Park City real estate market hits highest marks of the decade
Official says activity outside city limits makes growth sustainable
May 26, 2017
The Park City area real estate market may be entering a boom time.
According to data from the Park City Board of Realtors, there were more closed sales in Summit and Wasatch counties in the year's first quarter than at any time since 2007. In total, the volume of sales was up 20 percent.
Sara Werbelow, president of the Board of Realtors, said digging into the numbers offers some clarity about the spike. More than half of the increase came from condominium sales — and half of those were new developments in the Stein Eriksen Residences and in the Jordanelle area. The other condo sales were largely scattered throughout the two counties.
Overall, Werbelow said, things are looking bright for the real estate market.
"Summit and Wasatch counties are very healthy," she said. "They are attractive places to be and invest and live. On the whole, both counties have very healthy growth."
Single-family homes also saw a bump, with 44 more sales during the first quarter, Werbelow said. A little under half of those were in Park City proper. She speculated buyers are becoming more comfortable with the high prices in the 84060 zip code after a recent sales lag in the area. The median price of a single-family home within city limits increased 21 percent, to $1.85 million.
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"We're kind of climbing over that wall now," she said. "The prices got so overheated that things slowed down considerably. I think the sticker shock on single-family pricing in the Park City zip code is starting to loosen up."
The first quarter also saw the continuation of a trend that has come to define the market in recent years: More and more people are buying outside of Park City proper, from the Snyderville Basin to the Heber Valley. Single-family home sales in the Heber Valley, for instance, were up 37 percent with a median price of $397,000. Werbelow said buyers are coming to view places like Midway as having many of the same perks as living within Park City limits but without the price tag.
"In the past, people only felt they could have a second-home experience in Park City, but they're now realizing they can have a resort-like experience in Midway because of all the golfing and hiking and proximity to lakes," she said.
Werbelow added that the continued erasure of city lines and blending of communities is a positive thing for the market, though it doesn't come without challenges like transportation and affordable housing. She said the growth in areas outside Park City proper makes the current boom seem sustainable.
"I think it's a very exciting thing," she said. "We're broadening our culture, we're broadening our understanding of what this community looks like. We're not just a ski resort destination. We have a whole other draw, and that's qualify of life and open spaces and year-round recreation opportunities."
- Park Meadows saw fewer single-family home sales but the median price increased 18 percent to $1.75 million.
- Single-family sales in the Snyderville Basin were up 13 percent, with a price increase to $972,000.
- Summit Park had 28 percent more closed sales, with the median price rose 9 percent, to $600,000.
- There were 67 single-family homes sales within the last 12 months in Promontory, with a median price of $2 million.
- The median price of Old Town condominiums rose to $583,000.
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