2016 Park City Real Estate Market Update

Posted by Tim Gaebe on Thursday, March 9th, 2017 at 12:01pm.

Park City Real Estate 2016 Market Update Park City Real Estate 2016 Market Update

This comprehensive year end market report provides an overview of Summit and Wasatch County real estate. We strongly believe our clients should have access to information that facilitates thoughtful real estate decisions. All statistics are based upon Park City Board of Realtors MLS data for the period of 1/1/16 to 12/31/16. The Park City market remains highly segmented. Our town, its neighborhoods, and outlying areas differ significantly in terms of price, home type, features, and amenities. For example, while Deer Valley and Prospector areas share the same zip code, average home prices in these two neighborhoods are very different.

Our Park City Real Estate predictions:

  • We expect additional new developments to come to market in 2017 in the Jordanelle, Heber, and Canyons areas.
  • Inventory will remain low in many areas, especially in Park City proper residential neighborhoods.
  • Finally, while mortgage rates will continue to rise mildly, we do not see this trend influencing buyer demand significantly. Data interpretation, judgment, and historical context are key elements to making informed decisions:

Park City Real Estate
The market as a whole has shown measured improvement that is slightly more robust than average U.S. trends in home price and sales volume. We are now seeing home prices and sales numbers that are slightly above those before the recession. In summary, the Park City Real Estate market looks healthy and shows signs of steady growth.  

OVERVIEW
Park City Real Estate proper’s long standing residential neighborhoods have lower inventory levels, and as a result, have experienced a slight decrease in number of sales. Neighborhoods just outside city limits like Silver Springs, Redstone, and Old Ranch Road, have shown increasing prices with constrained inventory. Similarly, in response to inventory and pricing, many Millennials seem to be looking to the Canyons, Jordanelle, and Wasatch County areas for first time homes.

SINGLE FAMILY HOMES
The number of sales of single family homes in our city limits and Snyderville Basin saw a very gradual increase from 2015, and several areas saw a decrease in properties sold. However, average prices are up. There are pockets of high activity in areas like Summit Park. East Summit and Wasatch counties continue to bring tremendous buyer interest.

PARK CITY CONDOMINIUMS

There were large increases in condominium sales in the neighborhoods around Canyons Village and Jordanelle. The number of condominium sales in Jordanelle jumped 23% over last year. Similarly, Canyons Village condo sales increased by an astounding 42%. In and around the resorts, there was a high demand for contemporary, luxury condos.

NEW DEVELOPMENTS

Several luxury lifestyle new developments saw unprecedented success over the last year. The success of Stein Eriksen Residences, Apex Residences and One Empire, were strong indicators of buyer interest for modern resort product. Similarly, The Colony and Promontory experienced consistently high sales volume and activity. Consumers seem attracted to projects with engaging amenities and lifestyle offerings.

SUMMIT COUNTY - PARK CITY PROPER
Rooted in historic Old Town, Park City proper includes the area around the iconic White Barn and extends to the surrounding neighborhoods of Thaynes Canyon, Aspen Springs, Aerie, Park Meadows, Prospector, and Deer Valley. Many of Park City’s most inviting residential neighborhoods branch-off from the Main Street district and provide families with diverse homeownership options that come with access to top-ranking public schools, maintained trail systems, and state-of-the-art recreational venues. 

SNYDERVILLE BASIN
While Park City may be rooted in Old Town, some of its most energetic and family-friendly residential and commercial areas reside in Snyderville Basin. The Redstone and Newpark Town Centers are filled with colorful boutique shops and recreational centers that include curling, jump houses, and indoor tracks. It’s impossible to run out of things to do! Additional area advantages include: commuter-oriented locations, community parks, and top-ranked Park City schools.

HEBER VALLEY
Heber Valley’s real estate market remains strong. There were 359 reported sales in Heber Valley last year, representing an overall increase of 45%. While buyer interest remains strong, prices have increased 8%. Heber Valley is just a 15 minute drive from Park City. This area features remarkable views of the Timpanogos mountain range and is home to the golf community of Red Ledges. Neighboring Midway offers countless recreational opportunities include fishing, camping, hiking, horseback riding, as well as skiing at Deer Valley Resort® via the Jordanelle Express gondola. Residents in the area are equally split between primary and secondary homeowners. 

The Park City Real Estate is quite extensive, ranging from small affordable condos to luxury mountain estates.  Please let me know how I can assist you with the real estate search.  Set up your own private searches with our easy search tools.  I look forward to assisting your buy or sell your Park City dream home.

Tim Gaebe
BHHS Utah HomeServices
435.602.0657
tgaebe@bhhsutah.com

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