Real estate in the Wasatch back consists of highly segmented markets with nuances that vary significantly from one neighborhood to another and one house to another. Comparisons are hard to read on paper due to the unique features of individual properties, such as amenities, condition, style, location, age, and inventory. Buyers and Sellers are advised to contact a Local Park City Board of REALTORS® Professional for the most accurate, detailed, and current information.

PARK CITY MULTIPLE LISTING SERVICE – SEPTEMBER MARKET UPDATE

SINGLE FAMILY HOMES – Period Ending September 30, 2019

         
CLOSED SALES – LAST 12 MONTHS MEDIAN SALES PRICE
 

PARK CITY METRO

2017-2018

160

2018-2019

181

 

PARK CITY METRO

2017-2018

$2.05M

2018-2019

$1.92M

% CHANGE +13%

% CHANGE -7%

     
 

HEBER VALLEY

2017-2018

338

2018-2019

310

 

HEBER VALLEY

2017-2018

$522K

2018-2019

$528K

% CHANGE -28%

% CHANGE +1%

     
 

KAMAS VALLEY

2017-2018

109

2018-2019

112

 

KAMAS VALLEY

2017-2018

$434K

2018-2019

$516K

% CHANGE +3%

% CHANGE +19%

[1] https://www.prnewswire.com/news-releases/las-vegas-drops-out-of-top-three-cities-in-annual-gains-according-to-sp-corelogic-case-shiller-index-300947277.html

2019 2nd Quarter Statistics

By Park City Board of REALTORS
Aug 26, 2019

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

Park City Board of REALTORS® Serving Summit & Wasatch Counties

Sheila Hall                                                                  William Winstead

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

Sheila@SheilaHall.com                                                   William.winstead@sothebysrealty.com

435-640-7162                                                             435-640-1900

 

August 13th, 2019 – At the end of the second quarter of 2019, the overall year-over-year housing statistics for Summit and Wasatch Counties continued to show strong appreciation with increases in both average and median sale price as well as dollar volume as reported by the Park City Board of REALTORS® Multiple Listing Service.

The greater Park City market in general continues to show great stability in single family homes. Despite an 8% drop in number of homes sold the median sale price rose 14% year over year. During the same period in 2018, the median sale price gained 13% indicating a sustained period of steady, consistent growth. Nationally prices grew at a relatively flat 3.4% during the same period with Idaho (9.9%), Utah (7%) and Nevada (6.2%) showing the highest increases year over year.[1]

The strongest single-family gains appeared Kamas Valley which saw a median price increase of 22% over the same period in 2018, with a 33% jump in units sold.

Condominium and vacant land sales did not fare as well with condo sales volume down 6% and land sales down 21%, despite respectable gains in median sale price of 4% and 6% respectively.

A closer look – Single Family Homes

Among the five major areas measured by the Park City MLS, homes within the Park City limits fared well with a 13% rise in sales volume, coupled with rise of 9% in median sale price to $2.1M.
  • In Old Town, the number of sales dropped 19% over last year’s number while the median sales price increased almost 9% to $1.73M.
  • Prospector also saw a decrease in the number of sales but increased 14% in median price almost $1.15M.
  • Upper Deer Valley nearly doubled the number of sales, and with new product on the market saw its median price increase 11% to $4.6M.
Kamas Valley took top spot in price appreciation in the two-county area jumping fully 22% in median price to just shy of $500K on unit sales that were 33% higher than last year.

Heber Valley, there were almost 300 home sales in the last 12 months. Despite a 14% drop in units sold Heber Valley still posted a 6% gain in median price to $538K. By neighborhood, Heber City had the highest number of sales and saw a 14% median price increase to $420,000

The number of home sales in the Snyderville Basin tracked closely to last year’s number but saw a 10% median price increase reaching $1.25M.

  • In Jeremy Ranch there were slightly fewer sales than the year before but slightly increased its median sale price to just over $1M.
  • Promontory saw the greatest number of home sales in the Basin with a total of 70 with a median price of just under $2M, flat over the same period in 2018.
Single family home sales tend to peak in May and October as vacationing homebuyers visit the area and start making more inquiries about second home purchases. The inventory of homes available is as high as it will be for the year, so buyers can expect increased competition and higher asking prices as sellers back away from the market during the last half of the year.

 

Single Family Summary Qty Sold % Chg  Sales Volume  % Chg  Average Price  % Chg Median Price % Chg
Park City Limits 165 -2%  $467,258,868 13%  $2,831,872 15%  $2,093,950 9%
Snyderville Basin 354 -7% $588,976,764 1% $1,663,776 8% $1,250,000 10%
Jordanelle 49 -25%  $82,287,347 -18%  $1,679,334 8%  $1,720,000 0%
Heber Valley 298 -14%  $210,809,032 0%  $707,413 15%  $538,000 6%
Kamas Valley 132 33%  $89,225,164 49%  $675,948 12%  $499,475 22%
Wanship/Hoytsville 51 -24%  $22,645,500 -9%  $444,029 20%  $395,000 9%
Total Market Area 1,037 -6% $1,459,254,726 5% $1,407,187 12% $921,000 12%

 A closer look – Condominium Sales

For the market area, the number of sold condominium was down slightly (6%) compared to the previous 12 months. Within the Park City Limits the number of condominium sales decreased 14%, while the median price finished the quarter up 3% at $810,000.
  • Usually active, the number of condo sales in Old Town was down 12% and the median price stayed flat at $570,000.
  • Upper Deer Valley saw no increase in the number of sold units while the median price rose 20% to just south of $2M.
  • Activity in the Prospector and Park Meadows neighborhoods was relatively on par with 2018 with median prices flat in Prospector to $168,250 to down by one-third in Park Meadows, dropping to $730,000.
In the Snyderville Basin, there were 277 condominium sales, compared to the 301 within the City Limits, and the median price continued its upward trend growing 10% to $549,000.
  • By neighborhood, Canyons Village had the highest number of closed sales at 120, nearly double second place finish of Kimball Junction. Both had median prices relatively flat to down slightly compared to the previous year.
  • Pinebrook had the third highest number of sold units (47 up 12%) along with a 7% increase in median price to the mid-$500’s.
  • The number of condo sales in the Jordanelle area increased by 16% as did the median price up middle-teen percentages to just over $600,000.
 
Condominium Summary Qty Sold % Chg  Sales Volume  % Chg  Average Price  % Chg Median Price % Chg
Park City Limits 301 -14%  $338,875,821 -25%  $1,125,833 -12%  $810,000 3%
Snyderville Basin 277 -10%  $191,763,919 7%  $692,289 18%  $549,000 9%
Jordanelle 171 16%  $102,943,869 36%  $602,011 18%  $611,837 16%
Heber Valley 39 0%  $12,776,835 20%  $327,611 20%  $279,900 14%
Kamas Valley [2] 8 N/A  $3,157,300 N/A  $394,663 N/A  $435,500 N/A
Total Market Area           796 -6%  $649,517,744 -9% $815,977 -4% $589,000 4%

 A closer look – Vacant Land

For our entire market area, Land sales decreased by across the board as a result of decreasing inventory in the closer-in areas. Median prices increased slightly (6%) to $308,250 area wide.
  • Within the City Limits, the number of sold lots was down by one-third, while median prices increased 27% to $1.04M.
  • There were six times as many vacant land sales in the Snyderville Basin as within the City Limits, but still 20% fewer than last year and little increase in median price.
  • At the area level, Promontory had the highest number of vacant land sales (71) on a median price of $539,000.
  • Heber Valley had the most land sale transactions (155) showing evidence that buyers interested in custom homes were forced further from the town center in order to find reasonably priced lots. The median price of $250,000, while up 18% over year before, was still half the Snyderville median and 25% of the Park City Limits median.
 
Vacant Land Summary Qty Sold % Chg Sales Volume % Chg Average Price % Chg Median Price % Chg
Park City Limits 22 -31% $30,874,500 -10% $1,403,386 30% $1,042,500 27%
Snyderville Basin 120 -20% $70,074,105 -38% $583,951 -23% $494,000 2%
Jordanelle 86 -39% $44,271,750 -32% $514,788 12% $395,000 0%
Heber Valley 155 5% $48,086,697 20% $310,237 14% $250,000 18%
Kamas Valley 51 -42% $15,169,300 -53% $297,437 -19% $147,000 -21%
Wanship/Hoytsville 52 -7% $6,370,699 21% $122,513 31% $97,550 31%
Total Market Area 486 -21% $214,847,051 -26% $442,072 -6% $308,250 6%
 

Conclusion

Sheila Hall, President of the Park City Board of REALTORS® added, “Inventory hits its annual peak level during summer. Going into fall, buyers will be challenged to find the variety they are looking for in properties in all segments of the market. Homes listed at or below the median price historically sell three to six times more quickly making competitive offers even more frequent in those price ranges. The resale market in general remains strong, buoyed by increasing costs to build driven by rises in both materials and labor. Custom homes now cost between $500-600/sq. ft. and can take as long as 16-18 months to deliver, making the resale market even more attractive and hence pricier. These increases are pushing buyers further from the metro center where new school facilities in south Summit and Wasatch counties are making homes there even more attractive to home buyers with families.”

Real estate in the Wasatch back consists of highly segmented markets with nuances that vary significantly from one neighborhood to another and one house to another. Comparisons are hard to read on paper due to the unique features of individual properties, such as amenities, condition, style, location, age, and inventory. Buyers and Sellers are advised to contact a Local Park City Board of REALTORS® Professional for the most accurate, detailed, and current information.

[1] CoreLogic Home Price Insights Home Price Index, July 2019, https://www.corelogic.com/insights-download/home-price-index.aspx

[2] No Condo sales were reported in Kamas Valley during the 2017-18 year, so no comparison is available.

 

 

___________________________________________________________________________

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.

2019 1st Quarter Statistics

By Park City Board of REALTORS
May 09, 2019

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

Park City Board of REALTORS® Serving Summit & Wasatch Counties

Sheila Hall                                                                  William Winstead

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

Sheila@SheilaHall.com                                               William.winstead@sothebysrealty.com

435-640-7162                                                             435-640-1900

 

April 25th, 2019 – At the end of the first quarter of 2019, the overall year-over-year housing statistics for Summit and Wasatch Counties show an increase in median price, dollar volume, and an increase in active listings, as reported by the Park City Board of REALTORS® Multiple Listing Service.

At the end of the first quarter of 2019, the number of single-family home sales, for our entire market area, decreased by 9%, while the median price increased by 10%. Much of the activity occurred outside the Park City Limits, as primary or secondary home buyers expanded their searches into the Kamas and Heber Valleys.

Year-Over-Year Single Family Homes

The number of sales inside the Park City Limits decreased by 8% while the median price, of $2.1M, climbed 15%.

  • In Old Town, the number of sales dropped 28% over last year’s number while the median sales price was almost the same to last year at $1.5M.
  • Prospector also saw a decrease in the number of sales but increased 34% in median price reaching almost $1.2M.
  • Upper Deer Valley more than doubled the number of sales, and with new product on the market, saw a price increase reaching over $5M for both the median and average price.
The number of home sales in the Snyderville Basin mirrored last year’s number but saw a 22% median price increase reaching $1.26M.
  • In Jeremy Ranch there were slightly fewer sales than the year before but saw a 10% increase in the median price reaching just over $1M.
  • Promontory saw the highest number of home sales in the Basin with a total of 73 with a median price of $2.1M.
  • Old Ranch Road experienced almost double the number of sales, and both Silver Springs and Silver Creek saw increases in activity and price.
Alternatively, the Jordanelle area had almost half the number of sales as last year and a decrease in median price. Over the last 12 months, there were over 300 home sales in the Heber Valley – with an 8% price increase reaching $534,000. By neighborhood, Heber City had the highest number of sales and saw a 14% price increase to $398,000. The number of sales in the Kamas Valley was up 15% with a median price reaching $500,000.

Year-Over-Year Condominium Sales

For our entire market area, the number of sold condominium was flat to the previous 12 months. Within the Park City Limits the number of condominium sales decreased, while the median price finished the quarter up 13% at $865,000.

  • Usually active, the number of condo sales in Old Town was down 20% and the median price also dipped slightly.
  • Upper Deer Valley saw both an increase in the number of sold units and a spike in median price bringing it close to $2.1M.
  • Activity in the Prospector neighborhood showed an increase in quantity sold and median price.
In the Snyderville Basin, there were 285 condominium sales, compared to the 307 within the City Limits, and the median price continued to trend upward reaching $545,000.
  • By neighborhood, Canyons Village had the highest number of closed sales and has numerous developments with properties on reservation.
  • With the absorption of last year’s new product on the market, Kimball Junction, had fewer sales and a slight decrease in median price.
  • Pinebrook had the third highest number of sold units (up 9%) along with a 13% price increase to $547,000.
  • The number of condo sales in the Jordanelle area increased by 13% and the median price was up 8% reaching $521,000.
Year-Over-Year Vacant Land

For our entire market area, Land sales decreased by 12% while the median price increased 19%.

  • Within the City Limits, there was a slight increase in the number of sold lots and an increase in median price to $1.06M.
  • There were four times as many vacant land sales in the Snyderville Basin as within the City Limits, but still 18% fewer than last year.
    • Promontory had the highest number of vacant land sales and a median price off $493,000.
    • Summit Park was up in quantity sold but down 20% in median price to $70,000.
  • Heber Valley was flat to last year with 160 units changing hands but saw a 25% price increase reaching $249,000.
Conclusion

Real estate in the Wasatch back consists of highly segmented markets that vary significantly from one neighborhood to another and one house to another. Comparisons are hard to read on paper due to the unique features of individual properties, such as amenities, condition, style, location, age, and inventory. Buyers and Sellers are advised to contact a Local Park City Board of REALTORS® Professional for the most accurate, detailed, and current information.

2018 4th Quarter Statistics

By Park City Board of REALTORS
Feb 07, 2019

 

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

Park City Board of REALTORS® Serving Summit & Wasatch Counties

Sheila Hall                                                                  William Winstead

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

Sheila@SheilaHall.com                                               William.winstead@sothebysrealty.com

435-640-7162                                                             435-640-1900

 

PARK CITY, UTAH – February 5th, 2019

The 2018 year-end housing statistics for Summit & Wasatch Counties, as reported by the Park City Board of REALTORS®, revealed a diverse and mixed market. While there was a 7% decrease in the number of homes sales, the Wasatch Back saw a 7% increase in median price.

Single-Family Home Sales

At the close of 2018, the overall number of single-family home sales in Summit & Wasatch Counties decreased 7% compared to 2017. Conversely, the median price was up 10%, within the Park City Limits (84060), reaching $2.09M. In the Snyderville Basin (84098), the number of closed home sales was down 8%, while the median price climbed 21% to $1.23M. The Jordanelle area also saw a dip in the number of sold units, but a 4% median price increase to $1.56 M.

By area, Old Town and Park Meadows contributed to the highest number of home sales within the Park City Limits, though there were approximately 18% fewer sales than in 2017. In Park Meadows the median home price ended the year at $2.09M, while Old Town’s number was flat to last year at $1.54M. Upper Deer Valley, Deer Crest, Empire Pass, and Prospector saw an increase in quantity sold.

In the Snyderville Basin, the number of homes sold in Glenwild doubled last year’s number, and the median price climbed to $3.19M. Summit Park saw a 19% median price increase reaching $718,000. In Silver Creek Estates, the number of sales increased by 27% and saw a median price increase to $1.28M. With continued buyer interest in new construction and amenities, Promontory had the highest number of sales in the Basin, with 68 sold homes, with a 21% increase in median price reaching $2.08M.

In the Heber Valley, the number of home sales remained flat to last year, while the median price climbed 14% to $515,000. The highest jump in median price, however, was in the Kamas Valley – up 32% reaching $508,300, along with a 13% increase in the number of sales.

Activity heated up in Heber City, Midway, Timberlakes, and Charleston. There were 43 sold homes at Red Ledges. Midway continued to thrive with 95 single family homes sales along with a 12% median price increase to $580,000.

2019 Park City Board of REALTORS®, President Sheila Hall commented, “Homeownership continues to be the number-one wealth building asset for Americans. Our market area, like most around the country, has experienced an increase in price, but our market area is less volatile than many similar markets. Over the last six years, real estate in Summit & Wasatch Counties has maintained stable and healthy growth.”

Condominium & Townhome Sales

There were 316 condominiums sold within the Park City Limits (down 7%), but the median price leapt 24% to $886,000. By neighborhood, Old Town had the highest number of sales with a median price of $570,000. With new product on the market, Empire Pass had more than double the number of closed sales than in 2017, with a median price of $2.9M. The affordability of condos in the Prospector neighborhood contributed to increased activity – up 6% in number of condo sales and a 25% increase in median price reaching $172,000.

In the Basin, there were 12% fewer condo sales than last year, but the median price was up 8%. By area, Canyons Village accounted for the bulk of the sales and ended the year with a median price of $602,000. In the Jordanelle, the number of closed sales decreased by 16% but saw a 10% median price increase reaching $528,000.

Vacant Land Sales

Lot sales within Park City Limits increased 21% over last year, along with a 26% increase in median price reaching $1.03M. By neighborhood, Old Town and Deer Crest saw the most activity. In the Basin, lot sales were down 8% but up 16% in median price to $493,000. Summit Park and Promontory accounted for the highest number of lot sales in the Snyderville Basin.

Conclusion

Because of the extreme diversity and complexity of the micro-markets and unique neighborhoods in Summit and Wasatch Counties, along with continued consumer demand, changing inventory, new developments, and diverse price-points,

it is crucial that buyers and sellers contact a Local 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.

2018 3rd Quarter Statistics

By Park City Board of REALTORS
Oct 31, 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

PARK CITY, UTAH (October 30th, 2018) – At the end of the third quarter of 2018, housing statistics revealed slowing demand and an increase in median sales price. Year-over-year, the number of single-family home sales in the Greater Park City Area decreased by 4.5%, while the condominium sector was down 9% compared to last year’s numbers, as reported by the Park City Board of REALTORS®.

Single-Family Home Sales The number of single-family home sales within the City Limits was relatively flat (off less than 2%) and the median price of $1.95 M remained the same to 12 months ago. By neighborhood, Old Town had the highest number of sales - up 10%, while there were 30% fewer sales in Park Meadows.

The median sales price climbed to $1.2 M – up 22% in the Snyderville Basin, and although there was a slight decrease in the number of sold homes, the Basin saw more than twice the number of sales than the City Limits. In Silver Creek sales were up 53% and up 43% in median sales price - reaching $1.2 M. By neighborhood, Promontory had the highest number of sales, with 63 sold homes in the last 12 months. Activity in the Tuhaye / Hideout area had a sizable increase in the number of sales with a 28% median price increase - reaching $1.06 M.

Sales in the Heber Valley continued at a strong pace, with nearly one sale a day, and a 27% median price increase to $525,000. There were nearly twice as many homes sold in Red Ledges compared to last year, with a median sales price of $1.17 M. Midway continued to thrive with 107 closed sales and a 14% median price increase over last year reaching $573,000.

“New growth continues to move eastward and southward to areas that still have developable land. The dramatic rise in construction costs is fueling the median sales price increases seen in the outlying areas, but active listings are still well below in-town Park City prices. The introduction of new developments will enhance this trend for the foreseeable future. As areas develop, much of what we now consider as “outlying areas” will feel like another extension of town,” said Park City Board of REALTORS® President, Todd Anderson.

In the Kamas Valley, the number of sales decreased 8%, though the median price climbed 21% reaching $440,000. The number of sales in the Wanship, Hoytsville, Coalville, Echo, & Henefer areas dropped, while the median price increased 20% to $427,000.

 

Condominium & Townhome Sales Year over year, the number of condo sales within the City Limits was down 5% but up 8% in median price to $820,000. The Snyderville Basin reported essentially the same number of sales as last year with 291 units sold and saw a median price increase to $525,000.

Anderson commented, “The difference between these two larger areas may be attributed to the completion of localized developments versus the reserved or pending status of to-be-built product. Expect to see continued large fluctuations as projects are completed. Canyons Village and Deer Mountain both have the potential for enough new construction to influence future statistics in our market area.”

The number of closed sales dropped 25% in the Jordanelle, possibly due to lack of inventory, as new construction projects in this area have been completed and sold leading to fewer units available, but there was an 18% increase in median price.

Vacant Land Sales Park City Limits saw 13 more lot sales than last year and a 25% median price increase to just over $1M. By neighborhood, Promontory had the highest number of land sales within the Basin with 82, and the median price continued its upward climb reaching $450,000. Canyons Village saw increased sales activity and a 28% median price increase to $2.37 M.

Conclusion Historically, July and August are the months with the highest level of inventory for homes and condos in the Wasatch Back, but the current trend of sales volume is changing and we are seeing a continued upward tick of inventory which has not been seen for some time. This trend may signal a coming price change, although in some of the most desirable neighborhoods, a shortfall of for-sale properties will be scarce and the median prices will remain strong.

The complexity of individual neighborhoods and micro-markets in the Greater Park City Area are reasons that buyers and sellers should 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.

2018 2nd Quarter Statistics

By Park City Board of REALTORS
Aug 08, 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

PARK CITY, UTAH (August 8th, 2018) – Recent housing statistics for Summit and Wasatch Counties, as reported by the Park City Board of REALTORS®, revealed continued demand and increase in median sales price.

At the close of the second quarter of 2018, the number of single-family home sales in the Greater Park City Area increased by 6%, vacant land by 5%, while the condominium sector was slightly down compared to last year’s sales. Demand continued to rise on a gradual level, with single-family homes accounting for 49% of the total dollar volume, condominium sales for 40%, and vacant land for 11% of the market share.

Single-Family Home Sales

Year-over-year, the number of single-family home sales within the City Limits was up 9%, while the median price of $1.93 M remained flat to last year. By neighborhood, Old Town had the highest number of sales – up 36%, while  there were 20% fewer sales in Park Meadows.

Snyderville Basin reported more than twice the number of home sales as the City Limits – a 4% increase over last year – with the median price climbing to $1.13 M – up 17%. In Silver Creek sales were up 40% and 37% in median sales price reaching $1.16 M. By neighborhood, Promontory had the highest number of sales in the Basin with 77 sold homes in the last 12 months.Activity in the Jordanelle area had a sizable increase in sales with a 14% median price increase reaching $1.73 M.

Sales in the Heber Valley continued at a strong pace, with nearly one sale a day, and a 28% median price increase to $506,000. There were 20 more homes sold in Red Ledges compared to last year, with a median sales price of $1.16 M – up 8%. Midway continued to thrive with 96 closed sales and 17% median price increase reaching $544,000.

“There are many factors contributing to the numbers we are seeing in the Heber Valley. Despite the sharp increase in construction costs, single-family homes are still well below Park City prices. With new amenities in the Heber Valley and excellent schools, buyers are weighing their options,” said Park City Board of REALTORS® President, Todd Anderson.

In the Kamas Valley, the number of sales decreased 15%, though the median price climbed 10% to $412,000. Sales numbers in the Wanship, Hoytsville, Coalville, Echo, & Henefer areas remained the same with a median price of $359,000.

Condominium & Townhome Sales

Year over year, the number of condo sales within the City Limits was up 8% and up 15% in median price to $787,000. The Snyderville Basin reported essentially the same number sales as last year with 308 units and median price of $503,000.

Anderson explained, “The difference between these two areas may be attributed to the completion of developments in Empire Pass versus the reserved or pending status of to-be-built product in Canyons Resort Village.” The Kimball Junction area, which can offer primary residence condominiums, saw flat sales but a 15% median price increase to $385,500.

The number of closed sales dropped 20% in the Jordanelle area possibly due to lack of inventory as new construction projects have been absorbed, but there was a 12% increase in median price reaching $528,000.

Vacant Land Sales

Park City Limits saw 14 more lot sales than last year and a 15% median price increase reaching $820,000. By neighborhood, Promontory had the highest number of land sales in the Basin with 72, and the median price continued its upward tick reaching $405,000. Canyons Village saw increased sales activity and a 22% median price increase to $2.28 M.

Conclusion

Historically, July and August are the months with the highest level of inventory for homes and condos in the Wasatch Back – and Q2 of 2018 was just below Q2 of 2017. In some of the most desirable neighborhoods, a shortfall of for-sale properties have placed an upward pressure on the median prices. With the demand for all that the Wasatch Back lifestyle has to offer, listed properties have been selling at a faster pace. In the last 12 months, the average length for a home to sell was less than 6 months in the Basin and less than 11 months in the City Limits.

The complexity of individual neighborhoods and micro-markets in the Greater Park City Area are reasons that buyers and sellers should 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.

2018 1st 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.

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 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.