As we head into the winter, the big question lately has been - Are prices continuing to move up? Or are we seeing them level off, or even head back down? As local park city real estate experts, we focus most of our attention to properties within the city limits of Park City. But let us take a more expansive look and see what the statistical data reports for our entire MLS and then down to specific communities. Our review below includes data from the Park City Board of Realtors 2018 Q3 Statistical Report comparing the last 12 months, to the previous 12 months. Also known as a 12 month rolling - year over year report. Below is a quick visual chart that summarizes some of the major areas of the PCMLS.
SINGLE FAMILY HOMES
The total PCMLS count for Single Family Homes shows a slight decrease in unit sales by 3%. Although sales numbers are slightly down, prices show a median increase of 8%, which is now at $775,000.
Park City is made up of two major areas - Park City Limits (In-Town) and Snyderville Basin (Out-of-Town). For Snyderville Basin, we saw a decrease in unit sales by 8%, but a substantial increase in prices with 17% for the average, and 22% for the median, now at $1,200,000. Glenwild, Silver Creek and Promontory drove the majority of the price increases. In the city limits of Park City, the market saw little change from last year with a slight 2% decrease in unit sales, combined with a slight increase of 3% in median price. The median price for a home in Park City is now at $1,950,000. Park Meadows, always a very sought after community, saw a 14% increase in median price, but a slowing of unit sales by 30%. Old Town, another typically active market, did see an increase in unit sales by 10%, but a slight decrease in median price by 3%.
Looking at the total MLS count for condo sales, we see similar trends. Unit sales were down by 7%, but the median price was up by 6%. Condo sales in the Snyderville Basin saw a slight 2% decrease in activity, with an 8% increase in sold price. In-Town condos saw similar results, with 5% fewer transactions and the same 8% increase in price. With all the new product under construction at Canyons Village, we expect to see significant increases in unit sales and pricing for that area in Q4 and throughout 2019. For Upper Deer Valley, we saw a substantial decline in unit sales and median price. This decline was most likely due to the abundance of closings from Stein Residences in the year prior, compared to a more regular sales cycle these last 12 months. As Goldener Hirsch completes construction next fall, we will see a dramatic increase once again. Condos in Empire Pass saw an 8% increase in median price and nearly tripled in sales volume as One Empire Pass completed construction and delivered product earlier this year. Empire Residences is set to break ground and will be the next new development in the Village at Empire Pass.
In general, we continue to see good properties push pricing up even further. We also have experienced new product levels in our market. As the market accepts rising prices, we see builders and developers creating more unique designs with more luxury finishes and options. It seems that year after year; the bar continues to be raised. In contrast, older and dated product can struggle on the market if priced too high. The buyers in Park City and Deer Valley, especially second home and vacation buyers, prefer new and hassle-free as opposed to properties in need of attention.
To provide a quick snapshot of our local real estate market, we often focus on generalized numbers in the above stats. It is important to consider local information specific to your community of interest when buying or selling a property. For more in-depth statistics or recent sales activity, feel free to reach out to us with your questions.
Sean Matyja - Realtor® / Associate Broker
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