Park City Real Estate Trends

Market appreciation is showing signs of stabilizing. The overall appreciation is still a healthy 8.3%! For the first time in many months, annual appreciation has dipped below double digits, signifying a possible return to a more balanced market. Even with this drop, Utah and the Park City area remain one of the most robust markets in the country.

Market Snapshot

(12 month rolling: May 2016-June 2017; $ has been rounded to nearest 500 or 1,000)

Park City Limits Single Family Home average sale price: $2,430,000; median: $1,900,000 Condominium average sale price: $1,230,000; median: $701,000

Snyderville Basin Single Family Home average sale price: $1,492,000; median: $970,000 Condominium average sale price: $583,000; median: $487,000

Heber Valley Single Family Home average sale price: $486,500; median: $392,875 Condominium average sale price: $332,000; median: $317,000

Market Absorption is Relative to Median Pricing

In greater Park City, we continue to feel the effects of low inventory coupled with dated inventory. The time on market against the median price within category type clearly reflects that those properties priced at or below the median are absorbed at a significantly higher pace. This is something to keep in mind if you are considering selling your property.

Single Family Homes The trend of single family home buyers choosing to purchase in the Snyderville Basin and beyond, due to higher perceived value, continued in the second quarter. In Park City Proper (zip code 84060), inventory has remained stable over the past year, with a 20% increase in median price, which rose from $1,850,000 to $1,900,000 at the end of the first quarter within the city limits.

Snyderville Basin - Activity remained strong, with almost double the number of sales as within Park City Proper. The median price is now just under a million at $970,000.

Jordanelle – Supply in this area has been limited due to timing of completion of construction in several communities; as a result there was a 2.6% drop in the number of closed transactions, yet the median price rose almost 28% to $1.52 million. The bulk of the transactions occurred at Victory Ranch.

Heber Valley – 203 homes have been sold year-to-date in Heber/Daniel resulting in a slight increase in the median price, which is now $360,000. Midway’s median price was the highest in the Heber Valley, rising to $469,000.

Kamas Valley - This valley showed strong activity, with a 24% increase in transactions year over year. Median prices also were on the increase: There were 30 sales in Woodland/Francis with a median price of $457,000. Kamas/Marion had 34 transactions for a median of $312,000. Oakley had the highest number of closings in the Kamas Valley, with 48 sales resulting in a median price of $397,000.

NEIGHBORHOOD STANDOUTS

Snyderville Basin 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 million. Offering new product and an amenity-rich lifestyle, buyers have been drawn to the new design and multi-season services found in gated communities. Jeremy Ranch had a median price of $925,000 and a total of 53 closed sales. Pinebrook saw a 23% increase in median price to $922,000 and 48 closed sales. Consistently low on inventory, Silver Springs had a median price flat to last year’s number at $938,000, with five fewer sales.

Park City Limits Park Meadows saw a 23% increase in median price with $1.84 M and 44 closed sales – up 13% from the previous 12 months.

Old Town experienced an 11% median price increase to $1.49 M but a 16% decrease in number of sales. The median sales price in Prospector was slightly up reaching $825,000, with 10 closed transactions. Combined, there were only 13 home sales in Empire Pass and Upper Deer Valley. Both neighborhoods saw median price decreases as well, with Empire at $5.66 M and Upper DV at $5.85 M.

CONDOMINIUMS

Within the Greater Park City Area, condominium sales in Park City and the Snyderville Basin totaled 333 and 310 respectively. With ample new construction offerings, the Jordanelle area had the most significant increase in transactions, up 39% for a total of 191 sales.

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.

VACANT LAND

Within the City Limits, 18 lots closed, with a 5% drop in the median price from $750,000 to $715,000. In the Snyderville Basin, transactions were up slightly year over year; a total of 159 lots closed with a 12% increase in the median price to $397,500. The most robust land sales continue to occur at Promontory and in the Jordanelle area. Homesite sales at Promontory increased 32% with a total of 79 lot sales. The median there rose 12% to $375,000. The Jordanelle area witnessed the strongest increase, with 100 sales (up 15%) and a significant 24% increase in the median price to $397,500, with sales at Victory Ranch adding significantly to this increase.

LOOKING FORWARD

At mid-year, we continued to see strong price increases in certain neighborhoods and leveling off in others, largely tied to inventory and age of housing stock. Our market continues to expand as buyers continue to show a willingness to expand their horizons in search of higher perceived value. Perhaps the continued focus on mass transit enhancements is positively impacting second homes buyers’ willingness to choose locations a bit farther from the chair lifts.

UP NEXT... Autumn along the Wasatch Back is magical. With kids back in school, the pace of visitors slows. Cooler temperatures bring back all-day outdoor recreation options such as golfing, mountain biking and hiking amidst the splendor of vibrant red maples and golden hued aspens. Watch for our Fall Events Newsletter to plan your autumn adventures.

Due to the uniqueness of our market area and the varying degree property types, neighborhood characteristics, and inventory levels, I encourage you to call us for specific data relative to your housing needs or interest. With inventory levels so low, this might be an opportune time to consider selling your current property.