Although real estate sales in both Summit and Wasatch Counties haven’t returned to normal quite yet, the Park City Board of Realtors recently reported that the first quarter of 2014 shows a definite increase in every segment, including single-family homes, vacant lots, and condos. In fact, the number of closed sales in the area is much higher than it was in the first quarter of 2007.
“The market is coming back up and rebounding,” said Marcie Davis, president of the Park City Board of Realtors.
For example, single-family home sales in the Jordanelle area saw an increase of 75%, while condominium sales in the area also increased by 37%.
Located just east of Park City, the Jordanelle area offers homes for approximately $400,000. Homes are selling fast, and as of today, there are just a few lots available in this area.
The Park City Board of Realtors also said they’ve seen a lot of interested buyers in the Snyderville Basin area where single-family homes in the area landed the highest number of sales, totaling 42. Condominium sales in Snyderville Basin are also on the rise, showing an increase of 20% from last year. Median prices for single-family homes in Jeremy Ranch, Pinebrook, and Trailside (which are all in the Snyderville area) also increased to $725,000, $688,000, and $529,250, respectively.
Although Park City’s Old Town has seen a slight decrease in real estate sales for Q1 2014, the numbers are still higher than any other neighborhood in Park City, as a total of 18 homes and 62 condos were sold between December 1 and April 7. Currently, the average price for a home in Old Town is $1.1 million. Old Town has always been a favorite location for both residents and visitors to Park City. The real estate recession years ago hurt Old Town as at the time there were many spec builds. Recently, as the Park City market has been recovering, Old Town has been leading the charge.
Real estate in Empire Pass and Upper Deer Valley saw an increase in sales over the ski season. Empire Pass had only one home sale but 15 condo sales, while Upper Deer Valley had 12 condo sales, and four homes sales with prices ranging between $2.95 and $12.5 million.
According to PCBR, condominium sales are on the top of the list for closed sales in the Park City area this quarter, mainly because buyers really like the price points, as well as the fact that most of them are new homes on the market.
Inventory for homes in Park City is still low, mainly because there aren’t enough products available in the area. Statistics from the Park City Board of Realtors said that inventory levels are down by 10%, but on a more positive note, the levels rose by 9.7% by the end of the first quarter.