First quarter real estate basks in last year’s glow
Park City Board of Realtors’ first quarter real estate report for Summit and Wasatch counties this year continues last year’s record-breaking trend. The quarter’s number of sales may be lower than last year at this time, Last year’s real estate transactions passed the $2 billion mark, and PCBOR President Betty Brown sees no reason why that goal can’t be met again this year, if not "eclipsed." Park City is in a league of Rocky Mountain Resort Alliance, which includes Vail and Aspen, she says, and Park City has always been undervalued in terms of real estate, when compared to other resorts.
"I personally don’t think people buy at a ski resort without skiing at several over the years and I think people are beginning to see our value," she said. "What we’re seeing now is that our product absorption rate is keeping up with the new product and exceeding the timeline of projects in the pipeline."
Many of the homes sold in the first three months of 2006, were either under contract at the beginning of the quarter or as early as December or November, 2005.
Mike Sloan, statistician for the Park City Board of Realtors, says he’s surprised by Summit and Wasatch counties’ first quarter real estate report, which rings in a total real estate volume at $527,368,158. The first quarter is rarely so strong, he says.
He cautions, however, that he’s not sure what to read into the numbers yet. Like Brown, he notes that much of the product was pre-sold.
Sloan expects two things to happen. He says 2006’s second quarter will continue to ride high in terms of price, and he also predicts the those increases will continue to "push out" into Park City’s surrounding areas.
"Because of the pricing going on in Park City proper and Snyderville Basin, the outlying areas are starting to show some strength, and I’m talking about Jordanelle area, the Kamas Valley and the Heber Valley," he explained. "Everything is being pushed out and that’s natural. We know that’s going to happen."
For the first quarter, Park City’s historic center sold 11 single-family units four less than last year during the same period — but the median price for those homes rose by $200,000, to $800,000 for the median single-family unit sale.
Condominium sales in the area follow a similar pattern. Old Town sold 56 units so far this year, which is two units less than last year, however the median price per unit has risen from $222,000 to $417,500.
Only one lot was recorded sold in Old Town for the first quarter of the year as compared to four during the same period last year. This year’s sale amounted to $1.6 million.
Sloan notes that Thaynes Canyon is a good example of why average home prices have jumped from $532,045 to $724,407 in the Park City area, and why the overall volume is up for the first quarter. The median price of single-family homes in the area shows how Realtors are able to sell fewer units at a higher price.
A total of six single-family units sold so far this year four more units than last year during the first quarter. Last year, the median sales price for single-family units amounted to $851,750. This year, the median price was $1.41 million.
No vacant lots sold for this quarter in Thaynes Canyon. Last year during the same period, four lots sold with a median price of $517,000. For this year and in 2005, no condominiums have been listed on the market in Thaynes Canyon.
Lower Deer Valley
Single-family homes in the lower Deer Valley neighborhood have remained stable according to the year-to-year comparison between quarters. At six single-family units sold for the first three months of this year, lower Deer Valley has sold two units less than last year during this time. The median sales price for a lower Deer Valley single-family unit this year jumped to $1,893,750, which is nearly $700,000 more than last year’s median for the period.
So far, 20 condominium units have sold at a median price tag of $927,500. One year ago at this same period, 39 condominium units had sold, with a median price of $560,000.
Perhaps the most growth in lower Deer Valley has come from vacant lots sold thus far. PCBOR reports the sale of four lots has closed this year at a median price of $666,500. Last year, seven lots had sold by this time at a median price of $390,000.
Upper Deer Valley
Condominium units in the upper Deer Valley sector have sold at higher prices so far this year, though fewer units have been sold. In the first three months of 2006, a total of 10 condominium units sold with a median price of $1,662,500. Last year, for the same period, 27 units had already been sold at a median price of $1.1 million.
At nine units sold so far this year, upper Deer Valley has seen an increase in four units sold, when compared to last year’s start. The price tag according to the median price sold, has dropped. Last year for the first quarter, the median price for single-family units in the area was $3,624,000, but this year, the median price was $3.4 million.
Vacant lots were not listed on the market for the first quarter in upper Deer Valley this year or last.
Several vacant land lots have sold in Deer Crest so far this year. PCBOR reports 16 lots have sold in the neighborhood at a median price of $1,061,500. In 2005, for the same period, only four lots had sold and for a median price of $869,000.
By this time last year, no single-family units had sold in Deer Crest, but this year, PCBOR’s statistics show two have sold with a median price at $3.61 million.
There are no condominium units listed as sold for the first quarter of 2006, nor were any listed for Deer Crest. In 2005, two condos were listed and two sold by the first quarter at a median price of $945,000.
A lot of activity was reported for the Empire Canyon/Flagstaff area this year, with 23 condominium units sold at a median price of $1,495,300. Last year for the same period, only six units had sold, but the median price was a bit higher at $1,977,000.
One single-family home sold for $5,450,00 this year in the Empire Canyon/Flagstaff neighborhood. In 2005 for the first three months, no single-family units had sold for the area.
No vacant lots are listed in Empire Canyon/Flagstaff, according to PCBOR. Last year, nine lots had been sold by this time in the area at a median price of $2.95 million.
The Aerie sector’s vacant lot sales this year are consistent with last year’s first quarter sales. A total of two lots were sold for Aerie both this year and last by this time, but this year the median price jumped to $1,617,050. Last year the median sale for lots was $415,000 for the period.
There was a drop terms of Aerie’s median single-family unit sales price between this year and last for the quarter, according to PCBOR. For both years, first quarters saw the sale of two single-family units for the area, but in 2005, the median price was $2,352,500, and this year, it was $1,732,500.
By this time in 2005, eight condos had sold in Aerie with a median price tag of $952,686. This year, only two condominium units have sold, with a median price of $1,632,750.
Sloan warns this year’s first quarter real estate numbers for the Prospector area are slightly inflated because many of the sales that closed were in the Chathum Hills portion.
"I happen to be very familiar with Prospector and when I saw the average price of a home, I said, ‘that’s not the neighborhood I grew up in,’" he explains. "I went back and actually pulled the sales&You have to be really careful when you’re going through the statistics and about what makes up the numbers."
For the first quarter this year, 15 condominium units have sold in Prospector, with a median price of $159,000. Last year, 18 condos sold by the first three months, but with a median price of $88,200.
Four Prospector single-family units sold this year thus far with a median price of $1,301,500. Last year during the same period, three single-family units sold in the neighborhood, with a median price of $325,000.
Only one vacant lot sold this year and last in the area. Last year, a vacant lot sold for $285,000. This year, a vacant lot in the neighborhood sold for $434,000.
Three parcels of vacant land were sold in the first quarter of this year in the Park Meadows area at a median price of $855,000. One year ago, four parcels had sold in the area at a median price of $455,000.
A total of seven Park Meadows condominiums sold at a median price of $475,000, which is only somewhat higher than last year’s median price during that quarter, $425,000. Last year by this time, 13 condominium units had sold.
Consistent with the first quarter last year, 15 Park Meadows single-family units sold. This year, the median price for a single-family unit in the neighborhood — $1,355,000 — is higher when compared with last year’s median sale, which was $875,000.
Silver Springs Area
In the Silver Springs Area, seven single-family units have sold so far with a median price of $621,440 — six units fewer when compared to last year’s first quarter statistics, but with a median sale price $134,440 higher.
One year ago, two condominium units sold in the Silver Springs Area with a median price of $276,900. No condominium units have sold in the area this year and no vacant land lots were sold this year or last.
This year, 15 of the Canyons vacant parcels have sold, 10 units behind last year’s, however, the median price per unit has jumped $1,025,000 to $1,495,000. Total volume has jumped $7,556,200 in vacant lot sales according to the year-to-year comparison of first quarter sales, up from $18,211,800.
In terms of quantity, condominium unit sales at The Canyons this year is consistent with last year at 23 units sold this year for the first quarter, and 22 units sold last year. The median price for The Canyons condominium units is $429,000; last year, the median price was $299,500.
A total of six single-family units sold this year at The Canyons with a median price of $4,875,000, a price below last year’s median price during the same period: $5,365,125. One year ago, two single-family homes had sold by April for the area.
A total of 14 single-family units have sold at Olympic Park at a median price of $838,587, according to PCBOR’s first-quarter statistics this year. During the same period one year ago, nine single-family units sold at a median price of $471,000.
In terms of condos, 12 units have sold this year at a median price of $515,039 six units fewer than 2005’s first quarter, and at a median price $187,235 higher.
By April this year, two Olympic Park parcels sold with a median price at $567,500. In 2005, five parcels sold at a median price of $275,000.
Old Ranch Road
Only one vacant lot has sold for $1,150,00 in the Old Ranch Road area so far this year. Last year for the first quarter, five parcels had sold, with a median price of $565,000. Five parcels remain on the market at this time.
Old Ranch Road has not listed any condominium units this year or last, but the area has sold three single-family units this year with a median price of $2,850,000. One year ago, three units had also sold by April, with notably lower median price of $1,315,000.
Fewer than half the number of condominium units sold at Kimball Junction this year as compared to last. A total of 35 condos have sold since April, but last year 78 condos had sold by this time. The median sales price last year was $208,500, with this year’s median price for the quarter at $285,000.
Kimball Junction did not list any vacant lots last year, but this year, six lots have sold at a median price of $100,000.
By April 2005, five Kimball Junction single-family units had sold, with a median price of $319,000. This year, three single-family units have sold, with a median price of $540,000.
Editor’s note: the second part of the detailed neighborhood by neighborhood first quarter sales will continue in the next edition with Pine Brook, Jordanelle, Trailside Park Area Summit Park, Promontory, Glenwild/Silver Creek, Jeremy Ranch, Eastern Summit County and Wasatch County.
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Anne B. Woodward’s Italian-flavored dream, along with her husband Whitney Woodward, opened Annie B’s Pizzeria two weeks ago in Coalville. The pizzeria is open for take-out, and features a build-your-own pie, specialty salads and breads.