Park City Real Estate Market – Review 2013

After analyzing the sales numbers for both homes, condos and land in the Park City area, the Park City Board of Realtors is happy to announce that the Park City real estate market has seen 2,230 sales in 2013 up 22 percent from the previous year and double the sales of 2009. We have seen a steady appreciation of seven percent over 2012 and there is a high demand for Park City property in all price ranges. The only problem – inventory is at an all-time low.

Park City Homes

Jeremy Ranch topped the sales list of 2013. A total of 73 single-family homes sold ranging between $325,000 and $2.857 million closely followed by Old Town with 68 homes sales, Silver Springs with 58 and Park Meadows with 56. Currently the average time to sell a home is 7.4 months. However, many homes in Trailside and Silver Springs have sold a lot faster.

Overall the total dollar volume for single family homes was the highest it has been since 2006. Inside the Park City Limits, the number of sales was up 12 percent and the median sold price reached $1,257,000 which is a 17percent increase over 2012. Demand is strong in Old Town with a 45 percent increase in the number of sales. Park Meadows is up eight percent in the number of sales compared to 2012 with a nice median price increase of 22 percent reaching $1,317,500.

In the Snyderville Basin area, sales were up 12 percent with a median price increase of nine percent. Silver Springs leaped 76 percent in the number of sales compared to 2012 and the median sales price increased 12 percent to $697,500. Jeremy Ranch sales have been up 26 percent over 2012 reaching a median sales price of $725,000. Trailside Park is up in the number of sales compared to 2012 by 53 percent with a median price increase to $520,000.

Park City Condos

Old Town was one of the most active areas in 2013 with 157 condos sold ranging from $121,000 to $2.5 million followed by 99 condo sales in Deer Valley (all areas), 75 at the Canyons and 73 at Kimball Junction. Pinebrook is another area of interest with a 33 percent increase in the quantity sold and a healthy 19 percent price increase to $322,500.

Vacant Land

We have seen 48 lots sales within the Park City Limits, 160 in Snyderville Basin, 45 at Jordanelle Reservoir and 16 in Jeremy Ranch. Land sales in Snyderville Basin increased 40 percent with a median price of $274,500. The Jordanelle area had the highest spike in the number of lot sales, up 105 percent to last year’s number with a median sales price of $145,000.

Distressed Sales

Distressed sales have declined to the point where “they are no longer a factor in our market”.

For a more detailed analysis on your neighborhood contact Steve Blankenship at 435-602-9976.