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Hello Folks,
 
Its stats time again, my least favorite time of year…. Seriously, while statistics are important indicators, please remember that our market is relatively small and looking at things neighborhood by neighborhood can be problematic: the small number of transactions can lead to skewing. Overall, the indicators are that the market is steady, inventory is up somewhat, but well priced homes are selling quite quickly. Over-priced homes, not so much.
 
Glorious weather this past week, shame about the snow in the forecast for this weekend!
 
Regards, 
   Murray Gardner
UP AND DOWN...THE FULL REPORT
 
The results are in for the first quarter of 2019 and while prices did continue to increase at a strong pace in most neighborhoods in both Summit and Wasatch Counties, we saw both a decrease in the number of transactions and an increase in active listings.

According to the Park City Board of REALTORS® Multiple Listing Service, the number of single-family home sales for our entire market area decreased by 9%, while the median price increased by 10%. Much of the activity occurred outside the Park City Limits, as primary or secondary home buyers expanded their searches into the Kamas and Heber Valleys where new construction opportunities are abundant.
 

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MARKET SNAPSHOT 
12 Month Rolling: Apr 2018-Mar 2019/Apr 2017-Mar 2018
Not all sold data in the Heber Valley is included in the Park City MLS data; please call for more specific details.


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HOME PRICE SALES BY AREA & PERCENTAGE
April 2018 - March 2019


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MARKET ABSORPTION
RELATIVE TO MEDIAN PRICING

When bringing your property to market, it is important to balance your pricing and timeline objectives. The charts below analyze the time on market against the median price within category type, and clearly demonstrate that those properties priced at or below the median are absorbed at a significantly higher pace. 
 

In Park City (Areas 1-9) Includes: Old Town, Thaynes Canyon, Lower Deer Valley Resort, Deer Crest, Upper Deer Valley Resort, Empire Pass, Aerie, Prospector, and Park Meadows. In the Basin (Areas 10-27) Includes: The Canyons, Sun Peak/Bear Hollow, Silver Springs, Old Ranch Road, Kimball, Pinebrook, Summit Park, Jeremy Ranch, Glenwild/Silver Creek, Trailside Park, Promontory, Quinn's Junction, Deer Mountain, Tuhaye/Hideout,  Jordanelle and South Jordanelle.
 


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CHANGE IN INVENTORY


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NEIGHBORHOOD STATISTICS

At the end of the first quarter of 2019, the number of single-family home sales for our entire market area decreased by 9%, while the median price increased by 10%. Much of the activity occurred outside the Park City Limits as primary or secondary home buyers expanded their searches into the Kamas and Heber Valleys.
 
PARK CITY LIMITS
The number of sales inside the Park City Limits decreased by 8% while the median price climbed 15% to $2.1M. In Old Town the number of sales dropped 28% over last year’s number, while the median sales price was almost the same as last year at $1.5M. Prospector also saw a decrease in the number of sales but increased 34% in median price, reaching almost $1.2M. Upper Deer Valley more than doubled the number of sales, and with new product on the market saw a price increase reaching over $5M for both the median and average price.
 
SNYDERVILLE BASIN
The number of home sales in the Snyderville Basin mirrored last year’s number, but saw a 22% median price increase reaching $1.26M. In Jeremy Ranch there were slightly fewer sales than the year before, but it did experience a 10% increase in the median price, reaching just over $1M. Promontory saw the highest number of home sales in the Basin, with a total of 73 and a median price of $2.1M. Old Ranch Road experienced almost double the number of sales, and both Silver Springs and Silver Creek saw increases in activity and price.
 
JORDANELLE, HEBER VALLEY & KAMAS
The Jordanelle area had almost half the number of sales as last year and a decrease in median price. Over the last 12 months, there were over 300 home sales in the Heber Valley – with an 8% price increase reaching $534,000. By neighborhood, Heber City had the highest number of sales and saw a 14% price increase to $398,000. The number of sales in the Kamas Valley was up 15% with a median price reaching $500,000.

For our entire market area, the number of sold condominiums was flat compared to the previous 12 months. Within the Park City Limits the number of condominium sales decreased, while the median price finished the quarter up 13% at $865,000. Usually active, the number of condo sales in Old Town was down 20% and the median price also dipped slightly. Upper Deer Valley saw both an increase in the number of sold units and a spike in median price bringing it close to $2.1M. Activity in the Prospector neighborhood showed an increase in quantity sold and median price.

In the Snyderville Basin there were 285 condominium sales compared to the 307 within the City Limits, and the median price continued to trend upward reaching $545,000. By neighborhood, Canyons Village had the highest number of closed sales, and it has numerous developments with properties on reservation. With the absorption of last year’s new product on the market, Kimball Junction had fewer sales and a slight decrease in median price. Pinebrook had the third highest number of sold units, up 9%, along with a 13% price increase to $547,000. The number of condo sales in the Jordanelle area increased by 13% and the median price was up 8%, reaching $521,000.

For our entire market area, land sales decreased by 12% while the median price increased 19%. Within the Park City Limits, there was a slight increase in the number of sold lots and an increase in median price to $1.06M. There were four times as many vacant land sales in the Snyderville Basin as within the City Limits, but still 18% fewer than last year. Promontory had the highest number of vacant land sales and a median price off $493,000. Summit Park was up in quantity sold but down 20% in median price to $70,000. Heber Valley was flat to last year with 160 units changing hands, but it saw a 25% price increase to $249,000.

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LOOKING FORWARD
With inventory at a slightly higher level than a year ago, buyers are looking for properties with compelling value. Listings priced at or below the median price sell much more quickly. Since our market area offers a diverse mix of property types, it is important for sellers to be keenly aware that buyers have choices. This is especially true with new construction, where an increasing amount of opportunities exist in areas such as the Heber and Kamas Valleys, proving that buyers are growing less rigid about perceived geographic boundaries than in the past.

It is important to consider all your options, whether selling or buying. Please reach out to inquire about specific statistics for your neighborhood or to learn the value of your homes in today's market.