Price push reaching to outer Summit County
November 4, 2006
Editor’s note: this is the third of a three-part series analyzing the most recent report put out by the Park City Board of Realtors on the housing market. The third-quarter report statistics are current to October.
Summit County home prices have risen over the last year while sales have decreased. This trend has been followed in Park City proper, throughout Summit County and into Wasatch and Morgan Counties.
"The numbers on properties are going up considerably and, obviously, as those prices are going up you’re seeing a change in the number of units sold," said Seaton Prince, MLS director for the Park City Board of Realtors. "You’re hitting that price point where things are leveling off. The value is still there so people are still buying, but it’s reaching the point where it’s pushing more people over to the Kamas Valley and Coalville areas."
Prince said the success of the Park City real estate market has pushed the prices of homes in outlying areas higher.
"Beyond Park City, the Heber Valley and Midway are benefiting greatly from it," he said. "But the Kamas Valley is also benefiting from pressure in the Heber Valley. They’re getting it from both sides. From the Kamas Valley over to Coalville there are about the best price-point values you can get."
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Last year 68 single-family residences sold in Pinebrook for an average price of $624,609. While prices in 2006 have increased to $830,372, sales have dropped to 44.
Pinebrook condominiums, on the other hand, have increased in sales from 59 last year to 76 during the same period in 2006, with prices still rising from $249,406 to $367,318.
Vacant lots have gone from 11 sales to 13, while increasing from $204,445 to $336,408.
Summit Park had one of the most dramatic changes in the county in it’s increase in the average price for vacant land. The growth from $62,146 to $173,512, an increase of 280 percent, is only surpassed by that in the Coalville area.
Another sharp change came in condominium sales, which dropped from nine to one, yet still increased in average price from $230,556 to $300,000.
Single-family residence sales in Jeremy Ranch dropped from 89 to 40, with average prices growing from $583,020 to $768,758 respectively. Condo sales rose from 11 to 13 with prices increasing from $379,041 to $473,902. Vacant lot sales fell from 20 to three and rose in average price from $350,265 to $459,667.
Home prices in the area nearly doubled in the last year, rising from $670,963 to $1.13 million, while sales dropped from 36 to 29.
Vacant lot sales more than halved from 115 to 50, with a slight increase in price from $428,607 to $476,761.
Trailside Park homes followed the trend, swelling prices from $581,040 to $780,714 and watching sales drop from 48 to 28. Vacant lots did the same, going from $282,444 to $308,300 with sales falling from nine to five.
Single-family residences went against the grain by increasing sales from 13 to 21, although prices also rose from $1.83 million to $2.12 million. Vacant lot sales fell, however, from 198 to 141, while prices jumped from $567,456 to $604,044.
Jordanelle West and East
The West Side of Jordanelle has had no sales of single-family homes so far this year after having three sales last year. The East decreased sales from 18 to 16 with a price increase of just under $200,000.
The West did see a significant drop in vacant lot sales, going from 10 to one, while the East shot up from 46 to 79.
The Kamas Valley rose slightly in single-family residence sales from 70 to 72 with prices up from $370,801 to $529,937. Condo sales jumped from zero to nine and vacant lot sales jumped from 81 to 125 with the average price going from $284,543 to $332,139.
"I think the opening of more product over there, more homes, more condos, and subdividing more of the land, certainly makes the access easier," Prince said. "The price point of properties in the Kamas Valley is rising because people want to be near Park City but don’t want to pay Park City prices."
In the Woodland and Francis areas 15 houses have been sold so far this year, compared with 23 during the same period last year, with respective average prices of $868,037 and $287,026.
Sales in Kamas and Marion went up from 22 to 29, with a price drop from $465,014 to $320,488.
Oakley and Weber Canyon sold 25 homes last year, 22 this year, with average prices going from $364,968 to $396,261, while Peoa and Brown’s Canyon saw zero sales up to 2005’s third quarter, but have seen six sales so far in 2006.
Coalville and the surrounding areas followed the same pattern of Kamas Valley. Sales increased from 18 to 21 with a price hike from $269,442 to $289,963. Vacant lot sales in the area made one of the largest price jumps, running from $42,670 to $178,329.