Area by area housing numbers released
November 1, 2006
Editor’s note: This is the second in a three-part series analyzing the Park City Board of Realtors’ third-quarter housing report. The third and final part of the series will run in the next issue of The Park Record. All numbers are for the first three quarters of 2005 and 2006.
Current trends in the Park City real estate market show there are, in general, fewer homes being sold, but those being sold are selling at significantly higher prices. This trend can be seen for single-family residences, multi-unit homes, condominiums and vacant lots in each of the specific areas of Park City.
With all areas included, single-family residences have followed this trend. Through the first three quarters of 2006, 728 properties have been sold, compared to 918 through the same time last year. The average price per single-family residence has risen from $703,792 last year to $978,968 this year.
Condominiums have done the same, but even more dramatically. Just 609 were sold this year, nearly half of the 1,154 sold from January to September in 2005. The average price for a condo in 2006 has been $595,877, while last year’s price fell just over $420,000.
Vacant lot prices have increased from $444,171 to $537,190, but there have been 200 fewer lots sold this year than last year’s 881.
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Old Town is the epitome of the current trend. There have been 28 single-family residence properties sold this year, compared to 58 last year, at an average price of just under $1.3 million, up from $833,611 last year. There are 29 currently for sale.
Multi-unit properties in Old Town stayed consistent in the number sold, but the average price almost doubled from $652,500 to $1.15 million.
Condo prices rose from $289,570 to $493,456, while sales went from 235 to 141.
Vacant lots did the same, shooting upward from $401,256 to $1.1 million, while seeing sales drop from eight to three.
Prices for single-family residences increased in Thaynes Canyon, but so did sales. There were 13 properties sold last year with an average price of $957,346 and 18 this year with an average price of $1.65 million, with 18 currently on the market.
The biggest change in the area came in the sale of vacant lots, with only one being sold so far in 2006 after 10 were sold in 2005. The average price went down $250,000.
Lower Deer Valley
Sales for single-family residences halved from 2005 to 2006, from 31 to 14, while prices rose almost $500,000, from $1.47 million to $1.95 million, with 15 currently on the market.
Condo sales did the same at Lower Deer Valley, dropping to 47 sales from 102 last year. The price change was not as dramatic, however, going from $840,153 to $873,679.
Vacant lot numbers followed the trend as well, with seven sales in the current year compared to 20 last year, with the average price going from $535,900 to $744,571.
Upper Deer Valley
Upper Deer Valley stayed relatively consistent in both price and sales, with 14 single-family residences sold this year and 11 sold last year. Prices went up slightly, sending the average price to $3.5 million, up from $3.3 million in 2005.
Condos, however, were more dramatic, dropping from 61 sales last year to 21, with average prices rising from $1.35 million to $1.58 million.
Single-family residences in Deer Crest did not follow the current trend, with seven homes sold this year with an average price of $4.7 million, up from three sold last year with an average price of $5.4 million.
Vacant lots also took their own course, with 23 sold this year compared to 15 last, and the average price increasing from $1.2 million to $1.27 million,.
Sales of single-family residences hadn’t kicked off yet in 2005, so an increase wasn’t too difficult. The five sold this year have an average price of $5.2 million.
Condo sales in the area rose from 18 last year to 34 this year, with average prices of $2.82 and $2.42 respectively.
Vacant lot sales fell from 14 to one, with prices dropping from $2.82 million to $2.42 million.
Vacant lots made the biggest jump at The Aerie, with prices more than doubling from $476,667 to over $1 million. Condos did nearly the same, going from an average price of just more than $900,000 to more than $1.44 million. Condo sales went from 16 to six.
Prospector had some significant movement in its numbers, with single-family residence sales increasing from eight to 13, with respective average prices at $475,688 and $835,638. There are currently 14 on the market.
Condo sales dropped from 97 to 38, with prices working adversely, rising from $158,095 to $165,018.
Park Meadows stayed inline with the overall trend, with sales decreasing from 60 to 39 and pricing rising from $1 million to $1.58 million, with 40 homes on the current market.
Condo sales and prices did the same, dropping from 50 to 31 and going from $592,195 to $894,495.
Silver Springs had a relatively high volume of single-family residence sales in 2006, even though they decreased from 2005. There were 54 last year and 33 this year, with prices rising from $532,767 to $727,733, with 37 on the market currently.
The Canyons was another exception, rising from seven to nine single-family residences sold and dropping in average price from $5 million to $4.2 million.
Condos at The Canyons, on the other hand, followed current trends, going from 67 to 44 sales and $300,469 to $450,762 in average price.
Vacant lots did the same as condos, dropping from 32 to 26 and doubling in price from $806,025 to $1.7 million.
Olympic Park had 47 single-family residences sold last year, 20 more than in 2006. The price rose about $200,000 from $619,688 to $844,376, with 29 homes on the current market.
Condo sales followed the same trend, dropping to 30 in 2006 from 59 the previous year. The average price rose from $349,414 to $490,247.
Vacant lot sales decreased significantly, going from 18 in 2005 to five in 2006.
Old Ranch Road
Much like other nearby areas, Old Ranch Road dropped in sales and increased in price. There were 19 sold last year, compared to 10 sold this year, with the average price rising from $1.4 million to $2.3 million.
Vacant lots, of which none were sold in 2005, have an average price of $97,000 from the 10 sold so far in 2006, marking one of the largest changes in any area.
Single-family residences were not as drastic. Sale dropped from 25 to 15, with prices rising from $350,326 to $488,685.
Condo sales followed the same pattern, dropping significantly from 280 to 79, with average prices of $233,317 and $315,812 respectively.