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Park City Board of REALTORS: Property Values Up 7% Annually Since 2012

By Shanna Day Team Leader (UT & AZ)

Real Estate Agent with Keller Williams SLC (UT) and Keller Williams Realty EV (AZ) 7238507-SA00

August 04, 2016 02:32 PM

Park City Board of REALTORS: Property Values Up 7% Annually Since 2012

The second quarter of 2016 closed with statistics reported by the Park City Board of REALTORS® indicating a steady annual price increase for single family homes, condominiums, and vacant lots in Summit and Wasatch Counties. Areas outside Park City Limits, such as the Heber Valley and the Jordanelle, also enjoyed double digit sales growth.

Demand remains high but the lack of inventory limits the number of units sold within Park City limits. When seen as an entire market area, areas outside Park City Limits has currently five times more pending single family home sales than those within Park City Limits (84060). Single family home sales within Park City Limits decreased 17% although the median price increased 19% in the course of the last 12 months. There were 105 fewer condo sales within the City Limits than the previous year although the median price trended upward 18% to $660,000. As for vacant lot sales, there were 12 fewer land sales compared to the last year but median sales price were up 25% to $750,000.

Rick Shand, President of the Park City Board of REALTORS®, notes a continuing trend of buyers searching for value over the last 12 months. "The line between Park City, Snyderville, and Heber Valley areas is not as distinct as it used to be and buyers are finding homes to better suit their needs by expanding their selection of areas." Interestingly, buyers are also indicating sensitivity to rising prices when product at or below the median sales price point sold in one-quarter of the amount of time.

Shand adds the limited inventory and increased activity outside Park City Limits has seemingly integrated the market area into a single community. With a market highly segmented with micro-markets dividing product by property type, location, price, age and amenities, buyers and sellers are advised to contact a local Park City REALTOR® for information on what is happening in your neighborhood.

Single Family Home Sales

The majority of sales within Park City Limits came from Old Town with median sales price up 8% over last year reaching $1.33M and Park Meadows with a 12% increase to $1.54M. Quantity sold, dollar volume, and median price are all up in Thaynes Canyon with $2M, Lower with $2M, Upper Deer Valley with $7.5M and Empire Pass with $8.27M.

The Snyderville Basin sold more than double inside the Park City Limits. There is steady median price growth in most areas in the Basin with Summit Park notably climbing 27% to $615,000 and Trailside going up 16% to $716,000.

Both neighborhoods of Jeremy Ranch and Pinebrook have roughly the same number of sales except the former's median price was $915,000 while the latter was $755,000. The highest number of sales by neighborhood, however, went to Promontory with 60 sales and median price increase of 19% just below $1.85M.

Outside Park City limits, the Jordanelle area had 11 more sales than last year and a 42% price jump to almost $1.2M. The Heber Valley sold 80 more units sold than last year, translating to a 35% increase while its median price went up 16% to $400,000. Substantial growth in the quantity sold are also seen with Midway / Charleston at $480,000 and Heber / Daniels at $355,000.

Condominium Sales

The Snyderville Basin (84098) outpaces the number of units sold within Park City Limits not only in the single family market but also with condominium property types, with condo sales outnumbering home sales two to one, considered a first and perhaps signaling a trend. 369 condo units were sold in the Basin, a 21% sales growth with the median price up 12% to $429,000 and just over $181 in dollar volume generated.

Averaging 11 sales per month help Kimball Junction get a price climb of 52% to $380,000 while the Canyons neighborhood jumped 39% in price to $542,000 with 110 sales this year. Pinebrook recorded 60 units sold and with 18% price increase to reach $452,500. Also on the board with a slight median price increase to $430,000 are Sun Peak/ Bear Hollow, thanks to having five more condo sales than the previous year.

Double digit price increases due to strong activity are reflected in Old Town with $519,000 and Lower Deer Valley with $835,000. Prospector, the most consistently affordable neighborhood within the City Limits, had 14 fewer sales than last year but its median price held at $143,000.

With 16 more condo sales than last year's, the Heber Valley goes up an impressive 84% to a median price of $222,000 with Midway / Charleston contributing 30 units sold and a 37% price increase to $278,000. On a different note, the Jordanelle area has a 12% decrease from the last year with condo median price at approximately $387,000.

Vacant Land Sales

The Snyderville Basin's 153 sales was the same number as the previous year except the median sales price increased by 29% to $412,000. From a neighborhood perspective, the highest number of land sales goes to Promontory with 59 and 7% median price increase to $335,000. Notably, the Canyons area's median price went up 19% to $1.9M with seven more sales than last year.

Heber Valley was flat to the previous year with 161 units sold and a median price of $205,000 but showing strong activity outside Park City limits is the Jordanelle area with 87 lots sold. That's double the number of the previous year for the Jordanelle area, significantly increasing median sale to $320,000.

Source: Park City Board of REALTORS® Press Release, August 2, 2016

Thinking of buying or selling in Park City, UT? Contact a local Park City REALTOR® for information and assistance.