Park City Real Estate Trends

Park City Real Estate Sales 2016 Q1

By Todd Anderson
May 16, 2016

With the ski season in Park City now over (everyone except Mother Nature and the snow gods believe this to be true), it is time to take a look at real estate sales since January and our current Park City Real Estate Market.

If we had to size it all up in one line, it might read “Prices are up and sales volume (in units) is down” but that really doesn’t tell the whole story.

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 out, ski-in/ski-out versus a shuttle 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.

  • Quarter vs Quarter stats may be too small of a sample size for comparison, but:
  • Old Town & Lower Deer Valley condo sales are down considerably while median sales prices are relatively flat
  • Empire Pass condo sales are flat while median sales prices dropped considerably (low sales at the Montage likely impacted this number greatly)
  • Canyons Village sales were buoyed by Blackstone new construction sales but were otherwise flat
  • Jordanelle area condo sales are almost exclusively new construction completions
While the number of available homes and condominiums for sale in the greater Park City area (In-town, Snyderville (out-of-town) and the Jordanelle area) has remained fairly constant over the past couple of years, asking prices for the available inventory has become very skewed.

Available homes for sale in Park City under $1M Homes in Park City under $1million

The Single Family home sales inside the city limits show a median sales price of just over $1.5M for the past 12 months yet of the active 125(+) MLS listings less than 15 have an asking price below $1.5M and 100 have an asking price above $2M. The Snyderville Basin (out-of-town area) is only slightly better with less than 15% of its active MLS listings below its 12 month median sales price of $912,500.  There are currently no homes for sale in the Greater Park City area for under $500K. Moving outside of Park City into the Heber and Kamas Valleys (10-15 minutes to the south and east) dramatically changes what can be purchased. The changes lie mostly in the price as these two valleys have over 150 current for sale homes priced for less than $1 million, but both have the same issue of relatively few homes available below their median sales prices (only about 20 % of the available inventory is priced below the median sold prices of the past 12 months).

Available homes for sale in Park City over $1M Homes in Park City for sale over $1million

Condominiums in the Greater Park City area are experiencing a similar inventory crisis with only 30% of the active inventory having an asking price below the median sales price for the past 12 months. This number doesn’t appear as skewed as the Single Family home data for Park City, but much of that has to do with the availability of smaller units (studio and one bedroom models). Condominium pricing is still heavily weighted toward higher prices over 40% of the active condominium inventory has an asking price over $1 million.

The lack of inventory in the Greater Park City areas continues to have an impact on how quickly sales happen as nearly 35% of all sales in the past year were on the market for less than 2 weeks before being sold. We are in both a Buyers’ and Sellers’ market; higher priced homes and condominiums give the Buyers a lot of choices while Sellers in lower price categories for their neighborhood can play “hard ball”.

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

Park City Real Estate Numbers Surging in 2015

By Todd Anderson
Sep 11, 2015

This year has seen a huge Park City Real Estate Trendsincrease in the Park City Real Estate Market. We are seeing numbers similar to those we experience prior to the 2008 recession numbers.

According to statistics from the Park City Board of Realtors, for the first two quarters of 2015, home sales are up 9 percent over the same period in 2014. This represents the highest numbers for the first of half of any year since the recession. Additionally, during the same time period, total dollar volume is up by 11 percent.

We have been experiencing an improvement in the real estate market over the past two years; however, the growth was slow become there were not many homes on the market. Rising prices during the first quarter of the year helped open up the market.

Record lows were seen in terms of inventory and that drove up prices. Many who were thinking of selling waited for prices to rebound and then made the decision to sell, which resulted on more homes appearing on the market during the second quarter of this year.

Throughout the country, the real estate market is becoming stronger, which reflects the boost in the Park City market. Additionally, Utah’s economy is one of the strongest in the country, which has brought many of people to the Park City area.

According to figures from the Board of Realtors, sales have been strong in areas such as Park Meadows, Old Town, and Prospector. Neighborhoods in the Snyderville Basin are also experience strong numbers, with the median sales price of a single-family home in the basin coming in at $850,000 — up 18 percent.

One message being seen by area realtors is that Vail Resorts will be bringing people to Park City. Vail Resorts presence in Park City will be bringing both visitors and new residents to the area.

If you are interested in buying or selling real estate in the Park City and surrounding areas, feel free to contact us at Our professionals will be able to help you either buy or sell property in this fast-growing and every-changing marketplace.

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