Park City Real Estate Trends

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 Sales and Info Q-3 2012

By Todd Anderson
Oct 07, 2012

The third quarter of 2012 has slipped by and fall is in the air in Park City, Utah. Real estate sales for the area are changing focus a bit from single family residential to vacation second homes and condominiums more focused toward winter sports.

 

Year versus year sales data for Park City real estate shows a market gaining strength. Single family home sales so far for the year are up 6% versus the first three quarters of 2011 and condominium sales in Park City have seen a 10% increase.

 

Sales comparisons for the most recent quarter show condominium sales rising quickly in Park City. Sales of condominiums for the third quarter were up by nearly 25% from the same time period last year. This increase represents nearly the total difference in sales when comparing the quarters. A large portion of this was a bulk sale at the Newpark Hotel. When excluding this bulk sale, sales were still up by over 10%. Also of note in Park City condominium sales is the fact that the median price of the condominiums sold is that the median sales price was up over 10%. The median sales price of $315,000 ($340,000 excluding the bulk sale) would indicate that over half of the sales are condominiums that would be classified as vacation rentals.

 

Single family home sales by contrast have seen a decline in their median sales price ($705,000 in Q-3 of 2012 versus $750,000 for Q-3 of 2011). Sales Prices for homes in Park City, Utah

 

The impact of distressed sales fell again this past quarter with only 25 sales that were bank owned properties. This was down from 38 for the same quarter last year; a 35% decrease. Competition in purchasing bank owned homes and condominiums in Park City continues to be fierce; most experience multiple offers, sales prices above asking price and almost all end in a cash purchase sales.

 

Real estate sales in Park City, UT are location specific and many factors specific to location should be considered when determining which area or subdivision is best for you. Contact a Park City realty professional with YouInParkCity.com at (888)968-4672 for more information.

 

This data has been derived from sales statistics as posted on the Park City Board of Realtors MLS using only statistics involving single family homes, condominiums, and vacant land in the greater Park City areas (1-23). Data is considered accurate, but not guaranteed.

A Sellers Market in Park City(?)

By Todd Anderson
Jul 29, 2012

Are we entering a Seller’s Market in Park City, UT?

 

The Salt Lake Tribune reported that the median sales price for single family homes in Salt Lake County rose last quarter for the first time in 5 years. Will Park City real estate see similar statistics soon?

 

National statistics are beginning to show strength and there are many reports indicating prices on the rise (similar to the reports from Salt Lake City). Park City and other resort communities tend to lag the national indicators as people must feel comfortable with their primary home before purchasing secondary homes and condominiums.

 

Sales statistics so far for the year have been flat with the previous year in terms of volume and again this last period showed a slight decline in the median sales price for single family homes in Park City. The decline was not even across all areas and some areas experienced an increase in median sales prices. Inventory levels are having an impact on sales in most areas and especially in the lower price points in all neighborhoods. Park City Median Home Sales Price

 

Recent Park City area home sales statistics report that inventory levels are at a five year low. This lack of inventory shows very prominently in the lower price levels in all neighborhoods and also can be seen in the lack of REO product. For example, single family homes in Park City under $500K that aren’t considered cabin properties actively for sale numbers under 50 while over 100 such homes have sold in the past 12 months. A look at the Promontory area shows 14 home sales (non-“cabins”) in the past 12 months under $1.5M and only 9 active non-cabin listings offered at under $1.5M. Park City Home Sales and Inventory

 

The lack of inventory is causing multiple offer situations in many situations as well as frustration on buyer’s sides trying to purchase a deal.

 

Lower inventory levels and lower prices will not last long as the demand will begin to force prices up.

 

As mentioned above, sales statistics and inventory levels vary between Park City neighborhoods and price ranges. Contact YouInParkCity.com for specifics about the price point and neighborhood matters most to you (888)968-4672.

Park City Real Estate Sales Stats for 1st Quarter 2010

By Todd Anderson
Apr 08, 2010

Park City Real Estate Sales             The end of the first quarter of 2010 gives us some concrete evidence of what is happening in the Park City real estate market.             Sales volume when compared with first quarter of 2009 is up well over 200%. Granted that is not saying a whole lot, but the numbers are equivalent to those of 2008.             For the quarter there were 70 single family homes that sold in the greater Park City area from January 1 to March 31, 2010. The average sales price was slightly over $1.1M. The median price was $820K.  Park City single family home closed sales prices versus list price varied by a little over 10%.             Condominium sales in Park City for the first quarter of 2010 were very strong. This is largely due to sales of at The St. Regis Deer Crest and the auction sale at Silver Strike in Empire Pass. There were 123 condominium sales in the first quarter with an average sales price of $1.17M. If the sales at the St Regis and Silver Strike are ignored, the average sales price drops to just over $600K.             Vacant land sales in Park City, UT for the first quarter may be a good indication of future building in the area. There were 30 land sales in Park City for the quarter with an average sales price of $370K. The Promontory Golf Resort area made up over one-third of these sales as buyers found value in the distressed inventory there.             Distressed sales and bank REO property levels have increased dramatically in the Park City area. Distressed listings now make up nearly 10% of the property for sale in Park City.             Home prices in Park City are showing large variations. Some areas have held values very well while others are seeing prices similar to those of 2005 and earlier. For more information on specific properties and neighborhoods in Park City contact a professional with YouInParkCity.com.

Park City Real Estate 3rd Q 2009 Sales

By Todd Anderson
Oct 16, 2009

          The end of September marks a shift in focus for Park City and Deer Valley real estate Buyers. Traditionally we see a shift away from single family residential homes and toward resort and ski property as the winter nears. This marks a good time to take a look back and compare the latest quarter real estate sales with past years.             Park City real estate sales for the 3rd quarter 2009 show only a small drop in sales and unit volume versus the same period last year. Unit sales were effectively flat while dollar volume dropped by about 9%. -Note that for statistic purposes The YouInParkCity.com Group uses only sales in the 84060 and 84098 zip codes and only considers sales of single family homes, condominiums and vacant land-  The 3rd quarter of 2008 is when sales in the Park City area started seeing the impacts of the economic downturn and people began to realize that we were not totally insulated from the national housing crisis.             The downturn in dollar volume indicates that prices have receded slightly. Price corrections have varied greatly by neighborhood and the relatively small unit volume means that a few sales can have a large impact statistically. As a case in point, Dakota Mountain Lodge at The Canyons Resort sales represent over 10% of the dollar volume for this past quarter.             Pricing in general is also showing downward pressure as the sold prices versus the list price was off by 8% while the list prices had shown an 8% discount already.             Year to date sales versus the same period in 2008 show a decrease in dollar and unit volume of over 35%. The fact that the current period is flat may indicate that the downward market pressures have subsided and we are experiencing a bottom. There is a "feel" among most REALTORS® in town that business is getting better. Most agents are busy with many clients searching for values and beginning to write offers.             To discuss more in depth statistics and analysis of the Park City and Deer Valley real estate markets, contact a YouInParkCity.com realty professional.

Rocky Mountain Resort Alliance Statistics

By Todd Anderson
May 06, 2009

             The Park City Board of Realtors welcomed speakers from the Rocky Mountain Resort Alliance (RMRA) at its monthly luncheon last week. The alliance is made up of the Boards of Realtors from destination ski towns in the western United States. The alliance includes Park City, Utah, Sun Valley, Idaho, Jackson Hole, Wyoming, Whistler, BC, Aspen, Vail, Steamboat Springs, Telluride, Summit County, and Winter Park, CO. Speakers were present from Lake Tahoe area of California as well as Vail, Co and Jackson Hole, WY.             The real estate sales statistics for first quarter of 2009 were presented to the Park City Board attendees for each area in the Alliance. A quick look at the statistics gives an immediate sense of "misery loves company". Statistics across the board show sales figures being down from 50% to 75% along with falling median sales prices. There does not seem to be any area that is immune to the effects of the National and International economic downturns especially since it is combined with the current squeeze on credit markets.             The interesting part of the meeting was the discussion that followed. It was noted by each of the speakers that there were bright spots and areas (price ranges) that are seeing activity. Much of the activity is in the lower and entry level end. Some areas also noted sales activity on the very high end of the market. Many of the "bright spots" in the current market may be attributed to the small sample size we are dealing with when looking at the latest quarter statistics. The speakers all seemed to agree that there are many "lookers" in the current market and that while many people are waiting for the bottom, there is a sense of pent-up demand.             All of the resort towns in the Rocky Mountain Resort Alliance seemed to agree that it is a Buyers market and Park City real estate is right in step with the others. Increased inventories and few sales are leading to strong values in the secondary home and vacation markets.             For more information; contact your YouinParkcity.com Keller Williams Park City Real estate Agent.

Park City Utah Real Estate Statistics 1st Quarter 2009

By Todd Anderson
Apr 15, 2009

             The first quarter of 2009 Park City real estate statistics show that the Park City and Deer Valley area are not immune to the impacts of the national and global economic downturn.             There were 91 total sales in the greater Park City area (PCMLS 1-22): 30 Single Family Homes, 55 Condominiums, and 6 Vacant Land parcels. These numbers as a total are less than half when compared to the same period for 2008 both in terms of total unit volume as well as total dollar volume. While these numbers show a steep decline in the market, there are some bright spots.             One major difference between Park City real estate sales in the first quarters of 2008 and 2009 is the lack of new development communities available in 2009. In the first quarter of 2008, nearly half of the condominiums sold were brand new (Newpark Hotel and Silver Star were a large portion of sales). If these are removed from the comparatives, the 2009 numbers while definitely down, do not show nearly as dramatic a decrease.             A more telling statistical comparison may be to look at original price versus list price when sold and final sales price. For the first quarter of 2008, the list price of homes sold was actually higher than its original price and the final sales price was about 5% off of the list price. So prices were holding very steady and sellers were getting offers very close to their asking price. The first quarter of 2009 shows a definite softening of prices. Original prices versus list price when sold show a 3% drop in price while the actual sold price represents an additional discount of approximately 8% versus asking price.               As with all statistical analysis, it can be very hard to see a true picture when too small or too large a sample is taken. The Park City and Deer Valley real estate markets have bright and dim spots which vary not only from subdivision to subdivision, but vary greatly depending on which side of a transaction you find yourself.             Real estate sales in Park City are influenced dramatically by location and views as well as amenities available to the property. Scarcity is a major factor and while there are new products on the horizon, there are very few places that can offer all of what Park City offers its residents and second home owners. For more complete analysis or information on a particular Park City neighborhood or community contact a YouInParkCity.com Group Keller Williams Park City REALTOR® or call us at (888) 968-4672.             Data compiled from the PCMLS for sales of Single Family Homes, Condominiums, and Vacant Land in areas 1-22 from 1/1/2009 thru 3/31/2009 deemed reliable but not guaranteed

Park City, Utah Real Estates Sales Statistics 2008

By Todd Anderson
Feb 08, 2009

               The Park City Board of REALTORS® last week released statistics for the year ending December 31, 2008. The February press release shows that sales in the Park City, Utah area were down by nearly 50% in dollar volume versus 2007.  The sales dollar volume at just over $1 billion was roughly equal to the sales of 2004.             Looking at the sales a little closer and narrowing the scope of the statistics to only include Park City (not outlying areas such as Kamas, Francis, Heber and Midway) and focusing on sales by property type and unit volume, the statistics show that: single family home sales were down by 43%, condominium sales were down 41%, and leading the fall was vacant land sales which fell by 75% in unit volume.             Local REALTORS® are quick to note that median sales prices have only fallen slightly and that Park City and Deer Valley fundamentals remain strong. The president of the Park City Board of REALTORS® was quoted as saying: "People buy homes in Park City because it is based on a lifestyle choice. Our market has never been primarily driven by speculation and investment our product is very diverse and buyers have a wide range of properties that fit their needs and budget. Park City's world class resort facilities and year-round recreation opportunities will continue to make our community an attractive choice for many buyers."             While this may be true, there is no denying that our market is affected by what goes on in the rest of the country and the rest of the world. The Park City and Deer Valley real estate markets have many opportunities and choices for buyers; something that wasn't true while the market was soaring.             Vacant lot sales indicate that home building is down (Park City building department permits concur) and will be for the near term. There are a number of very high-end properties due to open in the near future including the St. Regis Deer Crest Resort, Montage Resort at Deer Valley and Dakota Mountain Lodge which is being serviced by the Waldorf Astoria and includes the Golden Door Spa. The impact of these resorts and the associated real estate sales will be felt in the next two years.             Sales of new construction condominiums played a major part in Deer Valley sales in 2007 with over half of the 180 condominiums that sold being newly built. Sales of condominiums in Upper and Lower Deer Valley combined with Deer Crest and Empire pass were down 67% in 2008, but there were far fewer new condominiums available.             Real Estate numbers nationwide show slow sales and many point to the fact that we still have sales in the Park City area as a good sign. To discuss how these sales numbers affect you and your decision of whether or not to buy or sell realty in the Park City and Deer Valley, Utah area call or email your http://www.youinparkcity.com/ Keller Williams Park City Real Estate agent today.

Park City Year End Stats

By Todd Anderson
Feb 06, 2008

          The Park City real estate market is compiling its year end data.  Spin is surely soon to follow.   Park City real estate Active Listings PCMLS Park City real estate Pended Sales  PCMLS           The two graphs here can tell different stories.  There are more available Park City real estate listings on the market currently, and this number has been on the rise.  During this same time-frame, pended sales numbers have been decreasing.  First glance may indicate that there are more people trying to sell and fewer buyers.  A second look may also show that properties that were sold to speculators are being completed, sold and put back on the market (no longer pending and becoming active listings).  Park City real estate sales volume by year Park City real estate sales transactions           The two graphs above tell a much different story when viewed together than they do apart.  Park City total sales volume when viewed as a year-to-year comparison shows a very good year, with 2007 being not far from its peak in 2005.   This graph or statistic is the one that people seem to cite the most when asked about the state of the Park City real estate market.            The second graph shows that the number of transactions for 2007 was down dramatically from its peak in 2005.            The two graphs together indicate that the average price of a sale in Park City has gone up while the number of sales has gone down.            The past year has seen the completion of many homes in the Empire Pass area of Deer Valley as well as many new high-end homes in the Promontory and Tuhaye golf communities.  Many of these were speculative "flips" in the Empire Pass area and speculative builds in the others.  All of these new available properties have been built for the luxury buyer and contribute to all of the different data shown here.            Another angle that has to be considered when looking at this data is location and scarcity.  The boundaries of Park City, its ski resorts, its golf courses, its lack of available land for building, and peoples' desire to live and own homes here contribute greatly to Park City's property values.            It is very hard to consider any one piece of land, condominium, or home in Park City without considering nearby alternatives.  This means that much of the data needs to be cropped down to much smaller sample sizes for true comparative analysis.           Interpreting data can lead to many different opinions about the state of real estate in Park City and a valid argument can be made for all of them.   The http://www.youinparkcity.com/  group loves to discuss these numbers and help you to make sense of how they affect your Park City real estate buying or selling decisions.           Contact us for more information.  http://www.YouInParkCity.com/contact.php

 
 
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