Park City Real Estate Statistics - Quarter One Report for 2018

Posted by Sean Matyja on Thursday, April 26th, 2018 at 2:32pm.

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The real estate market in Park City, Utah continues forward, moving in an upward direction with no signs on the horizon of making a turn. We are consistently asked if we think the market prices will drop, or if the activity will decrease. Of course, it is possible, and at some point, the market will surely level, if not actually retract in units sales and/or prices. For now, things seem to be good, and steady.

A major difference in this market, compared to what we saw back in 2005-2007, is today's buyers do not seem to be leveraging themselves. Over a decade back, lending was so loose, and it was way too easy for anyone to get money to make a real estate investment purchase. In today's word, the rules and regulations for qualifying and approval on loans is much more stringent. Although the mortgage process is difficult and frustrating for many, this has led to a healthier market.

OVERALL STATISTICS

With the end of the first quarter of 2018, we recently pulled a statistics report from our Park City MLS comparing the last 12 months to the previous 12 months. Looking at a year-over-year report we can remove the seasonality that can affect data. For this report, we focused on the data of single-family homes and condominiums. We excluded land, commercial and fractional property.

Reviewing this data in total, combining all areas of Park City, we actually saw a slight 3% decrease in unit sales. The average sales price showed a 2% increase, and the median sales price moved up by 10%.

The Jordanelle communities have been increasingly active and saw an increase of 18% for median selling prices. In town, Old Town was up by 6%, Prospector up by 21%, and Park Meadows saw an increase of 19% for median price.

EMPIRE PASS

In Empire Pass Deer Valley, there are 37 condos listed for sale from $1,099,000 to $5,850,000. Sales activity has been quite busy with 16 pending sales priced from $2,300,000 to $8,700,000. In just the last six months there have been 31 closed sales ranging from $1,350,000 to $5,200,000. These sales were at an average of $2,843,000 or $1,167 per square foot.

Of these 31 closed sales, 15 were from the newly built One Empire Pass. One Empire Pass also makes up 8 of the current pending sales. This new building only has four remaining condos for sale.

Comparing the last 12 months to the previous 12 months, the number of condo units sold was up dramatically, from 15 to 44. The median sales price was slightly down by 3%. As One Empire Pass completes construction and closes their remaining sales, statistics data for both prices and unit sales will surge, likely generating more interest and demand for Empire Pass properties.

OLD TOWN

There are 37 homes listed for sale in Old Town priced from $749,900 to $9,995,000 – quite a wide range of options! There are 10 pending sales priced from $799,000 to $5,500,000. In the last 6 months, there have been 32 closed sales. Closed sales prices have ranged from $765,000 to $3,815,000 with an average price of $1,686,866. The average price per square foot for closed sales was at $781.

Comparing the last 12 months to the previous 12 months, unit count for closed sales of homes was up by 20%. The average selling price for homes was up by 8%, with the median selling price up by a similar 7%. Condominium unit sales were up by 4%. The average and median selling price was relatively flat with an increase of about 1%.

PARK MEADOWS

There are only 22 homes listed for sale in Park Meadows priced from $990,000 to $9,000,000. There is a wide-ranging field of property in Park Meadows. There are 4 pending sales priced from $859,000 to $3,850,000. In the last 6 months, there have been 14 closed sales - which is typically a slower time for Park Meadows. Closed sales prices have ranged from $795,000 to $3,500,000 with an average price of $2,067,464. The average price per square foot for closed sales was at $463.

Comparing the last 12 months to the previous 12 months, unit count for closed sales of homes was down by 5%. The average selling price for homes was unchanged, with the median selling price up by 10%. Condominium unit sales were down by 15%. The average selling price saw an increase of 30%. With condo prices moving up sharply, homes may appear to be the better value for this community.

If you would like more detailed information on market activity for condos, homes or land for any specific area, let us know what we can provide.

Sean Matyja - Realtor® / Associate Broker
Mobile: (435) 901-2158 | Email: sean@enjoyparkcity.com 

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