Park City Real Estate Sales 2015 Review

By Todd Anderson

Jan 26, 2016

Park City Real Estate sales for 2015 continued to show strength and appreciation. The Park City Real Estate Market has shown consistent growth in each of the last eight years going back to 2008. The numbers show steady growth in terms of both unit volume and dollar volume (over $1.85 Billion).

Inventory within the Greater Park city area (Park City Proper, Snyderville, and the Jordanelle area) remains tight with approximately 750 homes and condominiums available. This number translates to an absorption rate of just under 7 months at current sales rates. Note that while this number is higher than national averages, for the Park City real estate market the average absorption rate since 2010 has been 11 months. So we are still in a Sellers’ market in Park City.

New and upgraded homes and condominiums demand a premium and move quickly from active for sale status to pending contracts. Statistics for 2015 indicate that approximately 25% of the sold homes and condos were active for sale listings for less than 2 weeks. Acting quickly or even searching out properties that are not actively listed can make the difference between owning a property and missing out. Ask YouInParkCity.com about how we can help.

Price increases for single family homes have continued to outpace the condominium market. The median sales price of an “in-town” home for 2015 was over $1.5 Million while median prices in the Snyderville Basin and Jordanelle are quickly approaching the $1 Million mark. Price increases from 2014 to 2015 increased approximately 17%. The Park City real estate market for entry-level homes is ultra-competitive. Less than 5% of all home sales in the Greater Park City area for 2015 were for less than $500,000. At the time of this writing, there were zero homes available under $500,000 and less than 10 listed for sale at less than $600,000.

The Median Price of a Single Family Home in Greater Park City was $1,070,000 in 2015

Condominium sales in the Park City area increased 7% in 2015 as median prices rose about 15% to $449,000. The impact of new construction and inventory levels had a great impact in specific neighborhoods. The Old Town area saw sales fall by 35% while the Kimball Junction area had sales jump over 100% and median sales prices increase 60%.

The Median Price of a Condominium in the Greater Park City area was $449,900 in 2015

Real estate values, pricing and demand in Park City is very localized, sometimes even down to which building in a subdivision or floor and view corridor within a building. For accurate reliable information contact a real estate professional with the YouInparkCity.com group to discuss how these intricacies will play into your real estate sale or purchase in the Park City, UT area.

Data herein derived from PCMLS data. Information is deemed reliable, but not guaranteed.

Tags: condominium sales, Home Sales, market statistics, Park City, Park City real estate, UT, park city real estate 2015
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Park City Real Estate Sales 2013

By Todd Anderson

Oct 15, 2013

The first three quarters of 2013 are now in the books (it is hard to believe that ski season is only a month away!). Park City real estate sales for the first 3/4ths of the year have been very strong. Sales volume is up and so are prices while inventory is down.

Single family home sales in the greater Park City area are up eighteen percent (18%) when compared with the first three quarters of 2012. The median sales price of Park City, UT homes sold in 2013 is up by over $60,000 to $810,000 (half of the homes sold for above this price while half sold below this price).

Inventory levels continue to be a big part of the story. Single family home sales under $500K have a current less than 3 month supply while homes in the $500-750K category have less than 4 months’ supply at current sales rates. Luxury homes still a have large number of for sale options but sales of homes over $2M were up by 30+ percent versus the first three quarters of 2012.

Over 40% of the sales so far this year have had homes on the market for less than 30 days. Good values still exist in the market, but Buyers need to be ready to move quickly.

Condominium sales in the greater Park City area had similar gains to single family homes in the area. Sales volume is up by eighteen percent (18%) while the median sales price has risen by over ten percent (10%). Current sales volume has an absorption rate of only 4 months for condominiums under $250K while there is a nine (9) month supply in the $500-$1M price range. Even the luxury condominiums valued at $1M or more only show a one year supply at the current sales rate.

Building lot sales in greater Park City also experienced dramatic increases with sales up over fifty percent (50%) and median prices up by ten percent (10%) to $323,500. By adhering to the idea that the value of a home’s lot should be twenty to twenty five percent (20-25%) of the value of the home, the median value of the new homes to be built on the recently purchased lots should be in the $1.3M to $1.6M.

Mixed into all of the sales in Park City over the past nine months there are of course areas that have not experienced the same increases and a few that have had values drop. For a comprehensive analysis of the Park City real estate market segment that matters to you contact a realty professional with YouInParkCity.com today.

Tags: condominiums, Luxury, market statistics, Park City, Real Estate, sales, Utah
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