2020 ended up being a record-breaking year for Park City real estate. Great snow, easy access, Utah’s healthy economy, our beautiful surroundings and wealth of outdoor activities remain contributing factors why people choose to live here. With Covid-19 we have seen a large exodus from metropolitan areas. People are looking for more space and outdoor lifestyle. Many decided to make their investment property a primary residence. They are able to work remotely and have an office with a view. More flexible work schedules allow for time to go hiking or skiing. As a result, available property listings are at an all-time low. We are down to 702 properties for sale across the entire Park City MLS. This is well below the previous low mark of 1,715 was set in December 2017. This week 61 contracts were written while only 59 new listings were added. So far this year we have written almost twice as many contracts (661 vs 334) as we did last year through week 8. Demand much higher than what is available.
SINGLE FAMILY HOME SALES
Within Park City Limits (84060), we saw a total of 301 transactions – up 64%. Sales volume was up to $889 million, a 83% increase year-over-year. The median price of a single-family home across the city rose 26% to $2.5 million. In the Old Town area, sales volume and the number of transactions sold both doubled, as the median price rose 11% to $2.03 million. The Park Meadows neighborhood saw the greatest increase in median price, rising 36% to $2.6 million.
Snyderville Basin (84098) did have a record year as well with an 84% increase in sales volume. The median price rose up 23% to $1.51 million. Notable neighborhoods include Old Ranch Road, Glenwild, Silver Creek Estates and Promontory.
Jordanelle saw vigorous activity. Transactions were up 71% which pushed the sales volume to nearly double of that in 2019. Sales totals for 2020 were $242 million, up from $123 million the prior year. The majority of single family home transactions happened in Deer Mountain, Tuhaye and Victory Ranch.
Land sales exploded in the fourth quarter as buyers who could not find an existing home to their liking elected to plan to build their own instead. Overall land sales in Summit and Wasatch counties were up over 100%. The median sales price for land region wide was up 8% to $325,000.
Prices are still rising. Multiple offers on many listings continue to drive up sales prices. Many times buyers have to act quickly and come in with competitive offers. There has likely never been a time in our market when professional representation is as vital as it is now.
A majority of agents and lenders are expecting the housing market to continue to rise or level out at the worst.
We anticipate inventory to increase in the spring. Let us know what you are looking for and we will notify you as soon as properties in your desired area become available for sale.
Thinking about selling to cash out, downsize or trade up? Those properties priced at or below the median are generally sold at a faster pace and in some neighborhoods at a significantly higher pace. We hope you like the graphics we put together to show the year-over-year change in each neighborhood. Please note that property values can vary widely even within a neighborhood. If you are interested in a value of your house contact us at 435.640.6966.