Real Estate Snapshot
The Park City Board of Relators offers a clear review of a hot housing market
November 19, 2018
The good times kept rolling on the Summit and Wasatch county real estate scene at the close of the second quarter of 2018. The numbers weren't just up in Park City proper, but almost everywhere in the wider landscape as Greater Park City single-family homes increased by 6% and vacant land by 5%. Condo sales dipped slightly, but demand remained strong. In the last 12 months, the average length for a home to sell was less than 6 months in the Basin and less than 11 months in the city limits.
Up, up, and away
The Park City Board of Realtors reports that things have been particularly hot in Heber: The Heber Valley saw nearly one sale per day in the second quarter, with the median price jumping to $506,000, a 28% rise. In Red Ledges, 20 more homes were sold than in the previous year, with a median sales price of $1.16 million, an uptick of 8%. Sales in Midway were just as robust, with 96 closings and a 17% median price increase, for an average of $544,000.
Todd Anderson, the board's president, attributes the Heber Valley figures to a number of factors, noting that although construction costs in the area have swollen significantly, the price of single-family homes is still sharply lower than in Park City. He adds that the valley's top schools and amenities are luring a broad spectrum of families looking for
Within Park City limits, single-family home sales rose by 9%, with a median price of $1.93 million — unchanged from the previous year. Sales were hottest in Old Town, whose numbers saw a massive 36% hike, most likely due to limited inventory. In Park Meadows, by contrast, sales were down by 20%. Things looked rosy in Snyderville Basin, where home sales ticked up 4% over last year (for a total more than double of that in the City Limits), and the median price soared 17% to $1.13 million.
Properties in Silver Creek jumped 37% in median price and saw an impressive 40% increase in sales. In the Basin, home sales in Promontory came in at an accelerated rate, with 77 sales in the last 12 months. In the Jordanelle area, a handsome 14% sales price increase resulted in a hefty $1.73 median price tag for single-family properties.
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Signs were mixed in the Kamas Valley. Although the number of single-family home sales was down by 15%, the median price rose by 10% to $412,000. Property values in the Wanship, Hoytsville, Coalville, Echo, and Henefer areas were stable, with a median price of $359,00.
Sales in the condo sector varied significantly by location. In the City Limits, closings were up 8%, along with a 15% swell in the median price, which came in at $787,000. By contrast, Snyderville Basin condo sales were flat from the prior year, with just over 300 units sold and a median price of $503,000.
Again, Anderson offers an analysis, saying the "difference between these two areas may be attributed to the completion of developments in Empire Pass versus the reserved or pending status of to-be-built product in Canyons Resort Village."
In the Kimball Junction area, sales were flat while median prices climbed 15% to $385,500. Meanwhile, Jordanelle's limited inventory may be responsible for the good news/bad news scenario: 20% fewer sales, but a 12% increase in median price, which closed out the second quarter at $528,000.
Oh, give me land
Finally, vacant land sales continued their robust growth. In the Park City Limits, there were 14 more lot sales than at the same time in 2017, and prices matured as well: The 15% median sales price increase brought the figure to $820,000. Promontory led neighborhood sales in the Basin with 72, and prices edged up to a median of $405,000. And in Canyons Village, where buyers were clearly looking ahead, the median vacant lot price climbed 22% to $2.28 million. Families in pursuit of the coveted Wasatch Back lifestyle aren't letting a housing shortage stop them; if need be, they're building from the ground up.
To learn more about what is happening in a particular neighborhood, contact a local Park City Board of Realtors Professional Agent.
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