Wow, another report of statistical real estate data showing some impressive numbers. It has continued to be a very busy selling season in the greater Park City area, and we just don't see any signs of a significant slowdown anytime soon. At the end of the first Quarter of 2019, in comparing year over year, we again see a slight decline in unit sales but an increase in price.
The entire Park City MLS, if we include all residential, fractional and commercial properties, saw 2,864 properties sell, compared to 2,686 for the prior 12 months. That is only a difference of 6% and is still a staggering amount of sales activity for this small (but growing) resort community. Even more impressive is the sheer volume of just over $2.5 Billion in closed sales. While unit sales were down by 6%, the overall dollar volume was up by 6%. The average price was up by 13% and the median price was up by 8%.
As the base of Park City ski resort, with homes and condos nestled along historic Main Street, Old Town is always one of the most sought after communities for second homes and investment property. Old Town again has seen a slowdown in unit sales by significant amounts. Home sales slowed by 28%, and condos slowed by 20%. Prices for both are again up slightly, but this is an area that seems to be experiencing buyers holding off for better pricing. We have noticed many homes in Old Town that may be priced a bit too high, and that have been on the market for a very long time. Although, it is important to note that we often do see new construction homes if priced accurately, do sell quite fast.
Deer Valley is the pinnacle of locations for greater Park City and for buyers looking for ski-in/ski-out property, be sure to view offerings in Empire Pass. This area boasts easy direct ski access and amazing views. In Empire Pass, we did see a decrease in sales by 23%, much due to the closings of the new One Empire Pass project in the previous 12 months. With Empire Residences under construction and selling well (10 of 20 sold) we expect to see numbers increase again in Empire Pass for the next year. The average price for a condominium in Empire pass was up by 17%, from $2,720,000 to $3,180,000.
Canyons Village is another area of extensive growth and buyer excitement. The Village only saw a 3% increase in condo sales but did see a large 32% increase in average price. There are many new developments under construction at Canyons Village such as Apex, Lift, Yotel, and the new Pendry Hotel. As these buildings complete construction and the sales begin to close, we'll soon see dramatic changes in both unit sales and especially the average price for the area.
The statistical numbers posted here are generalized, to measure and explain the sales results of various communities. If you are curious to know the value of your property or are looking for the best areas to buy in, please give us a call. Only by talking with a LOCAL experienced Realtor can you get the best information, catered to your areas of interest and property type. Just remember, we are always around and happy to be of help.
Sean Matyja - Realtor® / Associate Broker
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