A Look Back at the 2016 Park City Real Estate Market
Posted by Negar Chevre on Wednesday, February 8th, 2017 at 9:26am.
This comprehensive Park City Real Estate Year End Market Report provides an overview of Summit and Wasatch County real estate. We strongly believe our clients should have access to information that facilitates thoughtful real estate decisions. All statistics are based upon Park City Board of Realtors MLS data for the period of 1/1/16 to 12/31/16.
The 2016 year-end housing statistics for Summit and Wasatch Counties, as reported by the Park City Board of REALTORS® Multiple Listing Service, show that over the past four years, the number of closed, pended, and active listings has continued to trend at a healthy and stable rate, with an averaged median price increase of 7.5% annually. However, in 2016, the median sales price for single-family homes, condominiums, and vacant land increased at a rate double that number. Overall, the quantity of sold properties did not increase sharply over previous years, yet the dollar volume for our entire market area was up 18%.
The Park City market remains highly segmented. Our town, its neighborhoods, and outlying areas differ significantly in terms of price, home type, features, and amenities. For example, while Deer Valley and Prospector areas share the same zip code, average home prices in these two neighborhoods are very different.
The number of active listings has remained surprisingly consistent over the last several years, with 1,840 currently listed on the Park City MLS. Prices in our market area have continued to rise year-over-year as both primary and secondary homeowners desire to live, work, and play in Summit and Wasatch Counties. Finding affordable property in certain areas remains challenging with high demand, limited inventory, and rising home prices, so buyers continue to look for value and affordability in outlying communities.With the average home remaining on the market between 7 – 11 months, properties listed at or below their neighborhood’s median price are selling almost 4 times as quickly.
Our predictions: We expect additional new developments to come to market in 2017 in the Jordanelle, Heber, and Canyons areas. Inventory will remain low in many areas, especially in Park City proper residential neighborhoods. Finally, while mortgage rates will continue to rise mildly, we do not see this trend influencing buyer demand significantly. Data interpretation, judgment, and historical context are key elements to making informed decisions. Reach-out for more information.