We are happy to announce that Park City real estate had another year of solid growth in 2015. Our market has now been steadily trending upwards for the past five to six years. We are not yet back to the dollar value, median sales price and unit sales that we had seen in 2007 which shows that our market is growing healthy. Our inventory levels are still low but we have seen a ten percent increase in total dollar volume to $1.85 billion. See below how real estate did in your area.
Park City City Limits
Single Family Home sales within the Park City city limits were down 12 percent while the median sales price was up 17 percent from 2014. This is not a sign of a weakening market but a reflection of low inventory and higher median prices. By neighborhood, Old Town had the highest number of closed sales with 52 home sales with an average sales price of $1.31 million and Park Meadows‘ median sales price went up to $1.44 million. Thaynes Canyon had the highest jump in median sales price – up 46 percent from 2014 to $1.82 million with a total of 11 closed sales for the year.
Condominium sales within the city limits were down 13 percent from 2014 but the median sales price went up to $605,000. Neighborhoods with increased closed sales include Lower Deer Valley Resort (up 25%), Upper Deer Valley Resort (up 23%), and Prospector (up 38%). The median sales price for a condo was up nine percent in Lower Deer Valley to $780,000, down 35% in Upper Deer Valley to $995,000, down 24% in Park Meadows to $585,000, up 15% in Old Town to $450,000, and up 27% in Prospector to $155,000.
Synderville Basin (Canyons area/Kimball Junction)
Due to a lot of new construction and lower priced inventory as well as big improvements at the Canyons Village real estate area the median sales price for single family homes in Synderville Basin increased 18 percent to $912,500. Jeremy Ranch saw a 23 percent increase to $874,000 and Silver Springs a 25 percent increase to $960,000.
In 2015 an incredible total of 361 condos sold in the area (up 35%) and the median price rose to $400,000. The strongest condo market was at Kimball Junction and Jordanelle which each averaged a sale every two and a half days with 135 units sold at the median sales price of $375,000. The quantity of units sold in the Sun Peak/ Bear Hollow neighborhood was 71% higher in 2015 than 2014 with a median sales price of $394,000. Jeremy Ranch was up 36% in the number of sales and 15% in median price to $574,000. At the Canyons, the median sales price of $401,000 and 84 closed sales were both flat compared to last year’s number.
The Jordanelle area also saw a strong year, with 37 home sales (up 85% ) and 135 condo sales. The two neighborhoods with the highest number of vacant land sales were Promontory up 31% to last year with a total of 72 units sold and a median sales price of $305,000, and Jordanelle up 92% with a total of 69 lots sales and a median price of $250,000.
Contact Real Estate Broker Steve Blankenship at 435-640-6966 for more information on buying or selling Park City real estate. Get a free comparable market analysis.