Park City Home: Real Estate Snapshot
Sales are up, land is scarce, and prices are — well, prices are all over the map. Highlights of the Park City housing market.
What goes up usually goes down, but not necessarily in the Park City housing market. The fourth quarter of 2019 continued the positive gains seen earlier in the year, with total sales of single-family homes in the Park City Limits up 15%, and sales volume rising to $484 million.
The big news: single-family sales
Digging into details, the story is a bit more complex. Region-wide, the median price of a single-family home fell 3% to $2.6 million. But many neighborhoods saw significant price gains: Pinebrook scored an impressive 30% increase in the median price of a single-family home, followed by Old Town, where prices rose 17%. There were double-digit increases in both median price and sales volume in Deer Mountain, Tuhaye/Hideout, and South Jordanelle. And Snyderville buyers paid 5% more over the previous year, with sales volume up 10%.
Condo prices level off
In much of the region, the price of condos has risen only modestly, which may partially explain the huge gain in the number of sales in Park City proper — 33% — and a 27% increase in volume over 2018. There were gains in both lower Deer Valley and Deer Crest condo prices as well, although some areas saw price drops as much as 25%.
The biggest news was in Canyons Village, in the Snyderville area, which enjoyed a massive 70% gain in year-over-year sales, with 217 units sold. The average price was up an impressive 74% percent, while the median price rose 61% over the previous year. In Midway, condo sales rose 29% and the median price soared along a similar path to $330,000.
Land commands a premium
Empty lots are at a premium in the area, with both the volume of land sales and land prices reflecting that lack of inventory. Sales, predictably, are down: Kamas Valley experienced a hefty 44% drop in the number of sales, along with a 47% hike in prices. For the first time, the median price hit $250,000. And in the Park City Limits, where empty land is even harder to come by, the 19 lots that went to closing clocked in at a median price of $1.1 million.
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