Quarter One Sales on the Rise

The first quarter of 2016, indicated a steady annual increase of 6% in the median sales price for single family homes, condominiums, and vacant lots in Summit and Wasatch Counties. Single Family Home prices are on par with those in 2007 without equalizing with the price highs seen in 2008.

 Break Down of Q1 Sales

Though the number of Single Family Home sales was down 12% within the Park City Limits (84060) and 4% in the Snyderville Basin (84098), the median price, in both locations, was up 13%. Within Park City Limits, the number of condominium sales was down 19% compared to last year’s number but up 7% in median sales price. The lack of active listings for homes under the median price point has been a factor specifically inside the City Limits. Sellers should note that correct pricing is the largest factor to a quick sale based on these statistics.

 Single Family Home Sale Prices

In Park City Proper, we are seeing an agreement on price centering around $1.4 million:

-The median sales price of a home in each neighborhood was also very close with Old Town reaching $1.35 (up 14%) and Park Meadows at $1.4 million (down 3%).

-In Prospector, sales were down 35% compared to last year, but the median sales price climbed 6% to $740,000.

-Upper Deer Valley and Empire Pass experienced a spike in the number of sales, and, due to several high priced transactions, the median price increased as well. We are seeing the largest price increases year over year within the Snyderville Basin area, which includes the local neighborhoods of Jeremy Ranch, Silver Springs, Summit Park, etc...

-Within the Snyderville Basin (84098), the median sales price hit $912,500.

-Jeremy Ranch is up 16% in median price to $874,000 -Silver Springs is up 19% to $930,000

-Summit Park climbed 14% reaching $549,000. In the neighboring and increasingly popular areas of Jordanelle, Heber, and Daniels, we are seeing increasing interest and increasing prices.

-There were 16 more home sales than last year in the Jordanelle area with a 5% increase in price to $900,000.

-Heber Valley is up 13% with the median sales price also up 13% reaching $383,000.

-Midway is up 10% in price reaching almost $473,000; Heber / Daniels was up 15% reaching $355,000; and Timberlakes was up 16% to $314,000.

 Condominium Sales

Within Park City Limits, the number of condominium sales was down 19% compared to last year’s number but up 7% in median sales price:

-The highest number of sales by neighborhood occurred in Old Town ($446,000) with an average of 8 sales per month.

-Both Lower Deer Valley ($774,000) and Prospector ($130,000) had 54 sales this year. -Park Meadows ($659,000) averaged slightly less than 3 sales per month, accounting for 16 fewer sales for the year.

Activity was the highest in the Snyderville Basin, with 361 sales for the year (up 26%) and a 14% increase in price reaching $420,000:

-With 56 closings at Newpark Terrace this year, Kimball Junction averaged 11 sales per month and jumped 67% in price reaching just over $380,000. -The Canyons neighborhood, with 99 sales this year, jumped 39% in price to $515,500.

-In the Sun Peak/ Bear Hollow neighborhood, there were 20 more condo sales than the previous year, with a median sales price of almost $393,000. Condo sales in the Heber Valley were strong – up 22% in the number of units sold and up 8% in median sales price reaching just under $200,000.

*** Slides and Information provided by Rick Klein and the Park City Board of Realtors. Statistics are derived from the Park City MLS.