Steady Market Growth in Park City
Changing Geographic Trend Continues
August 16, 2017 – Within the broader Park City market area, a changing geographic trend continues. At the close of the second quarter year-over-year housing statistics released by the Park City Board of REALTORS® show steady market growth and absorption of inventory in Summit and Wasatch Counties. With a unique mix of primary, secondary and investment property owners, the broader Park City market area is composed of numerous diverse micro-markets. Price-sensitive buyers looking for value are becoming more enticed by neighborhoods outside Park City than in the past; while properties in certain neighborhoods within the CityLimits and the Snyderville Basin are being renovated to address design changes towards more contemporary layouts.
Year-Over-Year Single Family Home Sales
For our entire market area, the number of single family home sales was up 13% over the previous 12 months, the total dollar volume was up 16%, and the median sold price of $690,000 was up 4%.
With 374 closed sales, the Snyderville Basin surpassed all other areas and experienced more than double the total number of sales within the City Limits; while the median price in the Basin climbed 5% over the previous year to $970,000, it rose 20% within the City Limits reaching $1.9 M. With the growing number of second-home buyers who are willing to pay a higher price for new construction or recently renovated properties, there has been an upward tic in price for sought after locations.
Over the last 12 months the neighborhood with the highest number of closed sales in the Basin was Promontory with a median price of $1.72 M. Offering new product and amenity-rich lifestyle, buyers have been drawn to the new design and multi-season services found in neighboring gated communities.
Park City Limits
Park Meadows saw a 23% increase in median price with $1.84 M and 44 closed sales – up 13% to the previous 12 months.
Old Town experienced an 11% median price increase to $1.49 M but a 16% decrease in number of sales.
Lower Deer Valley saw a burst of activity with nine more closed sales than the previous 12 months and held a stable median price of $2.1 M.
Jordanelle, Heber and Kamas Valleys
Driven by new construction in Victory Ranch, the Jordanelle area was up 28% in median price to $1.52 M.
Midway, consistently reporting the highest median sold price in the Heber Valley, did so again at $469,000.
***Kamas / Marion had a median price of $312,000 with 34 transactions.
***Oakley had a median price of $397,000 with 48 transactions.
Year-Over-Year Condominium Sales
For our total market area, the total number of closed sales was up 6%, total dollar volume was up 28%, and median sold price increased 12% to $500,000. The 333 condo sales within the City Limits surpassed the Snyderville Basin’s number of 310, and with new product available, the Jordanelle area saw a steep 39% increase in the quantity sold reaching 191.
Snyderville Basin / Jordanelle
The Canyons neighborhood averaged 10 sales per month with a total of 113 for the year – the highest in the Basin, with a 14% median price increase to $635,000.
The Kimball area had a steady 80 transactions with a median price of $335,000.
Pinebrook was on par with last year’s number of 61 closed sales sustaining a median price of $463,000.
Old Town accounted for the highest number of condo sales with 133 (28 more than last year) and ended the quarter with a median price of $565,000.
Upper Deer Valley shot up in quantity sold, with 31 more sales than last year – the lion’s share of which can be attributed to Stein Eriksen Residences. The median price also increased to $2.6 M.
Activity in Park Meadows picked up due to larger unit sales in sub-divisions like Last Sun and Four Lakes, with a 31% increase in the quantity sold and a noticeable 56% price increase to $932,000.
Prospector’s median price of $136,000 remained stable to last year’s number.
Sara Werbelow, President of the Park City Board of REALTORS® commented, “It’s important to pay attention to the micro-market areas that tell their own story; however, in general supply is continuing to pace with demand in our greater market area.” Since zip codes don’t explain neighborhood individuality, property condition, or amenities; and neighborhoods vary greatly in both price and inventory levels, 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.
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