Park City real estate market remains hot
Demand keeps pace with a rising inventory
August 25, 2017
The Park City real estate industry continues to trend upwards.
According to the Park City Board of Realtors, the market is growing steadily, as a mix of primary buyers, secondary homeowners and investors seek out opportunities within Park City limits and in the surrounding areas, stretching from the Snyderville Basin to the Heber Valley.
"The market is made up of a bunch of micro-markets, but overall the market is healthy," said Terry Nolan, CEO of the Board of Realtors. "There's a good balance between buyers and sellers. … We've got good supply and continue to have buyers coming in that are interested in this area."
Second-quarter year-over-year statistics from the Board of Realtors show a surge in single-family home sales, in particular. Summit and Wasatch counties saw a 13 percent increase in the number of sales, with a 4 percent rise in median sales price. The Snyderville Basin experienced the most activity, at 374 transactions, with the median price climbing to $970,000. Prices within Park City limits rose 20 percent, to $1.9 million.
Neighborhoods with notable single-family home trends include Jeremy Ranch, with 53 sales at a median price of $925,000; Pinebrook, which saw a 23 percent increase in sales; Park Meadows, where prices rose 23 percent to $1.84 million in 44 sales; and Lower Deer Valley, which closed nine more sales than the previous 12 months at a price of $2.1 million.
In broader Summit County, there was a 24 percent increase in volume in the Kamas Valley. Woodland/Francis saw 30 transactions at a median price of $457,000; Kamas had 34 sales with a price of $312,000; and 48 homes sold in Oakley at a price of $397,000.
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Condominium sales also increased — 6 percent by number of sales and 28 percent by median price, with Park City narrowly edging out the Snyderville Basin in terms of total activity. Within city limits, Old Town saw the most sales, with 133 at a median price of $565,000. Upper Deer Valley — 31 more sales than the previous 12 months — and Park Meadows — 31 percent increase in volume and a 56 percent increase in median price, to $932,000 — were also busy.
In the Basin, the Canyons Village area averaged 10 sales a month, with a median price increase to $635,000. Kimball Junction saw 80 transactions, at a price of $335,000, while Pinebrook remained steady.
Sara Werbelow, president of the Board of Realtors, said she was pleased with the overall growth, adding that it was encouraging to see demand meet the rising inventory.
"The market is keeping up with those increases," she said. "We continue to have consistency in our supply, which is a positive indicator."
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