The 2016 Market Report Year End is full of great information about Park City. This comprehensive year end market report provides an overview of both Summit and Wasatch County real estate. The statistics provided in this report are based upon the Park City Board of Realtors MLS data for the period of January 1, 2016 to December 31, 2016.
Park City proper’s long standing residential neighborhoods have lower inventory levels, and as a result, have experienced a slight decrease in number of sales. Neighborhoods just outside city limits like Silver Springs, Redstone, and Old Ranch Road, have shown increasing prices with constrained inventory. Similarly, in response to inventory and pricing, many Millennials seem to be looking to the Canyons, Jordanelle, and Wasatch County areas for first time homes.The number of sales of single family homes in our city limits and Snyderville Basin saw a very gradual increase from 2015, and several areas saw a decrease in properties sold. However, average prices are up. There are pockets of high activity in areas like Summit Park. East Summit and Wasatch counties continue to bring tremendous buyer interest. Here are the Snyderville Basin Stats:
The market as a whole has shown measured improvement that is slightly more robust than average U.S. trends in home price and sales volume. We are now seeing home prices and sales numbers that are slightly above those before the recession. In summary, our market looks healthy and shows signs of steady growth.
Did you know that in Park City we have 8,000 acres of open space and 400 miles of trails! There are also 1.8 million season skier days with an average snow fall of 350 inches and an average Winter temperature of 22° to 33°. Park City's population is 8,200 people and Summit County as a whole is roughly 38,500 people.
If you have any questions about the Park City real estate market please let me know and I am happy to answer any questions. Here is the The Full 2016 Market Report Year End for your review. Have a great week.
The Berkshire Hathaway Prediction for 2017 - 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.
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