Current news and market updates for Park City real estate and Deer Valley real estate. Updated often, a great resource to keep up to date on all happenings in real estate in the Park City and Deer Valley communities.
Found 161 blog entries about Park City Real Estate News.
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,
Summit and Wasatch County property prices rise at a steady market pace in 2015
At the end of the fourth quarter of 2015, the year-end statistics reported by the Park City Board of REALTORS® indicated a slow but consistent annual increase in both the number of closed sales and the median sales price for single family homes, condominiums and vacant lots in Summit and Wasatch Counties. The total dollar volume for 2015 was up 10% over 2014, reaching $1.85 billion, with single family homes sales accounting for the highest dollar volume by property type.
Above chart illustrates the Total Number of Units Sold by year from 1999 to 2015.
Above chart illustrates the Median Price of Sold Units by year
Above: Views from the ridge looking back to Park City
The highly anticipated Quicksilver Gondola was installed this summer and is now open! The connection between Park City Mountain Resort and Canyons creates the biggest ski resort in the United States, offering 40 lifts, 314 runs and 7,300 acres of skiable terrain.
We took a couple laps on Friday and we would have to say the new gondola connection is pretty cool. The views are amazing and its surprising how quick you can get to the gondola from the Park City side. A simple quick ride up the Crescent chairlift, then down to the bottom of Silverlode, which is the home of the gondola’s Park City side base.
Above: The new Miner's Camp Lodge at Park City Resort
These are exciting times to be in Deer Valley and Park City, Utah. Deer Valley Resort® has been a long time top ranking ski resort in SKI magazines reader’s polls and many other ski publications. And now Park City is owned by Vail, has merged with the Canyons resort, and is now one giant ski resort. In fact, it is now the largest ski resort in North America. They have been connecting the two ski resorts into one, and have made numerous grades to the tune of $50 million.
With all the new hype focused on the resorts, it is bringing the opportunity for new real estate developments, specifically luxury ski-in, ski-out communities at Deer Valley and Park City’s Canyons Village. Below we are giving you a sneak-peek of a few new upcoming developments that
Closed sales for the first nine months of 2015 are the highest since 2007
At the 2015 third quarter end, both the median sales price and the number of closed sales continued to trend upward despite the number of active listings hovering at historically low levels in the Greater Park City Area. By property type, including single family homes, condominiums, and vacant land, for the entire market area, there was a 12% increase in quantity sold and 10% increase in median sales price compared to the previous four quarters, with condominium sales accounting for half the closed transactions, according to statistics released by the Park City Board of REALTORS®. Year-over-year the total dollar volume was also up 20% reaching $1.85 billion.
Park City, Utah – July 29, 2015, Number of closed sales and total dollar volume for the first half of 2015 are the highest since 2007. The total number of closed sales, year-to-date, for the entire market area was 9% higher than the first two quarters of 2014 and was the highest first half of any year since 2007, according to statistics released by the Park City Board of REALTORS®. The total dollar volume was up 11% and the median sales price continued to trend upward on a gentle curve in most areas. The Summit and Wasatch County market remains highly segmented; some market segments are drifting down while others are moving up.
Single Family Home Sales
The median sales price for a single family home within the City Limits (84060) over the past
Park City, Utah – May 18th, 2015, Number of sales for the first quarter of 2015 remains steady with prices rising gradually.
The total number of closed sales, including single family homes, condominiums, and vacant land, within the Greater Park City Area, for the first quarter of 2015 was 11.5% higher than Q1 of 2014 and 18.5% higher than Q1 of 2013. With another strong quarter in condominium sales, the number of closed transactions for the first quarter of 2015 marked the highest number of first quarter sales since Q1 of 2007. The total dollar volume for the first quarter was 17% above that of 2014 and 37% higher than 2013, according to statistics released by the Park City Board of REALTORS®. The median sales price for the Greater Park City Area,
Now that we have ended the year 2014 we can finally compare the end of year results to the previous year of 2013. Looking at the macro market level there was a total of 2,362 unit sales for our entire Park City multiple listing service in 2014. This was only up by 4% from 2013’s 2,265 unit sales. The total dollar volume sold in 2014 was $1.67 billion compared to $1.52 billion the previous year which gave us a 10% increase. The average selling price for the entire MLS was $672,000 in 2013 and moved up 5% to $707,004 in 2014.
So to recap for all product types in the entire Park City MLS: The quantity of units sold went up 4%, the total dollar volume sold went up 10% and the average sales price went up 5%.
Vail Resorts announces the most impactful capital plan in the history of U.S. ski industry with more than $50 million of improvements are planned for next season!
Click on Map to view larger version
Vail Resorts plans to link two of North America’s greatest ski areas – creating the largest resort in the United States with 7,300 acres of skiable terrain. The plan outlines more than $50 million worth of resort improvements in 2015 that include. Already, the EPIC pass allows skiers to choose which mountain to ski for the day, PCMR or Canyons. Soon the resorts will be connected.
The Interconnect Gondola
An eight-passenger, high-speed gondola running from the base of the existing Silver Lift at Park City to the Flatiron Lift at Canyons. When
Q3 of 2014 shows fewer number of sales compared to same time period in 2013, but median sales price is trending upward.
The total number of closed sales, including single family homes, condominiums and vacant land, within the Greater Park City Area in the third quarter of 2014 is 12% below Q3 of 2013, with single family home sales down over 16%, according to the Park City Board of REALTORS®. Though the number of sales is down, median prices continue to climb at a gradual pace.
Single Family Home Sales
By property type, single family homes had the least activity in Q3. Within Park City Proper, there were 126 sales - down 20% from last year’s number, with the median price at $1,315,000. In Old Town, the median price of a single family home rose 28%
