Park City Real Estate showed decent signs of growth for the year ending 2015. Summit and Wasatch County property prices saw a steady rise in 2015.
The Park City Board of REALTORS® reported a slow, but very consistent increase in the number of closed transactions, as well as median sales price in Homes/ Condominiums/ Vacant Land in both Wasatch and Summit County. In 2015 the total sold dollar volume was up 10% over the year 2014, with $1.85 Billion in sales.
Single Family Home Sales
Breaking down the single-family home sales: within the “city limits” area code (84060), the median price was +17% in 2015, reaching $1.52 million, however, the total number of closed sales was -12%.
Old Town - Old Town saw the highest number of sales. 52 total sales with a +6% increase in median price at $1.31 Million.
Thaynes Canyon - Thaynes had the highest jump in median price up +46% to $1.82 Million. There were a total of 11 sales in 2015.
Park Meadows - There were fewer sales in Park Meadows in 2015 versus 2014. The median sales price was +11% to $1.44 Million.
Prospector - Only had 11 total sales in 2015 which is down -39% from 2014, however, the median sales price increased 6% to $740,000.
Single Family Homes in the Snyderville Basin (84098) were up +18% for median price, at $912,500. There were a total of 7 more sales in 2015 versus 2014.
Jeremy Ranch - The median price was up 23% to $874,000. (down in overall sales compared to 2014)
Silver Springs - +25% to $960,000 (down in overall sales compared to 2014)
Glenwild/Silver Creek - Saw the highest number of sales at 39, up +77%.
Pinebrook - Closed sales were up +30%, with 48 sales.
Jordanelle area - Closed sales were up +85% with 37 sales. Median price $900,000
Promontory- Saw a large increase in New Construction. Total sales were 60 in 2015, with the median price being $1.67 Million.
Condominium Sales
Total condominium sales in the Park City Limits were down 13% from 2014, however, the median price was up 11% at $605,000.
Lower Deer Valley - Total closed sales were up +25%, with median price +9% at $780,000.
Upper Deer Valley - Total closed sales were up +23%, with median price down -35% at $995,000
Park Meadows - median price -24% to $585,000.
Old Town - There were a total of 108 sales, with the median price +15% to $450,000
Prospector - There were 55 total condo sales in 2015, with median price +27% to $155,000
The Snyderville Basin condo market saw a decent increase too. There were a total of 361 sales, which is +35% over 2014. The median price for Snyderville condos was $400,000. The strongest area for sales was the Jordanelle and Kimball area with a total of 135 condos sold in 2015 at a median of $375,000.
Sun Peak/Bear Hollow - Sold 71% more than in 2014 with a median of $394,000
Jeremy Ranch - 36% more sold, with a median of +15% at $574,000
Canyons Village area - had 84 sales, with a median of $401,000
Vacant Land Sales
This is usually the smallest volume area in the market, which was the same in 2015. The number of lot sales was 9% higher than in 2014, with a median up +13%. Within the “city limits,” there were 13 fewer sold in 2015 versus 2014. The median sales price within city limits was up +18% at $677,000.
Park Meadows - up 19% to $970,000
Old Town - up 35% to $575,000
The Snyderville Basin saw a total of 170 Lot sales. Ironically the same as 2014.
Glenwild/Silver Creek- 42 sales, +19% median at $443,000
Promontory - Saw the highest with 72 sales, and a median of $305,000
Jordanelle Area - Increase of +92% in sales with a total of 69 lot sales. Median price of $250,000
Heber City - Median $205,000
Kamas Valley - $101,000
Looking Ahead
Over the last 5 years, our market has moved steadily upward. Posting solid gains. We are not back to the highs of 2007 yet. 2015 was another great solid year. Growth is steady, but inventory is on the smaller side. I would describe our market as “healthy”. Dollar Volume and median price keep increasing at decent rates. Nothing crazy. The median sales price increased by around 4.7% in 2015. The demand is strong, but there are still great affordable properties to purchase. New Constructions product is in VERY high demand and buyers are willing to pay a premium for it.
Buyers are still wanting to live in the Park City Market because of the unique lifestyle it offers. Most of Park City is “built out" The major growth will move toward the Jordanelle area where there is land to develop. The other major area of expansion will be at the Canyons Village where new high-end properties will be built. Most Recent: Apex and Lift were announced as brand-new developments. Our market will always continue to be highly segmented where prices and property options will always vary.
