The market stats for 2016 are in. Overall, the Greater Park City and Heber Valley real estate market is continuing its climb and returning to its previous 2007 Records in some areas. Sales volume, median sales prices, and the number of listings are up in most areas. This is in-line with a similar state-wide trend. Utah is one of the top states in the country when it comes to home price appreciation. While Utah experienced a 9.5 percent home price appreciation in 2016, the Park City Multiple Listing experienced an even greater appreciation of 15 percent, with median prices rising in all four major areas. Prior years saw an average of 7.5 percent increase in price per year. Reason for this is that both local and statewide economies are becoming more diverse.
While total sales volume in the greater Park City area topped $1.7 billion in 2016, we are still feeling a sting of low inventory. Even though inventory was up 4.5 percent it is still not enough to meet demand. As a result we are seeing a lot of home buyers drawn to put in reservations for one of the many new lodging developments being built in Deer Valley, at Canyons Village and around town. High demand and low inventory are the main reasons that appreciation was up to double digits in some neighborhoods. As a result, we are starting to see buyer resistance to pricing in some of the popular neighborhoods such as Silver Springs.
Single Family Homes
The number of home sales in Lower Deer Valley has doubled with a 15 percent increase to just under $2 million. While sales prices in Old Town and Park Meadows grew to $1.48 and $1.59 the sales volume in both areas are down. In Jeremy Ranch we have seen 52 home sales which is about one per week with a median price of $922,000. Trailside had a 35 percent increase in sales and saw a 13 percent increase in median price to $723,000. The Heber Valley remains a hot market. 359 homes sold last year (triple of what sold in 2015!) for a median sales price of $349,000. 40 percent of Midway homes are now second homes.
Condominiums
Old Town experienced the most condominium sales, with 118, at a median price of $568,000, a 26 percent rise. We also saw strong sales at Canyons Village and in Pinebrook. Condos at the Canyons averaged 10 sales per month with a 53 percent jump in median price to $615,000. Pinebrook had 63 sales with a median price steady at $437,000. Condominium sales in the Jordanelle area experienced a 28 percent increase in volume of sales, at a median price of $479,000.
Low inventory coupled with increasing median sales prices suggests that it’s an ideal time to consider selling your property. Our market is complex and both trends and data can differ significantly between neighborhoods. Contact Steve today at 435-640-6966 to discuss how your home value is affected by these market trends or how spring may just be the perfect time for you to list your home or look for a new home.
