Real Estate activity in the greater Park City area has not yet returned to pre-recession levels but we are definitely on the re-bound and are moving in the right direction with the number of closed sales in the first quarter of 2014 being the highest since 2007.
While it may seem counter intuitive, in Park City our first quarter statistics are typically lower than might be expected. Second home buyers in town during ski season typically use the season to shop available inventory, making purchase decisions after April when the resorts close and inventory is more available for showings after the nightly guests are out of the equation.
In the past months new product has been in high demand and most of it is currently located in the Jordanelle area where you can get a nice new product in the $400,000 range. In the first quarter of 2014, single-family home sales in the Jordanelle area increased by 75 percent from the first quarter in 2013 while condominium sales increased by 37 percent. Only a few vacant lots are still available in the Jordanelle area. Furthermore, we have seen a lot of interest in areas such as Park Meadows and Snyderville Basin. Snyderville Basin includes Silver Creek, Jeremy Ranch, Pinebrook and Kimball Junction. The Snyderville Basin area has had the highest number of vacant land sales with 42 to date, and condominium sales in the area increased by 20 percent from last year.
While Old Town is seeing a decrease in sales, the numbers are still higher than in any other Park City neighborhood. Between December 1 and April 7 of this year 12 homes and 62 condos sold as well as three lots. The median price for a single family home in the Old Town area has reached $1.1 million, which may account for the decrease in sales. However, the median price for a single family home in the Park Meadows area decreased by three percent to $1,255,000, which could have contributed to the 16 percent increase in sales. Park Meadows has also seen 12 home sales, nine condo sales and one lot sale.
In the Deer Valley real estate area Empire Pass and Upper Deer Valley saw the most activity this ski season. Empire Pass had 1 home sale, 15 condos sales and currently has eight more condos pending. Upper Deer Valley on the other hand has had 12 condo sales, four home sales in the price range of 2.95-12.5 and 2 more pending.
Promontory is still selling strong with 11 home sales, 21 lot sales and 16 pending listings.
Median prices for single-family homes in primarily residential areas like Jeremy Ranch, Pinebrook and Trailside increased to $725,000, $688,000 and $529,250, respectively.
Inventory is still at a historic low. We are seeing an increasing demand in Park City area real estate but not enough new product.
Low inventory continues to have significant impact on our marketplace. Inventory is down 10% YOY, but on a positive note inventory levels rose towards the end of the quarter to 9.7 months, up from 7.9%. We anticipate additional increases as the spring primary housing market is heating up. The average absorption rate is between 5-6 months.Contact Steve Blankenship for more detailed information on your neighborhood.