Park City Real Estate News

Annual Market Report

By Berkshire Hathaway HomeServices Utah Properties
Feb 09, 2016

 

 

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This comprehensive yearend market report is designed to give an overview of Summit and Wasatch County real estate. We feel that our clients should have access to information that facilitates thoughtful real estate decisions. All statistics are based upon Park City Board of Realtors MLS data for the period of 1/1/15 to 1/1/16.

The Park City market remains highly segmented. Our town, its neighborhoods, and outlying areas differ significantly in terms of price, home type, and features and amenities. For example, while Deer Valley and Prospector share the same zip code, average single family home prices in these two neighborhoods differ dramatically. Data interpretation, judgment, and historical context are key elements to making informed decisions: Contact your local BHHS Utah agent for guidance on navigating our market place.

Here are some general trends:

-The market suggests that we are recovered from the recession. We are now seeing home prices and sales numbers that are on par with those before the recession. Our market looks healthy and show signs of steady growth.

-The number of sales of single family homes in our City Limits and Snyderville Basin only saw a very gradual increase from 2014, and several areas actually saw a decrease in properties sold. However, the average sales price is up over 2014. There was a slight leveling off of the number of sales in Park City, due to lower inventory.

-Prices in Park City Proper's long standing residential neighborhoods like Park Meadows have shown signs of tapering somewhat. The price of single family homes in Silver Springs, Redstone, Old Ranch Road, and Pinebrook areas steadily increased last year. The numbers suggest that the difference between properties in town and just out of town has narrowed in terms of price and desirability.

-Several luxury lifestyle developments have seen unprecedented success over the last year. Both the Colony and Promontory reported an almost 30% increase in the number of home sales in 2015 compared to 2014. Consumers seem attracted to projects with engaging amenities and lifestyle offerings.

-There have also been large increases in sales numbers of condominiums in Lower Deer Valley, Kimball Junction, and Jordanelle neighborhoods. Both Kimball Junction and Jordanelle reported the highest number of sales per neighborhood; 135 condominiums were sold in 2015 in those areas. Similarly, Lower Deer Valley saw a 25% increase in the number of condo sales year over year.

-Heber Valley's housing market remains strong. There were over 240 sales in Heber Valley last year representing an overall increase of 12%. While buyer interest has remained strong, prices saw little change from 2014, with the average single family home price increasing by only 1%.

Formal Spring Park City Market Review

By Berkshire Hathaway HomeServices Utah Properties
May 29, 2015

 

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Overview

The total number of closed sales, including single family homes, condominiums, and vacant land, within the Greater Park City Area, for the first quarter of 2015 was 11.5% higher than Q1 of 2014 and 18.5% higher than Q1 of 2013. With another strong quarter in condominium sales, the number of closed transactions for the first quarter of 2015 marked the highest number of first quarter sales since Q1 of 2007. The total dollar volume for the first quarter was 17% above that of 2014 and 37% higher than 2013, according to statistics released by the Park City Board of REALTORS®. The median sales price for the Greater Park City Area, including all property types, seems to be trending up at a gradual pace – 5.7% higher than the first quarter of last year, but still below that of 2010.

Single Family Home Sales

The number of single family home sales for the entire market area at quarter end was 180, which is 11% higher than Q1 of 2014. Despite low inventory impacting the number of sales in some neighborhoods, several areas experienced an increase of activity. Comparing the last four quarters with the previous four quarters within the Park City Limits (84060), Old Town was down 13% in quantity sold but up 7 % in median price to $1,180,000. Park Meadows continued to average one sale per week, flat in the number of sales compared to last year, but up 16% in median price reaching $1,450,000. A four quarter comparison in the Prospector area shows a 31% increase in the number of sales along with a 21% price increase to $700,000, but sales were down in the first quarter of 2015 compared the first quarter of 2015 due to lack of inventory.

Comparing year-over-year numbers within Snyderville Basin, areas with the highest number of sales include Glenwild/Silver Creek – up 38 % in quantity sold with a 5% median price increase to $1,175,500, Promontory – up 30% in sales with a median price of $1,550,000 (flat to last year), The Canyons – up 20% in sales with a median price of $5,507,489 (up 36%, largely due to sales at The Colony), and Sun Peak / Bear Hollow – up 45% in sales with a 2% median price increase to $852,500. Though quantity sold is down compared to last year, the median price increased in Trailside ($615,000), Pinebrook ($772,500), and Silver Springs ($780,000).

Year-over-year, the Jordanelle area saw a 25% price increase reaching $858,132 with a 13% decrease in quantity sold. The Heber Valley has experienced increased activity with a 19% increase in number of sales and a 2% median sales price increase to $341,500. Statistics Committee Chair, There were 11 more single family home sales in the first quarter of this year compared to last in the Heber Valley. The Kamas Valley was also up 11% in sales and 3% in median price to $299,500.

Condominium Sales

By property type, there has been a growing proportion in the number of sales and dollar volume within the condominium market. The number of condominium sales for the entire market area at quarter end was 184, which is 10% higher than Q1 of 2014, with an 11% overall increase in median price.

Comparing year-over-year, the number of condominium sales within Park City Proper was flat to last year with a median price of $552,500 which was 8% higher than last year’s number. By area, the number of sales in Old Town was down, but the median price increased 14% to $415,000. Other areas of interest include Empire Pass up 37% in quantity sold with a median price of $3.08 million, Lower Deer Valley up 55% in sales with a median price reaching $732,375, and Prospector up 12% in the number of sales and 41% increase in median price to $134,000.

The Snyderville Basin showed increased activity in the condo market, up 11% in number of sales and 9% in median price reaching $364,600. Comparing year-over-year by area, the highest number of sales occurred in the Canyons neighborhood (up 27%) with a median sales price of $371,250. The number of sales in Sun Peak/ Bear Hollow was slightly down, but experienced a 20 % median price increase to $477,500. Other areas with an increase in activity include Pinebrook, up 29% in number of sales with a 17% median price increase to $395,726, and the Jordanelle area, up 13% in number of sales and 15% in median price reaching $412,671.

Vacant Land Sales

Vacant Land sales for the entire market area were 6% higher than Q1 of 2014, with a median price increase of 18%. By area, Old Town had an 88% increase in sales and a 38% increase in median price to $465,000. The median price for a lot in Park Meadows was $775,000 though sales were flat compared to the previous four quarter number. In the Snyderville Basin area, the number of land sales was slightly lower than the previous year, but increased 7% in price to $320,000. A few hot spots for vacant land sales include The Canyons area with a 35% increase in number of sales and a 19% increase in median price to $1.6 million and Pinebrook with seven more lot sales than the year before and a 29% price increase reaching $168,900. The number of sales in the Trailside area was 25% higher over last year’s number with an 18% increase in price to $235,000.

Looking Ahead

Gradual price increases seen in most of our market area and property types could be viewed as a stable market trend. Low inventory has been a consistent factor in our market area since the third quarter of 2012 and as of May 12, 2015, there were only 1,884 active listings compared to 1,940 at the end of Q1 2014. Though January and February were, as historically expected, slow months in the number of closings, March finished strong, and it looks like April, May and June will follow.

2014 Park City Market Overview

By Berkshire Hathaway HomeServices Utah Properties
Jan 28, 2015

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The Park City real estate market in 2014 proved healthy but measured. Generally, our market maintained its gradual course of improvement with certain sectors of our segmented marketplace seeing substantial growth. Growth remains steady and shows no sign of slumping or unstable bubbles.

2013 was a record-breaking year, and it seemed unlikely that we would see the same gains in 2014; however, pended sales were slightly up over 2013, and total sales volume was just slightly under over last year. Here are some trends we witnessed in 2014:

-There was a slight 1.5% increase in pended sales over 2013 and a 22% increase over 2012

-October brought more pended sales than any single month since 2006…there may be a correlation between this increase in transactions and the announcement of Vail Resorts’ purchase of Park City Mountain Resort, but it is impossible to determine this with certainty

-We had a robust 4th Quarter with sales up 28% over 2013 and up 40% over 2012: specifically condo sales increased by an astounding 11%

-Absorption rate has been under 6 months for the entire 4th quarter suggesting that inventory is low and our market favors sellers

-Distressed sales are at pre-recession levels

-Several areas experienced significantly increased interest and sales: Jeremy Ranch (+33%) and Sun Peak/Pinebrook/Silver Springs (+33%), both commuter areas saw a huge influx of buyers. This may possible be a result of Salt Lake’s ever growing economy

2014 Prices in Park City Proper

Average Condominium Sale Price: $931,210

Median Condominium Sale Price: $542,450

Average Single Family Sale Price: $1,869,048

Median Single Family Sale Price: $1,300,000

2014 Prices in Snyderville Basin

Average Condominium Sale Price: $395,224

Median Condominium Sale Price: $360,975

Average Single Family Sale Price: $1,121, 922

Median Single Family Sale Price: $775,000

2014 Prices in the Heber Valley

Average Condominium Sale Price: $199,312

Median Condominium Sale Price: $177,150

Average Single Family Sale Price: $470,498

Median Single Family Sale Price: $345,000

July Market Update

By Berkshire Hathaway HomeServices Utah Properties
Jul 23, 2014

Bacon Brothers

 

  • The market remains highly segmented and complex
  • The median price of single family homes has continued to gradually increase and is up 4%
  • The median price of condominiums remains constant
  • There has been tremendous interest in vacant land, and lot sales have increased by as much as 78% in some marketplaces when compared to second quarter of last year
  • There has been a 5% increase in inventory when compared to last year
  • We have experienced a 9% increase in total sales volume when compared to second quarter of last year
  • Average sales price is also up 9% from last year

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Distressed Sales: We are recovered. 

Distressed sales represent a small 2% of our market. We are back to '06 levels. While we still have some hurdles to cross, our market has recovered and remains stable.

Area Spotlight: Promontory

Victory for vacant land.

Promontory has seen tremendous activity this past quarter, particularly with regards to vacant land. 32 lots sold: a 78% increase from second quarter of last year.

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Area Spotlight: Empire Pass

In demand.

Empire Pass has seen an 118% increase in units sold and an 143% increase in volume sold when compared to last year. With these latest statistics, Empire Pass has proved to be one of Park City's most robust sub-markets.

Utah's Marketplace: Only good news.

According to the National Association of Realtors, the Utah state government and business community have propelled Utah onto the world economic stage. As a result, Utah’s exports tripled between 2005 and 2012 to $16.1 billion and the state grabbed a nice share of foreign direct investment flowing into the U.S. For four years running (2010–2013), Forbes has crowned Utah the best state in the nation for business.

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