As 2017 nears, Park City’s real estate market remains steady
Sales numbers dip, but prices keep going up
For the real estate market in the Park City area, it’s the same old story.
The number of single-family and condominium sales in the area stagnated or was down in the third quarter compared to last year, but the median prices continued to rise, according to data released by the Park City Board of Realtors.
“As more and more buyers come in, they’re buying their property and they’re less likely to sell and put their home on the market,” said Rick Shand, president of the Board of Realtors and an agent with Berkshire Hathaway HomeServices Utah Properties. “Of course, when anything does go on the market and is reasonably priced, it’s sold.’”
In Park City proper, the number of single-family homes sold was down 18 percent, but the median price was up by the same percentage, to $1.63 million. But those figures include a few interesting quirks, Shand said. For instance, Lower Deer Valley, where activity has been slow for years, has seen 21 homes sold in the last 12 months, nine more than the previous yearlong period. The area’s median price rose to $2.17 million.
“For the past couple quarters, we’ve been commenting on how (sales have) been slow and haven’t had so much volume,” he said of Lower Deer Valley. “Then, all of a sudden, it seems like everybody understood the value that was there and kind of jumped on that.”
Park Meadows, on the other hand, has experienced the opposite. Typically hot, the neighborhood’s single-family sales were down 34 percent and its median prices remained flat.
“The challenge there is inventory,” Shand said. “There’s very little inventory in Park Meadows at lower price points. There’s more inventory at higher price points, and we see a little bit of a softening of the market at higher prices. I would say a higher price point in Park Meadows is over $3 million, but there are fewer buyers.”
Old Town saw a dip in sales but a median price bump to $1.4 million. The median prices in Thaynes Canyon ($1.7 million) and Prospector ($840,000) also increased.
Park City proper also experienced a decline in the number of condominiums sold, with 101 fewer sales in the previous 12 months compared to the previous yearlong period. The median price increased 16 percent to $650,000. Old Town, Prospector, Lower Deer Valley and Prospector each declined in sales.
In the Snyderville Basin, the volume of single-family sales was flat, but the median price rose to $975,000, an 11-percent jump. Trailside — up 23 percent in sales and 13 percent in median price, to $715,000 — and Promontory, which saw 67 sales and a median price boost to $1.95 million were two well-performing neighborhoods.
The Basin saw 325 condominium sales, a slight drop, but the area still saw a median price increase to $455,000. Notably, the Canyons Village area experienced a 34-percent rise in sales and a 19-percent rise in median price, to $590,000. In Pinebrook, which had 61 sales, the median price reached $455,000.
While a lack of inventory depressed total sales numbers in Park City and Snyderville Basin, buyers flooded into Wasatch County. Jordanelle saw a 28-percent rise in single-family home sales and a 36-percent bump in median price. The Heber Valley sold 52 percent more homes that the previous 12-month period, with a median price of $401,000.
“The Heber Valley is incredibly strong,” Shand said. “That’s definitely where we’re seeing the spillover traffic going. People who can’t find what they need for $500,000 or $600,000 here are saying, ‘You know, what the heck? Let’s go down to Wasatch County.’ The buyer that can’t find what they want here is perfectly fine looking a little bit outside of our area.”
The Kamas Valley saw fewer home sales but the median price increased 30 percent, to $391,000.
Shand said, overall, the market in the Park City area remains strong, with many prospective residents planning trips to look at property. Additionally, he said buyers may be ready to commit now that the uncertainty of the presidential election is over, whether they supported Donald Trump or not.
“I think it was really key to have the stock market, at least for the first few weeks after the election, maintain its levels if not go up,” he said. “That’s what drives the second home market here. It’s not necessarily somebody’s net worth — it’s how they feel about things. And if the stock market is doing well, and their job is OK, that’s when they step up and pull the trigger on a second home.”
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