Newsroom

2021 2nd Quarter Statistics

By Park City Board of REALTORS
Aug 06, 2021

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®

Park City Board of REALTORS® Serving Summit & Wasatch Counties

Mark Jacobson                                                          Rene Wood

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

markjparkcityre@gmail.com                                          Sold@ReneWood.com

(435) 659-1123                                                                    (435) 503-1181

 

July 29, 2021 – The remarkable rise in homes sold and sale prices that we experienced in the latter half of 2020 continued unabated through the second quarter of 2021. Sale prices showed strong appreciation with increases in both average and median prices as well as dollar volume as reported by the Park City Board of REALTORS® Multiple Listing Service. Fears that the market might be overheated and that the boom could foretell another housing market balloon just before a crash to rival 2008 were quelled by consistent financial indicators pointing to a sustained bull market in housing.

A year ago, second quarter began with a stay-at-home order in Summit County (on March 23) followed immediately by the same edict in Wasatch County (on March 31). The full impact of the pandemic was felt almost immediately as open houses were cancelled, in-person showings became impossible, and sales activity ground to a halt. By the end of April, soft openings began to appear and by the end of May, modified business operations were allowed in both counties. After 17 continuous weeks where closed sales trailed the 2019 numbers, in the week ending June 28, 2020, finally passed 2019, by just ONE sale. And the momentum has continued since.

As buyers returned, sellers remained leery of letting strangers of unknown vaccination status into their homes, competition for the limited number of available homes increased. Pending contracts far outstripped new listings coming to market. PCMLS active inventories peaked in May 2020 at just over 2,000 listings and has been on a downhill slide ever since.

Some neighborhoods always fare better than others and this adage held true in second quarter. Not one of the defined market areas had any negative sales results to report. New listings and listing inventory, however, were a totally different story with both dropping to historic lows. Comparing the 12-months ending June 30, 2021, to the same period in 2020:

  • New listings (residential and land) for the second quarter of this year were 1,010, barely exceeding the 997 in 2020.
  • Pending sales were flat. PCMLS members signed 1,029 purchase contracts in Q2-2021, nearly equal one-third more than the 774 in Q2-2020. While a few more homes were coming to market, they were snatched up almost immediately creating the dramatic drop in inventory.
  • Closed sales likewise were nearly double the year earlier. Q2-2021, 850 contracts settled versus 443 in Q2-2020.
  • With Pendings running much higher than New Listings, available inventory started to shrink dramatically. 747 properties were active at the end of Q2, compared to 651 at the end of Q1. While the 100-listing increase was welcomed, the active inventory was still less than half our previous low water mark (1,715) in December 2017.
How did the local market fare? Here is our take on the total year-long results reported on a rolling year-over-year basis for the period ending June 30, 2021.

Single Family Homes

  • Within Park City Limits, total unit sales more than doubled over 2020 to 367 units while sales volume tripled from $390 million last year to almost $1.2 billion this year.
  • The median price of a single-family home across the city rose 37% to $2.75 million.
  • In the popular Old Town area units sold more than doubled (49 to 130) and sales volume tripled (to$307 million) as the median price topped $2.1 million.
  • The Aerie neighborhood once again took the grand prize for greatest increase in median price, more than doubling over the year earlier to $3.4 million.
  • Snyderville residents saw a spike in sales volume (up 165%) while the median price tracked equally well, up 37% to $1.75 million.
  • Promontory led the neighborhoods in sales units (161, up 118%) and dollar volume ($470M, up 154%) while Glenwild saw the biggest price increase with the median in that neighborhood passing $3.6M, up 77% year over year.
  • The hotspots were south and east of the metro area around the Jordanelle reservoir. Deer Mountain and Tuhaye/Hideout both more than doubled their units sold. Deer Mountain more than tripled its sales volume on a 37% increase in median sale price of $1.8 million. Prices were particularly robust in the Tuhaye/Hideout area, where the median rose 40% to $2.4 million.
  • Heber Valley saw a respectable 26% rise in sales units, but 65% higher sales volume propelled by a median price that jumped 40% to $758,000.
  • Other neighborhoods that saw year-over-year units sold and sales volume both double this year were Thanes Canyon, Deer Valley (both upper and lower), Deer Crest, Canyons Village, Old Ranch Road, Glenwild, Promontory, and Heber East.

Despite fluctuations in the regional markets, Single Family sales activity on a region wide basis was markedly up compared to the year prior with unit sales up 65% and median prices up 58%.

Single Family Summary

End of Q2 2021

Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 367 134% 1,170,414,999 199% 3,242,146 28% 2,750,000 37%
Snyderville Basin 605 80% 1,496,298,757 165% 2,489,681 47% 1,750,000 37%
Jordanelle 124 100% 295,331,753 149% 2,381,707 25% 2,474,500 19%
Heber Valley 438 26% 443,337,415 65% 1,012,185 31% 758,500 40%
Kamas Valley 154 50% 191,087,488 89% 1,240,827 27% 798,000 45%
Wanship/Hoytsville 70 8% 47,268,528 32% 675,264 21% 540,000 11%
Total Primary Market Area (Summit & Wasatch Counties) 1,761 65% 3,650,136,942 154% 2,084,601 54% 1,440,000 58%
 

Condominiums

  • The Condo market in Old Town Park City continued to be solid with sales up (66%) in units on a comparable gain in median price of 14% to $702,000.
  • Empire Pass was the standout neighborhood performer with sales more than quadrupled driving the median price to $2.93 million, up 46%.
  • Prospector unit sales recovered from two previous quarterly drops, rising 27% on sales volume that almost doubled as the median price jumped 15% to $225,000.
  • In the Snyderville area, outside of perennial volume leader Canyons Village, Pinebrook lead in unit sales (92, up 136%) while Sun Peak/Bear Hollow eked out the sales volume lead at $60 million, almost five times last year’s tally.
  • In Wasatch County, Jordanelle Park, Tuhaye, Hideout, and Red Ledges all saw gains of 100% or more in units sold with Red Ledges leading the price gain parade, up 36% to $900,000.
  • The standout neighborhood outside of Park City Limits was Sun Peak/Bear Hollow where sales more than doubled and the median price jumped 40% from $534,000 to $746,000.
 
Condominium Summary

End of Q2-2021

Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 584 91% 950,879,367 188% 1,633,813 50% 1,195,000 51%
Snyderville Basin 647 70% 507,557,362 38% 784,478 -19% 605,000 -13%
Jordanelle 283 104% 205,577,848 129% 726,423 13% 712,200 11%
Heber Valley 75 0% 35,415,920 29% 472,212 29% 374,000 29%
Kamas Valley 7 17% 3,449,000 16% 492,714 -1% 494,000 -2%
Total Primary Market Area Summit & Wasatch Counties) 1,597 76%         1,703,279,500 108%         1,067,887 18%             717,600 9%
 

 

 

Vacant Land

  • Land sales exploded in second quarter as buyers who could not find an existing home to their liking elected instead to build their own, although with lumber prices soaring many deferred the groundbreaking until later.
  • Sales units and dollar volume were both up triple digit percentages in almost all primary service areas including Park City limits, Snyderville Basin, Heber Valley and Jordanelle.
  • Overall land sales in Summit and Wasatch counties were up 129%. The price increase expected when supply decreases and demand remain steady pushed the median sales price for land region wide was up 28% to $363,800.
  • Four of the six major regions saw sales units doubling the previous year. Jordanelle led the way with almost 500 lots sold on a median price rise to $395,000 (up 37%).
  • Jordanelle, Park City metro, Snyderville, and Heber Valley all saw a substantial increase in sales volume and units sold for 2021.
  • Only 61 lots sold within the Park City Limits and the city was the only region that fell in average and median sale prices with the median dropping 18% year over year.
 
Land Sales Summary

EoQ1-2021

Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 61 205% 95,266,375 176% 1,587,772 -8% 1,200,000 -18%
Snyderville Basin 350 250% 369,559,750 416% 1,055,885 47% 650,000 29%
Jordanelle 481 203% 234,693,075 268% 487,927 22% 395,000 37%
Heber Valley 285 102% 119,933,736 140% 420,820 19% 260,000 4%
Kamas Valley 124 88% 78,797,950 183% 635,467 51% 315,000 24%
Wanship/Hoytsville 98 51% 15,202,742 103% 155,130 35% 99,000 8%
Total Primary Market Area Summit & Wasatch Counties) 1,219 129%  742,760,407 215%  609,820 38%  363,800 28%
 

Opinion and Observation

What do Park City agents see coming in the next three to six months? Here are a few observations about the important market results that point the way coming from those with their fingers on the pulse of the market.

 

ON SINGLE FAMILY HOMES

  • Prospector is the most stable neighborhood in the Park City metro area with prices remaining flat or down slightly.
  • Within the Park City Limits, the volume of sales doubled, and it now costs $2,750,000 (median sale price) to buy a house in town in Park City.
  • In the near north neighborhoods that make up Snyderville Basin, Pinebrook and Jeremy Ranch continue to be two of the more popular areas with 62 and 86 sales respectively (exceeded by only Promontory in total number of sales).
  • Percentagewise, however, Glenwild beat them both with sales nearly tripling (up from 15 to 44) and median sales price nearly doubling (from $2.0M to $3.7M).
  • Overall, sales volume in Park City nearly tripled, from just under $400 million to almost $1.2 billion.
  • It was a banner year for golf course communities, they sold 5 years of lot sales in one year.
  • Deer Mountain, once thought of as a more affordable area of Snyderville, now has a number of homes listed for over $2 million, and that’s never happened before.
  • Overall prices have risen so high that we are encountering more buyer resistance. We have a lot of buyers looking at our listings, but not writing offers. They’re waiting to see what is going to happen.
  • Sellers are getting more aggressive with the market exploding so much. Some might call that “greedy”, not a nice word, but appropriate.
  • Where are the buyers coming from? Most agents see California as the most frequent source. Reasons vary from schools and lifestyle (or work style), but the fires and drought environment are also having an effect.
  • Loan rates are still historically low (below 3%) yet over 50% of our sales are all cash. More are borrowing because the rates are so low.
In a superb example of how fast this market is changing, Rick Klein, local lender and long-time and frequent contributor to our agents’ understanding of market statistics made the following comparison.

At the end of second quarter last year (2020), the median price of a single-family home in Park City was just over $2 million and the average market time was 7.8 months. Homes priced below the median sold on average in 3.6 months while those above the median sold in 10 months.

Fast forward one year. At the end of second quarter 2021

the median price of a single-family home in Park City has risen to almost $3 million and the average market time has dropped to just 45 days. Homes priced below the median sold on average in 24 days months while those above the median sold in 66 days. These differences in market time based on price confirm that a Realtor’s help in setting a realistic list price is absolutely crucial for achieving a quick sale.

ON CONDOS:

  • One used to say you could still get a condo in Old Town at a reasonably low price. Now the median price for a condo in Old Town is $700,000 and in Prospector it’s over $200,000 for the first time. Overall within the Park City Limits, the median price for a condo is now $1.2million, up 50% year over year.
  • Lift and Apex were in play for 2020, now we have Yotel in play in 2021 with smaller units and lower prices. This is skewing the average and median prices downward.
ON VACANT LAND:
  • Land sales more than doubled over the previous year in the primary market of Summit and Wasatch Counties. 1,219 lots sold, a jump of 129% and with a Median sale price climb of 28% to $364,000, total sales volume more than tripled.
  • Even with those spectacular results, not all the activity in vacant land was reported through the PCMLS. For example, in the new Dancing Sun development in Tuhaye around the Talisker Club, 105 lots have been offered on a reservation (waiting list) basis. All but five have been reserved at an average price of $1.25 million. The infrastructure of roads leading to these lots won’t be built for two or more years yet, but still the lots are going like hot cakes.
  • One PCMLS agent observed the amount of vacant land purchased in the past 18 months is equal to about 4 to 5 years of historic sales. It’s just been compressed into 18 months. Are these buyers moving money from the stock market or other long-term investments into real estate? Or do they really want to build? There’s some speculation, of course, but either way that puts pressure on inventory in the market.
 

Area winners in our tracked statistics

(Minimum 10 or more sales) Single Family Homes Condominiums Vacant Land
Quantity sold: Promontory – 161 Canyons Village – 348 Tuhaye/Hideout – 307
Volume sold: Promontory - $470M Empire Pass - $304M Tuhaye/Hideout - $143M
Average sale price: Canyons Village - $9.12M Empire Pass - $3.24M Canyons Village - $2.75M
Median sale price: Canyons Village - $8.72M Empire Pass - $2.93M Canyons Village - $2.5M
Market Overview Year Ending 6/30/21 Comparison Report - 12 Month Rolling Year over Year
Park City MLS Primary Service Areas - Summit & Wasatch Counties (Only)
SINGLE FAMILY SUMMARY Qty Sold % Chg Volume % Chg Average % Chg Median % Chg
12 Months ending 6/30/20 1,066 1,437,863,973 1,356,475 913,035
12 Months ending 6/30/21 1,761 3,650,136,942 2,084,601 1,440,000
Increase 695 65% 2,212,272,969 154% 728,126 54% 526,965 58%
CONDOMINIUM SUMMARY Qty Sold % Chg Volume % Chg Average % Chg Median % Chg
12 Months ending 6/30/20 906 819,747,772 905,799 659,000
12 Months ending 6/30/21 1,597 1,703,279,500 1,067,887 717,600
Increase 691 76% 883,531,728 108% 162,088 18% 58,600 9%
LAND SUMMARY Qty Sold % Chg Volume % Chg Average % Chg Median % Chg
12 Months ending 6/30/20 532 235,500,200 442,670 283,950
12 Months ending 6/30/21 1,219 742,760,407 609,820 363,800
Increase 687 129% 507,260,207 215% 167,150 38% 79,850 28%
 

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, view, 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.

2021 1st Quarter Statistics

By Park City Board of REALTORS
May 10, 2021

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®

Park City Board of REALTORS® Serving Summit & Wasatch Counties

Mark Jacobson                                                          Rene Wood

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

markjparkcityre@gmail.com                                          Sold@ReneWood.com

(435) 659-1123                                                                    (435) 503-1181

 

May 1, 2021 – The remarkable rise in homes sold and sale prices that we experienced in the latter half of 2020 continued unabated through the first quarter of 2021. Sale prices showed strong appreciation with increases in both average and median prices as well as dollar volume as reported by the Park City Board of REALTORS® Multiple Listing Service. Fears that the market might be overheated and that the boom could foretell another housing market balloon just before a crash to rival 2008 were quelled by consistent financial indicators pointing to a sustained bull market in housing.

 How is this market different from 2008?

  • More stringent lending requirements – we learned our lesson from 2008 when banks were pushing exotic loan products to people who could not normally qualify for or afford them.
  • Supply shortages keep prices higher – as opposed to 2008 when supply exploded as more people wanted to cash in on their newfound equity only to find themselves under water.
  • Mortgage interest rates are low but not zero – among the exotic loans being offered before the last crash were super low interest, even negative amortization, zero down payments, and 110% of market value re-fi’s. None of those are prevalent now.
Optimism about the housing market closely parallels that toward the COVID-19 crisis. As more people are vaccinated and the restriction on gatherings starts to ease, more people are getting back to work and reestablishing their “normal” lives. Which means for many they are looking for new housing.

The pent-up demand that the isolation mandates created started to be released with full force and vigor. As buyers returned, competition for the limited number of available homes increased, and pending contracts far outstripped new listings coming to market. PCMLS recorded record low inventories in March and April and the numbers continue to decline during a spring market when one would expect more homes offered for sale, not fewer.

Some neighborhoods fared better than others in first quarter, but few had any negative results to report. Comparing the 12-months ending March 31, 2021 to the same period in 2020:

  • Total New residential listings for the first quarter of this year were 786, up 17% from 673 in 2020.
  • Pending sales grew even faster than new listings. PCMLS members signed 1,070 purchase contracts in Q1-2021, up from half that number (517) in Q1-2020. While more homes were coming to market, they were bought almost immediately creating the dramatic drop in inventory.
  • Closed sales likewise were 150% higher. In Q1-21, 643 contracts settled versus 432 in Q1-20.
  • With Pendings running much higher than New Listings, available inventory started to shrink dramatically. The quarter finished with just 651 residential and land units available for sale, nearly one-third of the inventory (1,909) on the same date in 2020.
How did the local market fare through the end of our first pandemic-riddled year? Here is our take on the total year-long results reported on a rolling year-over-year basis for the period ending March 31, 2021.

Single Family Homes

  • Within Park City Limits, total unit sales were up 38% over 2020 to 324 units while sales volume was up even more, $999 million, a 122% increase year-over-year.
  • The median price of a single-family home across the city rose 38% to $2.7 million.
  • In the popular Old Town area sales volume and units sold both doubled as the median price rose 11% over 2020 to $2.1 million.
  • The Aerie neighborhood took the grand prize for greatest increase in median price, nearly doubling over the year earlier to $3.3 million.
  • Snyderville residents saw a spike in sales volume (up 113%) while the median price tracked equally well, up 31% to $1.63 million.
  • Promontory led the neighborhoods in sales units (153, up 113%) and dollar volume ($435M, up 165%) while Glenwild saw the biggest price increase with the median in that neighborhood passing $3.5M, up 56% year over year.
  • The hotspots were south and east of the metro area. Jordanelle saw vigorous activity (sales units up 59%) that pushed the sales volume to nearly double 2020’s total to $256 million, up from $131 million the year earlier. Prices were particularly robust in the Sough Jordanelle area, where the median rose 19% to $2.8 million.
  • Heber Valley saw a modest 8% rise in sales units, but 39% higher sales volume propelled by a median price that jumped 42% to $750,000.
  • Other neighborhoods that saw year-over-year units sold or sales volume double this year were Lower Deer Valley, Canyons Village, Deer Mountain, Thanes Canyon, Old Ranch Road, Glenwild, Silver Creek Estates, and Heber East.

Despite fluctuations in the regional markets, Single Family sales activity on a region wide basis was markedly up compared to the year prior with unit sales up 38% and median prices up 47%.

Single Family Summary

EoQ1 2021

Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 324 82% 999,576,935 122% 3,085,114 22% 2,682,500 38%
Snyderville Basin 544 50% 1,290,091,994 113% 2,371,493 42% 1,632,500 31%
Jordanelle 111 59% 256,995,154 96% 2,315,272 23% 2,470,000 18%
Heber Valley 400 8% 379,877,139 39% 949,693 28% 750,000 42%
Kamas Valley 137 26% 156,433,873 51% 1,141,853 20% 750,000 40%
Wanship/Hoytsville 70 11% 41,430,679 15% 591,867 3% 499,950 2%
Total Primary Market Area 1,586 38% 3,124,405,774 95% 1,969,991 42% 1,375,000 47%
Condominiums
  • The Condo market in Old Town Park City continued to be solid with sales up (37%) in units on a comparable gain in median price of 13% to $675,000.
  • Empire Pass was the standout neighborhood performer with sales nearly quadrupled driving the median price to $2.8 million, up 31%.
  • For the second quarter in a row, Prospector unit sales dropped (10%) but sales volume grew (19%) as the median price popped 21% to $211,000.
  • In the Snyderville area, Canyons Village saw its sales volume drop despite 13% more unit sales the result of the debut of a number moderately priced small condos that brought the median sale price down to $544,000.
  • In Wasatch County, Jordanelle Park, Deer Mountain, Tuhaye, Hideout, and Red Ledges all saw gains of 50% or more in units sold with Red Ledges leading the price gain parade, up 33% to $875,000.
  • The standout neighborhood outside of Park City Limits was Sun Peak/Bear Hollow where sales more than doubled and the median price jumped almost 50% from $515,000 to $751,000.
Condominium Summary

EoQ1-2021

Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 505 48% 777,985,853 116% 1,540,566 46% 1,100,000 42%
Snyderville Basin 538 30% 387,104,209 -1% 719,525 -24% 556,040 -16%
Jordanelle 243 70% 166,300,429 81% 684,364 7% 675,000 5%
Heber Valley 72 9% 32,276,461 36% 448,284 25% 354,363 23%
Kamas Valley 9 0% 4,478,000 12% 497,556 12% 500,000 14%
Total Primary Market Area 1,367 40% 1,368,144,952 57% 1,000,838 12% 677,000 4%
Vacant Land
  • Land sales exploded in first quarter as buyers who could not find an existing home to their liking elected instead to build their own.
  • Sales units and dollar volume were both up triple digit percentages in all primary service areas including Park City limits, Snyderville Basin, Kamas Valley and Jordanelle.
  • Overall land sales in Summit and Wasatch counties were up over 100%. The price increase expected when supply decreases and demand remain steady pushed the median sales price for land region wide was up 28% to $363,800.
  • Four of the six major regions saw sales units doubling the previous year. Jordanelle led the way with 400 lots sold on a median price rise to $355,000 (up 23%).
  • Jordanelle, Park City metro and Kamas Valley all saw a substantial increase in sales for 2021.
  • Only 54 lots sold within the Park City Limits but the median price rose nicely by 19% to almost $1.28 million.
Land Sales Summary

EoQ1-2021

Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 54 170% 85,269,375 172% 1,579,063 1% 1,277,500 19%
Snyderville Basin 307 187% 304,578,250 347% 992,112 56% 639,000 32%
Jordanelle 400 156% 181,349,375 188% 453,373 12% 355,000 23%
Heber Valley 246 81% 89,388,016 86% 363,366 3% 230,000 -8%
Kamas Valley 114 115% 67,727,149 225% 594,098 51% 300,000 20%
Wanship/Hoytsville 93 58% 12,010,242 72% 129,142 9% 95,000 6%
Total Primary Market Area 1,214 129% 740,322,407 211% 609,821 36% 363,800 28%
There’s no argument about the effect of the virus pandemic on the local tourism industry. Fortunately, the ski resorts had a very good season, not a record but restaurants and local shops were able to open and stay in business. Slopes were busy and restaurants have changed their table structure to accommodate social distancing. Now that spring is here, we’re seeing a jump in outdoor dining, with restaurants getting creative in maintaining social distances by installing “igloos” to isolate diners. All in all, the local market is faring much better than many places elsewhere in the country.

Other market factors:

  • Part of the low inventory problem can be attributed to a lack of new housing starts, which can in turn be blamed at least partially on the skyrocketing cost of lumber. By some estimates, a new home now costs $38,872 more than it did just a year ago because lumber has jumped 250% in just the past year. The issue in lumber is manufacturers who curtailed output at the start of the pandemic thinking demand would drop. Just the opposite happened. Demand increased and they were not ready to meet it so supply did not. Thus, higher prices.
  • Even if we have lumber, we don’t have construction workers to build with it. Construction was hit hard by the pandemic, losing over 1 million jobs during 2020. Workers are coming back, but more slowly than demand would dictate. To recruit new construction workers, builders have had to increase their pay which in turn leads to higher housing costs as well. The circle continues.
  • More than half of all Americans have now had at least one vaccination injection and by July we expect 75% to have been “jabbed” which will increase our optimism as well as our social activities, including touring open houses and setting up in person (good-bye Zoom) showings.
  • Our low inventory problem should be easing as Sellers who have been slow to return to the market out of concerns about strangers touring their homes without sanitation awareness now welcome potential buyers.
  • Continuing low inventory being chased by more and more buyers has pushed median sale prices higher, particularly in “outlying” areas such as Heber Valley, with single family homes appreciating 42% and condominiums 23% higher.
Other considerations

Before the celebration gets out of hand it is important to note that the pandemic has not subsided. As of this writing, Utah ranked 49th by percentage of residents immunized among all the states. Experts tend to agree that 75% or more of the population needs to get its shots before the holy grail of herd immunity can be reached. So we have a long way to go. If restrictions on gatherings and mask wearing are relaxed too soon, we could see an escalating incidence of infections despite the speed with which the current administration is rolling out their inoculation program.

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.

  • The massive explosion in demand was fueled by migration trends caused by Covid, and so equally we should except a decline in buyer pressure as those Covid influences dissipate.
  • “All real estate is local” has never been truer than now. Pricing, availability, and demand vary widely from neighborhood to neighborhood, reinforcing the need for a local Realtor to guide buyers through the jungle of competing bids and rising prices. This is particularly apparent in the Canyons base where a large number of lower priced condos produced the appearance of a drop in average sale prices.
  • Prices may not drop, but I do forecast a drop in demand which is currently way out of balance with 10 buyers to 1 seller.
  • I see the market returning more to equilibrium. Nevertheless, one thing the Covid issue did do is expose Park City to yet more of the world, and so fundamentally, I see strong growth ahead. What Covid has shown is that Park City is clearly on the radar screen of market participants world-wide. That attraction bodes well for continued demand and interest
  • The report below compares the full year ending March 31, 2021 to the same period ending in March 2020. But comparing just first quarter to first quarter, the price increases are more pronounced. Median price on single family homes in Park City proper are up over 20% year to year in first quarter alone.
Technology advances and work-from-home opportunities expected to continue driving demand in areas further away from Park City proper. Sales of vacant lots in the Tuhaye/Hideout are nearly quadruple year-over-year and prices are 30% higher because of increased demand.

Areas winners in our tracked statistics

(Minimum 10 or more sales) Single Family Homes Condominiums Vacant Land
Quantity sold: Promontory – 153 Canyons Village – 282 Tuhaye/Hideout – 260
Volume sold: Promontory - $435M Empire Pass - $237M Canyons Village - $125M
Average sale price: Deer Crest- $6.42M Empire Pass - $3.08M Canyons Village - $2.67M
Median sale price: Deer Crest - $6.11M Empire Pass - $2.800M Canyons Village - $2.5M
Market Overview Year Ending 3/31/20 Comparison Report - 12 Month Rolling Year over Year
Park City MLS Primary Service Areas - Summit & Wasatch Counties (Only)
SINGLE FAMILY SUMMARY Qty Sold % Chg Volume % Chg Average % Chg Median % Chg
12 Months ending 3/31/20 1,151 1,599,561,828 1,389,715 933,240
12 Months ending 3/31/21 1,586 3,124,405,774 1,969,991 1,375,000
Increase 435 38% 1,524,843,945 95% 580,276 42% 441,760 47%
CONDOMINIUM SUMMARY Qty Sold % Chg Volume % Chg Average % Chg Median % Chg
12 Months ending 3/31/20 973 869,505,609 893,634 650,000
12 Months ending 3/31/21 1,367 1,368,144,952 1,000,838 677,000
Increase 394 40% 498,639,343 57% 107,204 12% 27,000 4%
LAND SUMMARY Qty Sold % Chg Volume % Chg Average % Chg Median % Chg
12 Months ending 3/31/20 483 220,737,100 457,013 300,000
12 Months ending 3/31/21 995 566,654,690 569,502 325,000
Increase 512 106% 345,917,590 157% 112,490 25% 25,000 8%
 

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, view, 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 4th Quarter Statistics

By Park City Board of REALTORS
Feb 04, 2021

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

Mark Jacobson                                                          Rene Wood

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

markjparkcityre@gmail.com                                          Sold@ReneWood.com

(435) 659-1123                                                                    (435) 503-1181

 

February 1, 2021 - At the end of 2020, the expected housing slump for Summit and Wasatch Counties as a result influence and impact of the COVID-19 on the industry failed to materialize. On the contrary, 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 slow, sustained recovery period were short lived. While the market dipped quickly in April, by mid-June, the market had recovered fully and by year’s end 2020 had set records across the board for sales totals and median prices.

As the fourth quarter of 2020 ended, the effect of loosening restrictions brought about by the COVID-19 virus pandemic was showing significant effect on the real estate markets in Summit and Wasatch counties. The area had weathered the near complete shutdown of businesses and recreational activities. In person open houses had returned and buyers, sellers, and agents were all acclimating to the new normal: lots of masks and hand sanitizer.

The pent-up demand that the isolation mandates created started to be release with full force and vigor. As buyers returned, competition for the limited number of available homes increased, and pending contracts far outstripped new listings coming to market. PCMLS recorded record low inventories in August and the numbers continued downward through the end of the year. With fewer homes available and more buyers wanting them, the predicted rise in sale prices was inevitable.

Not surprisingly, from October 1 through the year end, the numbers were nothing short of spectacular. The story of real estate activity in the Wasatch Back is really a tale of two halves. Comparing the last six months of 2020 to the first six months:

  • Total New listings for the first half of the year were 1,569 compared to 2,037 for the last half.
  • Pending sales accelerated at an even greater pace with 1,267 contracts signed in H1-20 compared to 2,636 in H2-20. The latter number is more than double the previous year’s production of 1,248 for the last half of 2019.
  • Closed sales likewise were 150% higher in the last six months (2,174) than the first half of the (865).
  • With Pendings running much higher than New Listings, available inventory started to shrink dramatically. The year finished with just 917 residential and land units available for sale, nearly half of the previous low mark of 1,715 set in December 2017.
So how did the local market fare through the end of our first pandemic-riddled year? Here is our take on the total year-long results reported on a rolling year-over-year basis for the period ending December 31, 2020.

Single Family Homes

  • Within Park City Limits, total unit sales were up 64% over 2019 to 301 units while sales volume was up even more, $889 million, a 83% increase year-over-year.
  • The median price of a single-family home across the city rose 26% to $2.5 million.
  • In the ever-popular Old Town area sales volume and units sold both doubled as the median price rose 11% over 2019 to $2.03 million.
  • The Park Meadows neighborhood took the blue ribbon for greatest increase in median price, rising 36% over the year earlier to $2.6 million.
  • Snyderville residents saw a spike in sales volume (up 84%) while the median price tracked equally well, up 23% to $1.57 million.
  • The hotspots were south and east of the metro area. Jordanelle saw vigorous activity (sales units up 71%) that pushed the sales volume to nearly double 2019’s total to $242 million, up from $123 million the year earlier.
  • Heber Valley saw a 28% rise in sales units but 70% higher sales volume propelled by a median price that jumped 36% to $715,000.
  • Other neighborhoods that saw units sold or sales volume double this year were Deer Mountain, South Jordanelle, Thanes Canyon, Aerie, Old Ranch Road, Glenwild, Silver Creek Estates, Promontory, Tuhaye/Hideout, Red Ledges, and Heber East.

Despite fluctuations in the regional markets, Single Family sales activity on a region wide basis was markedly up compared to the year prior with unit sales up 40% and median prices up 33%.

Single Family Summary EOY 2020 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 301 64% 889,071,500 83% 2,953,726 11% 2,500,000 26%
Snyderville Basin 525 42% 1,186,397,406 84% 2,259,805 29% 1,575,000 23%
Jordanelle 108 71% 242,191,369 97% 2,242,513 15% 2,457,500 12%
Heber Valley 420 28% 386,699,943 70% 920,714 33% 715,000 36%
Kamas Valley 137 22% 148,631,331 37% 1,084,900 12% 600,000 13%
Wanship/Hoytsville 71 25% 43,212,097 36% 608,621 9% 500,000 3%
Total Primary Market Area 1,562 40% 2,896,203,646 78% 1,854,164 27% 1,265,000 33%
 

Condominiums

  • The Condo market in Old Town Park City continued to be solid with sales up slightly (15%) in units on a comparable gain in median price of 16% to $685,000.
  • Empire Pass was the standout neighborhood performer with sales more than doubling while the median price rose 10% down to a very respectable $2.6 million.
  • Prospector fewer unit sales, but a greater sales volume as the median price popped 27% to just over $215,000.
  • In the Snyderville area, Canyons Village saw its sales volume drop despite 22% more unit sales the result of the debut of a number moderately priced small condos that brought the median sale price down to $659,000.
  • In Wasatch County, Jordanelle Park, Deer Mountain, Tuhaye, Hideout, and Red Ledges all saw gains of 50% or more in units sold with Red Ledges leading the price gain parade, up 34% to $883,000.
  • Perennial leader Deer Mountain was bested by Canyons Resort in the race for neighborhood with the most sales with double the unit volume driven by a significant drop in median prices.
 
Condominium Summary EOY 2020 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 430 22% 596,376,489 56% 1,386,922 28% 958,750 23%
Snyderville Basin 511 30% 387,731,266 7% 758,770 -18% 585,000 -10%
Jordanelle 227 57% 152,332,538 63% 671,068 4% 675,000 5%
Heber Valley 72 1% 31,230,814 28% 433,761 26% 332,750 20%
Kamas Valley 10 11% 5,067,587 32% 506,759 19% 500,000 14%
Total Primary Market Area 1,250 29% 1,172,738,694 35% 938,191 5% 675,000 5%
 

Vacant Land

  • Land sales exploded in fourth quarter as buyers who could not find an existing home to their liking elected instead to build their own.
  • Overall land sales in Summit and Wasatch counties were up over 100%. However, the price increase expected when supply decreases and demand remain steady did not appear. The median sales price for land region wide was up 8% to $325,000.
  • Four of the six major regions saw sales units doubling the previous year. Snyderville Basin led the way with 246 lots sold on a median price rise to $602,000 (up 14%).
  • Jordanelle, Park City metro and Kamas Valley all saw a substantial increase in sales for 2020 with Jordanelle’s 313 units leading the group.
  • Only 43 lots sold within the Park City Limits but the median price rose nicely by 10% to almost $1.2 million.
 
Land Sales Summary EOY 2020 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 43 126% 64,995,000 155% 1,511,512 13% 1,200,000 9%
Snyderville Basin 246 151% 220,804,250 213% 897,578 25% 602,500 14%
Jordanelle 313 132% 138,710,975 143% 443,166 5% 329,000 12%
Heber Valley 210 59% 77,915,306 89% 371,025 18% 232,500 -7%
Kamas Valley 104 121% 54,727,149 170% 526,223 22% 260,000 4%
Wanship/Hoytsville 79 52% 9,502,010 54% 120,279 2% 110,000 23%
Total Primary Market Area 995 106% 566,654,690 157% 569,502 25% 325,000 8%
 

The recovery we see in the housing sector is mirrored by other economic activity nationwide. Unemployment peaked at nearly 15% nationally in April and has declined steadily to finish the year at 6.5%. The rate in Utah was barely more than half that, 3.6%.

Locally, the tourism industry was hardest hit with local businesses, particularly restaurants, that rely on summer vacationers struggling to stay afloat. With the arrival of ski season, we are starting to see a return of winter vacationers. Slopes are busy and restaurants have changed their table structure to accommodate social distancing. Some have installed “igloos” to isolate diners outdoors. We won’t see the February rush because Sundance has gone totally virtual. But all in all, the local market is faring much better than many places elsewhere in the country.

What is pushing the market?

  • Mortgage lenders kept rates the lowest they have been in 60 years, some dropping below 3%. This has made borrowing more attractive for not just first-time home buyers but everyone.
  • Low inventory attributed to Sellers being slow to return to the market out of concerns about strangers touring their homes without sanitation awareness has created more competition among buyers for prime properties.
  • This has pushed median sale prices higher, particularly in “outlying” areas such as Heber Valley, with single family homes appreciating 33% and condominiums 5% higher across the primary service area of Summit & Wasatch Counties.
The urban exodus away from compact city centers into more suburban, even rural, areas continued as many find working from home removes the restriction to have home close to work. Renters, vacationers, and time-share owners started looking for second or even primary homes in the spacious Wasatch Back, seeking to distance themselves from the urban chaos the pandemic had precipitated. They are happy to find not only ski and red rock recreational treasures but also room to social distance from others should lockdowns return.

Other considerations

Before the celebration gets out of hand it is important to note that the pandemic has not subsided. Utah saw a decline as we headed into Thanksgiving, only to rebound because of many family visits. A similar pattern emerged around Christmas with a three-month low just before the holiday and a spike immediately afterward. It remains to be seen what effect the emphasis on vaccinations will have. Will we see an escalating incidence of infections despite the start of a nationwide inoculation program and a new administration in Washington leading the charge?

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.

  • Multiple offers on many listings are driving prices higher. We are setting new all-time high sales prices in some markets, even when the individual properties are not that special or different. Buyers are driving the market.
  • The report below compares the full year 2020 to 2019. But comparing just fourth quarter to fourth quarter, the price increases are more pronounced. Median price on single family homes in Park City proper are up over 50% year to year in fourth quarter alone.
  • Condo sales in Canyons Village bucked the price-rise trend with the sale of a number of units in the new Yotel Condominiums development at significantly lower prices than historical norms for that area.
  • Just how strong was 4th quarter? In many neighborhoods the sales in fourth quarter equated to almost half of total sales in that area for all of 2020. In Park City proper it was 44%. In Lower Deer Valley it was 50%. Likewise, in Snyderville Basin where the Kimball, Glenwild and Promontory areas all saw nearly 50% of total sales happening in fourth quarter. We don’t see that slowing down any time soon.
Technology advances and work-from-home opportunities expected to continue driving demand in areas further away from Park City proper. Sales of vacant lots in the Tuhaye/Hideout are nearly triple year-over-year and prices are 34% higher because of increased demand.

Areas winners in our tracked statistics

(Minimum 10 or more sales) Single Family Homes Condominiums Vacant Land
Quantity sold: Promontory – 139 Canyons Village – 217 Tuhaye/Hideout – 185
Volume sold: Promontory - $390M Canyons Village - $270M Tuhaye/Hideout - $85.2M
Average sale price: Canyons Village - $6.76M Empire Pass - $2.98M Canyons Village - $2.45M
Median sale price: Canyons Village - $6.80M Empire Pass - $2.640M Canyons Village - $2.40M
Market Overview Year 2020 Comparison Report - 12 Month Rolling Year over Year
Park City MLS Primary Service Areas - Summit & Wasatch Counties (Only)
SINGLE FAMILY SUMMARY Qty Sold % Chg Volume % Chg Average % Chg Median % Chg CDOM Avg. % Chg
All 2019 – 12 Months 1,113 1,622,661,840 1,457,917 951,500 141
All 2020 – 12 Months 1,562 2,896,203,646 1,854,164 1,265,000 144
Inc/Dec 449 40% 1,273,541,806 78% 396,246 27% 313,500 33% 3 2%
CONDOMINIUM SUMMARY Qty Sold % Chg Volume % Chg Average % Chg Median % Chg CDOM Avg. % Chg
All 2019 – 12 Months 971 867,873,436 893,793 643,840 130
All 2020 – 12 Months 1,250 1,172,738,694 938,191 675,000 114
Inc/Dec 279 29% 304,865,258 35% 44,398 5% 31,160 5% (16) -12%
LAND SUMMARY Qty Sold % Chg Volume % Chg Average % Chg Median % Chg CDOM Avg. % Chg
All 2019 – 12 Months 483 220,737,100 457,013 300,000       197
All 2020 – 12 Months 995 566,654,690 569,502 325,000       248
Inc/Dec 512 106% 345,917,590 157% 112,490 25% 25,000 8% 51 26%
 

 

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 3rd Quarter Statistics

By Park City Board of REALTORS
Jan 15, 2021

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

 

November 3, 2020 – At the end of the third quarter of 2020, the expected housing slump for Summit and Wasatch Counties as a result influence and impact of the COVID-19 on the industry failed to materialize. On the contrary, 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-June, many areas of the market had recovered fully and by fall it was obvious that 2020 would be a record year for sales.

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 21% with the median sale price growing at a notable 12% year over year, and days on market decreasing slightly (down 7%).

The strongest single-family price gains appeared in the ever popular Park Meadows neighborhood where the median sale price jumped 32% to $2.5 million. Homes within the city limits of Park City overall posted a 15% median price increase over the same period in 2019 with a 20% increase in number of homes sold.

Condominium sales continued sustained strength through the third quarter increasing 17% in units sold (1,018 vs 870 sold in 2019) with a solid median price gain of 15%. Vacant land sales increased 52% to 735 units on slightly lower median prices, down 4% to $287,500 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.
  • Within Park City Limits, total unit sales were up 20% to 221 units over 2019 while sales volume was up even more, $628 million, a 22% increase year-over-year.
  • The median price of a single-family home across the city rose 15% to $2.32 million.
  • In the ever-popular Old Town area sales volume was up 19% (63 units) and the median price rose 12% over 2019 to $2.05 million.
  • The Park Meadows neighborhood took the blue ribbon for greatest increase in median price, rising 32% over the year earlier to $2.5 million.
  • Snyderville residents saw a spike in sales volume (up 24%) while the median price tracked equally well, up 14% to $1.45 million.
  • The hotspots were south and east of the metro area. Jordanelle saw vigorous activity (sales units up 48%) that pushed the sales volume to $164 million, up 63% from the year earlier.
  • Heber Valley saw a 21% rise in sales units and 49% higher sales volume while the median price kept pace with the gains at $605,000.
  • The feeding frenzy we saw in first and second quarters in Tuhaye/Hideout subsided as the median price in Q3 grew by a respectable 10% but far short of the 50+% gains seen earlier this year, perhaps influenced by ongoing annexation litigation in that area.
The Park City and Heber Valley areas tied for quarterly dominance in the two-county area when measured by Median price appreciation with both jumping fully 15% to just over $2.3M for Park City and $600,000 for Heber Valley on unit sales that were up 20% over last year in both areas. With that median price jump, Park City proper regained its long-held perch as the most expensive area.

Heber Valley again had over 370 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 jumped 24% over 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 17% to $1.27M.
  • Promontory saw the greatest number of home sales in the Basin with a total of 102, 38% more than the year before.

Despite fluctuations in the regional markets, Single Family sales activity on a region wide basis was markedly up compared to the year prior with unit sales up 21% and median prices up 12%.

Single Family Summary One Year Period ending 9/30/20 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 221 20% 628,702,113 22% 2,844,806 1% 2,327,858 15%
Snyderville Basin 428 24% 846,776,253 44% 1,978,449 17% 1,452,500 14%
Jordanelle 80 48% 164,183,317 63% 2,052,291 10% 2,197,500 2%
Heber Valley 377 21% 316,804,803 49% 840,331 23% 605,000 15%
Kamas Valley 123 9% 113,347,963 7% 921,528 -2% 575,000 11%
Wanship/Hoytsville 60 13% 32,440,572 6% 540,676 -7% 499,950 4%
Total Primary Market Area 1,289 21% 2,102,255,022 35% 1,630,919 12% 1,062,000 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 condominiums was up 17% to 1,018 units compared to the previous 12 months. Median pricing was up as well to $681,000, 22% above the year earlier.
  • The Condo market in Old Town Park City continued to be solid with sales up slightly (10%) in units on a strong gain in median price of 20% to $685,000.
  • Empire Pass was the standout neighborhood performer with sales more than doubling while the median price dropped 9% down to a still respectable $2.3 million.
  • Prospector and Lower Deer Valley both posted lower sales, but Prospector saw a median price jump of 21% to just over $200,000.
  • In the Snyderville area, Canyons Village saw the biggest gains with sales units up 50% over last year’s number (231 units) on a 23% gain in the median price to over $890,000.
  • In Wasatch County, Jordanelle Park, Midway and Heber City all saw gains of 40% or more in units sold with Jordanelle Park leading the price gain parade, up 33% to $525,000.
  • Deer Mountain topped the list of neighborhoods with the most sales, at 114 on unchanged median prices.
In the Snyderville Basin, there were more than 400 condos sold and the median price continued its upward trend growing 25% to $700,000.
  • By neighborhood, Canyons Village had the highest number of closed sales at 231 and the median price in Canyons Village jumped 23% to $895,000.
  • 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 52% and median prices gain 12% to over $311,000.
 
Condominium Summary One Year Period ending 9/30/20 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 345 6% 435,658,062 26% 1,262,777 19% 864,400 12%
Snyderville Basin 411 28% 376,773,366 53% 916,724 19% 700,000 25%
Jordanelle 180 9% 115,655,529 10% 642,531 0% 647,500 1%
Heber Valley 76 52% 30,048,416 72% 395,374 13% 311,750 12%
Kamas Valley 6 -25% 3,026,587 -11% 504,431 18% 503,529 15%
Total Primary Market Area 1,018 17% 961,161,959 34% 944,167 14% 681,365 22%

Conclusion

Overall, the third 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 across the region continues significantly above the national average.

As the second quarter of 2020 ended, 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 entire U.S. 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.

So, not surprisingly, as we started into third quarter, many were wondering if the resiliency we were beginning to see in June would hold, or if a resurgence of the contagion would once again shutter businesses, and force a mandatory masking program. Thankfully, those fears never materialized.

From July 1 through September 30, the numbers were nothing short of spectacular and surprisingly so given the economic climate.

  • New listings exceeded those in the same week of the prior year every week of the entire quarter
  • Total New listings for the quarter were 1,239 compared to 861 the year prior, a 44% increase
  • Pending sales accelerated at an even greater pace with 1,503 contracts signed in Q3-20 compared to 736 in Q3-19, more than double the previous year’s production.
  • Closed sales likewise were 45% higher than the year before (982 vs. 675).
  • With Pendings running 25% higher than New Listings, available inventory started to shrink dramatically. The quarter finished with just 1,364 available units for sale, a full 20% lower than the previous low mark of 1,715 set in December 2017.
As expected, the negative economic impact of the pandemic has been widespread. Unemployment has spiked to nearly 15% nationally by April. Locally, the tourism industry has been hardest hit with local businesses, particularly restaurants, that rely on summer vacationers struggling to stay afloat. But the effect on housing at least on a local level has not been nearly as bad as anticipated. Our local market results are running counter to the prevailing norms elsewhere in the country.

What is pushing the market?

  • Mortgage lenders kept rates the lowest they have been in 60 years, some dropping below 3%. This has made borrowing more attractive even for not just first-time home buyers but everyone.
  • Low inventory attributed to Sellers being slow to return to the market out of concerns about strangers touring their homes without sanitation awareness has created more competition among buyers for prime properties.
  • This has pushed median sale prices higher, particularly in “outlying” areas, with single family homes appreciating 12% and condominiums 15% higher across the primary service area of Summit & Wasatch Counties.
The more surprising trend, seen not only in Park City but across the country, is the urban exodus away from compact city centers into more suburban, even rural, areas as many find working from home removes the restriction to have home close to work. Renters, vacationers, and time-share owners started looking for second or even primary homes in the spacious Wasatch Back, seeking to distance themselves from the urban chaos the pandemic had precipitated. They are happy to find not only ski and red rock recreational treasures but also room to social distance from others free of lockdowns.

Other attractions

  • Summit and Wasatch school systems opened to in-person classrooms—a huge draw for parents dreading spending hours tutoring their kids or turning them into Zoom zombies.
  • Utah’s unemployment rate at 4.5% is less than half the national average of 9.2%. People can find work here that is not available elsewhere.
  • College students from affluent families who would rather ski between remote learning classes are finding no better place to “learn” than Park City. As the Salt Lake Tribune recently noted, “Utah also has emerged as a more affordable alternative to Aspen or Vail, Colo., for college collaboration houses, clusters of students renting vacation homes to take advantage of the outdoors while they complete their coursework online.”
Before the celebration gets out of hand it is important to note that the pandemic has not subsided. Instead, Utah is facing an escalating incidence of infections, hospitalizations, and deaths. If that trend continues, local officials will be faced with the harsh reality that more restrictions on gatherings will be needed to stem the tide, further complicating the economic relationships between business, education, and recreation? Add to that the arrival of the usual fall and winter influenza season and we have a continuing situation that must be closely watched.

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.

  • Multiple offers on many listings are driving prices higher. We are setting new all-time high sales prices in some markets, even when the individual properties are not that special or different. Buyers are driving the market.
  • Buyers coming to Park City from larger and higher priced cities (NYC, San Francisco) are not daunted by PC prices which are often lower than what they are used to.
  • The report below compares the 12-month period ending 9/30/20 to the same period the year before. But comparing just third quarter to third quarter, the price increases are more pronounced. Median price on residential properties in Park City proper are up over 50% year to year in third quarter alone.
  • The new developments in Silver Creek Village are selling briskly and 75% are primary residences reinforcing the trend we’re seeing away from second home purchases.
  • Sales in Promontory through third quarter now exceed total sales from 2019 and available inventory is down to almost zero for existing homes. Custom lots in the high-end Pinnacle area are now selling for between $1.8 and $2.5 million and are expected to continue to rise as demand stays steady.
  • Technology advances and work-from-home opportunities expected to continue driving demand in areas further away from Park City proper. Sales of vacant lots in the Tuhaye/Hideout are up 50% year-over-year and prices are almost 30% higher as a result of increased demand.
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.

Overall Market Summary and Area winners

(Minimum 10 or more sales) Single Family Homes Condominiums Vacant Land
Quantity sold: Heber – 117 Canyons Village - 231 Tuhaye/Hideout – 92
Volume sold: Promontory - $267M Canyons Village - $271M Tuhaye/Hideout - $36.8M
Average sale price: Canyons Village - $5.38M Empire Pass - $2.91M Canyons Village - $2.43M
Median sale price: Canyons Village - $5.46M Deer Crest - $2.50M Canyons Village - $2.40M
Days on market (lowest): Heber – 13 days Heber – 15 days Jordanelle Park – 33 days
Market Overview Q3 2020 Comparison Report - 12 Month Rolling Year over Year
Park City MLS Primary Service Areas - Summit & Wasatch Counties (Only)
SINGLE FAMILY SUMMARY Qty Sold % Chg Volume % Chg Average % Chg Median % Chg CDOM Avg. % Chg
Oct 2018 thru Sep 2019 1,062 1,553,230,088 1,462,552 950,000 137
Oct 2019 thru Sep 2020 1,289 2,102,255,022 1,630,919 1,062,000 130
Inc/Dec 227 21% 549,024,934 35% 168,367 12% 112,000 12% (7) -5%
CONDOMINIUM SUMMARY Qty Sold % Chg Volume % Chg Average % Chg Median % Chg CDOM Avg. % Chg
Oct 2018 thru Sep 2019 870 719,617,880 827,147 560,000 132
Oct 2019 thru Sep 2020 1,018 961,161,959 944,167 681,365 113
Inc/Dec 148 17% 241,544,079 34% 117,020 14% 121,365 22% (19) -15%
LAND SUMMARY Qty Sold % Chg Volume % Chg Average % Chg Median % Chg CDOM Avg. % Chg
Oct 2018 thru Sep 2019 482 207,916,872 431,363 300,000 220
Oct 2019 thru Sep 2020 735 364,707,495 496,201 287,500 229
Inc/Dec 253 52% 156,790,624 75% 64,838 15% (12,500) -4% 10 4%
 

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.

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 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.

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.

2015 3rd Quarter Statistics

By Park City Board of REALTORS
Oct 30, 2015

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

FOR IMMEDIATE RELEASE:                                                             

October 29th, 2015

For further information, contact Park City Board of REALTORS®

Nancy Tallman, President 435.901.0659 NancyTallman@gmail.com

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

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

 

Park City, Utah – October 29th, 2015

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

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

Single Family Home Sales

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

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

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

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

Condominium Sales

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

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

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

Vacant Land Sales

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

Looking Ahead

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

 

 

___________________________________________________________________________

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

Solution for the Affordable Care Act

By Park City Board of REALTORS
Oct 29, 2013

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

Click the heading to learn more.

 
 
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