Park City real estate market grows in 2015
With 2015 officially in the rear-view mirror, Park City’s Realtors can mark it down as another year of solid growth.
According to information from the Park City Board of Realtors, the number of closed sales and the median sales price of single family homes, condominiums and vacant lots rose in 2015 compared to the previous year. 2015 saw a 10-percent increase in total dollar volume, climbing to $1.85 billion.
Rick Shand, president of the Board of Realtors, said the market’s steady growth since the end of the recession has been encouraging and that a solid foundation has been laid down.
"It’s good that it wasn’t just our first year of a positive trend," he said. "We’ve been trending that way for the last five or six years, depending on what you take a look at. What we also need to keep in mind that we’re not back to the dollar value or unit sales, or even the average or median sale, of what we were in 2007. That’s what’s important to us, is having steady increases. We’re not going crazy."
In Park City proper, the median sales price of a single-family home was 17 percent higher in 2015 than the previous year, though the number of closed sales decreased 12 percent, according to numbers from the Board of Realtors. Old Town saw 52 total sales, with a median sales price of $1.31 million, while Park Meadows had seven fewer sales than 2014 but the median sales price jumped to $1.44 million.
Condominium sales within city limits were down 13 percent from 2014, but up 11 percent in median sales price, to $605,000.
The Snyderville Basin saw a large bump in sales, a fact Shand attributed to Kimball Junction’s development and families seeking the Park City experience at a cheaper price point. Single-family home sales saw an 18-percent jump in median sales price, to $912,500. Jeremy Ranch had a 23-percent increase in median sales price ($874,000) while Silver Springs shot up 25 percent ($960,000).
The Basin’s condominium sales spiked, with 361 sales, a 35-percent rise, at a median price of $400,000.
The Jordanelle area also saw a strong year, with 37 home sales (an 85-percent increase) and 135 condo sales.
Shand said the market is trending positively for 2016, and 2015’s numbers suggest good things are in store.
"Now that we’ve got five or six years of growth, I think we can now have the confidence that the whole area is moving in the right direction," he said.
Other Realtors are approaching the year with more cautious optimism. Charlie Taylor, owner/agent at Glenwild Realty, said 2015 was a solid year for his firm, but the stock market’s recent volatility is cause for concern regarding 2016’s prospects.
"When that happens, people don’t spend on discretionary items, and a lot of people that buy secondary homes in Park City tend to hold onto their checkbooks a little bit," he said. "But I’ve also had clients tell me they’ve reached a certain point in their life that now is the time for them to buy because they’ve done well over the last five years, and that dip in the market we’ve had in 2016 has made them feel like they’re done with all that now and that it’s time for them to move to Park City full-time."
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Another ski season is in the books, and much to the relief of the restaurant industry, the outlook, like the weather, is looking sunny.