With the ski season in Park City now over (everyone except Mother Nature and the snow gods believe this to be true), it is time to take a look at real estate sales since January and our current Park City Real Estate Market.
If we had to size it all up in one line, it might read “Prices are up and sales volume (in units) is down” but that really doesn’t tell the whole story.
Park City, UT has a complex real estate market made up of many sub-markets; it is in-town vs out-of-town, in the Park City school district versus out, ski-in/ski-out versus a shuttle to the slopes, the Heber Valley, the Kamas Valley, Resort/Second home versus primary residence, dogs vs cats and more. We’ll take a look at some of these sub markets with a strong focus on prices; if we’ve missed something that is particularly important to you call or email us and we’ll give you an in depth look at the area that means the most to you as a Buyer or Seller.
- Quarter vs Quarter stats may be too small of a sample size for comparison, but:
- Old Town & Lower Deer Valley condo sales are down considerably while median sales prices are relatively flat
- Empire Pass condo sales are flat while median sales prices dropped considerably (low sales at the Montage likely impacted this number greatly)
- Canyons Village sales were buoyed by Blackstone new construction sales but were otherwise flat
- Jordanelle area condo sales are almost exclusively new construction completions
Homes in Park City under $1million
The Single Family home sales inside the city limits show a median sales price of just over $1.5M for the past 12 months yet of the active 125(+) MLS listings less than 15 have an asking price below $1.5M and 100 have an asking price above $2M. The Snyderville Basin (out-of-town area) is only slightly better with less than 15% of its active MLS listings below its 12 month median sales price of $912,500. There are currently no homes for sale in the Greater Park City area for under $500K. Moving outside of Park City into the Heber and Kamas Valleys (10-15 minutes to the south and east) dramatically changes what can be purchased. The changes lie mostly in the price as these two valleys have over 150 current for sale homes priced for less than $1 million, but both have the same issue of relatively few homes available below their median sales prices (only about 20 % of the available inventory is priced below the median sold prices of the past 12 months).
Homes in Park City for sale over $1million
Condominiums in the Greater Park City area are experiencing a similar inventory crisis with only 30% of the active inventory having an asking price below the median sales price for the past 12 months. This number doesn’t appear as skewed as the Single Family home data for Park City, but much of that has to do with the availability of smaller units (studio and one bedroom models). Condominium pricing is still heavily weighted toward higher prices over 40% of the active condominium inventory has an asking price over $1 million.
The lack of inventory in the Greater Park City areas continues to have an impact on how quickly sales happen as nearly 35% of all sales in the past year were on the market for less than 2 weeks before being sold. We are in both a Buyers’ and Sellers’ market; higher priced homes and condominiums give the Buyers a lot of choices while Sellers in lower price categories for their neighborhood can play “hard ball”.
For assistance from REALTORS® you can trust to help you with your Park City area properties contact the YouInParkCity.com Group at KW Park City Keller Williams Real Estate: info@YouInParkCity.com (435)962-9472.
Jenny Clark