We have reached the mid-year mark and I would like to give you a short update on how the Park City real estate market is doing so far this year.
While total sales volume has increased across our three major market segments, the number of transactions overall has dropped year-over-year (YOY) based on our 12 month rolling average. Well-priced properties continue to be absorbed quickly, while sellers who are being bullish are waiting longer to achieve their pricing goals. Listing inventories increased across most neighborhoods considered ‘primary’, however, our inventory continues to remain low. Price appreciation is healthy when measured against both average and median prices. Our market is highly segmented, so please contact me if you have questions regarding your specific neighborhood.
SINGLE FAMILY HOMES
Within the Park City Limits, the total sales volume increased 11% to $377.3 million and the median sold price increased 19% to $1,582,000. We have seen a sales drop in Old Town (17%) and Prospector (29%), but an increase in sales transactions in Empire Pass (41%), Upper Deer Valley (8%) and Thaynes Canyon (20%)
In the Snyderville Basin, the total number of homes sold dropped 6% with a total of 338 home sales. The sales volume increased 16% from $437.6 million to $505.8 million. The new median price shows a 10% increase and now sits at $938,500. We have seen the most significant increase in the number of sales in the Snyderville Basin with an increase of 25% in transactions. Promontory has seen a 7% increase in transactions and a 19% increase in median price to $1,850,000.
Jordanelle continued to be an attractive area, with a 39% increase in the number of home sales. In total, 39 homes were sold this period resulting in a 79% increase in volume. As a result, the median price jumped 42% from $838,132 to $1,190,000.
The Heber Valley is extremely active with a 35% increase in the number of sales. 311 homes were sold with a total volume of $150.6 million which is a whopping 49% increase. This drove the median price up 16% to just under $400,000.
CONDOMINIUMS
Sales of condominiums within Park City Limits showed a 27% drop in total number of sales to 285 with a similar drop in volume from $366.7 to $288 million (a 21% drop.) Despite this drop in the number of transactions, the median price rose 18% to $660,000.
Snyderville Basin: The total number of sales increased 21%, with 369 sales in the past 12 months. Total volume increased 33% during the same period for a total of $181 million. This drove the median price up 12% to $429,000.The majority of this increase occurred at Canyons Village, where transactions rose 22%. With 110 transactions, the median in this area rose 39% to $542,000.
Strong demand in the Heber Valley resulted in an 84% increase in total number of sales: there were 35 sales this past year versus 19 the prior year. Total volume more than doubled, with $9.5 million in total sales, a 105% increase year over year. The median price rose 8% to $222,000. Midway/Charleston showed the greatest increase, with 67% bump in the number of transactions. The 30 sales in this period resulted in $8.3 million in sales; the median condominium price is now $277,500, up 37%.
VACANT LAND
Within Park City Limits, the number of land sales dropped 32% to a total of 25 homesites with a median price of $750,000 – largely due to the low inventory. In the Snyderville Basin, the number of transactions was flat, however, the median increased 29% to $412,000. The Canyons saw the greatest increase in the number of transactions, with a 41% increase. The 24 sales there drove the median up 19% to $1,900,000, with the majority of these transactions occurring at The Colony at White Pine Canyon. Glenwild/Silver Creek were also active in lot sales, with a 26% increase in the number of transactions.The Jordanelle area has been extremely active particularly in land sales, where the number of transactions increased 118% YOY. The $36 million in total sales represents a 205% increase over the prior year, driving the median price up 54% to $320,000.
In the Heber Valley, sales of lots dropped slightly, while the median increased 5% to $205,000.
For more detailed information on your neighborhood or a free comparable market analysis contact Steve Blankenship at 435-640-6966.
