Park City Quarter 3 - 2017 Real Estate Market Statistics

October 20, 2017 – The Park City Board of REALTORS® has released year over year quarterly statistics for Summit and Wasatch Counties. Overall Park City Real Real Estate continues to be healthy, stable, and growing at sustainable rates.  According to the Q3 Statistics complied by the Park City Board of REALTORS® and Rick Klein of Wells Fargo Mortgage, demand in Q3 remains strong with August being the best month since March of 2006 for Pended Sales in the Greater Park City area and overall Pended Sales 8.4% higher in Q3 of 2017 in comparison to this time last year. Demand has been stable and rising over the past 5 years with volume up 16% in comparison to 2016.  Inventory remains stable and low and given the strong Q3 sales and relatively low inventory Absorption Rates have hit a new low, decreasing to 5.3 months from 5.7 months this time last year.  Given the highly segmented nature of the Park City Real Estate market however, Absorption Rates differ significantly depending on the area and product type. 

Sara Werbelow, President of the Park City Board of REALTORS® commented, “The real estate market is solid. We have sufficient inventory to meet our client’s needs. Prices do continue to escalate, but at a reasonable pace.”

It goes without saying that the overall statistics simply a snapshot at a moment in time and may not be representative of long-term trends. The Summit and Wasatch markets are composed of numerous diverse micro- markets. Here are some of the highlights of the released Q3 Statistics:

Year-Over-Year Single Family Home Sales in the Park City Limits increased by 12% and median prices increased by 18%.  Park Meadows saw an increase in sales price of 15% and median price increased by 21%.  Old Town sales continued to grow by 15% an median prices were also up by 11%.  The Lower Deer Valley Homes however saw a cooling off period after strong sales last quarter. Condominium Sales in the Park City Limits increased by 28% and median prices were up 21%.  

Year-Over-Year Single Family Homes Sales in the Synderville Basin increased by 9%, the median sales price increasing by 2%. Though sales in the Canyons were up 14% the median price decreased by 26% ( a skewed number that resulted from a house that was auctioned in the Colony and sold for significantly less than the listed price).  Silver Springs saw an increase in sales of 6% while median prices dropped slightly.  Pinebrook sales were flat but median sales prices increased by 13% and Promontory continued to see an increase of 13% in sales while prices decreased by 12% mainly as a result of the popularity of the lower priced contemporary Nicklaus cabin products and the Dye Course Cabins.

The Jordanelle sales remains strong as buyers priced out of the Park City market continue to look to outside of the great Park City area with sales up by 15% and median prices up 34%. 

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. Call me to go over specifics and better understand the various market dynamics.