Park City Real Estate Trends

Park City Real Estate: Sales By Price

By keziah
Jan 02, 2018

Park City Real Estate Sales: Activity by Price Point

We’re always watching Park City real estate market trends to see not just locations of where buyers are buying and sellers are selling – but at what prices. The following graphs reflect the sales results between 2015-17. Read through to learn what drove certain activities and note where anomalies occurred. This info may be helpful if you’re considering buying or selling a home so you can see how competitive or active the market will be for your targeted price range.

 

Single Family Homes:

  • Between 2015 and 2017, the Park City market had a yearly decline in the number of single-family homes sold in the <$750k range primarily because home prices went up! As a result, all the selling activity shifted up to the homes priced between $750k-$1m – making that the most active price point range, with the highest number of homes sold in 2017 at 125 units.
  • Following that same increase trend were single-family homes priced between $1.0m-$1.5m with 108 units, $1.5m-$2m with 78 units, and $2m-$2.5m with 46 units sold.
  • The number of homes sold at the $4m-$5m ranges declined slightly, but then numbers increased in the $5m-$7.5m range with 27units sold. Much of this shifting in each of these price points was again the result of “trading up” to newer properties. Of the homes sold in the $5m and above range, approximately 60% were ski in/ski out homes.
Side note: the least expensive true ski in/out (think “beach front property”) home sold at The Colony for $3.4m. (Although, it was just a guesthouse.) 

Condominiums:

  • It’s clear that 2015 was a big year in the <$500k price ranges, with 287 closed sales. The launch of Newpark Terrace in Kimball Junction was a big driver of this activity. We have yet to see that kind of volume since new building has been limited to smaller projects and has moved outside of Park City proper.
  • The $500k-$750k range had its best year in 2017 with 168 units sold, reflecting the increase in condo prices. There was a mix of subdivisions in this range, which shows that sellers may have been trading up mixed with new buyers in the area.
  • Although the numbers are small for higher price point condos, 2017 had its highest number of units sold in the $2.5m-$3.5m ranges with 23 units and 18 units sold respectively, and in the $5m-$7.5m range with 10 units sold.
Side note… 2018 promises to see several newly built projects within the Snyderville area with Apex and Viridian rolling out by late Spring. These will have higher price points starting in the high-700’s.

How can this info best work for you? Whether you’re considering buying or selling, talk to one of our You In Park City real estate professionals to find out.

 

*Within Park City and Snyderville Basin city limits.

Park City Real Estate Sales 2016 Mid-Year

By Todd Anderson
Jul 28, 2016

With summer now in full swing in Park City and the winter firmly behind us (it probably won’t snow again for 2 months!), it is a great time to look at the real estate sales we’ve had and look forward to the rest of the year.

The statistics we use here at YouInparkCity.com are derived from the Park City Board of Realtors MLS data and focus on the Greater Park City area (Park City, Snyderville and Jordanelle). We will also make some notes and special references to the neighboring Heber and Kamas Valleys.

Park City, UT has a complex real estate market made up of many sub-markets; it is in-town vs out-of-town, in the Park City school district versus not, ski-in/ski-out versus a shuttle or walk (note that some consider this a ‘four letter word”) to the slopes, the Heber Valley, the Kamas Valley, Resort/Second home versus primary residence, dogs vs cats and more. We’ll take a look at some of these sub markets with a strong focus on prices; if we’ve missed something that is particularly important to you call or email us and we’ll give you an in depth look at the area that means the most to you as a Buyer or Seller.

Few highlights to start:

  • Inventory levels have risen in the past quarter (July tends to show a peak in Active listings)
  • Snyderville (Park City 84098) has double the single family home sales of Park City proper (84060) and a similar number of condominium sales
  • In town Park City (84060) condominium sales were down by 26% while sales out of town (84098) were up 5%; both areas saw the median sales price increase by 25%
  • Over 70% of the 69 condominium sales in the Jordanelle area were new construction completions.
  • Home sales in the Heber Valley are up 25% versus the first half of 2015 (data from Wasatch Front MLS system)
Chart courtesy of Rick Klein - Wells Fargo Private Mortgage Chart courtesy of Rick Klein - Wells Fargo Private Mortgage

Median home prices (the half-way point in terms of the sales that were made (½ above the price, ½ below the price) rose in all areas. The median sale price in Park City proper (84060) was $1.589 M the current active inventory has less than 20% below the median sales price and fewer than 10 homes are offered at less than $1M. Outside of town proper (Park City 84098) has not quite the skewed inventory of “in-town” with 30% of the available homes listed below the $1.017M median sales price. Prices were up about 8% while the number of sales was relatively constant. The Heber Valley saw the largest increase in median sales price of over 20% with the median sales price there now over $400,000.

As mentioned above, condominium sales within the city fell by 26% but the median sales price rose by 25% to $763,000. The Old Town area lead the price increase while the Empire Pass area saw a decrease in unit volume and in median sales price (both down over 20%). The Canyons Village at Park City lead the way up for the “out-of-town” Park City (84098) properties which showed an overall 5% uptick in sales at a median sales price of just under $500,000 (a 26% increase). Condominium pricing shows some of Park City’s greatest variety with studio condos starting as low as $79,000 and moving up to over $9M. Like single family homes, offerings are heavily weighted to the upper end with nearly half of all available condos asking over $1M.

Tight inventory levels continue to force quick decisions as one third of all homes and condos sold so far in 2016 only lasting two weeks before being under contract.

Our complex market in and around Park City provides many opportunities and a few pitfalls as well. Depending on your particular situation and location, the market may be both a Buyers’ or Sellers’ market. YouInParkCity.com can help you navigate both.

For assistance from REALTORS® you can trust to help you with your Park City area properties contact the YouInParkCity.com Group at KW Park City Keller Williams Real Estate: info@YouInParkCity.com (435)962-9472.

Park City Real Estate Q1 2015

By Todd Anderson
Apr 24, 2015

Inventories continue to fall as prices rise.

Park City, Utah Home and Condominium sales for the first quarter of 2015 were the highest first quarter sales since 2007 and were up over 10% versus the first quarter of 2014.

While the area was experiencing a lackluster snow year, skiers, second homeowners and tourists still flocked to Park City. Year to date visitor nights as tallied by the Park City Chamber of Commerce show a 1% increase over last year. Ski Utah projects that skier visits for the state will be down versus last year, which translates into visitors coming to Park City, but maybe not skiing every day during their stay. Early estimates of sales tax revenue for Park City during the winter months are seeing a huge increase this year according to city officials. Sales tax is not part of property tax and has no real correlation to Park City Real Estate sales, but here are some interesting data points from the recent sales:

Median Sale Price for Park City Homes

  • Condominium sales were up 12.6% versus Q1, 2014
  • The Median sales price for Greater Park City area condominiums was $460,450 (up 5%)
  • Single Family Home sales were up 8.2% versus Q1, 2014
  • The Median Sales Price for a Single Family Home in Greater Park City was $1,200,000 for Q1, 2014 (up nearly 34% year over year)
  • The Median Sales price for single Family Homes in Greater Park City jumped 14% from Q4, 2014
  • 25% of the Park City area Homes and Condos sold in Q1 were on the market 14 days or less
  • Average Days on Market for sold listings Q1 was 130 days
  • The Lower Deer Valley Area experienced a large increase in sales
  • The Upper Deer Valley and Canyons areas are selling far slower than the rest of the marketplace (ask us why)
  • Inventory of Homes and Condos For Sale in Park City has fallen 10 % in the past year.

    Active inventory within certain market segments remains extremely hard to find especially in the lower price points (as of this writing, there were six Single Family Homes asking less than $500,000 and twenty one Condominiums (of any size) asking less than $250,000 in the Greater Park City area). At the other end of the spectrum, there are 180 Homes asking $2M or more and 161 Condos asking more than $1M (theses listings make up over half of the active listings on the market).

    The Park City Real Estate market cannot easily be described as while some areas and neighborhoods are extremely “hot”, others are “sluggish”. There are many factors that determine value and great values may still be found in the market. New higher prices being “tested” by sellers are not necessarily leading to quick sales.

    For assistance in marketing your property for sale or finding a property to purchase contact a realty professional with the YouInParkCity.com group at KW Park City Keller Williams Real Estate.

    Data herein was compiled from the Park City Board of Realtors MLS System. Information is deemed reliable, but not guaranteed.

    Park City Real Estate Sales 2013

    By Todd Anderson
    Jul 06, 2013

    Real estate sales in Park City, UT so far in 2013 continue to show strength.

     

    Sales when compared with the first half of 2012 were up by 13% in unit volume. Single Family home sales in Park City remained relatively flat, but the median sales price was up by nearly 10%. Condominium sales saw a 10% rise in unit volume along with a 10% rise in the median price of Park City condominiums sold for the six month period. Vacant lot sales saw the largest increase with an increase in sales of over 30%.

     

    When compared to the last half of 2012, the Park City real estate sales data is actually down slightly in condominium sales and single family home sales, but up in building lots. However, median sales prices are up by approximately 10% in all categories.

     

    park city real estate inventory supply

     

    The increase in pricing correlates well with the low inventory levels. The same is true for the increase in building lot sales as potential buyers that cannot find properties that suit their wants and needs turn to building instead. Single family home inventory in the greater Park City area is now at a level of less than 10 months’ supply. But the supply for homes under $1M is less than 6 months at the current sales pace. The situation is similar for condominiums in Park City: current supply is just less than 6 months at the present absorption rate when considering options listed for less than $500,000.

     

    The lack of inventory and the current demand especially in the non-luxury price points (less than $500,000 for condominiums and less than $1 million for homes) represent a big change during the past year. Sellers are welcoming the change while buyers have been caught off-guard.

     

    Every neighborhood in Park City is different and may have its own unique pricing influences. Contact us for an in depth conversation about the Park City property type and neighborhood that interests you (888)968-4672 or info@YouInParkCity.com.

     
     
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