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2018 Annual Market Report

By Ramon Gomez, Jr.
Jan 16, 2019

This week we wanted to share the 2018 Annual Market Report. You can read about this report below as well as clicking to the entire report on our Facebook page.

This comprehensive year end report provides an overview of the Summit and Wasatch County real estate markets. We believe it’s important that our clients have access to information that facilitates thoughtful real estate decisions. These markets remain highly segmented. Our town, its neighborhoods and outlying areas differ significantly in terms of price, home type, home condition, features, and amenities. For example, while Park Meadows and Upper Deer Valley share the same zip code, average and median home prices in these two neighborhoods vary significantly. This winter Alterra announced enhancements throughout Deer Valley® Resort (including the new Ikon Pass) and Vail Resorts® continues their commitment to Park City Mountain, focusing on upgrades throughout Canyons Village. We believe these factors will continue to drive our markets in a positive direction. In the meantime, as the market begins to stabilize, we see increased buying opportunities in Summit and Wasatch counties especially in Heber Valley, Jordanelle, and East Summit County neighborhoods.
The 2018 Annual Market Report

Looking to plan a vacation in February. Chron.com has listed out The 13 best places to visit if you're planning a trip in February and Park City makes the list. There is a reason the United States Ski Team calls Park City, Utah home. Simply put, Park City is a winter sports lover's paradise. The town offers more than 400 downhill trails for skiing and snowboarding covering 3,300 acres. It also hosted events in bobsledding, skeleton, and luge during the 2002 Winter Olympics. After you hit the slopes, you can take a stroll through the quaint, Old West-style Main Street or catch a show at the famous Egyptian Theater, the site of the Sundance Film Festival in January. Conveniently, a town lift can transport you directly from the mountains to the center of town.

Already in town or live in Park City - well the Midway Ice Castles are open for the season. Since 2011, Utahns have visited a winter wonderland in Midway. Icy fortresses, slippery slides and frozen waterfalls decorate an acre of land at Ice Castles at the Homestead Resort in Midway.

Visitors are drawn in by interactive light and music displays. The design of the castles changes year to year, with 20 to 40 ice artisans tasked with creating structures formed from thousands of icicles. Construction on the castles began in November, and Ice Castles typically opens between Christmas and early January, depending on how many warm days there are during the building process.

With six locations—five throughout the U.S. and one in Canada—Ice Castles CEO Ryan Davis explains how the structures, comprised of more than 20 million pounds of ice, come to life each year.

Next week we will get you ready for Sundance and share some of the great things happening during the Film Festival.

Real Estate Statistical Report

By Ramon Gomez, Jr.
Aug 22, 2018

This week we are sharing the Park City Board of REALTORS®' Year-over-Year Statistical Report - The Voice for Real Estate® in the Wasatch Back. The recent housing statistics for Summit and Wasatch Counties, as reported by the Park City Board of REALTORS®, revealed continued demand and increase in median sales price.

At the close of the second quarter of 2018, the number of single-family home sales in the Greater Park City Area increased by 6%, vacant land by 5%, while the condominium sector was slightly down compared to last year’s sales. Demand continued to rise on a gradual level, with single-family homes accounting for 49% of the total dollar volume, condominium sales for 40%, and vacant land for 11% of the market share.

Single-Family Home Sales - Year-over-year, the number of single-family home sales within the City Limits was up 9%, while the median price of $1.93 M remained flat to last year. By neighborhood, Old Town had the highest number of sales – up 36%, while there were 20% fewer sales in Park Meadows.

Snyderville Basin reported more than twice the number of home sales as the City Limits – a 4% increase over last year – with the median price climbing to $1.13 M – up 17%. In Silver Creek sales were up 40% and 37% in median sales price reaching $1.16 M. By neighborhood, Promontory had the highest number of sales in the Basin with 77 sold homes in the last 12 months.Activity in the Jordanelle area had a sizable increase in sales with a 14% median price increase reaching $1.73 M.

Sales in the Heber Valley continued at a strong pace, with nearly one sale a day, and a 28% median price increase to $506,000. There were 20 more homes sold in Red Ledges compared to last year, with a median sales price of $1.16 M – up 8%. Midway continued to thrive with 96 closed sales and 17% median price increase reaching $544,000.

“There are many factors contributing to the numbers we are seeing in the Heber Valley. Despite the sharp increase in construction costs, single-family homes are still well below Park City prices. With new amenities in the Heber Valley and excellent schools, buyers are weighing their options,” said Park City Board of REALTORS® President, Todd Anderson.

In the Kamas Valley, the number of sales decreased 15%, though the median price climbed 10% to $412,000. Sales numbers in the Wanship, Hoytsville, Coalville, Echo, & Henefer areas remained the same with a median price of $359,000.

Condominium & Townhome Sales - Year over year, the number of condo sales within the City Limits was up 8% and up 15% in median price to $787,000. The Snyderville Basin reported essentially the same number sales as last year with 308 units and median price of $503,000.

Anderson explained, “The difference between these two areas may be attributed to the completion of developments in Empire Pass versus the reserved or pending status of to-be-built product in Canyons Resort Village.” The Kimball Junction area, which can offer primary residence condominiums, saw flat sales but a 15% median price increase to $385,500.

The number of closed sales dropped 20% in the Jordanelle area possibly due to lack of inventory as new construction projects have been absorbed, but there was a 12% increase in median price reaching $528,000.

Vacant Land Sales - Park City Limits saw 14 more lot sales than last year and a 15% median price increase reaching $820,000. By neighborhood, Promontory had the highest number of land sales in the Basin with 72, and the median price continued its upward tick reaching $405,000. Canyons Village saw increased sales activity and a 22% median price increase to $2.28 M.

Conclusion - Historically, July and August are the months with the highest level of inventory for homes and condos in the Wasatch Back – and Q2 of 2018 was just below Q2 of 2017. In some of the most desirable neighborhoods, a shortfall of for-sale properties have placed an upward pressure on the median prices. With the demand for all that the Wasatch Back lifestyle has to offer, listed properties have been selling at a faster pace. In the last 12 months, the average length for a home to sell was less than 6 months in the Basin and less than 11 months in the City Limits.

The complexity of individual neighborhoods and micro-markets in the Greater Park City Area are reasons that buyers and sellers should be advised to contact a Park City Board of REALTORS® professional for the most accurate, detailed, and current information.

 
 
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