3rd Quarter Park City Real Estate Market Update
Wondering what's happening in Park City Real Estate? Plenty!
This comprehensive third quarter market report provides an overview of the Summit and Wasatch County real estate market. We believe our clients should have access to information that facilitates thoughtful real estate decisions. 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.
Our predictions: Overall, compared to this time last year, we have seen a significant increase in the number of resort properties sold in Deer Valley as well as single family homes sold in the Heber Valley.
As Vail Resorts® continues their commitment to Park City Mountain, especially in the upgrades throughout the Canyons Village Real Estate, as well as Deer Valley® Resort’s #1 Ski Resort ranking from Ski Magazine, we believe these factors will support strong winter sales. Throughout the Wasatch Back the number of properties sold has increased approximately 17% compared to this time last year with an approximate 8% increase in average price. Finally, we expect additional Park City new developments to come to market in 2018 in the Jordanelle, Heber, and Canyons areas. Now, more than ever, is the time to call Park City and the surrounding areas home.
Stephen C. Roney
Chief Executive Officer & Owner
Berkshire Hathaway HomeServices Utah Properties
Here are a few excerpts from the 3rd Quarter Market Report
Park City Real Estate - Old Town
Takeaway: Throughout Park City Proper, there’s been an increase of approximately 27% in the number of single family homes sold and an approximate increase of 40% in the number of condominiums sold compared to this time last year. Notably, there was a significant increase in the number of single family homes sold in Old Town, condominiums in Prospector, and a 5x increase in number of condominiums sold in Deer Valley.
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Snyderville Basin Real Estate
Takeaway: The Snyderville Basin market has seen an approximate increase of 18% in the number of single family homes sold with more homes sold this quarter than in the third quarter of the last five years. Particularly, in the areas of Sun Peak/Bear Hollow and Jeremy Ranch the number of single family homes sold has increased approximately 133% and 60% respectively compared to this time last year. Overall, median prices across all property types have remained stable in the Snyderville Basin.
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Jordanelle Real Estate
Takeaway: The number of single family homes sold doubled in the Jordanelle area this quarter with more homes sold than in the third quarter of last five years. Overall, the Jordanelle is experiencing growth due to new development opportunities providing consumers with a variety of product offerings, while prices of single family homes and condominiums remain stable.
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Heber Valley Real Estate
Takeaway: The Heber Valley saw a decrease in the total number of all property types sold in the third quarter of 2017 compared to 2016. Notably, there was an increase in the number of high-end home sales throughout the Heber Valley. The Heber Valley continues to provide affordable opportunities for buyers with an increase in luxury buyer opportunities.
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Kamas - The Gateway to the Uintas
Takeaway: East Summit County saw an increase in the number of single family homes and vacant land sales in the third quarter of 2017 compared to 2016, however, despite the increase in quantity sold the median price of single family homes and vacant land remained stable. The average price of single family homes decreased compared to this time last year due to high-end ranch property sales in 2016. Notability, the areas of Kamas and Marion tripled and Wanship and Echo doubled in the number of single family homes sold.
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Would you like more Information about Park City Real Estate? Do you want to be the first to know when new homes come on the market? REGISTER WITH ME and I will keep you informed on ALL new real estate opportunities in Park City and the surrounding areas. Call 435-602-0657 or CONTACT ME
All statistics are based upon the Park City Board of Realtors® MLS data for the period of 7/1/2017 to 9/30/2017.* *Please note small sample size. For all data, we have used a median sales price and an average sales price. The median is the middle point of all prices—half the sales are less than the median and half the sales are more. The average is all the property prices added together and then divided by the number of properties. The difference between the median and the average is that the median is not as affected by outlying very large or very small sale numbers, whereas the average can be skewed significantly by one very high or very low sales price. We feel it’s important to use both median and average in order to give a holistic view of the market.