Park City Year End 2015 Market Statistics
According to Amanda
I hope your winter season is going well. Ours here in Park City is thriving. Wow! What a season so far. The snow has been fabulous. After last year's sketchy snowfall, it is exciting to have what I call a "real" snow year. As people would say, "Tons of snow in a ski resort town make every business person look like a genius". Though very busy, it is good to see Park City and the ski industry thrive this year. Statistically this year in real estate is the best since 2007. Though the total volume of sales is a little less than 2007, it is a big number.
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Here is an overview: Year End statistics reported by the Park City Board of Realtors that includes all of Summit and Wasatch counties was good with a consistent evenly paced increase. The total dollar volume in 2015 reached $1.8 billion, a 10% increase over 2014. This is good. But as is often the case, some neighborhoods and property types fare better than others and because one or two big sales could skew the dollar volume, a look at individual neighborhoods is helpful.
Let's have a look first Single Family homes...
Single Family Homes In Town
with a zip code of 84060 showed an increase
in median price
equaling almost $1.5 million. BUT, the number of closed sales decreased by 12%
. Some neighborhoods did better than others. Let's compare a few.
Old Town: Up 6%
in median price to $1,312,500. Volume=$80,177,499 w/52 sales.
inventory down 10%
Thaynes Canyon: Up 46%
in median price to$1,820,000. Volume= $21,620,300 w/11 sales. Inventory down 15%
: Up 6%
in median price to $755,091. Volume= $8,306,000 w/11 sales. Inventory down 39%.
: Up 11%
in median price to $1,439,000. Volume= $84,665,981 w/49 sales. Inventory down 13%.
Single Family Homes in the Snyderville Basin
showed an 18% increase in median price to $912,500 and the number of sales increased slightly (2%) to 342. Total volume= $464,200,173, a 24% increase. The total figures show trends but each neighborhood had its own story. Here's more...
Sun Peak/Bear Hollow: Down
in median price to $782,730. Volume down 14%
to $38,973,182 w/ 22 sales, a decrease of 21%.
Silver Springs: Up 25%
in median price to $960,000. Volume up 7%
to $36,916,750 w/ 38 sales, a decrease of 14%.
0% change in median price at $495,000. Volume = $5,509,500 w/ 11 sales, a decrease of 42%.
Pinebrook: Down 2%
in median price to $733,750. Volume = $38,186,069 up 38%
w/ 48 sales, an increase of 30%.
Trailside Park Area: Up 9%
in median price to $639,500. Volume= $28,861,468 w/ 34 sales, a decrease of 19%.
Promontory Area: Up 6%
in median price to $1,669,500. Volume= $114,951,881 w/ 60 sales, an increase of 36%.
Observations by Amanda:
*The lack of inventory in town and increased values.
*The Snyderville Basin had 342 sold properties as compared to in town sales of 159.
*A big surprise was the increased sales in Promontory from 44 in 2014 to 60 in 2015.
Looking out toward the Heber Valley
Jordanelle: Up 13%
in median price to $900,000. Volume= $40,373,272, an increase of 116%
and 37 sales an increase of 85%.
Midway/Charleston: Up 5%
in median price to $452,650. Total Volume= $33,854,964 w/ 72 sales an increase of 9%.
Total Heber Valley sales increased 12%
and the median price increased 8%
to $369,000. **
Observations by Amanda: As compared to Park City, Heber Valley homes are a real value. AND, as Jordanelle grows and the Deer Valley expansions come on line, the Heber Valley will be noticeably close and convenient to great skiing and water sports. With no stoplights between the airport and the Deer Valley gondola, this becomes very appealing to visitors and Heber Valley residents.
The Condominium market
Total In Town sales
= 329, a decrease of 13%
. The median price = $605,000., up 13%.
Total volume decreased 8%
Trends in some In Town
- Lower Deer Valley: Up 9%
in median price to $780,000 2/64 sales, an increase of 25%.
- Upper Deer Valley: Decreased
in median price to $995,000 w/ 27 sales, an increase of 23%.
- Park Meadows: Decreased
in median price to $585,000 w/ 39 sales, a decrease of 15%.
sales = 361, with a sales increase of 35%.
The median price was $400,000 with a total volume sold of $160,336,872, an increase of 52%.
The hottest activity in the Snyderville Basin was Kimball Junction
with 135 sales up 99% over last year. The median price was up 67% to $375,000.
Close behind was Sun Peak/Bear Hollow
with 58 sales, an increase of 71%
and a 10% decrease
in median price to $393,700.
- Few sold in Silver Springs
but there was an increase
in median to $507,000.
- Jeremy Ranch
was up 36%
in sales to 19, and the values increased
a bit to $574,000.
Jordanelle: 8% increase
in sales to 135 and a decrease
in median price of 8% to $374,632. Total volume = $53,564,281, a decrease of 7%
showed a 17% decrease
in inventory and a slight increase
in the median price to $195,000.
Observation: Though the PCMLS data appears insufficient, the trend is worth mentioning since the price point is significantly lower than the Park City area.
Inventory was down 33%
with only 27 closed sales but values up 18%
with a median price of $677,370.
Activity was virtually the same in 2014 as 2015 with 170 closed sales. Values were close to the same as well with a median price of $362,500.
Heber Valley, Midway/Charleston:
showed a decrease
in inventory of 36% but values were up 27%
with a median price of $205,000.
**Note. These statistics do not include the WFR data (Wasatch Front MLS).
A PEEK AT 2016:
January 2016 is off to a good start with a total of 125 sold properties in the Greater Park City Area. 41 Single Family Homes, 42 Condominiums and 38 pieces of Vacant Land of which only 13 were within the Park City limits. The balance was either commercial or fractional sales.
Have a look at the charts provided and if you do not find information about your favorite neighborhood, please give me a call and I will send you a personalized CMA with current information. These statistics are very helpful but really don't tell the whole story. With new projects in the pipeline and improvements planned at the resorts, there is much to look forward to for next season.
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*Note: Statistics compiled and referenced here have been gathered from the Park City Board of Realtors data base. They do not contain all data that might be relevant such as “for sale by owner” and Wasatch Front Multiple Listing data (WFR) for the greater Park City area. Information herein, while deemed reliable, is not guaranteed.
Come ski and see for yourself how lovely it is this year. But most importantly, let's get together at my Deer Valley office above the Deer Valley Grocery Cafe.
Remember, the coffee is on me.