Park City Real Estate Statistics for Quarter One of 2016

Property prices continue to rise throughout Summit and Wasatch Counties

Statistics reported by the Park City Board of REALTORS®, at the close of the first quarter of 2016, indicated a steady annual increase of 6% in the median sales price for homes, condos and lots in Summit and Wasatch Counties. The PCBOR reports that prices have edged back up to where they were in 2007 but have not reached the market highs of 2008.

That is true when looking at the summary of the overall statistics. But we find that when looking at individual properties or property types in certain micro markets, we see many examples of homes and condos reaching new highs in prices, even exceeding the previous market peak prices of 2008. The overall market has been growing, with prices increasing steadily, but we are starting to see some unit sales decrease. The big question is how much further can we still continue to grow? Park City is a very sought after community, no longer a hidden secret and buyers will continue to desire property here.

Below is a summary of current market conditions.

Single Family Home Sales

Though the number of Single Family Home sales was down 12% within the Park City Limits (84060) and 4% in the Snyderville Basin (84098), the median price, in both locations, was up 13%. The lack of active listings for homes under the median price point has been a factor specifically inside the City Limits. At the end of the first quarter of 2016, Old Town and Park Meadows had the highest number of closed sales, averaging about one per week. The median sales price of a home in each neighborhood was also very close with Old Town reaching $1.35 (up 14%) and Park Meadows at $1.4 million (down 3%). It is interesting that a Park Meadows home is about twice the size of what you'll find in Old Town, but Old Town's close proximity to Main Street and the ski resort are two aspects that make it so desirable. Old Town remains one of the main areas out of state buyers look to for second homes and vacation homes. The neighborhood has experienced a rapid price appreciation over the last few years. The average home in Old Town is typically a three bedroom at about 2,300 square feet with a small yard and a single car garage. A few years back you could find many options at this size at about $1,500,000. In today's market, its tough to find the same home at under $1,900,000 - especially if the home is newer or remodeled. Part of the increase in prices in Old Town would be due to the much higher level of product now available. The newer homes are featuring higher construction quality, better finishes, more features and simply new and fun design. Its been exciting to watch the revitalization of this beautiful neighborhood that continues to offer so much character and personality.

Home in Park City's popular Old Town

In Prospector, sales were down 35% compared to last year, but the median sales price climbed 6% to $740,000. Much of the reason the unit sales are down is there was simply a lack of inventory. Very few homes were even offered for sale. Prospector has become a very sought after neighborhood with its central location, close proximity to schools and the neighborhood is adjacent to the popular Rail Trail. In today's market it is difficult to find a home under $700,000 in this family friendly neighborhood.

Upper Deer Valley and Empire Pass experienced a spike in the number of sales, and, due to several high priced transactions, the median price increased as well. Deer Valley still remains our premier area for the most exclusive luxury homes.

Within the Snyderville Basin (84098), the median sales price hit $912,500. By neighborhood, Jeremy Ranch was up 16% in median price to $874,000, Silver Springs was up 19% to $930,000, and Summit Park climbed 14% reaching $549,000. Silver Springs has become a neighborhood where homes are listed and sold within a matter of days. If this is your desired location, you must be ready to act fast, really fast. The highest number of sales occurred in Promontory with a huge 31% increase over last year, averaging over 5 sales per month. The median sales price in Promontory also increased 15% to $1.78 million.

Luxury home in Promontory Utah

There were 16 more home sales than last year in the Jordanelle area with a 5% increase in price to $900,000. Becoming increasingly popular with buyers, the number of sales in the Heber Valley was up 13% with the median sales price also up 13% reaching $383,000. Midway was up 10% in price reaching almost $473,000; Heber / Daniels was up 15% reaching $355,000; and Timberlakes was up 16% to $314,000.

Condominium Sales

Within Park City Limits, the number of condominium sales was down 19% compared to last year’s number but up 7% in median sales price. Statistics Committee Chair points out, “Condominium sales within the City Limits remained surprisingly steady in median price. With all neighborhoods in the mix, the median price over the last 12 months was $593,000 – excluding Deer Valley numbers, it was $511,000. There was indeed a decrease in the number of sales, probably due to the absorption of inventory, consequently reducing the number of listings.” The highest number of sales by neighborhood occurred in Old Town ($446,000) with an average of 8 sales per month. Both Lower Deer Valley ($774,000) and Prospector ($130,000) had 54 sales this year. Park Meadows ($659,000) averaged slightly less than 3 sales per month, accounting for 16 fewer sales for the year. Old Town numbers will soon increase with the recent closing of the newly built 820 Park Avenue condo building located at the base of the Town Lift. That property had 10 residential units with closing prices from $600,000 to $2,400,000.

Activity was the highest in the Snyderville Basin, with 361 sales for the year (up 26%) and a 14% increase in price reaching $420,000. With 56 closings at Newpark Terrace this year, Kimball Junction averaged 11 sales per month and jumped 67% in price reaching just over $380,000. The Canyons neighborhood, with 99 sales this year, jumped 39% in price to $515,500. In the Sun Peak/ Bear Hollow neighborhood, there were 20 more condo sales than the previous year, with a median sales price of almost $393,000. Condo sales in the Heber Valley were strong – up 22% in the number of units sold and up 8% in median sales price reaching just under $200,000.

Vacant Land Sales

The highest number of Vacant Land sales for our market area was in the Jordanelle area with 80 lots sold – double the previous year. The median sales price of a lot in the Jordanelle also increased significantly to $370,000. Due to low inventory within the Park City Limits, there were only 28 land sales, but the median sales price shot up 32% to $725,000. Lots in Old Town quickly became a very hot commodity, and prices of a typical Old Town lot went from about $400,000 a couple years ago to over $600,000 today. In the Snyderville Basin, there were 156 lot sales with a 24% increase in price to $396,000. By neighborhood, the highest number of sales occurred in Promontory with 62 total sales and a median price of $311,000. Promontory continues to be a huge success largely in part to its massive amount of family friendly amenities unmatched by any other community in the greater Park City area. The Heber Valley was active with 152 units sold and a median price of $200,000.

Looking Ahead

The gradual increase in median sales price indicates continued desirability for buyers in Summit and Wasatch Counties. “We are very fortunate to live in a region with many positive attributes, so the fundamentals of Summit-Wasatch County will continue to be attractive to buyers. Primary residents, retirees, second home owners and vacationers create a balanced demand for real estate purchases of all types,” says the Board of Realtors. Low inventory remained a notable issue for buyers looking for product at or below the median sales price point. The board notes: “Measured growth and the ability to keep pace with buyer interest will be one of the challenges in our industry.” 

Because our market is highly segmented with micro-markets dividing product by property type, location, price, age and amenities, buyers and sellers are advised to contact a local Park City REALTOR® for information on what is happening in your neighborhood. We always welcome inquiries on your properties value, or if looking to buy, we can give you the history and summary of market dynamics for your areas of interest.