Here are the Stats for Condominium and Vacant Land for the first six months of 2015

Condominium Sales:  There continued to be a high proportion of condominium sales. The number of sales for the entire market area at quarter end was 9% higher than the previous twelve months, with a 14% overall increase in median sales price.

Though there were fewer sales in Old Town than the previous four quarters, the median sales price increased to $445,000 – up 21%. By neighborhood, Prospector had the highest jump in number of sales, also with a median sales price increase reaching $132,000. Lower Deer Valley experienced market absorption in the condo sector with more than double the number of sales along with a 15% median sales price increase to $735,000. “After a prolonged period of limited demand and soft pricing, Lower Deer Valley condominiums are showing good signs of recovery.  As locations closer to the ski resorts become limited due to inventory issues, buyers are turning to older product in Lower Deer Valley for value,” per our incoming Board President Rick Shand.

Similar to the single family home market, the number of condo sales in Snyderville Basin increased steadily in quantity sold, dollar volume, and median sales price. Year-over-year, quantity sold was up by 21% in the Basin with a 13% price increase to $380,000. In Kimball Junction the median sales price increased slightly to $245,000. The Canyons area, with its wide-ranging property types, was up 41% in the number of sales over the previous four quarters with a median sales price of $389,000. Jeremy Ranch showed an increase of activity with 58% more sales than the previous four quarters and a price increase to $535,000. With new construction continuing in the Jordanelle area, both the number of sales and the median sales price of $439,000 were slightly higher than the four quarters of the previous year.

Vacant Land Sales:  The number of Vacant Land sales for the entire market area was slightly higher than the previous four quarters and lot prices increased 10% in median sales price. Lower Deer Valley was up in both quantity sold and median sales price ($523,000). Lots in Old Town ($562,000) and Park Meadows ($858,000) increased in median sales price from what they were the previous year. In the Snyderville Basin, neighborhoods with price increases were Trailside Park ($317,500), Glenwild/Silver Creek ($400,000), Promontory ($312,500), and Pinebrook ($190,000). The Jordanelle area continued to grow, with lot sales up 21% and a median sales price of $208,000. The Heber Valley saw a similar quantity sold compared to the previous four quarters with a 5% price increase reaching $195,000.

Looking Ahead:  We appear to be in a relatively stable market with short sales and foreclosures at pre-recession levels. The number of days a property remains on the market has been consistently low over the past few years, as well as, the number of active listings on the market at any one time. Low inventory has been a consistent factor in our market area since the third quarter of 2012, but as of July 1, inventory was the highest it has been in a year. The varying property types and desirability of certain neighborhoods over others make the Greater Park City area a highly segmented and complex market of submarkets.

More than ever, buyers and sellers are wise to enlist the services of a local REALTOR®. So please contact me if you are interested in more information about any segment of our market. It will be my pleasure to assist you with your real estate needs. ramon@rgomezjr.com