Hello everyone. 

What a lovely summer we have had here in Park City and the Heber Valley. Festivals, fairs and musical events have been happening every weekend.  I love the outdoor dining of summer, the fabulous trail systems, warm temperatures and the easy atmosphere of our area.  Remember last year?  We were worried sick that Park City Mountain Resort might not open for the season. Now, helicopters are flying in towers daily for the new lifts Vail Resorts is installing as part of their one year, $50 million investment combining Park City and Canyons Resort and Deer Valley has closed on their purchase of Solitude. WOW.  Things are on a roll.

 
MID-YEAR 2015 MARKET REPORT
The good news is that the Park City Real Estate market* is on solid foundation, with steady moderate growth across most sectors.  See the information below for more detail.

HEALTHY MARKET, STEADY GROWTH, LOW INVENTORY

PENDED SALES: For the first 6 months of the year, pended sales reached their highest level since 2006, with just over 900 contracts written. Click here to see larger graph.
CLOSED TRANSACTIONS: Likewise, closed sales transactions were the highest since 2007 with 796 closings. Click here to see larger graph.
CLOSED SALES VOLUME: Not surprisingly, total sales volume across all sectors for the first half of this year was the best since 2007 as well, with approximately $710 million in closings. Click here to see larger graph.
MEDIAN PRICE:  The median home price across the Park City MLS market area is hovering around $572,000 which represents a healthy, stable growth of 7.0%. Note that today's median is the same as June 2006 and July 2010. Click here to see larger graph.
TIGHT INVENTORY: Following the national trend, inventory levels throughout Park City are still very low, with just 1,170 total listings available as of June 30th, down 8.5% from 1,270 as of June 30, 2014. At current absorption rates, this indicates a 6.6 month supply.

NEIGHBORHOOD WATCH

Park City is a classic niche market. Please call us for a more detailed view of your neighborhood of interest. We’ve noted a few of the more interesting statistics comparing a rolling 12 month average for June 2015 vs. the same period in 2014:
SINGLE FAMILY HOMES

Old Town: 64 homes sold in the past 12 months (28% increase) with a median sales price of $1,212,500, a 14% increase over prior 12 months.
Park Meadows: 63 homes sold in the last year (24% increase) bumping the median up 6% to $1,373,000.
Prospector Square:  17 homes sold in the past 12 months, an increase of 89% in transactions, with the median price up 8% to $700,000.
The Canyons:  10 homes have sold in the past year compared to 11 the year prior, but total volume was up 70%. The new median is up 40% to $5,475,000. Almost all activity was at The Colony at White Pine Canyon.
Jeremy Ranch:  45 homes sold versus 67 for the same prior 12 months, a decrease of 33%.  However, the median price increased 20% to $850,000.
Jordanelle:  Median prices are up 20% to $838,132, with a 40% increase in sales and a 47% increase in total volume across 28 transactions. 
Heber Valley: 230 homes sold in the past 12 months which is a 17% increase over the year before and also a 5% increase in the median price. This area is growing and is very affordable.

MEDIAN PRICE COMPARISON BY AREA
Park City:  $1,335,000
Snyderville Basin: $850,250
Heber Valley:  $345,000
CONDOMINIUM TRENDS

Old Town: The number of sales dropped 22% to 137, down from the 175 the prior period. However, the median sales price has increased 21% to $445,000.
Prospector Square: This area saw a dramatic 67% increase in sales with a 23% increase in median price from $106,500 to $131,500.
Silver Springs:  There were 12 sales versus 4 for the prior period, a significant 200% increase. Median pricing jumped 24% to $466,092.
Jeremy Ranch:  Sales velocity increase 58% with 19 sales while the median price increased 14% to $535,000. 
VACANT LAND
There were a total of 37 lots sold in the last 12 months in the Park City area with only a 3% drop in inventory. In the Snyderville Basin, 152 lots sold this past 12 months sold which is 16% drop in inventory.  Heber Valley showed a 4% increase in inventory sold but this number transfers into a whopping 164 sales in the last 12 months. Jordanelle showed a 21% increase in inventory sold. That’s 40 lots this year.  These figures make a clear statement that available land in the outer areas is good and that in town, not so good.   
NOW IS A GREAT TIME TO SELL YOUR PROPERTY
The Park City market is showing good solid, steady growth, and we are hearing less discussion about the “Vail Effect”, but inventory remains very tight.  For those looking to buy, multiple offers are still quite common in high demand neighborhoods so it’s important to be well qualified and responsive. So yes, it is a seller's market.  However, as summer winds down, some listing are reducing their prices.


BUYERS MARKET? 
As summer winds down, some listings are reducing their prices so Buyers can be successful too.  An example is land. It is especially tight closer into town, but waiting may not be the best idea since the odds of more lots coming on the market is slim.  You just can't grow land. Out of town and in neighboring communities, prices will be more competitive.   


I hope you find these charts and stats helpful and interesting.  For details on your particular area of interest or you specific neighborhood, give me a call or shoot me an email.  I can send you more data.  But most of all, have a great end of your summer and early fall and remember, if you are in town and want to chat, I’m here and would love to buy you lunch at the Deer Valley Grocery Cafe, just steps from my office.

Amanda
 
Amanda Peterson
Amanda Peterson
KW Park City
Keller Williams Park City Real Estate

Location Address: 1375 Deer Valley Drive
At the Plaza at Deer Valley
(Click the map at right for directions)

Mailing Address: 1750 Sun Peak Drive
Park City, UT 84098
435-640-9034
Amanda@AmandaParkCity.com
AmandaParkCity.com

Copyright ©2015,  Amanda Peterson,
KW Park City, Keller Williams Park City Real Estate
All Rights Reserved
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If your property is currently listed, this is not a solicitation.  We cooperate fully with all real estate professionals in our community. 
* Park City Multiple Listing Service - all areas served. All data based on statistics provided by the Park City Multiple Listing Service for Areas 1 – 23 for single family homes(SF), condominiums (CO) and vacant land (VL) 

Charts and analyses compliments of Rick Klein/Wells Fargo Bank.