Park City Real Estate Market Update – First Quarter 2015

Looking back at the first four months of real estate transactions  in the greater Park City real estate we continue to see an increase in pricing while inventory levels remain at historic lows. As a result of strong sales and happy guests there were only 1,017 total properties available – 360 single family homes, 411 condominiums and 327 lots. (April 1, 2015).

This march we saw the highest number of pended sales since 2006 with condominium sales being up 18%. Closed sales also saw double digit growth and were 11.5% higher than 2014 with an average 17% increase in sales price compared to last year.

SINGLE FAMILY TRENDS: Within the Park City limits, the number of single family transactions decreased 8% with volume was down 17%. However, the median price rose from $1,300,000 to $1,600,000 for a 23% increase. Overall sales in the Snyderville Basin increased significantly, with a 21% increase in transactions, 74% increase in volume and 31% increase in median prices, which rose to $963,000 from 2014’s median of $735,000.

CONDOMINIUM TRENDS: Condominium sales were down slightly in Park City proper, with a 3% decrease in transitions. Overall volume increased 9% while the media decreased from $712,250 to $680,000. Interestingly enough, the average condominium price increased 13% to $1,205,305. In the Snyderville Basin, the most dramatic increases occurred at the Canyons where the number of transactions doubled from 11 to 22. While volume increased 145%, the median price fell 9% from $399,000 to $362,500. Notable increases in condominium sales volume were noted in Pinebrook, with 11 sales versus 7 during the same period last year.

LAND SALES TRENDS: Land sales are extremely limited within Park City proper as we are near build-out. There were just 7 land sales, up from 3 the prior year with the median price dropping 38% to $589,000. Decreases were also noted in the Snyderville Basin, with a 12% decrease in transactions and a 29% decrease in median price to $273,000.

NEW CONSTRUCTION: For the second year in a row, construction is booming in Summit County. First-quarter data from the county’s building department shows 181 building permits issued from January through March, which represents a 47-percent jump from the same period last year. It is a 99-percent increase compared to 2013.

We look forward to our transition to a “Two Resort” town: Vail Resorts is already underway with construction on the gondola connection between Park City Mountain Resort and Canyons as well as the yet-to-be renamed Snow Hut Restaurant.NOW IS A GREAT TIME TO LIST YOUR PROPERTY With the spring selling season well underway, low inventory continues to be our biggest story. Depending on when you purchased your property, this is likely an ideal time to sell. Please reach out for a detailed analysis of current market trends in your particular neighborhood.

Interested in investing or selling Park City Real Estate? Contact Broker Steve Blankenship at 435-640-6966.

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