Real Estate Snap Shot
A quick look at the Park City single-family housing market in 2019
This story is found in the Winter 2019 edition of Park City Home.
Onward and upward! While national housing prices grew at a modest rate during the second quarter of 2019, prices for single-family houses in Summit and Wasatch counties were significantly higher. The greater Park City market appears to be one of the strongest in an overall healthy Western region.
Park City strong
At the end of the second quarter of 2019 (at press time, the most recent period for which data was available), Park City and its neighbors saw a median sale price rise of 14% over the previous year, which itself saw a 13% rise over 2017 prices. By contrast, year-to-year housing prices across the nation grew at a scant 3.4%. Despite a drop in the overall number of homes sold, this consistent double-digit climb in Park City indicates a sustained period of steady growth.
According to the Park City Board of Realtors, it’s important to keep in mind that single-family home sales tend to peak in May and October, as visitors finalize their second-home purchases. After that, inventory drops as sellers retreat from the market until the spring surge. President of the board Sheila Hall says that, as a result, “Going into fall, buyers will be challenged to find the variety they are looking for in properties in all segments of the market.”
Within the Park City limits, prices of single-family homes continue their upward climb. Among the five major areas measured, homes within the Park City limits enjoyed a 13% rise in sales volume, along with a rise of 9% in median sale price, which clocked in at $2.1 million.
Drilling down, while median Old Town sales prices increased almost 9% from last year to $1.73 million, volume dropped 19%, most likely reflecting a shortage of inventory. In Prospector, the number of sales was also down, but median prices soared 14% to almost $1.15 million. The most active market was Upper Deer Valley, where the number of single-family home sales nearly doubled and median prices climbed 11% to $4.6 million.
Overall, the number of home sales in the Snyderville Basin stayed consistent with last year’s, although median prices rose 10% to $1.25 million. Jeremy Ranch sales dipped a bit from the previous year, while median prices inched up to just over $1 million. Sales were busiest in Promontory, with 70 inked deals at median prices of just under $2 million, unchanged since the same time period in 2018.
What’s up in the valleys
Leading the pack in single-family gains throughout the region were homes in the Kamas Valley, with a massive 22% increase in sales price over the same period in 2018, to almost $500,000. Volume was up as well: 33% more units were sold than in the second quarter of the previous years. But those figures represent single-family homes only: The volume of condos sold was down 6% (with a modest rise of 4% in sales price). Although the sales price of vacant land rose 6%, the overall volume of sales was down 21%.
In the Heber Valley, there were almost 300 home sales in the last 12 months. Despite a 14% drop in units sold, Heber Valley still posted a 6% gain in median price to $538,000. By neighborhood, Heber City had the highest number of sales and saw a 14% median price increase to $420,000.
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