2014 Quarterly market report and real estate statistics for Park City, Utah from Amanda Peterson.

Amanda PetersonHello Everyone,

The Scoop: It's been a wild summer and fall here in Park City with two HUGE announcements.

The first was the acquisition of Park City Mountain Resort by Vail Resorts. I'm sure most of you already know that Vail also acquired the Canyons ski resort last year. They are now in a position to combine both resorts and create one of the largest resorts of skiable terrain in North America pending the necessary approvals and permits. Park City Resort can expect to receive an infusion of energy and improvements and with much excitement has been added to the Epic Pass offering Epic Pass purchasers an opportunity to ski and ride Vail Resorts in the U.S. and in Europe.

The second announcement and with much less fanfare was Deer Valley's acquisition of Solitude Resort located in Big Cottonwood Canyon. Year round access is from the East bench of Salt Lake City but it is a stone's throw from Deer Valley's ridge top and an easy summer drive along Guardsman's Pass that begins in Park City, crosses Deer Valley property and drops into Big Cottonwood Canyon. Deer Valley will take over operations beginning in April of 2013. Additionally, Deer Valley announced their expansion plans on the Jordanelle side of their mountain. A cooperative effort among the property owners in this base area that includes residential and commercial promises new energy to the properties currently along the Jordanelle shoreline and the new product expected in the next few years.

There is much speculation that these acquisitions will help One Wasatch, a concept being shopped aggressively by believers that by connecting the 7 resorts clustered around the Wasatch front and back will be an exciting and profitable winter and summer enterprise. Read more here.

For those of you who love statistics, read on or you can just click here for the coming winter season's Calendar of Events. You don't want to miss out on the fun stuff....
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2014 3rd Quarter

Park City Market Report


The stat report just out has some surprising data for the year overall and the 3rd quarter.

The total number of closed sales in all categories in the Greater Park City area which includes the Heber Valley is down 12% over 2013 according to the Park City Board of Realtors. However median prices continue to climb.


Single Family Home sample Statistics:
Old Town: median price rose 28% to $1,165,000 over 2013 even though the number of sales decreased 30%: 39 sales so far in 2014 compared to 56 in 2013. 
Prospector experienced an increase in sales and an increase of 18% in the median sales price to $724,750.
Park Meadows saw a drop in sales of 16% and a dip in median price at 12%
In the Snyderville Basin, sales dropped 14% overall. 
           Median price increased to $767,000 in Silver Springs
           Median price increased to $715,000 in Pinebrook
           Median price increased to $600,000 in Trailside

Jordanelle was a wow! Median price increase rose 35%.
Heber Valley was up slightly at 4%


Condominium Sample Statistics:
The total number of sales for the Greater Park City area was 566, up 3% over 2013. This is where it gets interesting...

Park City Proper: Sales dropped 8% but median price increased 15% to $635,000
             Old Town: 111 sales. Median Price $375,000
             Empire Pass: 32 sales in 2014 to date and 17 in 2013

Snyderville Basin: Sales were up 4% and an 8% increase in median price to $347,450
             Kimball Junction: 49 sales to date and a median price increase to $220,000
             Sun Peak/Bear Hollow: Sales up 24% and a median price of $461,250
             Pinebrook: Sales up 23% and 25% gain in price to $392,500

Jordanelle: Sales up 21% to 91 units sold and Median price increased 13% to $392,741

Vacant Land Statistics:
Park City proper showed a decrease of 22% in the number of lots sold and a 12% decrease in the median price.
The Snyderville Basin showed an 18% increase in lot sales.
Jordanelle topped the market with the highest median price increase of 38%.
Heber Valley was up 38% in sales and up 14% in median price.

SUMMARY: Total dollar volume for Quarter 3, 2014 is $1.164 Billion, slightly above Quarter 3 in 2013. The biggest jump was 33% from 2012 to the end of Quarter 3, 2014. A hot spot appears to be Jordanelle. My guess is the announcement about Deer Valley expansion and lower price points are driving new interest in that area. Wasatch County couldn't be happier.

One of our biggest challenges now is the lack of inventory. In Park City's Prospector Square and Park Meadow's neighborhoods inventory has dropped 39% and 19% respectively. Have a look at the charts below. It will give you a good visual. 

*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.
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The data is a bit complicated and each neighborhood has its own story. Give me a call for details on your favorite neighborhood. It certainly feels like a Seller's market and you don't want to miss your opportunity to jump in if the time is right.
 

Amanda

Amanda Peterson
Amanda Peterson
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
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