Newsroom

2022 4th Quarter Statistics

By Park City Board of REALTORS
Jan 27, 2023

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

Joanne O’Connell                                                      Jon Schumann

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

Joanne@JoanneOConnell.com                                     Jon@LookoutPC.com

(435) 640-5507                                                                 (435) 565-1465

 

January, 2023 – After two of the most volatile years in real estate, triggered by the global pandemic that was COVID-19, sales numbers are returning to pre-pandemic levels. Sales prices are not.

The past two years caused huge swings in market reports as the mandated isolation to prevent the spread of the virus forced offices to close, employees to quarantine, and stock in online conferencing services skyrocket. Those trends are all reversing direction, and the Park City real estate market is reflecting those changes as the market returns to a more “normal” seasonal pattern.

  • Listing inventory is rising – In December ‘21 only 539 residential properties and lots were for sale. By December ‘22, that number rose to 1,263 (but was still 37% below the Dec-2019 figure of 2,011)
  • Prices are starting to level off – Within Park City limits, sale prices jumped 35% during 2021. In 2022 they continued to increase, but at half that annual rate.
  • Mortgage interest rates are trending downward – In late October, the average 30-year fixed rate was 7.08%. By the end of December, it had dropped to 6.48% and was headed down more.
  • Buyers are becoming more hesitant to make instant offers above the asking price and sellers are reacting by lowering those asking prices albeit at a slower pace. In Q3, 763 listings had at least one price reduction. In Q4, that number was 375. Price reductions in Q3 averaged 6.4% versus 5.7% in Q4.
Sale prices for single-family homes in the primary market area of Summit and Wasatch Counties as reported by the Park City Board of REALTORS® Multiple Listing Service for the year ending December 31 showed moderate increases in both average (Up 2%) and median (Up 3%). For the year earlier, those increases were 28% and 24% respectively.

The rate of sales (number of units sold) dropped 29% for single-family homes and 27% for condominiums from the year prior. Fears that the country might be headed into a recession, reinforced by a continuing push by the Fed to raise interest rates and stop inflation, and other negative indicators (gas prices), slowed sales across the region. However, an assisting driver of lower sales numbers continued to be the lack of inventory – agents cannot sell what owners will not offer for sale.

Park City neighborhoods vary widely in price comparison and the Q4-year over year results continued that pattern.

For Single Family homes, all but one of the major areas that make up the greater Park City market showed drops in units sold through 4th quarter of 2022 versus 2021. The exceptions were in Silver Creek Village where a boom in new construction pushed sales totals 200% higher than in 2021, and in the South Jordanelle area where the new Benloch Ranch development accounted for 68 of the 85 sales in the $1 to $2 million range. Interest is growing in anticipation of the Mayflower Mountain resort project opening for the 2024-25 ski season. Sales in the Jordanelle area increased 78% over the previous year, albeit at a lower median price point of $1.6 million, down from $2.3 million the year prior.

Condo sales across the entire market range followed a pattern similar to single-family homes. Total sales volume declined in all areas primarily due to a lack of inventory to sell. Within Park City limits, condo sales volume was down 44% but median sale prices rose 15% to $1.5 million. In the Snyderville Basin, total sales volume climbed 32% because average and median prices both rose by nearly 50%.

The inventory of vacant land listings dropped from 902 in mid-2019 (before Covid hit) to 275 in Spring-2021 (just before vaccines became available). That number has increased steadily through the end of 2022 when we had 525 listings. Some buyers who bought vacant lots in years past with the intention of building in Park City found years later that the cost of construction (materials and labor – both in short supply because of Covid)) had increased so much that they delayed construction hoping for costs to return to normal. Some are putting those lots back on the market. At the same time, the increased demand for housing has spurred developers to break ground on projects that were delayed by the pandemic as well. The combination of those two trends is reflected in the number of new-construction listings which increased by 240% from 2019 to 2022.

Comparing the 12-months ending December 31, 2022, to the same period in 2021:

  • New residential listings (single-family and condo) year-to-date are showing signs of recovery after a lengthy period of decline. For the twelve months ending December 2022, total new residential listings were 2,997, down just 80 from the same period the year before.
  • The market is cooling off after an overheated two years of sales. PCMLS members signed 2,140 purchase contracts in 2022, 43% fewer than the previous year (3,765)
  • With New Listings running slightly higher than Pending contracts, available inventory started to increase. Only 265 residential properties were active at the end of 2021. That number boomed to 738 as of December 31, an increase of 178% year over year.
Overall, 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 December 31, 2022. (Note: only areas with 10 or more sales are considered in the tally and reporting.)

Single Family Homes

Sales units across the primary market area (Summit & Wasatch counties) dropped 29%. A 3% rise in median sales price to $1.6M was not enough to offset the volume drop. Total sales volume declined 27% from the prior year. Through Q4-22, the $2.21 Billion in total sales was down from the Q4-21 Y-o-Y total of $3.04 Billion.

Highlights of the single-family home market:

  • Within Park City Limits, total unit sales were down 47% over 2021 to 115 units but sales volume declined just 38% to $530 million this year.
  • The median price of a single-family home within Park City limits rose 18% to $3.9 million.
  • In the popular Old Town area, units were down 59% (76 to 31) as the median price set a new record above $3.9 million (+57%).
  • Snyderville Basin residents followed the prevailing market with sales volume (down 35%) on a respectable gain in the overall median price up 12% to $2.1 million.
  • All but two Snyderville neighborhoods (Kimball Junction and Silver Creek South) saw declines in units sold with Jeremy Ranch dropping the most (62%) to 24 units. Silver Creek South had the biggest gain with 34 homes sold, more than triple the previous total. One-third of overall sales volume in the Basin was in Promontory ($276 million)
  • Jeremy Ranch saw the biggest price increases with the median rising 43%. The median sale price in Jeremy Ranch rose to $2.4 million. Canyons Village held on to the top position with a median price of over $11 million.
  • Among the outlying areas, the Kamas Valley showed a substantial median price increase of 47%.
Despite fluctuations in the regional markets, Single Family sales activity in the primary market area was markedly down compared to the year prior with sales volume off 34% while median prices were up 14% year over year.
Single Family Summary End of Q4 2022 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 115 -47% 530,511,346 -38% 4,613,142 19% 3,900,000 18%
Snyderville Basin 277 -39% 830,379,355 -35% 2,997,759 7% 2,128,995 12%
Jordanelle 148 78% 315,061,935 44% 2,128,796 -19% 1,633,150 -31%
Heber Valley 245 -31% 333,005,696 -29% 1,359,206 2% 990,000 10%
Kamas Valley 104 -26% 168,313,300 -2% 1,618,397 33% 1,247,750 47%
Wanship/Hoytsville 47 -16% 41,267,500 -11% 878,031 7% 650,000 -7%
Total Primary Market Area* 936 -29% 2,219,304,135 -27% 2,371,051 2% 1,600,000 3%
Total Overall MLS Area 1,071 -29% 2,385,192,400 -27% 2,227,070 3% 1,490,000 3%
* Primary Market totals include only Summit and Wasatch counties.

Condominiums

The condominium market across the entire Wasatch Back continued to report even more and larger median price increases than did the single-family market. Every major area across the region reported increases of 15% or more with the overall average increasing by 35%.

 

  • The Condo market in the Old Town neighborhood paralleled the single-family numbers with unit sales and volume down on a gain in median price of 15%. The median price of a condominium sold in Old Town is now $1.5 million.
  • Price gains were nearly uniform across all neighborhoods, with only Upper Deer Valley Resort declining by a small fraction. Old Town, Park Meadows and Prospector led the gainers, up 46% or more.
  • In the Snyderville area, outside of perennial volume leader Canyons Village, Silver Creek South and Silver Springs led in sales volume increases (224% and 59% respectively) while all other Snyderville neighborhoods saw sales decline due to lack of inventory.
  • In Wasatch County, (areas with 10 or more sales are reported) Jordanelle Park showed the largest gains in sales volume over the prior year (up 68%) despite a slight decline in median price, down 3% to $934,000.
Condominium Summary End of Q4 2022 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 284 -44% 567,554,396 -38% 1,998,430 11% 1,500,000 15%
Snyderville Basin 489 -8% 627,391,523 32% 1,283,009 44% 1,075,000 51%
Jordanelle 206 -30% 224,441,103 -13% 1,089,519 25% 973,602 22%
Heber Valley 33 -38% 21,672,585 -15% 656,745 37% 495,000 27%
Kamas Valley 4 100% 2,223,500 114% 555,875 7% 592,500 14%
Total Primary Market Area* 1,016 -27% 1,443,283,108 -14% 1,420,554 18% 1,100,000 35%
Total Overall MLS Area 1,046 -28% 1,460,318,108 -15% 1,396,098 18% 1,070,625 34%
* Primary Market totals include only Summit and Wasatch counties.

Vacant Land

After the explosive growth we saw in 2020 (up 158% in sales volume) and 2021 (up 73%) this past year land sales slowed with overall volume dropping 41% in the primary market area. Every major area showed drops in units sold. Total sales volume dropped in all areas except Wanship/Hoytsville where sales volume was up 9% while units sold was less than half of the previous year. One-third of the sales were in the new luxury development of Wohali near Echo Reservoir southwest of Coalville. The median sale price on these lots was more than $1 million in an area where lots traditionally sold for $150-300,000. That tripling of sale prices from the year prior accounted for the sales volume anomaly.

  • Jordanelle showed the most activity selling 329 lots this past year. The median sale price was $653,000, up slightly from the year before.
  • Overall land sales in Summit and Wasatch counties were down 41%, as supply decreases and steady demand pushed the median sales price for lots region wide up 14% to $670,000.
  • All the major areas of the market saw a drop in units sold. Snyderville, Heber Valley and Wanship/Hoytsville were hit the hardest, dropping by half from the previous year’s total.
  • Only 32 lots sold within the Park City Limits, but that lack of available lots resulting in scarcity, coupled with high demand kept the median sale price for the few that did sell just below 2 million.
Land Sales Summary End of Q4-2022 Qty Sold % Chg Sales Volume  % Chg Average Price  %

Chg

 Median Price % Chg
Park City 32 -20% 72,078,000 -12% 2,252,437 10% 1,967,500 4%
Snyderville Basin 102 -59% 142,904,600 -56% 1,401,025 9% 1,087,500 40%
Jordanelle 329 -24% 307,882,190 -9% 935,812 20% 653,600 2%
Heber Valley 115 -53% 79,399,175 -44% 690,427 20% 525,000 39%
Kamas Valley 66 -37% 33,726,900 -59% 511,013 -35% 382,500 9%
Wanship/Hoytsville 34 -56% 19,987,750 9% 587,875 149% 357,500 190%
Total Primary Market Area* 678 -41% 654,163,615 -34% 964,843 13% 670,400 14%
Total Overall MLS Area 723 -40% 707,313,015 -33% 978,303 13% 665,000 12%
* Primary Market totals include only Summit and Wasatch counties and are not totals for all areas.

Opinion and Observation

What do Park City agents see coming in the next year? 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.

  • The trend for more people to become remote workers during the pandemic increased demand for homes in greater Park City. Now that corporations in general are asking workers to return to the office, potentially more homes will become available, which would increase inventory and depress prices.
  • Generally, agents report that the erratic effects of the Covid Pandemic are largely behind us. Inventory is returning to normal, sales levels are flattening out, and prices elevated during the high-demand virus influenced period are holding steady or continuing to rise, but at a slower rate.
ON SINGLE FAMILY HOMES
  • Very few Owners are willing to give up their 3% mortgages by selling, when they have to re-buy at 6-7% money. This will continue to create downward pressure on inventory.
  • Large corporations are requiring folks return to the office. That will affect the market if they have to sell and go back to wherever they came from.
  • Buyers from high tax states are still looking for an opportunity to move to areas like ours, with reasonable taxes and our wonderful Park City Lifestyle.
  • National media are reporting the difference between 20, 21 vs. 2022 rather than how 2022 compares to a more normal period in 2013-2019. This is what is injecting fear into the market. The Park City market is somewhat insulated due to steady demand and limited inventory.
  • There is significant inventory being planned in Heber Valley that will probably come to market in the next year. Watch for a jump in activity around Heber City, particularly to the north of town where there is significant new construction happening.
  • We are slowly returning to a more balanced market, much closer to what was happening pre-COVID, both in terms of number of sales and sale prices.
  • It’s important not to use the broader market trends to paint every local neighborhood. The market is highly segmented, and each neighborhood in Park City has unique values, and unique pricing trends.
Overall Market 2021 Full Year 2022 Full Year Changes Year over Year
Units  Volume Units  Volume Units  Volume
 SFH 1,507 3,267,521,618 1,071 2,385,192,400 -29% -27%
Condo 1,459 1,722,577,764 1,046 1,460,318,108 -28% -15%
 Land 1,206 1,048,239,960 723 707,313,015 -40% -33%
 TOTAL 4,172 6,038,339,342 2,840 4,552,823,523 -32% -25%
In a superb example of how dramatically this market is changing, Rick Klein, long-time, frequent contributor to our agents’ understanding of the magnitude of the changes in the local market, showed the changes in total property sales over the past four years. Although total sales in 2022 are markedly below either 2020 or 2021, they are not bad when looking at the trend over the past 10 years. In fact, they are higher than in any year EXCEPT 2020 and 2021.

The topic that generates the most questions is Pricing. Will the huge uptick in median sale prices continue, and if so for how long?

Looking at residential sales only, the chart at the right shows how dramatically prices have climbed not just in the past three years but over the past 10 years. Prices have climbed 4 to 6% this year over last. But since 2013, the average has risen 130% and the median 149%. That makes the 10-year average price appreciation 13 to 15% per year. Real estate in the Wasatch Back looks like a very strong investment over the long run with no signs of slowing down.

What are the key takeaways from this quarter’s numbers? Here are Rick’s summary points:

  • Demand has returned to pre-pandemic levels; has it stabilized? While YTD sales still exceed those of 2019, Q4 closed sales and especially Q4 pended sales are below 2019 levels.
  • Inventory has improved significantly but still remains 25% less than pre-pandemic levels. Similarly, the absorption rate has increased dramatically from the lows of several quarters ago, but it remains 40% below levels prior to Covid.
  • Pricing is the big question. NAR announced home prices are 3.5% above last year and have decelerated most of the year.  In Park City, price gains are also decelerating, but are 13% higher than a year ago.  Some of that gain “may” be due to enhanced new construction. The more important question is what will happen in the future.
  • With any luck, the pandemic is behind us. We have a new normal, at least given recent price gains.  The issue is whether our market now stabilizes or continues to see a decrease in sales and possible pricing.
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.

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2022 3rd Quarter Statistics

By Park City Board of REALTORS
Nov 03, 2022

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

Rene Wood                                                                 Joanne O’Connell

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

Sold@ReneWood.com                                                     Joanne@JoanneOConnell.com

(435) 503-1181                                                                   (435) 640-5507

 

November 1, 2022 – The wild price and sales swings that buyers and sellers have witnessed over the past two years seem to be moderating as the market returns to a more “normal” seasonal pattern. Listing inventory is rising, prices are starting to level off as mortgage interest rates climb. Buyers are becoming more hesitant to make instant offers above asking price and sellers are reacting by lowering those asking prices in much greater numbers.

Sale prices for single-family homes in the primary market area of Summit and Wasatch Counties as reported by the Park City Board of REALTORS® Multiple Listing Service for the year ending September 30 showed moderate increases in both average (Up 7%) and median (Up 3%). For the year earlier, those increases were 40% and 50% respectively.

The rate of sales (number of units sold) and the overall dollar volume dropped 30% for single-family homes and  27% for condominiums from the year prior. Fears that the market might be overheated, reinforced by a continuing rise in interest rates, supply chain difficulties, and other inflation indicators (gas prices), slowed sales across the region.

Price appreciation continues to be driven by lower available inventory, but that trend is reversing. As of January of this year, there were only 287 residential properties for sale across the region and many of those were still under construction. That number jumped to 836 by September as more sellers feared they might miss out on a nice profit and put their properties on the market. Keep in mind, however, that number is about half of the normal inventory in PCMLS prior to the pandemic.

Park City neighborhoods vary widely in price comparison and the Q3-year over year results continued that pattern.

For Single Family homes, all but one of the major areas that make up the greater Park City market showed drops in units sold through 3rd quarter of 2022 versus 2021. The exception was the South Jordanelle area where a number of new developments are being built in anticipation of the Mayflower Mountain resort project opening in the near future. Sales in South Jordanelle increased 44% over the previous year, albeit at a lower median price point of $1.7 million, down from $2.5 million the year prior.

Condo sales prices were strong across the entire market range. But total sales volume declined in all areas primarily due to a lack of inventory to sell. Within Park City limits, condo sales volume was down 29% but median sale prices rose 18%. In the Snyderville Basin, total sales climbed 28% because average and median prices both rose more than 50%.

Comparing the 12-months ending September 30, 2022, to the same period in 2021:

  • New residential listings (single-family and condo) year-to-date are showing signs of recovery after a lengthy period of declines. For the nine months ending September 2022, total new residential listings were 2,511, down just 96 from the same period the year before.
  • The market is cooling off after an overheated two years of sales. PCMLS members signed 1,802 purchase contracts in the nine months ending 9-30-22, 42% fewer than the previous year (3,124)
  • With New Listings running slightly higher than Pending contracts, available inventory started to increase. Only 265 residential properties were active at the end of 2021. That number boomed to 856 as of September 30, an increase of 223% so far this year.
Overall, 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 September 30, 2022.

Single Family Homes

Overall sales units across the primary market area (Summit & Wasatch counties) dropped 30%. A 3% rise in median sales price to $1.59M was not enough to offset the volume drop. Total sales volume declined 25% from the prior year. Through Q3-22, the $2.56 Billion in total sales was down from the Q3-21 Y-o-Y total of $3.39 Billion.

Highlights of the single-family home market:

  • Within Park City Limits, total unit sales were down 54% over Q3-21 to 133 units but sales volume declined just 37% to $613 million this year.
  • The median price of a single-family home within Park City limits rose 33% to $3.9 million.
  • In the popular Old Town area units were down 71% (110 to 32) as the median price set a new record above $3.6 million (+63%).
  • The Prospector neighborhood led all others for greatest increase in median price, 54% year over year to $2.6 million.
  • Snyderville residents followed the prevailing market with sales volume (down 33%) on just a modest gain in the overall median price up 5% to $2.0 million. All but two Snyderville neighborhoods (Kimball Junction and Silver Creek South) saw declines in units sold with Jeremy Ranch dropping the most (60%) to 31 units. Silver Creek South had the biggest gain with 22 homes sold, up 69%.
  • Nearly one-third of overall sales volume was in Promontory ($309 million) while Jeremy Ranch and Old Ranch Road areas saw the biggest price increases with the median prices rising 53% and 44% respectively. The median sale price in Old Ranch Road rose to $6.9 million, second highest in the region behind Canyons Village ($9.6 million).
  • The Heber and Kamas valleys showed substantial median price increases of 25% and 31%, respectively.
Despite fluctuations in the regional markets, Single Family sales activity in the primary market area was markedly down compared to the year prior with sales volume off 25% while median prices were up 3% year over year.
Single Family Summary End of Q3 2022 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 133 -54% 612,721,690 -37% 4,606,930 36% 3,900,000 33%
Snyderville Basin 327 -39% 978,059,000 -33% 2,991,006 10% 2,000,000 5%
Jordanelle 148 44% 320,175,509 23% 2,163,348 -14% 1,722,937 -32%
Heber Valley 292 -25% 419,561,669 -10% 1,436,855 19% 1,042,500 25%
Kamas Valley 122 -17% 177,967,138 -0% 1,458,747 20% 1,188,642 31%
Wanship/Hoytsville 54 -22% 49,893,500 -1% 923,953 27% 705,000 18%
Total Primary Market Area* 1,077 -30% 2,559,653,507 -25% 2,376,651 7% 1,590,000 3%
Total Overall MLS Area 1,231 -29% 2,738,016,336 -24% 2,224,221 6% 1,450,000 0%
* Primary Market totals include only Summit and Wasatch counties.

Condominiums

The condominium market across the entire Wasatch Back continued to report even more and larger median price increases than did the single-family market. Every major area across the region reported increases of 20% or more.

  • The Condo market in the Old Town neighborhood paralleled the single-family numbers with unit sales and volume down on a gain in median price of 20%. The median price of a condominium sold in Old Town is now $1.5 million.
  • No neighborhood was immune to the drop. But Aerie and Deer Crest both dropped to single digit unit sales.
  • Price gains were nearly uniform across all neighborhoods, with only Upper Deer Valley Resort declining (4%). Old Town and Prospector led the gainers, up 68% and 62% respectively.
  • In the Snyderville area, outside of perennial volume leader Canyons Village, Silver Creek South and Silver Springs led in sales volume increases (107% and 60% respectively) while other Snyderville neighborhoods saw sales decline due to lack of inventory.
  • In Wasatch County, (areas with 10 or more sales are reported) Jordanelle Park doubled its sales volume over the prior year on a substantial gain in median price, up 48% to $976,000.
 
Condominium Summary End of Q3 2022 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 342 -40% 681,589,864 -29% 1,992,952 18% 1,500,000 20%
Snyderville Basin 546 -16% 674,812,990 28% 1,235,921 53% 1,049,500 70%
Jordanelle 236 -19% 248,716,002 4% 1,053,881 29% 964,005 24%
Heber Valley 35 -47% 21,388,585 -33% 611,102 26% 496,000 30%
Kamas Valley 3 -50% 1,638,500 -46% 546,166 8% 600,000 20%
Total Primary Market Area* 1,163 -27% 1,629,005,943 -8% 1,401,898 26% 1,050,000 38%
Total Overall MLS Area 1,199 -28% 1,649,756,363 -9% 1,377,092 26% 1,035,000 38%
* Primary Market totals include only Summit and Wasatch counties.

Vacant Land

After explosive growth in the year ending 12/31, Land sales declined across the region with every major area showing drops in units sold. Total sales volume dropped in all areas except Jordanelle where sales volume was up 48% on prices that shot up 61% from the year prior.

  • Jordanelle showed the most activity selling 431 lots this past year. The median sale price was $726,000, up from $450,000 the year before.
  • Overall land sales in Summit and Wasatch counties were down 35%, however, the price increases expected when supply decreases and demand remains steady pushed the median sales price for lots region wide up 42% to $695,000.
  • All the major areas of the market saw a drop in units sold. Snyderville, Heber Valley and Wanship/Hoytsville were hit the hardest, dropping by half from the previous year’s total.
  • Only 35 lots sold within the Park City Limits, but that lack of available lots coupled with high demand pushed the median sale price for the few that did sell to $2.1 million, up 45% from the year before.
Land Sales Summary End of Q1-2022 Qty Sold % Chg Sales Volume  % Chg Average Price  %

Chg

 Median Price % Chg
Park City 35 -29% 82,896,000 -1% 2,368,457 39% 2,100,000 45%
Snyderville Basin 124 -62% 166,733,100 -59% 1,344,621 9% 930,500 25%
Jordanelle 431 -8% 411,417,020 48% 954,563 61% 726,200 61%
Heber Valley 144 -48% 100,620,445 -25% 698,753 45% 499,500 67%
Kamas Valley 79 -26% 50,288,800 -41% 636,567 -21% 425,000 15%
Wanship/Hoytsville 40 -49% 23,604,850 81% 590,121 252% 362,500 284%
Total Primary Market Area* 853 -35% 833,745,215 -17% 977,427 28% 695,000 42%
Total Overall MLS Area 901 -34% 882,559,665 -16% 979,533 27% 692,900 41%
* Primary Market totals include only Summit and Wasatch counties and are not totals for all areas.

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

  • In looking at the year-long numbers, we may be missing the change in the market that occurred in the March-April timeframe. Activity in the most recent six months was dramatically different from activity in the prior six-month period.
  • The erratic stock market has had an effect on buyers’ willingness to purchase now. Likewise, we expect to see more activity after this year’s election is over and some of the uncertainty is eased.
  • Lots of “wait and see” buyers waiting for their stock portfolios to recover.
  • The lack of inventory is more prevalent in the higher end of the market, over $3 Million. Asking prices are more ambitious in this range than in the market in general, resulting in fewer offers.
  • There is significant inventory being planned in Heber Valley that will probably come to market in the next year. Look for a jump in activity around Heber City, particularly to the north of town.
  • We are slowly returning to a more balanced market, much closer to what was happening pre-COVID, both in terms of number of sales and sale prices.
  • It’s important not to use the broader market trends to paint every local neighborhood. The market is highly segmented, and each neighborhood in Park City has unique values, and unique pricing trends.
In a superb example of how dramatically this market is changing, Rick Klein, long-time, frequent contributor to our agents’ understanding of magnitude of the changes in the local market, showed the changes in absorption rate over the past two years. Absorption Rate (AR) compares the current inventory to the current monthly sales to calculate how long it would take to sell everything on the market today. Rick has compared market times for Single Family homes and Condos sold in 2022 to those in the past three years.

The current AR for residences in greater Park City is 4.2 months. Six months ago, it was just 1.5 months. The average over the seven years from 2013 to 2019 was 7.2 months, so we are still selling homes much faster than in recent history, but the timeframe is more than twice what it was six months ago.

How much is the market changing?

We are starting to see some easing in prices as mortgage rates rise and competitive bidding becomes less frequent. This market, and the past two years of activity, can perhaps be best illustrated with a snapshot of just third quarter sales totals since the great recession of 2008.

In the 7 years from 2013 to 2019, looking at just third-quarter sales, the market total for residential and land combined vacillated between 400 and 500 units. In 2020 it is almost double, to over 900 before falling back to 700+ in 2021. Now, Q3-22 came in at 460, back in the historically normal range.

The chart of residential sale median prices (right) shows how dramatically prices have climbed in the past three years and how eerily similar the rising slope of the current price changes is to the same rise in the mid 2000’s.

Economic forecasts are predicting a continuing economic slowdown, but none has projected a bubble bursting crash such as we experienced in 2008.

What are the key takeaways from this quarter’s numbers?

  • Inventory: finally improving. Since the end of 2021, inventory has increased from 287 to 836 properties for sale, but are still about half of the pre-pandemic levels.
  • Demand is slowing. Q3-2022 sale transactions were down 30% from Q3-2021. Condo sales are down 27%; Single-Family down 30%; Vacant Land down 35%.
  • Pending sales are back to 2019 levels or below. Demand is waning in the face of 7% mortgage interest rates, which are likely to keep rising in 2023.
  • Affordability is becoming more of a challenge with both interest rates and sale prices continuing to go upward. If sellers and buyers ever needed expert advice from their Realtor to make sense of this rapidly changing market, now is the 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, 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.

Posted in Press Release | 0 Responses to "2022 3rd Quarter Statistics"

2022 2nd Quarter Statistics

By Park City Board of REALTORS
Jul 28, 2022

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

Rene Wood                                                                 Joanne O’Connell

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

Sold@ReneWood.com                                                     Joanne@JoanneOConnell.com

(435) 503-1181                                                                   (435) 640-5507

July 20, 2022 – Some significant trends are emerging in the Wasatch Back market area as the market adjusts for the enormous swings we have seen during and since the coronavirus pandemic. Listing inventory is rising, prices are starting to level off as mortgage interest rates climb. Buyers are becoming more hesitant to make instant offers above asking price and sellers are reacting by lowering those asking prices in much greater numbers.

The remarkable rise in the sale prices of single-family homes that we experienced since shortly after the global pandemic struck in the latter half of 2020 continued through all of 2021 and into the first half of 2022. Sale prices for single-family homes in the primary market area of Summit and Wasatch Counties as reported by the Park City Board of REALTORS® Multiple Listing Service for the year ending June 30 showed strong appreciation with increases in both average (Up 15%) and median (Up 11%). For the year earlier, those increases were 54% and 58% respectively.

Despite appreciation slowing the rate of sales (units were down in many areas), the overall dollar volume dropped 22% for single-family homes but actually rose 3% for condominiums from the year prior, supported by the higher sale prices. Fears that the market might be overheated, reinforced by a continuing rise in interest rates, supply chain difficulties, and other inflation indicators (gas prices), slowed sales across the region.

Price appreciation continues to be driven by a dearth of available inventory, but that trend is reversing. At the end of 2021 there were only 187 residential properties for sale across the region and many of those were still under construction. But sellers who fear they may be missing out on a healthy profit brought more homes to market and at the end of Q2-2022 there were 545 homes for sale, nearly triple the count from just six months earlier.

Some neighborhoods always fare better than others and the Q2-year over year results were no exception.

For Single Family homes, all the major areas that make up the greater Park City market showed drops in units sold through second quarter of 2022 versus 2021. Within the Park City limits, unit sales dropped 55%. However, because of the historic rises in median prices, particularly in the outlying areas, only two other major areas (Snyderville Basin and Jordanelle) showed declines in total sales volume.

Condo sales prices were strong across the entire market range. Within the Park City Limits and in the Heber and Kamas Valleys total sales volume declined, primarily due to a lack of inventory to sell. Within Park City limits, condo sales volume was down 23% but median sale prices rose 15%. In the Snyderville Basin, total sales climbed 42% because average and median prices both rose 50% or more.

Comparing the 12-months ending June 30, 2022, to the same period in 2021:

  • New residential listings (single-family and condo) are showing signs of recovery after a lengthy period of declines. For the 12 months ending June 2022, total new listings were 5,125 down 11% from the same period ending June 2021. But the 420 new listings (this is all residences, not just single family) in June were the highest monthly tally since September 2020 and the second highest monthly tally in almost four years.
  • The market is cooling off after an overheated two years of sales. PCMLS members signed 2,970 purchase contracts in the 12 months ending 6-30-22, 36% fewer than the previous year (4,671)
  • With New Listings running slightly higher than Pending contracts, available inventory started to increase. Only 265 residential properties were active at the end of 2021. That number was up to 317 at the end of Q1-22, and boomed to 858 as of June 30, an increase of 223% so far this year.
Overall, 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, 2022.Single Family Homes

Overall sales units across the primary market area dropped 33%, but an 11% rise in median prices kept the total sales volume just 22% below the year prior. Through Q2-22, the $2.83 Billion in total sales was down from the Q2-21 Y-o-Y total of $3.65 Billion.

Highlights of the single-family home market:

  • Within Park City Limits, total unit sales were down 55% over Q2-21 to 162 units but sales volume declined just 40% to $706 million this year.
  • The median price of a single-family home across the city rose 35% to $3.7 million.
  • In the popular Old Town area units were down 68% (130 to 42) as the median price set a new record above $3.1 million.
  • The Prospector and Thaynes Canyon neighborhoods led all others for greatest increase in median price, with Thaynes up 50% to $4.4 million and Prospector more than doubling from $1.18 to $2.61 million.
  • Snyderville residents saw a decrease in sales volume (down 23%) on a strong increase in the overall median price up 22% to $2.13 million. Almost all the Snyderville neighborhoods saw declines in units sold with Sun Peak/Bear Hollow area dropping the most (72%) to 10 units. Summit Park had the biggest gain with 42 homes sold, up 20%
  • Nearly one-third of overall sales volume was in Promontory ($373 million) while Silver Creek Estates and Silver Springs areas saw the biggest price increases with the median prices rising 74% and 64% respectively. The median sale price in Old Ranch Road rose to $6.5 million, second highest in the region behind Canyons Village ($9.8 million).
  • The Heber and Kamas valleys showed substantial median price increases of 40% and 48%, respectively.
Despite fluctuations in the regional markets, Single Family sales activity in the primary market area was markedly down compared to the year prior with sales volume off 22% while median prices were up 11% year over year.
Single Family Summary End of Q2 2022 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 162 -55% 706,841,114 -40% 4,363,216 35% 3,700,000 35%
Snyderville Basin 380 -37% 1,149,413,127 -23% 3,024,771 21% 2,132,500 22%
Jordanelle 109 -12% 253,458,496 -14% 2,325,307 -2% 2,049,000 -17%
Heber Valley 330 -25% 473,978,231 6% 1,436,297 40% 1,064,500 40%
Kamas Valley 135 -12% 191,913,775 0% 1,421,583 15% 1,177,284 48%
Wanship/Hoytsville 58 -21% 53,020,399 7% 914,144 34% 756,500 40%
Total Primary Market Area* 1,178 -33% 2,834,283,794 -22% 2,406,013 15% 1,602,500 11%
Total Overall MLS Area 1,365 -29% 3,051,372,994 -21% 2,235,438 12% 1,470,000 6%
* Primary Market totals include only Summit and Wasatch counties.

Condominiums

  • The Condo market in the Old Town neighborhood continued to be solid with unit sales level down slightly (11%) but sales volume up 36% on a gain in median price of 42%. The median price of a condominium sold in Old Town is now $1.0 million.
  • Park Meadows and Prospector were the standout neighborhood performers with sales volume up 11% and 9% respectively. The median price of a condo in Prospector was up 84% to $411,000.
  • Lower Deer Valley and Aerie both showed strong appreciation with median price gains of 42% or more.
  • In the Snyderville area, outside of perennial volume leader Canyons Village, Kimball and Silver Creek South led in sales volume increases (19% and 27% respectively) while other Snyderville neighborhoods saw sales decline due to lack of inventory.
  • In Wasatch County, (areas with 10 or more sales are reported) Jordanelle Park doubled its sales volume over the prior year on a substantial gain in median price, up 58% to $970,000.
Condominium Summary End of Q1 2022 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 395 -32% 732,478,570 -23% 1,854,376 13% 1,375,000 15%
Snyderville Basin 617 -5% 722,634,181 42% 1,171,206 49% 985,000 63%
Jordanelle 273 -4% 269,389,843 31% 986,775 36% 920,000 29%
Heber Valley 46 -39% 26,939,455 -25% 585,640 24% 476,000 27%
Kamas Valley 4 -43% 2,188,500 -37% 547,125 11% 575,000 16%
Total Primary Market Area* 1,336 -16% 1,754,490,551 3% 1,314,225 23% 980,000 37%
Total Overall MLS Area 1,381 -18% 1,781,324,972 1% 1,290,815 24% 966,000 36%
* Primary Market totals include only Summit and Wasatch counties.

Vacant Land

  • After explosive growth in the year ending 12/31, Land sales declined across the region with every major area showing drops in units sold. Total sales volume remained steady or dropped in all areas except Jordanelle where sales volume was up 70% on prices that more than doubled from the year prior.
  • Jordanelle showed the most activity selling 390 lots this past year. Those lots sold for nearly twice the price of lots in the year ending 6/30/21. The median sale price was $800,000, up from $397,000 the year before.
  • Overall land sales in Summit and Wasatch counties were down 35%, however, the price increases expected when supply decreases and demand remains steady pushed the median sales price for lots region wide up 74% to $704,000.
  • All the major areas of the market saw a drop in units sold. Snyderville and Wanship/Hoytsville were hit the hardest, dropping by half from the previous year’s total.
  • Only 34 lots sold within the Park City Limits but that lack of available lots coupled with high demand pushed the median sale price for the few that did sell to $1.97 million, up 65% from the year before.
Land Sales Summary End of Q1-2022 Qty Sold % Chg Sales Volume  % Chg Average Price  %

Chg

 Median Price % Chg
Park City 34 -43% 79,086,000 -17% 2,326,058 46% 1,975,000 65%
Snyderville Basin 168 -52% 234,682,100 -37% 1,396,917 33% 1,100,000 69%
Jordanelle 390 -19% 401,298,665 70% 1,028,970 110% 800,000 102%
Heber Valley 187 -35% 123,173,503 -0% 658,681 54% 470,000 78%
Kamas Valley 91 -27% 64,404,400 -18% 707,740 11% 361,000 15%
Wanship/Hoytsville 45 -55% 17,453,400 14% 387,853 151% 220,000 122%
Total Primary Market Area* 920 -35% 925,447,068 1% 1,005,921 54% 704,600 74%
Total Overall MLS Area 975 -32% 984,514,518 4% 1,009,758 53% 702,000 73%
* Primary Market totals include only Summit and Wasatch counties and are not totals for all areas.

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

  • Buyers are starting to pull back, taking longer to pull the trigger, feeling the market is moving in their direction after being a sellers’ market for the past 18 months or more.
  • Membership costs in some of the area golf course resorts are rising, making resales a bit tougher for buyers and sellers.
  • With mortgage rates rising, buyers who need a loan are acting now before they get priced out.
  • Lots of “wait and see” buyers waiting for their stock portfolios to recover.
  • We still see a broad range (of buyers), still plenty looking for second homes from out of state, but just willing to take their time in deciding.
  • We are still seeing multiple offers in properties priced well in ski areas and in Park Meadows/Prospector/Deer Valley, but they must be priced based on sales and with sellers no longer reaching for unrealistic prices.
  • We are slowly returning to a more balanced market, much closer to what was happening pre-COVID.
  • It’s important not to use the broader market trends to paint every local neighborhood. The market is highly segmented, and each neighborhood in Park City has unique values, and unique pricing trends.
In a superb example of how dramatically this market is changing, Rick Klein, long-time, frequent contributor to our agents’ understanding of magnitude of the changes in the local market, showed the changes in absorption rate over the past two years. Absorption Rate (AR) is the average time it takes to sell a home. Rick has compared market times for Single Family homes and Condos sold in 2022 to those in the past three years.

The current AR for residences in greater Park City is 3.75 months. Three months ago, it was just 1.5 months. The average over the seven years from 2013 to 2019 was 7.2 months, so we are still selling homes much faster than in recent history, but the timeframe is more than twice what it was three months ago.

To illustrate how the asking price affects market time, Rick calculated the AR for single family homes based on whether the list price was above or below the median.

Single Family Median Sale Price Median Mkt Time If <$Median If >$Median
Park City $3,700,000 2.9 months 2.1 months 4.0 months
Snyderville Basin $2,100,000 2.9 months 2.1 months 5.4 months
Heber Valley $1,064,500 3.2 months 1.9 months 4.4 months
At the end of June 2022, the median price of a single-family home in Park City was just over $3.7 million and the average market time was 2.9 months. Homes priced below the median sold on average in 2.1 months while those above the median sold in 4.0 months.

These differences in market time based on price confirm that a Realtor’s help in setting a realistic list price is crucial for achieving a quick sale.

How long can this continue?

How long can Park City homeowners expect this explosive market to continue? They are starting to see some easing in prices as mortgage rates rise and competitive bidding becomes less frequent. But the past two years continue to be described with the most superlative of adjectives: “extraordinary,” “unprecedented,” “unbelievable.” This market, and the past two years of activity, can perhaps be best illustrated with a snapshot of just second quarter sales totals since the great recession of 2008.

In the 16 years from 2005 to 2020, looking at just second-quarter sales, the market total for residential and land combined exceeded $500 million only two times and that was in the run-up to the great market crash of 2008.

In 2021 and 2022, not only was that ceiling broken, but sales were over $700 million two years ago. The chart above illustrates how large the variance from 2020 to 2021 was, and how it continued, albeit at a slower pace, into Q2-2022.

The chart of residential sale median prices (right) shows how dramatically prices have climbed in the past three years and how eerily similar the rising slope of the current price changes is to the same rise in the mid 2000’s.

Economic forecasts are predicting a continuing economic slowdown, but none has projected a bubble bursting crash such as we experienced in 2008.

What are the key take-aways from this quarters numbers?

  • Inventory: finally improving. Since the end of 2021, inventory is now up 173%
  • Demand is slowing. Q2-2022 sales are down 29% from Q2-2021. Condo sales are down 22%; Single Family down 21%; Vacant Land down 73%
  • Appreciation continues. For all of greater Park City median prices rose 35%. Excluding vacant land, median prices rose a more sustainable 13%.
  • Affordability becoming more of a challenge with both interest rates and sale prices continuing upward.
Area winners in our tracked statistics
(Minimum 10 or more sales) Single Family Homes Condominiums Vacant Land
Quantity sold: Heber – 101 Canyons Village – 399 Tuhaye/Hideout – 257
Volume sold: Promontory - $373M Canyons Village - $531M Tuhaye/Hideout - $277M
Average sale price: Canyons Village - $11.6M Empire Pass - $4.3M Heber City - $2.2M
Median sale price: Canyons Village - $9.8M Empire Pass - $3.7M Deer Crest - $1.7M
Market Overview Year Ending 6/30/22            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 6/30/21 1,751 3,650,591,261 2,084,861 1,440,000
12 Months ending 6/30/22 1,178 2,834,283,794 2,406,013 1,602,500
Yr over Yr Change (573) -33% (816,307,467) -22% 321,152 +15% 162,500 +11%
            CONDOMINIUM

SUMMARY

 Qty Sold % Chg Volume % Chg Average % Chg Median % Chg
12 Months ending 6/30/201 1,597 1,708,347,499 1,069,723 717,600
12 Months ending 6/30/22 1,336 1,754,490,551 1,314,225 980,000
Yr over Yr Change (261) -16% 46,143,052 +3% 244,502 +23% 262,400 +37%
                LAND SUMMARY Qty Sold % Chg Volume % Chg Average % Chg Median % Chg
12 Months ending 6/30/21 1,407 917,314,694 651,965 405,000
12 Months ending 6/30/22 920 925,447,068 1,005,921 704,600
Yr over Yr Change (487) -35% 8,132,374 +31% 353,956 +54% 299,600 +74%
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.

Posted in Uncategorized | 0 Responses to "2022 2nd Quarter Statistics"

2022 1st Quarter Statistics

By Park City Board of REALTORS
Apr 29, 2022

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

Rene Wood                                                                 Joanne O’Connell

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

Sold@ReneWood.com                                                     Joanne@JoanneOConnell.com

(435) 503-1181                                                                   (435) 640-5507

 

April 19, 2022 – The remarkable rise in the sale prices of single-family homes that we experienced since shortly after the global pandemic struck in the latter half of 2020 continued through all of 2021 and into the first quarter of 2022. Sale prices for single-family homes in the primary market area of Summit and Wasatch Counties as reported by the Park City Board of REALTORS® Multiple Listing Service showed strong appreciation with increases in both average (Up 20%) and median (Up 16%).

Despite appreciation slowing the rate of sales (units were down in many areas), the overall dollar volume remained relatively steady because of the higher sale prices. Fears that the market might be overheated, reinforced by a sudden rise in interest rates, continuing supply chain difficulties, and inflation indicators, slowed sales.

The resort and luxury home markets were less affected by these trends than other areas, even within Utah.

Price appreciation continues to be driven by a dearth of available inventory, but that trend is reversing. At the end of 2020 there were only 541 residential properties for sale across the entire marketplace. By the end of 2021 that number was 265 and many of those were still under construction. But sellers who fear they may be missing out on a healthy profit brought more homes to market and at the end of Q1-2022 there were 317 homes for sale, a 20% increase.

Some neighborhoods always fare better than others and the Q1-year over year results were no exception.

For Single Family homes, all but one (Kamas Valley) of the major areas that make up the greater Park City market showed drops in units sold through first quarter of 2022 versus 2021. Within the Park City limits, unit sales dropped 45%. However, because of the historic rises in median prices, particularly in the outlying areas, only three of the major areas (Park City limits, Snyderville Basin, and Jordanelle) showed declines in total sales volume.

Condo sales were even stronger across the entire market range. The Park City limits and Heber Valley areas showed declines in total sales volume, primarily due to a lack of inventory to sell. Within Park City limits, condo sales volume was down 11% but median sale prices rose 20%. In the Snyderville Basin, total sales climbed 73% because average and median prices both topped 50%.

New listings and listing inventory, however, remained low but began a slow but long-expected recovery reversing their downward plunge.

Comparing the 12-months ending March 31, 2022, to the same period in 2021:

  • Not only were homes selling quickly, but not as many were being offered for sale. New single-family listings thru Q1-22 totaled 1,715, down 17% from Q1-21.
  • PCMLS members signed 1,495 purchase contracts in the 12 months ending 3-31-22, 26% fewer than the previous year (2,201) Those few homes coming to market were snatched up quickly maintaining the low inventory.
  • With New Listings (1,715) running slightly higher than Pending contracts (1,495), available inventory started to increase. Only 265 residential properties were active at the end of 2021. That number was up to 317 at the end of Q1-22, an increase of nearly 20%.
Overall, 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 March 31, 2022.

Single Family Homes

Overall sales units dropped 22%, but a 16% rise in median prices kept the total sales volume close to the year prior. Through Q1-22, the $2.95 Billion in total sales was just 7% lower than the Q1-21 Y-o-Y total of $3.16 Billion.

Highlights of the single-family home market:

  • Within Park City Limits, total unit sales were down 45% over Q1-21 to 181 units but sales volume declined just 24% from $1.2 billion million last year to $770 million this year.
  • The median price of a single-family home across the city rose 35% to $3.5 million.
  • In the popular Old Town area units were down 58% (119 to 50) as the median price set a new record above $2.9 million.
  • The Prospector and Thaynes Canyon neighborhoods led all others for greatest increase in median price, with Thaynes up 75% to $4.6 million and Prospector up 85% to $2.4 million.
  • Snyderville residents saw a slight decrease in sales volume (down 6%) on a strong increase in the overall median price up 23% to $2.0 million. Almost all the Snyderville neighborhoods saw declines in units sold with Sun Peak/Bear Hollow area dropping the most (70%) to 10 units. Summit Park had the biggest gain with 41 homes sold, up 24%
  • Nearly one-third of overall sales volume was in Promontory ($400 million) while Silver Springs and Old Ranch Road areas saw the biggest price increases with the median prices rising 75% and 99% respectively. The median sale price in Old Ranch Road rose to $6.5 million, nearly double the year before.
  • The hotspots south and east of the metro area around the Heber and Kamas valleys showed substantial median price increases of 30% and 35%, respectively.
Despite fluctuations in the regional markets, Single Family sales activity in the primary market area was markedly down compared to the year prior with sales volume off 7% and while median prices were up 16%.
Single Family Summary End of Q1 2022 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 181 -45% 770,178,649 -24% 4,255,130 39% 3,540,000 35%
Snyderville Basin 427 -22% 1,218,554,816 -6% 2,853,758 21% 2,000,000 23%
Jordanelle 84 -25% 231,880,881 -10% 2,760,486 20% 2,550,000 4%
Heber Valley 359 -12% 491,369,832 27% 1,368,718 44% 975,000 30%
Kamas Valley 148 3% 191,676,514 16% 1,295,111 12% 992,500 35%
Wanship/Hoytsville 51 -30% 43,733,399 -2% 857,517 41% 705,000 41%
Total Primary Market Area* 1,253 -22% 2,951,887,742 -7% 2,355,856 20% 1,600,000  16%
Total Overall MLS Area 1,436 -20% 3,157,154,775 -5% 2,198,576 18% 1,476,125 17%
* Primary Market totals include only Summit and Wasatch counties.

Condominiums

  • The Condo market in Old Town Park City continued to be solid with unit sales level but sales volume up 40% on a gain in median price of 32% to $890,000.
  • Park Meadows was the standout neighborhood performer with sales volume nearly doubling (up 74%) on a steady median price of $1.36 million, up 4%.
  • Lower Deer Valley, Deer Crest, and Prospector all showed strong appreciation with median price gains of 36% or more.
  • In the Snyderville area, outside of perennial volume leader Canyons Village, Kimball and Pinebrook led in sales volume (both up 30%) while other Snyderville neighborhoods saw sales decline due to lack of inventory.
  • In Wasatch County, (areas with 10 or more sales are reported) Jordanelle Park doubled its sales volume over the prior year on a huge gain in median price, up 85% to $973,000. Deer Mountain and Tuhaye/Hideout both increased sales volume by nearly 60%.
 
Condominium Summary End of Q1 2022 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 447 -11% 806,052,435 4% 1,803,249 17% 1,325,000 20%
Snyderville Basin 618 15% 668,145,491 73% 1,081,141 50% 850,000 53%
Jordanelle 295 21% 271,813,961 63% 921,403 35% 838,870 24%
Heber Valley 56 -22% 29,265,779 -9% 522,603 17% 429,000 21%
Kamas Valley 2 -78% 1,150,000 -74% 575,000 16% 575,000 15%
Total Primary Market Area* 1,419 4% 1,777,287,667 30% 1,252,493 25% 890,000 31%
Total Overall MLS Area 1,476 2% 1,813,310,638 29% 1,228,530 27% 869,018 31%
* Primary Market totals include only Summit and Wasatch counties.

Vacant Land

  • After explosive growth in the year ending 12/31, Land sales declined across the region with every major area showing drops in units sold. But volume remained steady or grew substantially.
  • Jordanelle showed the most activity selling 396 lots this year just six units shy of the prior year. Those lots sold for nearly twice the price of lots in the year ending 3/31/21. The median sale price was $699,400, up 97% from $355,000 the year before.
  • Overall land sales in Summit and Wasatch counties were up 31%, however, the price increase expected when supply decreases and demand remains steady, pushed the median sales price for land region wide up 78% to $650,000.
  • All the major areas of the market except Snyderville Basin saw a substantial increase in sales volume. Jordanelle led the way with $363.6 million in sales, almost double the previous year’s total.
  • Only 39 lots sold within the Park City Limits but that lack of available lots coupled with high demand pushed the median sale price for the few that did sell to $2.15 million, up 59% from the year before.
 
Land Sales Summary End of Q1-2022 Qty Sold % Chg Sales Volume  % Chg Average Price  %

Chg

 Median Price % Chg
Park City 39 -26% 90,583,000 6% 2,322,641 44% 2,150,000 59%
Snyderville Basin 207 -33% 280,710,600 -8% 1,356,089 37% 910,000 42%
Jordanelle 396 -1% 363,564,700 98% 918,092 101% 699,400 97%
Heber Valley 233 -6% 147,407,929 62% 632,652 73% 417,500 81%
Kamas Valley 101 -11% 74,335,101 10% 735,991 24% 350,000 17%
Wanship/Hoytsville 53 -43% 14,594,900 22% 275,375 113% 160,000 68%
Total Primary Market Area* 1,035 -15% 977,545,230 31% 944,488 55% 650,000 78%
Total Overall MLS Area 1,090 -13% 1,037,324,430 34% 951,674 54% 650,000 76%
* Primary Market totals include only Summit and Wasatch counties and are not totals for all areas.

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

  • In the two years since the Covid pandemic started, we saw most of the lower and middle priced inventory sell quickly. That left the higher priced homes on the market and the sale of those homes, without the market-balancing effect of lower priced homes, pushes the perceived overall price much higher.
  • Park City has enjoyed a strong, sustained market because of its unique positioning as a resort and recreation market.
  • It’s important not to use the broader market trends to paint every local neighborhood. The market is highly segmented, and each neighborhood in Park City has unique values, and unique pricing trends.
  • One or two very high-priced sales can skew the average price much higher than expected. It’s important to look at the nuance and detail behind the neighborhood pricing numbers.
  • Park Meadows remains the most stable neighborhood in the Park City metro area with prices remaining relatively steady compared to the other highly appreciating neighborhoods.
  • Within the Park City Limits, the volume of sales fell 24% from last year, but prices climbed. It now costs more than $3.5 million (median sale price) to buy a house in town in Park City.
  • The northern neighborhoods that make up Snyderville Basin -- Pinebrook, Silver Springs, Summit Park and Jeremy Ranch – continue to be the more popular areas, with 40 or more sales in each (exceeded by only Promontory in total number of sales).
In a superb example of how dramatically this market is changing, Rick Klein, long-time, frequent contributor to our agents’ understanding of magnitude of the changes in the local market, showed the changes in absorption rate over the past two years. Rick has compared market times for Single Family homes sold in 2021 to those in 2020 and 2019, based on whether the asking price was above or below the median for the area.

At the end of March 2020, the median price of a single-family home in Park City was just over $1.9 million and the average market time was 8.9 months. Homes priced below the median sold on average in 3.1 months while those above the median took more than a year (14.4 months) to sell.

Fast forward two years. At the end of March 2022, the median price of a single-family home in Park City was just over $3.5 million and the average market time was 1.9 months. Homes priced below the median sold on average in 1.2 months while those above the median sold in 2.5 months.

 

Single Family Median Sale Price Median Mkt Time If <$Median If >$Median
March 2020 $1,950,000 8.9 months 3.1 months 14.4 months
March 2021 $2,620,000 1.9 months 0.5 months 3.2 months
March 2022 $3,540,000 1.9 months 1.2 months 2.5 months
 

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.

Inventory or lack of inventory continues to be a concern. As of April 1, there were only 114 single-family homes offered for sale in the PCMLS. But of those, 34, or 30%, were under construction. You could not move in even if you wanted to. And of those 34, 30 of them had estimated completion dates of six months or more after 4/1.

The dichotomy between new and resale properties is most pronounced in the variance of sales prices between the two. In the past twelve months, in the Park City metro area, the median sale price for existing condos was $1.25 million. For new condos, it was nearly three times as much ($3.5 million).

Single-family homes showed a similar pattern, although not as severe a difference. The median price for an existing home in Park City was just under $4 million, while new single-family homes were almost 50% more at $5.7 million.

The record low inventories are showing signs of recovery. In January, the combined active listings of homes and vacant land was at an all time low of 486 units. By the end of March that number had risen to 642, a 32% gain in just two months. Local Park City agents cited fears by homeowners who were on the fence about selling now deciding to list for fear of missing the peak of price appreciation. The trend continued into April with a net gain of 80 more active listings as of April 15.

As inventory moves slowly toward a more historical average, Pending and Closed sales likewise are showing signs of returning to pre-pandemic normal levels. Pending contracts on residential properties in Q1-22 are nearly the same as they were three years earlier in Q1-19.

Anecdotally, agents report some sellers think the market has peaked and are starting to accept or counter offers at far less than they would have a year or even a few months earlier.

One more unknown factor creeping into the housing equation is mortgage rates which on average topped 5% in April for the first time in ten years. But this may not have as much impact in Park City, where over half of the home sales were all cash, no mortgage. Predictions about the effect of rising interest rates on the national market vary widely. Zillow is predicting 14.9% growth; Bank of America just 10%; Fannie Mae says 10.8%; NAR predicts 5.7% and Realtor.com comes in lowest at 2.9%. (Source: https://www.marketwatch.com/picks/home-price-appreciation-will-normalize-what-5-economists-and-real-estate-pros-predict-will-happen-to-home-prices-in-2022-01646940841 )

ON CONDOS:

  • The condo market in Summit and Wasatch counties continued its strong showing with price appreciation of 15% or more in all five major areas of the market.
  • The lowest median price for a condo in Park City continues to be in Prospector where the median price is up significantly but still hovers just above $300,000.
  • The overall median price across all neighborhoods within Park City is up to $1.3 million, a 20% increase in the past year (up from $1.1 million).
  • In the Canyons, the median price showed a significant increase, but this was the result of previous low prices set by the dominance of Yotelpad (with units at the lower end of the market) in previous quarters and a large number (118) of sales of Pendry Residences in Q1-22 at a much higher price point ($1.4 million) than Yotel ($386K). The average price of $1.0 million is in line with previous quarters that were not affected by Yotelpad and Pendry.
ON VACANT LAND:
  • Land continues to appreciate at higher rates than existing housing due to the continuing adage that they’re not making any more of it. Across Summit and Wasatch counties combined, median sale prices were up nearly 80% from $365,000 the prior year to $650,000 per parcel.
  • Total land sales for the 12 months ending 3/31/22 surpassed the $1 billion mark for the second time. For the previous year total sales were just under $800 million.
 

How long can this continue?

How long can Park City homeowners expect this explosive market to continue? They are starting to see some easing in prices as mortgage rates rise and competitive bidding becomes less frequent. But the past two years continue to be described with the most superlative of adjectives: “extraordinary,” “unprecedented,” “unbelievable.” This market, and the past two years of activity, can perhaps be best illustrated with a snapshot of just first quarter sales totals since the great recession of 2008.

In the 13 years from 2008 to 2020, looking at just first-quarter sales, the market total for residential and land combined exceeded $400 million only four times and three of those years it was just by a whisker.

In 2021 and 2022, not only was that ceiling broken, but sales were over $1 billion both years. The chart to the right illustrates how large the variance from 2020 to 2021 was, and how it continued unabated into Q1-2022.

Is this the new normal? Only time will tell. Economic forecasts are predicting a slowdown, but none has projected a bubble bursting crash back to pre-pandemic levels.

Overall Impressions

High demand and low inventories continue to drive price gains and sales records. There probably is no “new normal” on the horizon anytime soon. We are probably a year or two from a more stable and balanced market given current demand and continuing low inventory issues.

Area winners in our tracked statistics

(Minimum 10 or more sales) Single Family Homes Condominiums Vacant Land
Quantity sold: Heber – 111 Canyons Village – 389 Tuhaye/Hideout – 263
Volume sold: Promontory - $400M Canyons Village - $482M Tuhaye/Hideout - $239M
Average sale price: Canyons Village - $10.3M Empire Pass - $4.06M Canyons Village - $3.41M
Median sale price: Canyons Village - $9.9M Empire Pass - $3.6M Canyons Village - $3.65M
Market Overview Year Ending 3/31/22     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 3/31/21 1,613 3,158,567,674 1,958,194 1,375,000
12 Months ending 3/31/22 1,253 2,951,887,742 2,355,856 1,600,000
Yr over Yr Change (360) -22% (206,679,932) -7% 397,662 +20% 225,000 +16%
            CONDOMINIUM

SUMMARY

 Qty Sold % Chg Volume % Chg Average % Chg Median % Chg
12 Months ending 3/31/201 1,369 1,369,079,701 1,000,058 678,000
12 Months ending 3/31/22 1,419 1,777,287,667 1,252,493 890,000
Yr over Yr Change 50 +4% 408,207,966 +30% 252,435 +25% 212,000 +31%
                LAND SUMMARY Qty Sold % Chg Volume % Chg Average % Chg Median % Chg
12 Months ending 3/31/21 1,222 745,879,407 610,376 365,500
12 Months ending 3/31/22 1,035 977,545,230 944,488 650,000
Yr over Yr Change (187) -15% 231,665,823 +31% 334,112 +55% 284,500 +78%
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.

Posted in Uncategorized | 0 Responses to "2022 1st Quarter Statistics"

2021 4th Quarter Statistics

By Park City Board of REALTORS
Jan 26, 2022

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

Rene Wood                                                                 Joanne O’Connell

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

Sold@ReneWood.com                                                     Joanne@JoanneOConnell.com

(435) 503-1181                                                                   (435) 640-5507

 

January 24, 2022 – The remarkable rise in homes sold and sale prices that we experienced since shortly after the global pandemic struck in the latter half of 2020 continued unabated through all of 2021. Sale prices for single-family homes in the primary market area of Summit and Wasatch Counties as reported by the Park City Board of REALTORS® Multiple Listing Service showed strong appreciation with increases in both average (Up 28%) and median (Up 24%).

Despite appreciation slowing the rate of sales (units were down in many areas), the overall dollar volume increased (Up 6%). Fears that the market might be overheated and could not sustain such appreciation for the longer term were unsupported by market activity. Major financial indicators such as continued low mortgage interest rates and active involvement of the federal government in money supply control pointed to a sustained bull market in housing.

2021 turned out to be a record setting year for a couple of reasons. Obviously, the sales volumes and average price increases set records. But to fully appreciate the historical significance of these records, it’s important to consider them in the context of the continuing health crisis and economic turmoil. To do that, and to make valid comparisons, we are reporting the past four years of activity.

Two years ago in January 2020, the U.S. real estate market was rolling right along when we first heard talk of a mysterious illness overseas. No one had the slightest thought that it could totally change life over here. The first report the CDC received of the outbreak in China was on January 5, 2020. So, the comparison of 2018 to 2019 is the last “normal” market comparison. The first confirmed case in the US was reported in Washington on January 20th..

Thus began the invisible spread of epic proportions across the planet, as we learned the difference between an epidemic and a pandemic. 

By March, we were seeing the beginning of what would come to be called the COVID housing market in the U.S. Buyers, facing lock downs and work-from-home mandates, started looking for housing further away from metro centers. In June, the World Bank predicted the worst economic recession since WW-II. But instead, people started moving.

In the beginning it was anyone’s guess as to what was going on then. Nobody was coming out. Showings stopped (or went virtual). Contract offers stopped. Closings stopped. The industry stopped. Then the most unexpected thing happened: the stop stopped. The market not only came back to life, it boomed, setting records and defying expectations over the ensuing 24 months and in the process changing the way Americans live and where.

Many saw it as an opportunity for a change in lifestyle, thinking if they are forced to work from home then home should be somewhere I want to work from – somewhere less crowded than the city with elbow room and a scenic view out the office window.

Through all the ups and downs of virus variants, mask mandates, school closings, social distancing requirements and finally vaccines and boosters, the real estate market rolled on and agents persevered. In the process, it set all sorts of sales records. Inventory plummeted, driving up sales prices and pricing many buyers out of the market. Sellers who wanted to cash in on the appreciated value of their homes could not because of the daunting task of finding replacement housing. By late summer of 2020, sales were white hot, prices were rising, competition was fierce, and by the end of 2020 we set sales records with volume nearly doubling over 2019 and prices rising more than 25%.

The resort and luxury home markets were less affected by these trends than other areas, even within Utah. A year ago, as the stay-at-home restrictions were being relaxed, the market reacted strongly with buyers coming out in droves. The sales spurt continued through the middle of 2021 with each month’s sales numbers exceeding those of the previous month and year.

Finally, the pent-up demand for homes was subsiding and by autumn it was clear that monthly sales tallies of units sold were falling short of the same week the year before. But the volume of contracts and sales prices in the first six months of 2021 provided enough momentum to guarantee that, even with a slight slowdown in the pace of purchases, 2021 would end by setting new records for total sales volume and average/median price appreciation.

Price appreciation continues to be driven by a dearth of available inventory. Pending contracts continue to far outstrip 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. At the end of 2020 there were only 541 residential properties for sale across the entire marketplace. By the end of 2021 that number was 265 and many of those were still under construction.

Some neighborhoods always fare better than others and the year-end results were no exception.

For Single Family homes, all but one (Kamas Valley) of the major areas that make up the greater Park City market showed drops in units sold in 2021 versus 2020. However, because of the historic rises in median prices, only two of the major areas (Park City limits and Jordanelle) showed declines in total sales volume.

Condo sales were even stronger across the entire market range. The Heber and Kamas valleys showed declines in total sales volume, primarily due to a lack of inventory to sell. Within Park City limits, condo sales volume was up 52% as median sale prices jumped 36%. In the Snyderville Basin, sales climbed 23% with average and median prices spiking 18% and 21% respectively.

New listings and listing inventory, however, were a totally different story, with both dropping to historic lows.

Comparing the 12-months ending December 31, 2021, to the same period in 2020:

  • Not only were homes selling quickly, but not as many were being offered for sale. New listings in 2020 totaled 3,641. That dropped 15% in 2021 to 3,077.
  • PCMLS members signed 3,764 purchase contracts in 2021, nearly as many as were signed in 2020 (3,869) Those few homes coming to market were snatched up almost immediately maintaining the dramatic drop in inventory.
  • With Pendings running higher than New Listings, available inventory started to shrink even more dramatically. 541 residential properties were active at the end of 2020, compared to 265 at the end of 2021. The active inventory as we begin 2022 is barely more than 15% of our pre-Covid low water mark (1,715) in December 2017.
 

Overall, 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 December 31, 2021.

Single Family Homes

Overall sales units dropped 14%, but a 26% rise in prices more than made up the difference in sales volume. In 2021, $3.24 Billion in total sales was 8% higher than the 2020 total of $2.99 Billion. 

Highlights of the single-family home market:

  • Within Park City Limits, total unit sales were down 26% over 2020 to 225 units but sales volume declined just 2% from $868 million last year to $847 million this year.
  • The median price of a single-family home across the city rose 32% to $3.3 million.
  • In the popular Old Town area units were down 24% (101 to 77) but sales volume dipped only 7% (to $204 million) as the median price set a new record at $2.5 million.
  • The Prospector and Thaynes Canyon neighborhoods bumped Aerie for the grand prize for greatest increase in median price, with Thaynes up 71% to $2.3 million and Prospector up 87% to $2.4 million.
  • Snyderville residents saw a slight rise in sales volume (up 9%) on a strong increase in the overall median price up 21% to $1.9 million.
  • Almost all the Snyderville neighborhoods saw declines in units sold with Glenwild dropping the most (53%) to 19 units. Silver Springs had the biggest gain with 46 homes sold, up 28%
  • Promontory led the Snyderville neighborhoods in sales volume ($412 million, up 9%) while Canyons Village saw the biggest price increase with the median in that neighborhood passing $11.8M, up 73% year over year.
  • The hotspots south and east of the metro area around the Heber and Kamas valleys showed substantial median price increases of 26% and 42%, respectively.
  • Prices were particularly robust in the South Jordanelle area, where the median rose 22% to $3.4 million.
  • Heber Valley saw a slight dip in units sold, but 19% higher sales volume propelled by a median price that jumped 26% to $899,000.
Despite fluctuations in the regional markets, Single Family sales activity in the primary market area was markedly up compared to the year prior with sales volume up 6% and median prices up 24%.
Single Family Summary  End of Q4 2021 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 225 -26% 847,405,791 -2% 3,887,182 34% 3,305,000 32%
Snyderville Basin 445 -15% 1,256,955,811 9% 2,830,981 28% 1,900,000 21%
Jordanelle 82 -24% 214,883,235 -11% 2,620,527 17% 2,350,000 -4%
Heber Valley 353 -18% 469,420,016 19% 1,329,801 46% 899,000 26%
Kamas Valley 141 2% 171,009,974 15% 1,212,836 12% 850,000 42%
Wanship/Hoytsville 56 -24% 46,143,881 2% 823,997 34% 702,500 41%
Total Primary Market

Area (Summit & Wasatch

Counties)*

 1,306 -17% 3,011,137,360 6% 2,321,617 28% 1,550,000 24%
* Primary Market totals include only Summit and Wasatch counties and are not totals for all areas.

Condominiums

  • The Condo market in Old Town Park City continued to be solid with sales up (23%) in units but 63% in volume on a gain in median price of 18% to $805,000.
  • Lower Deer Valley was the standout neighborhood performer with sales nearly doubling driving the median price to $1.48 million, up 49%.
  • Empire Pass sales were very strong. Units sold were up 49% and sales volume up 83%, as the median price jumped 24% to $3.3 million.
  • In the Snyderville area, outside of perennial volume leader Canyons Village, Pinebrook led in sales volume (up 70%) while most of the other Snyderville neighborhoods saw sales decline due to lack of inventory.
  • In Wasatch County, (areas with 10 or more sales are reported) Jordanelle Park, Tuhaye, and Hideout all saw gains of 70% to 100% or more in sales volume, with Jordanelle Park leading the price gain parade, up 111% to $28.4 million.
 
Condominium Summary  End of Q4-2021 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 511 19% 898,653,979 52% 1,772,493 28% 1,300,000 36%
Snyderville Basin 535 4% 478,959,564 23% 895,251 18% 710,000 21%
Jordanelle 292 28% 252,447,154 64% 864,545 29% 799,950 19%
Heber Valley 52 -30% 24,977,320 -22% 480,333 11% 387,500 15%
Kamas Valley 2 -80% 1,040,000 -79% 520,000 3% 520,000 4%
Total Primary Market

Area (Summit &

Wasatch Counties)*

 1,393 11% 1,656,938,018 41% 1,192,900 28% 815,000 21%
* Primary Market totals include only Summit and Wasatch counties and are not totals for all areas.

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.
  • Jordanelle showed the most activity selling 431 lots this year compared to 314 in 2020. Those lots sold for nearly twice the price of lots in 2020. The median sale price was $640,000, up 97% from $324,500 the year before.
  • Overall land sales in Summit and Wasatch counties were up just 14%, however, the price increase expected when supply decreases and demand remains steady, pushed the median sales price for land region wide up 80% to $586,000.
  • All the major areas of the market saw a substantial increase in sales volume. Jordanelle led the way with $337.9 million in sales, 143% of the previous year’s total for the second year in a row.
  • Only 40 lots sold within the Park City Limits but that lack of available lots pushed the median sale price for the few that were bought to $1.89 million, up 57% from the year before.
 
Land Sales Summary End of Q4-2021 Qty Sold % Chg Sales Volume  % Chg Average Price  %

Chg

 Median Price % Chg
Park City 40 -7% 81,958,375 29% 2,048,959 36% 1,885,000 57%
Snyderville Basin 246 0% 318,969,000 44% 1,296,621 44% 775,000 29%
Jordanelle 431 37% 337,695,180 143% 783,515 77% 640,000 97%
Heber Valley 244 15% 139,472,614 75% 571,609 53% 375,125 60%
Kamas Valley 103 -2% 78,588,101 43% 762,991 46% 350,000 35%
Wanship/Hoytsville 77 -3% 18,319,532 93% 237,916 98% 124,500 13%
Total Primary Market

Area Summit & Wasatch

Counties)*

 1,146 14% 978,366,802 71% 853,723 50% 586,250 80%
* Primary Market totals include only Summit and Wasatch counties and are not totals for all areas.

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

  • Even with the drop in units sold, the sales volume has stayed the same or increased because of the big increases in median prices. And this is not just happening locally; it is happening in markets across the country.
  • Park City has enjoyed a strong, sustained market because of its unique positioning as a resort and recreation market.
  • Utah is 50,000 housing units short of meeting demand, and we cannot build our way out of this dilemma soon enough. This supply problem will not be solved anytime soon. Utah can build only 15-17,000 new units per year, so there is no light at the end of this tunnel.
  • Construction costs continue to rise due to supply constraints and labor costs. Coming in under $600-700/sq. ft. is not happening. And that’s not counting the land costs. But that hasn’t deterred sales or wait lists.
  • Homes are selling so fast that buyers need to be able to make an offer the minute that a property comes on the market.
  • Park Meadows replaced Prospector as the most stable neighborhood in the Park City metro area with prices remaining relatively stable compared to the other highly appreciating neighborhoods.
  • Within the Park City Limits, the volume of sales fell 2% from last year, but prices climbed. It now costs more than $3.3 million (median sale price) to buy a house in town in Park City.
  • The northern neighborhoods that make up Snyderville Basin -- Pinebrook, Silver Springs, Summit Park and Jeremy Ranch – continue to be the more popular areas, with 40 or more sales in each (exceeded by only Promontory in total number of sales).
  • Deer Mountain, historically a more affordable area around the Jordanelle, has seen median prices double in the past four years.
In a superb example of how dramatically this market is changing, Rick Klein, local lender and long-time, frequent contributor to our agents’ understanding of market statistics called the performance in 2021, “Nothing short of spectacular.” As an example of the magnitude of the change, Rick has compared market times for Single Family homes sold in 2021 to those in 2020 and 2019, based on whether the asking price was above or below the median for the area.

At the end of 2019, the median price of a single-family home in Park City was just over $1.9 million and the average market time was 8.2 months. Homes priced below the median sold on average in 3.5 months while those above the median took more than a year to sell.

Fast forward two years. At the end of 2021, the median price of a single-family home in Park City was just over $3.3 million and the average market time was 1.1 months. Homes priced below the median sold on average in 0.2 months (that’s less than a week) while those above the median sold in 2.0 months.

 

Single Family Median Sale Price Median Mkt Time If <$Median If >$Median
2019 $1,980,000 8.2 months 3.5 months 12.9 months
2020 $2,500,000 3.4 months 1.3 months 5.5 months
2021 $3,305,000 1.1 months 0.2 months 2.0 months
 

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: 

  • The lowest median price for a condo in Park City continues to be in Prospector where the median price is up 37% but still hovers just under $300,000.
  • The overall median price across all neighborhoods within Park City is up to $1.3 million, a 36% increase in the past year (up from $956,000).
  • People that used to spend three to five weeks each year in Park City are now spending three to five months, and this is pushing the sale of larger units up to higher prices.
  • In the Canyons, Yotelpad dominated condo sales at the lower end of the market with nearly 25% of sales happening in that development. The median Yotel condo sold for $365,000 while the remainder of the Canyons the median price was nearly three times that, $945,000.
ON VACANT LAND:
  • Land continues to appreciate at higher rates than existing housing due to the continuing adage that they’re not making any more of it. Across Summit and Wasatch counties combined, median sale prices were up over 80% from 2020 to $586,000 per parcel.
  • Total land sales for 2021 surpassed the $1 billion mark for the first time. Last year total sales were just under $600 million.
What is the new normal?

Given all the disruption in the market, some good some not, over the past 20 years, perhaps it’s a worthy exercise to see how far we have deviated from normal. To do that, we need to define “normal” for the Park City market and that isn’t as easy as it might seem.

Looking back over the past 21 years, we see 15 years when total sales transactions were between 1,000 and 2,000. Nine of those were within a few points above or below 1,500. In the two years after Subprime Mania and the Covid Pandemic sales topped 2,000 and in the three years of the great recovery, they were below 1,000. So the old normal seems to hover right around 1,500 units per year. But is the new normal the seven-year stable era we saw just before the pandemic changed our world? Or is it somewhere above 2,000 as we have seen during a medical crisis that should have rocked the market but instead rocketed it to new stratospheric heights? We will find out in 2022 and beyond.

Overall Impressions

High demand and low inventory leads to explosive price gains. Over past two years single family residences in the Basin are up 50%, in-town they’re up 67% and in Heber Valley up 71%.

Looking forward:  There probably is no “new normal” on the way anytime soon. External market disruptors are common and will continue to be unpredictable. We are at least a year or two from a more stable and balanced market given current demand and declining inventory issues.

Area winners in our tracked statistics

(Minimum 10 or more sales) Single Family Homes Condominiums Vacant Land
Quantity sold: Promontory – 113 Canyons Village – 303 Tuhaye/Hideout – 290
Volume sold: Promontory - $412M Canyons Village - $303M Tuhaye/Hideout - $219M
Average sale price: Canyons Village - $11.7M Empire Pass - $3.64M Canyons Village - $3.17M
Median sale price: Canyons Village - $11.8M Empire Pass - $3.33M Canyons Village - $2.8M
Market Overview Year Ending 12/31/21        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 12/31/20 1,578 2,840,026,546 1,810,087 1,250,000
12 Months ending 12/31/21 1,306 3,011,137,360 2,321,617 1,550,000
Yr over Yr Change -272 -17% 171,110,814 6% 511,530 28% 300,000 24%
CONDOMINIUM

SUMMARY

Qty Sold % Chg Volume % Chg Average % Chg Median % Chg
12 Months ending 12/31/20 1,259 1,172,835,144 933,786 671,250
12 Months ending 12/31/21 1,393 1,656,938,018 1,192,900 815,000
Yr over Yr Change 134 11% 484,102,874 41% 259,114 28% 143,750 21%
LAND SUMMARY Qty Sold % Chg Volume % Chg Average % Chg Median % Chg
12 Months ending 12/31/20 1,003 570,652,590 569,514 325,000
12 Months ending 12/31/21 1,146 978,366,802 853,723 586,250
Yr over Yr Change 143 14% 407,714,212 71% 284,209 50% 261,250 80%
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.

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2021 3rd Quarter Statistics

By Park City Board of REALTORS
Nov 08, 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

 

October 31, 2021 – The remarkable rise in homes sold and sale prices that we experienced in the latter half of 2020 continued unabated through the third quarter of 2021. Sale prices showed strong appreciation with increases in both average (Up 26%) and median (Up 17%) prices as well as dollar volume (Up 80%) across the primary market of Summit and Wasatch Counties 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, the third quarter began with the stay-at-home restrictions starting to be relaxed, the market reacted strongly with buyers coming out in droves. Open houses were resumed, and in-person showings once again became possible. Sales activity rebounded and the quarter finished with record breaking totals. The sales spurt continued for the next twelve months until June 2021 with each month’s sales numbers exceeding those of the previous year.

The pent-up demand for homes was finally satisfied by mid-summer and beginning in July weekly sales tallies fell short of the same week in 2020. But the volume of contracts and sales prices in the previous twelve months was enough to guarantee that, even with a slight slowdown in the pace of purchases, when 2021 ends the market will again set a new record for number of homes sold, total sales volume, and average/median price appreciation.

Price appreciation continues to be driven by a dearth of available inventory. Pending contracts continue to far outstrip 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. At the end of September 2021 there were only 394 residential properties for sale across the entire marketplace, an 80% decline from the year earlier.

Some neighborhoods always fare better than others and the results for third quarter were no exception. Not one of the major market areas had any negative sales results to report when comparing the 12-month rolling averages with the same period the year before. Within Park City limits, sales were up 30% and sale prices jumped 22 to 28%. In the Snyderville Basin, sales climbed 23% with average and median prices spiking 44% and 34% respectively.

New listings and listing inventory, however, were a totally different story with both dropping to historic lows. Comparing the 12-months ending September 30, 2021, to the same period in 2020:

  • New residential listings for the third quarter of this year were 884, down 33% from the 1,243 in 2020.
  • With less inventory to sell, Pending sales were also down. PCMLS members signed 1,078 purchase contracts in Q3-2021, nearly one-third fewer than the 1,506 in Q3-2020. Those few homes coming to market, were snatched up almost immediately maintaining the dramatic drop in inventory.
  • With Pendings running higher than New Listings, available inventory started to shrink even more dramatically. 384 properties were active at the end of Q3, compared to 459 at the end of Q2. The active inventory is barely more than 20% of our pre-Covid 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 September 30, 2021.

Single Family Homes

  • Within Park City Limits, total unit sales were up 30% over 2020 to 297 units while sales volume climbed 58% from $622 million last year to almost $1 billion this year.
  • The median price of a single-family home across the city rose 28% to $2.93 million.
  • In the popular Old Town area units sold jumped 67% (67 to 112) and sales volume nearly doubled (to $267 million) as the median price topped $2.2 million.
  • The Thaynes Canyon neighborhood bumped Aerie for the grand prize for greatest increase in median price, nearly doubling over the year earlier to $4.1 million.
  • Snyderville residents saw a spike in sales volume (up 23%) while the median price tracked equally well, up 34% to $1.9 million.
  • Promontory led the Snyderville neighborhoods in sales units (145, up 42%) and dollar volume ($487M, up 91%) while Canyons Village saw the biggest price increase with the median in that neighborhood passing $11.7M, up 89% year over year.
  • The hotspots south and east of the metro area around the Jordanelle reservoir continued to be popular. Deer Mountain nearly doubled its sales volume on a 55% increase in median sale price of $1.8 million. Prices were particularly robust in the Tuhaye/Hideout area, where the median rose 36% to $2.6 million.
  • Heber Valley saw a slight dip in sales units, but 39% higher sales volume propelled by a median price that jumped 39% to $835,000.

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 16% and median prices up 50%.

Single Family Summary

End of Q3 2021

 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 297 30% 979,948,290 58% 3,379,132 22% 2,935,000 28%
Snyderville Basin 534 23% 1,448,562,096 77% 2,722,861 44% 1,898,475 34%
Jordanelle 102 26% 257,068,482 55% 2,520,279 23% 2,525,000 15%
Heber Valley 385 -4% 463,855,012 39% 1,204,818 44% 835,000 39%
Kamas Valley 147 18% 178,105,790 49% 1,211,604 27% 905,000 57%
Wanship/Hoytsville 66 8% 48,826,527 49% 739,795 38% 600,000 20%
Total Primary Market Area (Summit & Wasatch Counties)* 1,537 16% 3,382,697,848 63% 2,213,807 40%  1,546,000 50%
*Totals may not foot due to Primary Market totals that include only Summit and Wasatch counties.

Condominiums

  • The Condo market in Old Town Park City continued to be solid with sales up (45%) in units on a MODEST gain in median price of 7% to $729,000.
  • Empire Pass was the standout neighborhood performer with sales nearly tripling driving the median price over $3.0 million, up 34%.
  • Lower Deer Valley sales were very strong. Units sold more than doubled and sales volume more than tripled as the median price jumped 28% to $1.4 million.
  • In the Snyderville area, outside of perennial volume leader Canyons Village, Pinebrook lead in unit sales (96, up 118%) while Sun Peak/Bear Hollow and Kimball tied for the sales volume lead at $50 million.
  • In Wasatch County, Jordanelle Park, Tuhaye, Hideout, and South Jordanelle all saw gains of 100% or more in sales volume with Jordanelle Park leading the price gain parade, up 97% to $660,000.
 
Condominium Summary

End of Q3-2021

 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 570 65% 953,226,075 121% 1,681,174 34% 1,250,000 46%
Snyderville Basin 648 57% 524,144,643 38% 808,865 -12% 617,500 -11%
Jordanelle 292 59% 238,129,319 103% 815,511 28% 776,938 21%
Heber Valley 65 -17% 31,700,320 3% 487,697 23% 374,000 19%
Kamas Valley 6 -14% 3,034,000 -13% 505,666 1% 500,000 0%
Total Primary Market Area (Summit & Wasatch Counties)* 1,582 54% 1,750,634,358 82%  1,108,698 18%  757,750 11%
*Totals may not foot due to Primary Market totals that include only Summit and Wasatch counties.

Vacant Land

  • Land sales exploded in third quarter as buyers who could not find an existing home to their liking elected instead to build their own. The summer spike in lumber prices abated somewhat but still many buyers had to defer the groundbreaking until later because of the backlog of pending orders at most new home builders.
  • Sales units and dollar volume were both up triple digit percentages in almost many primary service areas including Snyderville Basin and Jordanelle.
  • Overall land sales in Summit and Wasatch counties were up 76%. The price increase expected when supply decreases and demand remain steady pushed the median sales price for land region wide was up 71% to $490,000.
  • Snyderville Basin and Jordanelle areas both saw sales units doubling the previous year. Jordanelle led the way with 466 lots sold on a median price rise to $450,000 (up 57%).
  • Jordanelle, Park City metro, Snyderville, and Heber Valley all saw a substantial increase in sales volume and units sold for 2021.
  • Only 49 lots sold within the Park City Limits and the city was saw the least price appreciation as average and median sale prices rose 6% and 20% respectively.
 
Land Sales Summary

End of Q3-2021

 Qty Sold % Chg Sales Volume  % Chg Average Price  % Chg Median Price % Chg
Park City 49 53% 83,396,375 68% 1,701,966 6% 1,444,375 20%
Snyderville Basin 327 106% 403,329,000 225% 1,233,422 58% 750,000 43%
Jordanelle 466 121% 276,684,550 232% 593,743 50% 450,000 57%
Heber Valley 279 66% 134,852,860 126% 483,343 36% 300,000 30%
Kamas Valley 105 14% 81,740,300 113% 778,479 87% 365,000 45%
Wanship/Hoytsville 77 -1% 12,994,742 34% 168,762 36% 95,000 -21%
Total Primary Market Area Summit & Wasatch Counties)* 1,309 76%  996,431,827 170%  761,216 53%  490,000 71%
*Totals may not foot due to Primary Market totals that include only Summit and Wasatch counties.

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

  • Some of the areas that saw only modest price increases this past year were those that were most highly sold last summer after the initial Covid shutdown was over and demand spiked. The run-up last year set the benchmark that is harder to match this year.
  • Park Meadows replaced Prospector as the most stable neighborhood in the Park City metro area with prices remaining relatively stable compared to the other highly appreciating neighborhoods.
  • Within the Park City Limits, the volume of sales rose more than 50% and it now costs almost $3 million (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 48 and 77 sales respectively (exceeded by only Promontory in total number of sales).
  • It was a banner year for golf course communities. And that helped areas near golf courses because when buyers found there was nothing to buy on the course, they looked next door.
  • Deer Mountain, once thought of as a more affordable area around the Jordanelle, now has nearly as many homes selling for over $2 million as sold for less than $2 million. That’s a new, upward trend.
  • Sellers are getting more aggressive with the market continuing to expand. When we see offers that fall out followed immediately by a list price increase, we know we’re in a hot market.
  • New construction in the Park City area has now risen to $1500 to $2500 per square foot. A new market high.
In a superb example of how dramatically this market is changing, Rick Klein, local lender and long-time and frequent contributor to our agents’ understanding of market statistics called the third quarter performance, “Nothing short of stunning in its scope.” As an example of the magnitude of the change, Rick compared market times for Single Family homes sold in second quarter to those in the third quarter, broken down by price range.

At the end of second quarter this year (2021), the median price of a single-family home in Park City was just over $2.7 million and the average market time was 1.5 months. Homes priced below the median sold on average in 0.8 months (that’s 24 days) while those above the median sold in 2.2 months.

At the end of third quarter the median had risen to @2.9 million. Homes priced below the median sold on average in 0.4 months (that’s 12 days) while those above the median sold in 2. months.

As of 9/2021

Single Family <$2,935,000 <$2,935,000
1.21 months 0.40 months 2.03 months
 

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 $730,000 and in Prospector it’s over $250,000 for the first time. Overall, within the Park City Limits, the median price for a condo is now $1.25 million, up 46% year over year.
  • In the Canyons, 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 significantly but may not be representative of the entire area.
ON VACANT LAND:
  • Land sales nearly tripled over the previous year in the primary market of Summit and Wasatch Counties. 1,309 lots sold, a jump of 76% and with a Median sale price climb of 71% to $490,000. Total sales fell just shy of $1 Billion is aggregate compared to $368 million for the year prior.
Area winners in our tracked statistics
(Minimum 10 or more sales) Single Family Homes Condominiums Vacant Land
Quantity sold: Promontory – 145 Canyons Village – 365 Tuhaye/Hideout – 308
Volume sold: Promontory - $487M Canyons Village - $321M Promontory - $181M
Average sale price: Canyons Village - $10.6M Empire Pass - $3.25M Canyons Village - $2.82M
Median sale price: Canyons Village - $11.7M Empire Pass - $3.04M Canyons Village - $2.6M
Market Overview Year Ending 9/30/21 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 9/30/20 1,327 2,081,191,265 1,577,855 1,033,800
12 Months ending 9/30/21 1,537 3,382,697,848 2,213,807 1,546,000
Increase 210 16% 1,301,506,583 63% 635,952 40% 512,200 50%
CONDOMINIUM SUMMARY Qty Sold % Chg Volume % Chg Average % Chg Median % Chg
12 Months ending 9/30/20 1,028 960,571,871 937,143 681,365
12 Months ending 9/30/21 1,582 1,750,634,358 1,108,698 757,750
Increase 554 54% 790,062,487 82% 171,555 18% 76,385 11%
LAND SUMMARY Qty Sold % Chg Volume % Chg Average % Chg Median % Chg
12 Months ending 9/30/20 744 368,878,495 496,472 286,100
12 Months ending 9/30/21 1,309 996,431,827 761,216 490,000
Increase 565 76% 627,553,332 170% 264,744 53% 203,900 71%
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.

Posted in Uncategorized | 0 Responses to "2021 3rd Quarter Statistics"

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.

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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.

Posted in Uncategorized | 0 Responses to "2021 1st Quarter Statistics"

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.

Posted in Uncategorized | 0 Responses to "2020 4th Quarter Statistics"

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.

Posted in Uncategorized | 0 Responses to "2020 3rd Quarter Statistics"

2020 2nd Quarter Statistics

By Park City Board of REALTORS
Sep 17, 2020

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

Park City Board of REALTORS® Serving Summit & Wasatch Counties

William Winstead                                                     Mark Jacobson

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

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

435-640-1900                                                                    435-659-1123

 

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

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

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

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

A closer look – Single Family Homes

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

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

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

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

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

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

 A closer look – Condominium Sales

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

Conclusion

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

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

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

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

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

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

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

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

 

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

Posted in Press Release | 0 Responses to "2020 2nd Quarter Statistics"

2020 1st Quarter Statistics

By Park City Board of REALTORS
May 14, 2020

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

Park City Board of REALTORS® Serving Summit & Wasatch Counties

William Winstead                                                     Mark Jacobson

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

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

435-640-1900                                                                    435-659-1123

 

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

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

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

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

A closer look – Single Family Homes

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

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

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

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

 A closer look – Condominium Sales

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

Conclusion

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

 

___________________________________________________________________________

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

Posted in Press Release | 0 Responses to "2020 1st Quarter Statistics"

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.

Posted in Uncategorized | 0 Responses to "2019 4th Quarter Statistics"

2019 3rd Quarter Statistics

By Park City Board of REALTORS
Nov 19, 2019

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

Park City Board of REALTORS® Serving Summit & Wasatch Counties

Sheila Hall                                                                  William Winstead

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

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

435-640-7162                                                                    435-640-1900

 

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

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

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

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

A closer look – Single Family Homes

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

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

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

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

 A closer look – Condominium Sales

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

A closer look – Vacant Land

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

Conclusion

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

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

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

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

PARK CITY MULTIPLE LISTING SERVICE – SEPTEMBER MARKET UPDATE

SINGLE FAMILY HOMES – Period Ending September 30, 2019

         
CLOSED SALES – LAST 12 MONTHS MEDIAN SALES PRICE
 

PARK CITY METRO

2017-2018

160

2018-2019

181

  

PARK CITY METRO

2017-2018

$2.05M

2018-2019

$1.92M

% CHANGE +13%

% CHANGE -7%
     
 

HEBER VALLEY

2017-2018

338

2018-2019

310

  

HEBER VALLEY

2017-2018

$522K

2018-2019

$528K

% CHANGE -28%

% CHANGE +1%
     
 

KAMAS VALLEY

2017-2018

109

2018-2019

112

  

KAMAS VALLEY

2017-2018

$434K

2018-2019

$516K

% CHANGE +3%

% CHANGE +19%
[1] https://www.prnewswire.com/news-releases/las-vegas-drops-out-of-top-three-cities-in-annual-gains-according-to-sp-corelogic-case-shiller-index-300947277.html

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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.

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2019 1st Quarter Statistics

By Park City Board of REALTORS
May 09, 2019

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

Park City Board of REALTORS® Serving Summit & Wasatch Counties

Sheila Hall                                                                  William Winstead

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

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

435-640-7162                                                             435-640-1900

 

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

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

Year-Over-Year Single Family Homes

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

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

Year-Over-Year Condominium Sales

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

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

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

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

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

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2018 4th Quarter Statistics

By Park City Board of REALTORS
Feb 07, 2019

 

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

Park City Board of REALTORS® Serving Summit & Wasatch Counties

Sheila Hall                                                                  William Winstead

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

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

435-640-7162                                                             435-640-1900

 

PARK CITY, UTAH – February 5th, 2019

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

Single-Family Home Sales

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

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

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

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

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

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

Condominium & Townhome Sales

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

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

Vacant Land Sales

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

Conclusion

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

it is crucial that buyers and sellers contact a Local Park City Board of REALTORS® Professional for the most accurate, detailed, and current information.

 

 

___________________________________________________________________________

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

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2018 3rd Quarter Statistics

By Park City Board of REALTORS
Oct 31, 2018

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

Park City, UT 84060

(435) 200-6900

FAX (435) 200-6901
F O R   I M M E D I A T E   R E L E A S E                                                                                                             CLICK HERE TO PRINT

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

 Todd Anderson                                                                        Sheila Hall

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

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

Todd@YouInParkCity.com                                                        Sheila@SheilaHall.com

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

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

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

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

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

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

 

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

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

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

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

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

The complexity of individual neighborhoods and micro-markets in the Greater Park City Area are reasons that buyers and sellers should be advised to contact a Park City Board of REALTORS® Professional for the most accurate, detailed, and current information.

 

 

___________________________________________________________________________

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

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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.

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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.

Posted in Uncategorized | 0 Responses to "2018 1st Quarter Statistics"

 
 
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