Great News! Park City Real Estate has increased approximately 7% annually since 2012. Please see the press release below for the second quarter statistics from the Park City Board of Realtors. Please let me know if you have any questions regarding the current market trend in your specific neighborhood. As always, I am happy to help you, your family or your friends with any real estate needs that you might have.
Sincerely,
Katrina
FOR IMMEDIATE RELEASE:
August 3, 2016
For further information, contact Park City Board of REALTORS®
Rick Shand Carol Agle Terry Nolan
President Chair, Statistics Committee CEO /AE
Park City Board of REALTORS® Park City Board of REALTORS® Park City Board of REALTORS®
Rick@RickShand.com Carol@Agle.com Terry@ParkCityRealtors.com
435-655-1930 435-640-0379 435-200-6900
Park City, Utah – August 3, 2016
Property values have increased at approximately 7% annually since 2012
Statistics reported by the Park City Board of REALTORS®, at the close of the second quarter of
2016, indicate a steady annual price increase for single family homes, condominiums, and
vacant lots in Summit and Wasatch Counties. Areas outside the Park City Limits, such as the
Heber Valley and the Jordanelle, have also seen double digit growth in the number of sales.
Single Family Home Sales.
Market Overview
In the entire market area, there are currently five times more pending sales outside the Park
City Limits than what is pended within Park City Limits (84060).
Single Family
Over the last twelve months, the median price of a single family home within Park City Limits increased 19%, while the
number of sales decreased 17%. Old Town and Park Meadows generated the majority of sales.
Though the demand remains high, the lack of inventory has limited the number of units sold.
The median sales price in Old Town was up 8% over last year reaching $1.33M and Park
Meadows was up 12% to $1.54M. The quantity sold, dollar volume, and median price were up in
Thaynes Canyon ($2M), Lower ($2M), Upper Deer Valley ($7.5M), and Empire Pass ($8.27M).
The number of Single Family home sales in the Snyderville Basin was more than double inside
the Park City Limits. Median prices in most areas in the Basin showed steady growth, with
Summit Park up 27% to $615,000 and Trailside up 16% to $716,000. The median price in
Pinebrook rested at $755,000 compared to $915,000 in Jeremy Ranch, while both
neighborhoods had roughly the same number of sales. With 60 sales, Promontory had the
highest number, by neighborhood, with a median price increase of 19% reaching just under
$1.85M. The Jordanelle area continued its active pace with 11 more sales than last year and a
42% increase in price reaching almost $1.2M.
Heber Valley
There were 80 more sales in the Heber Valley than last year – a 35% increase with a 16% jump
in median price to $400,000. Rick Shand, President of the Park City Board of REALTORS®, notes
that “Over the last 12 months, the trend of buyers searching for value continued as the Heber
Valley experienced double digit growth in the number of unit sales, dollar volume, and median
price. The line between Park City, Snyderville, and Heber Valley areas is not as distinct as it
used to be and buyers are finding homes to better suit their needs by expanding their selection
of areas.” Midway / Charleston ($480,000) and Heber / Daniels ($355,000) had substantial
growth in the quantity sold.
Condominium Sales
Typically a strong single family market, the Snyderville Basin now outpaces the number of units
sold within the Park City Limits in both single family and condominium property types.
Though Condominium sales in-town outnumbered home sales two to one, for the first time and
perhaps signaling a trend, the Snyderville Basin (84098) had a higher number of unit sales than
the Park City Limits (84060). Over the last 12 months, there were 105 fewer condo sales within
the City Limits than the previous year, though the median price trended upward 18% to
$660,000. Old Town ($519,000) and Lower Deer Valley ($835,000) were particularly strong with
double digit price increases. The most affordable neighborhood within the City Limits has
consistently been in Prospector, and though there were 14 fewer sales than last year, the
median price was steady at $143,000.
Snyderville Basin
Activity in the Snyderville Basin, with 369 units sold (up 21%) and a median price of $429,000
(up 12%), generated a dollar volume of just over $181M. Kimball Junction averaged 11 sales per
month and jumped 52% in price to $380,000. The Canyons neighborhood, with 110 sales this
year, jumped 39% in price to $542,000. In Sun Peak/ Bear Hollow, there were five more condo
sales than the previous year, with a slight median price increase to $430,000. Pinebrook was
also active with 60 units sold and 18% price increase reaching $452,500.
The median price for a condo in the Jordanelle area was approximately $387,000, which is
actually a 12% decrease compared to the year before. In the Heber Valley, there were 16 more
sales than last year – up 84%, with a median price of $222,000. Midway / Charleston saw the
bulk of the activity with 30 units sold and a 37% price increase to $278,000.
Vacant Land Sales
Low Inventory
Due to low inventory within the Park City Limits, there were 12 fewer land sales than the
previous year, but the median sales price climbed to $750,000 (up 25%).The number of sales in
the Snyderville Basin was the same as last year at 153, but the median sales price increased to
$412,000 (up 29%). By neighborhood, Promontory had the highest number of land sales with 59
and median price of $335,000 (up 7%), and the Canyons area had seven more sales than last
year reaching a median price of $1.9M (up 19%).
The Jordanelle area, with 87 lots sold, more than doubled the number of the previous year. The
median sales price in the Jordanelle also increased significantly to $320,000. The number of land
sales in the Heber Valley was flat to last year with 161 units sold and a median price of
$205,000.
Looking Ahead
A note of continued interest was that product at or below the median sales price point sold in
one-quarter of the amount of time, indicating that buyers are sensitive to rising prices and
looking for value. “We have also seen that with limited inventory, activity has increased outside
of the City Limits, which seemingly has integrated our market area into a single community,”
says Shand. Because our market is highly segmented with micro-markets dividing product by
property type, location, price, age and amenities, buyers and sellers are advised to contact a
local Park City REALTOR® for information on what is happening in your neighborhood.
