High property price tags extend beyond Park City city limits
Editor’s note: this is the second in a two-part series of a neighborhood-by-neighborhood account of the Park City Board of Realtors reported real estate sales for the first quarter of 2006 as compared to the first quarter 2005.
The latest real estate numbers from the Park City Board of Realtors indicates the strong sales in the heart of Park City are affecting surrounding areas in the greater Summit and Wasatch counties.
PCBOR Mike Sloan describes the effect of the "pushing out" to Heber and Kamas valleys the most notable trend in a comparison of a real estate sales comparison for numbers reported by Realtors in the first quarter for 2005 verses numbers reported by the same group in 2006.
"For me, when I’m looking at [the first quarter report,] I think that in almost all cases, with the exception of condominiums, that the outlying areas are starting to show some strength, and I’m talking about Jordanelle area, the Kamas Valley and the Heber Valley," he says. "There’s quite a bit of growth in single-family homes and lots out there."
The quantity of units sold thus far this year, fall short of last year’s for the same period, he observes, but the price per unit has risen.
"I saw the last couple sales in Grassy Creek in Kamas, small half-acre lots, and the last sale was $80,000," he reports. "Those lots a year ago were selling at around $42,000."
It’s a trend Sloan expects to continue.
PCBOR President Betty Brown calls the tendency a "ripple effect."
"As the town grows, the expectations and desires of people change a little. More people come in, and it displaces others," she explains. "It’s like throwing a pebble into a pond it creates a ripple and I don’t know if that’s a statistically accurate, but because of the demand for residences closer into town, other people do go farther away. We have less and less product on the market, sometimes people don’t have a choice but to go farther out."
At $680,000, the median price for single-family homes in Pinebrook was $187,750 higher during this year’s first quarter sales when compared to last year’s first quarter sales. One year ago, the area sold 14 single-family units in the first period; this year, nine Pinebrook single-family units sold.
A total of 26 Pinebrook condominium units have sold this year, with a median price of $375,860. Last year, by April, PCBOR reported 18 Pinebrook condominium units sold, with a median price of $242,500.
Four vacant lots have sold this year so far in Pinebrook, with a median price of $247,500. For the first quarter last year, five parcels sold, with a median price of $180,000.
The quantity of Summit Park’s vacant land units sold dropped from 14 units for last year’s first quarter, to five units in 2006. The median price for Summit Park’s parcels this year was $106,500. Last year, the median price for the area’s parcels was $55,000.
No condominium units for the area are on the market currently or have been sold. Last year, one condo was sold by this time for $189,000.
A total of five single-family units sold by April, 2006 in Summit Park with a median price of $499,000. Last year, seven units had sold by April with a median price of $310,000.
Compared to last year’s first-quarter real estate report, Jeremy Ranch single-family home sales have plummeted from 31 units to nine units. The median price for a single-family unit in the area was $535,000 in 2005, however, and this year, the median price rose to $699,000.
One vacant lot has sold in Jeremy Ranch this year for $500,000. Last year, two parcels had sold by April for a total of $286,000.
Six condominium units have sold in Jeremy Ranch so far this year at a median price of $472,500. Only one condo had sold, for $413,690, by this time in 2005.
So far in 2006, seven single-family units have sold in the Glenwild/Silver Creek area, with a median sales price of $365,520. Last year by this time, five single-family units had sold in the area, with a median sales price of $312,500.
Glenwild/Silver Creek sold 11 vacant lots with a median sales price at $660,000 by April this year. First-quarter sales last year recorded 21 Glenwild/Silver Creek parcels sold with a median price of $215,000.
The area has not listed condominium units for either this year or last year’s first quarter.
Trailside Park Area
So far this year, one vacant lot in Trailside sold for $530,000. For the first quarter in 2005, the area sold three parcels with a median price of $125,000.
The area has not listed any condos for either year, but has sold eight single-family units at a median price of $544,775. Last year, 14 single-family Trailside Park units sold for the first quarter, with a median price of $401,950.
A total of 27 Promontory parcels have sold this year at a median price of $595,000. For the first quarter last year, PCBOR recorded 28 vacant lots sold, with a median sales price of $527,962.
No condos are on the market for the area, but two single-family homes have sold this year, with a median price of $2,592,000. The median price for the two Promontory single-family homes sold last year in the first quarter was $2,430,000.
Jordanelle West and East
For the first quarter this year, three condominium units have sold in Jordanelle West, with a median price at $529,000. One year ago by April, six Jordanelle West condos sold with a median price of $294,950. Last year, one single-family home sold for $662,000 in Jordanelle West, but none in the area have been sold this year.
No condos have sold in the Jordanelle East neighborhood this year, however seven single-family homes have sold in the area with a median price of $759,000. Last year one single-family unit had sold in the first quarter for $489,000.
In Jordanelle East, 35 vacant lots sold this year with a median price of $475,000. For the first quarter in 2005, only three parcels had sold, with a median price of $300,000.
East Summit County
In Kamas and Marion, 32 vacant lots sold for the first quarter in 2006, with a median price of 67,500 none were sold last year during the same period.
In Woodland and Francis, five vacant lots sold by April of this year, with a median price at $80,000. There were eight parcels sold during 2005’s first quarter, with a median price at $202,500.
Oakley and Weber Canyon saw six lots sell so far this year, with a median price of $60,500. Last year, four units sold during this period, with a median price of $27,750.
No condominium units have been available on the market for this year or last year in Woodland, Francis, Oakley, or Weber Canyon. Last year, there were no condos for sale on the market in Kamas or Marion, but this year the area sold one condo for $154,397.
In Woodland and Francis, two single-family units sold with a median sale price at $365,875 for the first quarter. Last year during the first quarter, PCBOR Realtors reported 11 Woodland and Francis single-family homes sold with a median price of $247,000.
The Kamas and Marion areas sold five single-family homes in the first quarter the same quantity that sold last year in those areas. The median single-family unit price in 2006 for Kamas and Marion was $265,000, and the single-family unit price for 2005, the median price for a single-family home in the area was $194,000.
A total of four Oakley and Weber Canyon single-family homes have been sold, with a median price of $266,000 a slightly more affordable price than the area’s median sale price last year for single-family homes: $300,000. Last year, the area sold three single-family homes in the first quarter.
Peoa and Brown’s Canyon area sold two single-family homes since the beginning of the year, with a median price of $321,500.
Single-family homes sales grew from 39 sales during last year’s first quarter to 45 homes during this year’s first quarter, with a modest volume increase from slightly above $16.1 million to $19, 373,943 for the first three months in 2006.
The area with the most single-family home sales activity was the Heber and Daniels areas with 25 homes sold and a median price of $265,000. Last year 24 homes sold in the area by April, with a median price of $187,450.
Midway and Charleston sold 17 single-family units with a median sales price of $525,000. Last year, the area had sold nine singe-family homes in the first quarter with a median price of $230,000. Provo Canyon has yet to see any single-family homes sell and has none currently on the market, according to PCBOR statistics.
The Timberlakes area sold three single-family homes with a median price at $413,000 for 2006. Last year by this time, the area had sold four single-family units with a median price of $139,500.
Heber, Daniels, Timberlakes and Provo Canyon areas have not had any condominium units on the market for 2006 or 2005. Midway and Charleston sold six condominium units last year for the first quarter, with a median sales price at $142,250, and has already sold four condominium units this year, with a median price of $226,750.
While Provo Canyon has not had vacant lots on the market for the past few years, all other Wasatch County areas represented in PCBOR have seen a marked increase in value in parcels.
The Midway and Charleston areas sold 10 vacant lots since the new year, with a median sales price of $193,000. A year ago during the first quarter, the areas sold 14 parcels with a median price nearly $70,000 below this year’s median sales price.
The Heber and Daniels areas are on par with last year, selling nine parcels thus far, with a median sales price of $255,000. Last year, the median sales price from the nine vacant land units sold before April was $150,000, however.
This year, Timberlakes had five more lots sell than 2005’s first quarter with a median price at $40,000, which nearly doubles last year’s median price for the same quarter.
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