I know that many of you simply hate statistics, but here is one you will love: we have had 50” of new snow in the past week!
More mundane statistics follow in great detail. I caution you against putting too much weight on statistics that relate to specific areas, for instance Lower Deer Valley. We simply do not have enough transactions in our relatively small market, and these statistics can fluctuate considerably. We need to step back and look at a larger picture. In that regard, the overall trend has been towards a more balanced market in 2018, with continued price increases balanced against lower transaction numbers.
ALL AHEAD STEADY
2018 showed a slight change in the Park City real estate market from previous years. Prices for single-family homes and condominiums both continued a steady rise, and median home prices were up 7% over 2018, while median condominium prices increased by 10%. Contrary to the past few years however, there was a decrease in the number of total sales from the previous year, with home sales down by 7% and condo sales down by 8%. Along with the decrease in unit sales, we have seen an increase in inventory, with pre-sales of inventory in new development communities across the entire Wasatch Back representing the fastest moving segment of the market.
12 Month Rolling: Jan 2018-Dec 2018/Jan 2017-Dec 2017
HOME PRICE SALES BY AREA & PERCENTAGE
January 2018 – December 2018
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.
CHANGE IN INVENTORY
At the close of 2018, the overall number of single-family home sales in Summit and Wasatch Counties decreased 7% compared to 2017. Conversely, the median price was up 10% within the Park City Limits (84060), reaching $2.09M. In the Snyderville Basin (84098), the number of closed home sales was down 8%, while the median price climbed 21% to $1.23M. The Jordanelle area also saw a dip in the number of sold units, but with a 4% median price increase to $1.56 M.
PARK CITY LIMITS
By area, Old Town and Park Meadows contributed to the highest number of home sales within the Park City Limits, though there were approximately 18% fewer sales than in 2017. In Park Meadows the median home price ended the year at $2.09M, while Old Town’s number was flat to last year at $1.54M. Upper Deer Valley, Deer Crest, Empire Pass, andProspector saw an increase in quantity sold.
In the Basin, the number of homes sold in Glenwild doubled last year’s number, and the median price climbed to $3.19M. Summit Park saw a 19% median price increase reaching $718,000. In Silver Creek Estates, the number of sales increased by 27% and saw a median price increase to $1.28M. With continued buyer interest in new construction and amenities, Promontory had the highest number of sales in the Basin, with 68 sold homes, and a 21% increase in median price, reaching $2.08M.
In the Heber Valley, the number of home sales remained flat compared to last year, while the median price climbed 14% to $515,000. The highest jump in median price, however, was in the Kamas Valley – up 32% reaching $508,300, along with a 13% increase in the number of sales.
Activity heated up in Heber City, Midway, Timberlakes, and Charleston. There were 43 sold homes at Red Ledges. In Midway sales remained strong with 95 single family homes sold along with a 12% median price increase to $580,000.
There were 316 condominiums sold within the Park City Limits (down 7%), but the median price leapt 24% to $886,000. By neighborhood, Old Town had the highest number of sales with a median price of $570,000. With new product on the market, Empire Pass had more than double the number of closed sales than in 2017, with a median price of $2.9M. The affordability of condos in the Prospector neighborhood contributed to increased activity – up 6% in number of condo sales and with a 25% increase in median price reaching $172,000.
In the Snyderville Basin, there were 12% fewer condo sales than last year, but the median price was up 8%. By area, Canyons Village accounted for the bulk of the sales and ended the year with a median price of $602,000.
In the Jordanelle area, the number of closed sales decreased by 16% with a 10% median price increase reaching $528,000.
Lot sales within Park City Limits increased 21% over last year, along with a 26% increase in median price reaching $1.03M. By neighborhood, Old Town and Deer Crest saw the most activity. In the Basin, lot sales were down 8% but up 16% in median price to $493,000. Summit Park and Promontory accounted for the highest number of lot sales in the Snyderville Basin.
January’s real estate sales results have been quite strong, thanks to Mother Nature’s generosity with the snowfall this season. We are having a record year which naturally helps boost interest and demand for vacation properties. We continue to meet new first-time visitors as a result of the Epic and Ikon pass products and as always, our proximity to a great international airport, the charm of historic Main St/Old Town and our plethora of snowsport options causes many to fall in love with our community and call it home.
Hope to see you on the slopes soon!