Park City Home: The Joint Is Jumping
For most of us, last year was just plain awful. And then there was anyone involved with selling real estate in the Park City area.
The numbers are staggering. While the local housing marked dipped in the early days of the pandemic, recovery came quickly. By mid-June people had become well accustomed to mask-wearing and social distancing, and in-person open houses were back on the agenda. It became clear that there was a huge pent-up demand for housing in Summit and Wasatch counties.
By year’s end, the competition for the limited number of available homes meant prices had skyrocketed, setting records across the board, according to the Park City Board of Realtors.
Single-home sales soar
Some specifics: Within the Park City Limits, total sales of single-family homes were up 64% over 2019, while sales volume was up a staggering 83%, clocking in at $889 million. That was music to the ears of individual sellers, who saw the median year-to-year price of homes rise 26% to $2.5 million.
The biggest winner in the price increase game was the Park Meadows neighborhood, where the end-of-year median price was $2.6 million, a 36% increase. In the Snyderville Basin, the increase was 23%; it was 13% in the Kamas Valley, 12% in Jordanelle, and 11% in Old Town. Overall the area saw a 33% increase in median single family home prices.
Condos were another hot commodity. Median prices rose in the Park City Limits (23%), Heber Valley (20%), Kamas Valley (14%), and Jordanelle (5%). Snyderville Basin was the outlier, as the introduction of small condos (the Yotel Condominums at Canyons Village) brought the median price down. But even there, sales volume rose 7% from the previous year.
Vacant lots vanish
Perhaps the most impressive number is vacant land sales. Shoppers who could not find an appropriate property chose to start from scratch. The result: In Summit and Wasatch counties, land sales were up 106%, with an 8% increase in median price.
Now that the peak of the pandemic is starting to fade from memory, will the boom begin to slow? The Park City Board of Realtors says that factors including urban exodus from compact city centers, advances in technology, and the growth of work-from-home opportunities point to the continuation of a sellers’ market. As usual, time will tell.
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