The Park City Board of REALTORS® has released annual statistics for Summit and Wasatch Counties. The 2017 year-end summary report indicates the overall real estate market continues to be healthy, steady, and growing at sustainable rates.
The number of single-family home transactions and the median sales price grew at 5% and 14% respectively over the past year. 84% of these sales occurred outside the Park City Limits, as primary home buyers’ demand for the Wasatch Back lifestyle increased. The number of condominium transactions and median sales price grew at 4% and 6% respectively from 2016 to 2017. Condominium sales grew at a slightly faster pace inside the Park City Limits than in other areas in Summit and Wasatch Counties.
You In Park City's Todd Anderson, President of the Park City Board of REALTORS® commented, “These growth rates are highly sustainable. We believe the real estate market in Summit and Wasatch Counties is balanced between buyers and sellers. That being said, the market could always use more inventory.”
Remember that these overall statistics are simply a snapshot at a moment in time and may not be representative of long-term trends. Summit and Wasatch County markets are composed of numerous hyper local markets. More granular statistics are shown below. Buyers and sellers are encouraged to contact a You In Park City Realtor® to find answers to specific real estate related inquiries and fully understand trends in the overall market as well as specific areas of interest.
Year-Over-Year Single Family Home Sales
Sales inside the Park City Limits increased by 13% and median sales price increased by12%.
Highlights:
Park Meadows sales were flat but median sales price increased 13%. Old Town sales increased 30% but median sales price increased only 2%. Prospector sales increased 30% and median sales price increased 7%. Sales in the Snyderville Basin increased by 7% and median sales price increased by 6%.
Highlights:
Sales in the Canyons area were up 13% but median sales price decreased 31%. Sales in Silver Springs were flat and median sales price increased 6%. Pinebrook sales were also flat but median sales price increased 7%. Jeremy Ranch sales increased a healthy 25% and median sales price increased 5%. Promontory continued to grow as sales increased 20% but median sales price decreased 14%. Other Summit and Wasatch County Area Highlights:
Heber Valley sales decreased slightly but the median sales price increased 15%. Jordanelle sales increased 66% and median sales price increased 9%. Kamas Valley sales increased 4% and the median sales price increased 1%, while Kamas and Marion sales were up significantly and median sales price increased 3%. Oakley and Weber Canyon sales and median sales price decreased 13% and 2% respectively. Wanship, Hoytsville, Coalville, Echo, & Henefer sales increased 13% and median sales price increased 9%.
Year-Over-Year Condominium Sales
Sales inside Park City Limits increased by 14% and the median sales price increased by 6%.
Highlights:
Old Town sales led the way with a 19% increase but the median sales price was flat to last year. Lower Deer Valley sales increased by18% and the median sales price was up slightly. Prospector sales and median sales price were essentially unchanged from 2016 to 2017. In the Snyderville Basin sales decreased by 4% and the median sales price increased by 6%.
Highlights:
Canyons sales decreased 6% and the median sales price also dipped 10%. Kimball sales increased 3% and the median sales price sales increased 33%. Pinebrook sales decreased 17% but the median sales price increased 10%. The number of condominium sales and median sales price in the Jordanelle area increased by 1%. Similarly, the number of Heber Valley sales and median sales price were flat to last year.
Conclusions
At a 40,000-foot level, the Greater Park City Area real estate market looks healthy and steady. However, each micro-market needs to be understood apart from the overall market; simply reviewing the numbers is not suficient to understanding property value. Sales in individual markets can be influenced by a number of factors, including unique outlier sales that can heavily weight the statistics. In addition, amenities, property condition, floorplan, location, inventory, and new construction impact the numbers. The only sure way to fully understand the real estate market in Summit and Wasatch Counties is to contact a You In Park City Realtor®.
Jenny Clark