The second and third quarter market reports confirmed that the overall year-over-year housing statistics for Summit and Wasatch Counties continued to show healthy appreciation with increases in both average and median sales prices as well as dollar volume as reported by the Park City Board of Realtors® Multiple Listing Service.
The greater Park City market in general continues to show great stability in single family homes. Despite an 8% drop in number of homes sold, the median sale price rose 14% year over year. During the same period in 2018, the median sale price gained 13%, indicating a sustained period of steady, consistent growth. Nationally prices grew at a steady 5% during the same period, with Idaho (11.4%), Utah (7.7%) and Tennessee (7.2%) showing the highest increases year over year.
Condominium and vacant land sales did not fare as well with condominium sales volume down 6% and land sales down 21%, despite respectable gains in median sale price of 4% and 6% respectively.
Inventory hits its annual peak level during summer. Going into fall, buyers will be challenged to find variety in the currently available inventory in all segments of the market. The resale market in general remains strong, buoyed by increasing costs to build driven by rises in both materials and labor. Custom homes now cost between $500-600/sq. ft. to build and can take as long as 16-24 months to complete, making the resale market more attractive for some buyers. New school facilities in south Summit and Wasatch counties are making homes there even more attractive to home buyers with younger children.
Real estate in the Wasatch Back consists of highly segmented markets with nuances that vary significantly from one neighborhood to another and one house to another. Comparisons are hard to read on paper due to the unique features of individual properties, such as views, amenities, condition, style, location, age, and inventory.
Please reach out to The Park City Investor Team at 435.640.6966 for a more detailed analysis of your specific property needs.
