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MARKET CONTINUES TO EXPAND
At the end of the second quarter of 2019, the overall year-over-year housing statistics for Summit and Wasatch Counties continued to show healthy appreciation with increases in both average and median sales prices as well as dollar volume as reported by the Park City Board of Realtors® Multiple Listing Service. We transitioned to a new data service provider mid-quarter which caused some of our reporting standards to change; look for their return by the end of the 3rd Quarter!
The greater Park City market in general continues to show great stability in single family homes. Despite an 8% drop in number of homes sold, the median sale price rose 14% year over year. During the same period in 2018, the median sale price gained 13%, indicating a sustained period of steady, consistent growth. Nationally prices grew at a steady 5% during the same period, with Idaho (11.4%), Utah (7.7%) and Tennesse (7.2%) showing the highest increases year over year.
Condominium and vacant land sales did not fare as well with condominium sales volume down 6% and land sales down 21%, despite respectable gains in median sale price of 4% and 6% respectively.
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MARKET SNAPSHOT
12 Month Rolling: Jul 2018-Jun 2019/Jul 2017-Jun 2018
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Not all sold data in the Heber Valley is included in the Park City MLS data; please call for more specific details.
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HOME PRICE SALES BY AREA & PERCENTAGE
Julky 2018 - June 2019
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PARK CITY LIMITS
Among the five major areas measured by the Park City MLS, homes within the Park City Limits fared well with a 13% rise in sales volume, coupled with a rise of 9% in median sale price to $2.1M. In Old Town, the number of sales dropped 19% over last year's number while the median sales price increased almost 9% to $1.73M. Prospector also saw a decrease in the number of sales but increased 14% in median price almost to $1.15M. Upper Deer Valley nearly doubled the number of sales, and with new product on the market, saw its median price increase 11% to $4.6M.
SNYDERVILLE BASIN
The number of home sales in the Snyderville Basin tracked closely to last year's number but saw a 10% median price increase reaching $1.25M. In Jeremy Ranch there were slightly fewer sales than the year before but slightly increased its median sale price to just over $1M. Promontory saw the greatest number of home sales in the Basin with a total of 70 and a median price of just under $2M, which is flat over the same period in 2018.
HEBER VALLEY & KAMAS
Kamas Valley took the top spot in price appreciation in the two-county area, jumping a full 22% in median price to just shy of $500,000. In Heber Valley, while there were 300 home sales in the last 12 months, that total represents a 14% drop in the number of transactions. Despite the drop in overall number of sales, Heber Valley posted a 6% gain in median price to $538,000. Heber City had the highest number of sales and saw a 14% median price increase to $420,000.
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For our entire market area, the number of sold condominiums was down slightly (6%) compared to the previous 12 months. Within the Park City Limits the number of condominium sales decreased 14%, while the median price finished the quarter up slightly by 3% to $810,000. The number of condo sales in Old Town was down 12%, while the median price stayed flat at $570,000. Upper Deer Valley saw no increase in the number of sold units while the median price rose 20% to just under $2M.
In the Snyderville Basin there were 277 condominium sales, compared to the 301 sales within the City Limits, and the median price continued its upward trend, growing 10% to $549,000. Pinebrook had the third highest number of sold units, up 12% to 47 total, along with a 7% increase in median price to the mid $500s.
The number of condo sales in the Jordanelle area increased by 16%, as did the median price, up 16% to just over $612,000.
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For our entire market area, land sales decreased across the board as a result of decreasing inventory in the Park City area. Median prices increased slightly (6%) to $308,250 area wide. Within the City Limits, the number of sold lots was down by one third, while median prices increased 27% to $1.04M. At the area level, Promontory had the highest number of vacant land sales (71) on a median price of $539,000. Heber Valley had the most land sale transactions (155), with a median price of $250,000, up 18% over the prior year. That said, the Heber Valley median price was still half that of the Snyderville median and 25% of the Park City Limits median.
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56% of homes sold [nationwide] in June
were on the market for less than one month.
- National Association of Realtors
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Inventory hits its annual peak level during summer. Going into fall, buyers will be challenged to find variety in the currently available inventory in all segments of the market. The resale market in general remains strong, buoyed by increasing costs to build driven by rises in both materials and labor. Custom homes now cost between $500-600/sq. ft. to build and can take as long as 16-24 months to complete, making the resale market more attractive for some buyers. New school facilities in south Summit and Wasatch counties are making homes there even more attractive to home buyers with younger children.
Real estate in the Wasatch Back consists of highly segmented markets with nuances that vary significantly from one neighborhood to another and one house to another. Comparisons are hard to read on paper due to the unique features of individual properties, such as views, amenities, condition, style, location, age, and inventory. Feel free to reach out for a more detailed analysis of your specific property needs.
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Check out some of the following listings in and around Park City, and please let me know if you have any questions or if you would like to schedule a showing of any of these properties.
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ZACH WHITE | Realtor®
435.640.9722 | Zach@UtahLuxuryGroup.com
www.UTLUX.com
Who you work with matters.
Zach’s was simply superb! Zach has local knowledge that is invaluable — including knowledge of future plans in the area. He is unquestionably the most attentive and responsive agent I have ever worked with. I’d give him six stars if I could.
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#2 AGENT at Keller Williams Park City | #4 AGENT in UTAH in Closed Listings
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