Park City Real Estate Statistics - End of Year Report for 2017

The Park City Board of REALTORS® has released annual statistics for Summit and Wasatch Counties. The 2017 year-end summary report indicates the overall real estate market continues to be healthy, steady, and growing at sustainable rates.

The number of single-family home transactions and the median sales price grew at 5% and 14% respectively over the past year. 84% of these sales occurred outside the Park City Limits, as primary home buyers’ demand for the Wasatch Back lifestyle increased. The number of condominium transactions and median sales price grew at 4% and 6% respectively from 2016 to 2017. Condominium sales grew at a slightly faster pace inside the Park City Limits than in other areas in Summit and Wasatch Counties.

The above chart illustrates the number of units sold in our entire Park City MLS. The last height of the market we saw a quick increase from 2001 to 2005, a sharp rate of acceleration in only four years. We currently are in an upmarket that has been continuing at a more mellow rate, going from 2009 to 2017, an increased rate over 8 years, still not quite reaching the unit sales we saw at the height of 2005.

Below we compare to a chart illustrating the median price increases and decreases over the last 19 years. We see above that the height of the market in terms of units sales volume was in 2005, but the height of the market for prices occurred in 2007. From 2003 to 2007 we saw a sharp incline in prices over just four years, similar to the unit sales chart above. After the low of 2011, we have been climbing back up in recovery mode over the last six years to get back to similar prices we saw in 2007.

If we were to chart a similar path, and for buyers waiting for a market decline, we would need to see a major drop in unit sales to start seeing a drop in pricing. Our low in unit sales occurred in 2009 and it took four years to drop to its low, from the height. It took another two years to see the lowest prices which occurred in 2011. So given this info, and if we expected to track the same if we see a downturn, in theory, from the time we start to see a major drop in unit sales, it could take about six years to find the bottom of market prices. If a downturn happens, we do not expect such a severe market as in 2009-2011. In 2005 to 2008, everyone was a hobby real estate investor, and everyone was way over-leveraged. Financing was way too easy then, and people got destroyed when prices starting adjusting down, tons of foreclosures when the bottom dropped out. Today we see a more healthy ownership group. Because financing has been more organized and strict, we simply don't see the precarious ownership we saw years ago.

The President of the Park City Board of REALTORS® commented, “These growth rates are highly sustainable. We believe the real estate market in Summit and Wasatch Counties is balanced between buyers and sellers. That being said, the market could always use more inventory.”

Remember that these overall statistics are simply a snapshot at a moment in time and may not be representative of long-term trends. Summit and Wasatch County markets are composed of numerous hyper-local markets. More granular statistics are shown below. Buyers and sellers are encouraged to contact a member of the Park City Board of REALTORS® to find answers to specific real estate related inquiries and fully understand trends in the overall market as well as specific areas of interest.

Year-Over-Year Single Family Home Sales

Sales inside the Park City Limits increased by 13% and median sales price increased by12%.

Highlights:

Park Meadows sales were flat but median sales price increased 13%.
Old Town sales increased 30% but median sales price increased only 2%.
Prospector sales increased 30% and median sales price increased 7%.

Sales in the Snyderville Basin increased by 7% and median sales price increased by 6%.

Highlights:

Sales in the Canyons area were up 13% but median sales price decreased 31%.
Sales in Silver Springs were flat and median sales price increased 6%.
Pinebrook sales were also flat but median sales price increased 7%.
Jeremy Ranch sales increased a healthy 25% and median sales price increased 5%.
Promontory continued to grow as sales increased 20% but median sales price decreased 14%.

Other Summit and Wasatch County Area Highlights:

Heber Valley sales decreased slightly but the median sales price increased 15%.
Jordanelle sales increased 66% and median sales price increased 9%.
Kamas Valley sales increased 4% and the median sales price increased 1%, while Kamas and Marion sales were up significantly and median sales price increased 3%.
Oakley and Weber Canyon sales and median sales price decreased 13% and 2% respectively.
Wanship, Hoytsville, Coalville, Echo, & Henefer sales increased 13% and median sales price increased 9%.

Year-Over-Year Condominium Sales

Sales inside Park City Limits increased by 14% and the median sales price increased by 6%.

Highlights:

Old Town sales led the way with a 19% increase but the median sales price was flat to last year.
Lower Deer Valley sales increased by18% and the median sales price was up slightly.
Prospector sales and median sales price were essentially unchanged from 2016 to 2017.

In the Snyderville Basin sales decreased by 4% and the median sales price increased by 6%.

Highlights:

Canyons sales decreased 6% and the median sales price also dipped 10%.
Kimball sales increased 3% and the median sales price sales increased 33%.
Pinebrook sales decreased 17% but the median sales price increased 10%.

The number of condominium sales and median sales price in the Jordanelle area increased by 1%. Similarly, the number of Heber Valley sales and median sales price were flat to last year.

The Greater Park City Area real estate market looks healthy and steady. However, each micro-market needs to be understood apart from the overall market; simply reviewing the numbers is not sufficient to understanding property value. Sales in individual markets can be influenced by a number of factors, including unique outlier sales that can heavily weight the statistics. In addition, amenities, property condition, floorplan, location, inventory, and new construction impact the numbers. The only sure way to fully understand the real estate market in Summit and Wasatch Counties is to contact a member of the Park City Board of REALTORS®.