Park City Real Estate Trends

Real Estate Sales in Park City. Q1, 2017

By Todd Anderson
Apr 12, 2017

The real estate market in Park City, UT sky-rocketed during the first quarter of 2017.

Comparing the first quarter real estate sales of 2017 to the first quarter of 2016 looks similar to the snowfall comparisons between the two years.

  • Unit volume sales of Single Family homes were up nearly 20%
  • Dollar volume of Single Family homes sales was up nearly 25%
  • Condominium unit sales were up nearly 40%
  • Condominium dollar volume was up a whopping 74%

With all that said, the YouInParkCity.com Group knows that 90 days’ worth of sales isn’t enough to be statistically relevant and the small sample size we are dealing with is easily skewed. If we remove the $50M worth of sales at the Stein Eriksen Residences (SER), condominium unit volume changes to being up 30% with dollar volume up 35%.

The timing of new product to the market definitely impacts our numbers in the first quarter which is historically one of the slowest of the year. In addition to SER mentioned above, a similar story may have happened around the Jordanelle Reservoir where unit sales we up nearly 60% with the completion of many townhomes at Black Rock Ridge and Park’s Edge.

The story-line that may be more relevant and reliable in terms of the data is about scarcity. The greater Park City area currently has under 800 homes and condominiums for sale; the first quarter (which we mentioned is normally slow) had over 300 completed sales. That is less than 9 months inventory at the current sales volume.  This isn’t necessarily out of whack until we look at pricing and sales within price points.

  • Current for Sale Inventory of 440 Condos and 340 Homes in greater Park City has been relatively stable for the past four years
  • The median sales price of a home over the past year has been approx. $1.25M there are 57 active listings below this price (2.5 months’ worth of inventory)
  • The median sales price for a condominium has been $525,000; there are 105 options on the market below this price (3 months’ worth of inventory)
Note that the stats here are just raw data Park City area home and condo numbers and really don’t take locations, views, finishes and all the things that make a home unique and special into account. Thirty percent of the sales in the past year were on the market for less than two weeks.

Having someone that knows the market and the specifics of what you want to buy or have to sell is imperative. Contact the YouInParkCity.com Group for all your Park City Real Estate needs.

What’s new in Historic Old Town Park City real estate?

By Todd Anderson
Oct 06, 2015

One of the areas in Park City where there is value being created by scarcity is Old Town. In the span of years from the mid 1800’s until now most of the lots have been built on. In a typical real estate cycle homes will age and then be torn down to develop new product. The difference in Old Town is that there are a significant number of structures on the Historical Register and these cannot be removed to build new structures. These structures include homes, sheds, garages and even chicken coops. Depending on the historical designation many of these structures cannot even be moved. This is why new construction in Old Town is so valuable.

That being said there are some exciting new construction opportunities in Old Town Park City.

The Parkite & 820 Park Ave

The Parkite:

This redevelopment of the Main Street Mall is nearing completion. Located on upper Main Street these 15 condos located in the heart of Old Town’s Historic District is a must see for Park City’s luxury buyer. For more information or to view available listings click The Parkite.

820 Park Avenue:

There are only three condominium subdivisions contiguous to the Town Lift Plaza ski lift and 820 Park Avenue, which is nearing completion, will be the newest most luxurious of the three. All ten of these condos are under contract.

Single Family Homes:

Sampson Ave, Echo Spur and King Rd

There is a s home on King Road that is under construction with an undetermined completion date. It will be between 1800 and 2100 sf and have three bedrooms and three baths. There is a possibility that there will be a basement added but at this point we are unsure.

A recent sale of a home on Sampson In the historic district that had all of the bells and whistles. There was no detail over looked. This home had 5 bedrooms and 5 bathrooms with a total sf of 3,870. This home sold at $4,000,000 for a per sf price of $1,034.

Echo Spur:

Echo Spur is a new Subdivision of 7 homes on Rossi Hill. Most of the homes will have exceptional views up to Empire Pass in Deer Valley. The most unique element to these homes will be the developer’s commitment to building a “Green Home”

45 King Road:

We identified a 10,000+ sf parcel that had a historic home on it and, for one of our investors, spearheaded the process with the city staff, historical planners and the City Council to get it re-platted. A typical Old Town lot is 1,875 sf. By combining parts of 8 different lots that made up this parcel we were able to create two 5000+ sf lots. We also worked to get the design and plans approved for a new home that incorporates the historic home. Construction is now underway on a 3400 sf home 1 ½ blocks from the top of Main Street on a flat lot a shared private drive. The views are exceptional. This home should be available in early summer of 2016. For more information contact Rob@YouInParkCity.com

There are other homes and condominiums in the design or construction phase. To find out which home might be the best fit for you or to determine the value of your property in Old Town contact the  YouInParkCity.com Group at KW Park City Keller Williams Real Estate (435)962-9472.

Park City Real Estate Competition by Price Point

By Todd Anderson
Sep 29, 2015