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HEALTHY MARKET CONTINUES Healthy, Stable, and Growing at Sustainable Rates The number of single-family market transactions and the median sales price both grew by 7% respectively over the past year. The bulk of these sales occurred outside the Park City Limits as buyers searched for properties that fit their lifestyle and budget. The condominium market transactions and median sales price both grew by 10% over the past year. These sales were spread more evenly across the Summit and Wasatch markets.
Statistics from the seasonally adjusted purchase-only index (2016 Q3 - 2017 Q3) show that prices are up substantially in many markets, with many western states faring especially well. Here in Utah, we had a robust increase of 9.2%! SOURCE: FHFA
The number of sales inside the Park City Limits increased by 12% and the median price increased 18%. Highlights include: • Park Meadows sales increased 15%; median price increased 21%. • Old Town sales increased 15%; median price increased 11%. • Lower Deer Valley sales decreased 19%; median sales price increased 8%. Activity in the Snyderville Basin remained strong, with sales increasing 9% and median sales price increasing 2%. Highlights include: • Sales in The Canyons increased 14%; median price decreased 26%. • Sales in the Silver Springs area decreased 6%; median price increased 4%. • Pinebrook sales were flat; median sales price increased 13%. • Jeremy Ranch sales increased 27%; median sales price increased 5%. • Promontory sales increased 13%; median sales price decreased 12%. Jordanelle sales increased 15%; median price increased 34%. Heber Valley sales decreased 9%; the median price increased 4%. Kamas Valley sales increased 32%; the median price decreased 5%. Highlights include: • Kamas and Marion sales increased 135%; median price increased 7%. • Oakley and Weber Canyon sales increased 5%; median price decreased 10%. Wanship, Hoytsville, Coalville, Echo, & Henefer sales increased 54%; median price increased 17%
Sales inside Park City Limits increased 28%, the median price increased 21%. Highlights include: • Old Town sales increased 28%; the median price increased 9%. • Lower Deer Valley sales increased 7%; the median price dipped 3%. • Prospector sales decreased 4%; the median price dropped 3%. Snyderville Basin sales decreased 9%; the median price increased 6%. • The Canyons sales decreased 13%; the median price dipped 1%. • Kimball sales increased 6%; the median price increased 10%. • Pinebrook sales decreased 16%; the median price increased 3%. Jordanelle sales increased 17%; the median price dropped 5%. Heber Valley sales increased 10%; the median price increased 21%.
Clearly, each micro-market has its own character and story. Simply reviewing the numbers is not sufficient to understand the big picture. Individual markets can be influenced by a number of factors including specific sales that can skew the statistics. In addition, amenities, property condition, location, and new construction impact the numbers. The only sure way to fully understand the local real estate market is to contact a member of the Park City Board of REALTORS®.
The Next Update:
Winter is on the way! The various weather projections are in and the consensus seems to be another snowy winter, with slightly warmer temps. While business will be “usual” at Deer Valley this season, we are eagerly awaiting the name of the new ownership entity and related skiing privileges. The new entity consists of affiliates of KSL Capital Partners, LLC and Henry Crown and Company. Other resorts in their holdings include Mammoth Mountain Ski Area and Squaw Valley Ski Resort in California and Steamboat Resort and Winter Park in Colorado. There’s also a new affiliation with Aspen Highlands, Aspen Mountain, Snowmass and Buttermilk, each of which are owned independently by Henry Crown and Company.
Search any of these Park City Area communities at http://www.realestateinparkcity.com/communities.php