A look at current trends among buyers and sellers of property in Park City, Utah. The Park City Board of Realtors creates quarterly reports from the MLS sales data. This data, and these reports can be helpful in analyzing the overall market and sub-markets. Park City is a segmented market, that differs greatly from one neighborhood to the next. If you are curious as to property values, it is best to contact us for specific information on your area of interest.
Found 40 blog entries about Park City Real Estate Statistics.
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.
The 2018 year-end housing statistics for Summit & Wasatch Counties, as reported by the Park City Board of REALTORS®, revealed a diverse and mixed market. While there was a 7% decrease in the number of home sales, the Wasatch Back saw a 7% increase in median price.
Looking at the entire Park City MLS, for all product types, we have enjoyed a trend of upward momentum in units sales since the low in 2009. With eight years of increased activity, we now finally see a slight decline for the year end results of 2018. The 2001 through 2005 increase of activity was a much more dramatic increase in sales, and probably too much too fast. The last eight years we have had a steady increase, and possibly a healthier outcome for the real estate market.
The 2018 mid-term elections are over and although the national balance of power between the Republicans and Democrats was on the forefront of national news, in Park City the future of a large scale development was the talk of the town.
For nearly three decades there has been concern and uncertainty of a massive, large-scale development that would loom over Old Town and historic Main Street. Throughout the years, many of us doubted if the construction of this project was even financially feasible. With out-of-state developers recently coming into Park City and Deer Valley, equipped with deep pockets and strong financial backing, the possibility or even certainty of the land getting developed had become more of a reality.
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.
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
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.
Looking at the real estate sales activity statistics for Greater Park City, for our entire MLS, we saw a 15% increase in units sold, and a 12% increase in dollar volume for Q3 2017 vs Q3 2016. The number of homes for sale at the end of the quarter was down by 22%. For Condos, we saw a 1% increase in units sold, relatively flat results, but we did see a large 27% increase in Sold Dollar Volume. For land, we saw a 1% decrease in units sold, but a large 25% increase in dollar volume.
We often look at the current 12 months back, and compare to the previous 12 months. Reviewing in a year to year comparison, it allows us to take out any seasonality of the statistics, and focus on the overall trends. Looking back even further, we are showing below the numbers of…
Real Estate prices in Park City and Deer Valley are approaching new highs. Supply is down. Demand is up. The emerging question seems to be, "Is our resort market growing inside a bubble that could burst at any time?" As Realtors working with buyers and sellers daily, we have yet to see signs of a bubble and according to notable economists, there are no indicators of a looming recession.
The above Red Pine townhome was fully remodeled and sold in 2017 at a price of nearly $200,000 more than the previous record in Red Pine. There seems to be room in this current real estate market to reach new heights never before acheived.
The Park City Board of Realtors produces quarterly statistical reports based on sales activity for the greater Park City
The Park City Board of Realtors produces quarterly statistics reports comprised of all sales data from the PCMLS. Below is the report for Quarter One of 2017.
Demand for real estate in Summit and Wasatch Counties leads to a record-breaking first quarter of 2017
The number of closed sales for the first quarter of 2017 in Summit and Wasatch Counties was the highest we’ve seen since 2007 – up 20% over 2016, according to statistics released by the Park City Board of REALTORS®. Q1 also saw the highest number of pended sales on record and a 26% increase over the previous year in total dollar volume. Growth continued to morph, and expand, encompassing outlying communities in the Wasatch Back as the entire market area was pushed to new peak levels.
2016 year-end housing statistics for Summit and Wasatch Counties, as reported by the Park City Board of REALTORS® Multiple Listing Service, show that over the past four years, the number of closed, pended, and active listings has continued to trend at a healthy and stable rate, with an averaged median price increase of 7.5% annually. However, in 2016, the median sales price for single-family homes, condominiums, and vacant land increased at a rate double that number. Overall, the quantity of sold properties did not increase sharply over previous years, yet the dollar volume for our entire market area was up 18%.
President of the Park City Board of REALTORS®, Sara Werbelow adds, “We have experienced a sustainable growth trend for several years. Areas
