Greater Park City Area Real Estate Market Overview – Is it getting better?
By: Jess Reid – Principal Broker
Park City’s real estate market continues in a strong steady recovery mode. Closed sales volume for all property types in the greater Park City area is up more than 31% in 2013 vs. year to date 2012. Average sales price for all property types is up 5% to $683,000. We are already at a billion dollars in closed sales with 3 months left to go, so we should easily surpass 2012’s year-end sold volume of $1.2 billion.
Inventory levels are at the lowest they have ever been in six years. This means that there are fewer choices for buyers and prices are expected to continue to rise.
Primary residences whether single family detached or condominium are leading the way in our recovery depending on the area and neighborhood. In the Snyderville Basin a list price of about $850,000 or less on a well-priced and staged, single family detached home will generate multiple offers. In the Park Meadows area $1.2 million or less will typically see multiple offers as well.
Deer Valley Resort which is primarily made up of vacation homes is also recovering, but much slower. Total sales volume for all property types is down 12% to $201,224,025 and overall average sold price in Deer Valley is down approximately 9%. Some of the best buys are vacation homes. Older condominiums in Deer Valley and some of the newer condominiums in Empire Pass are seemingly under priced as our market continues its recovery.
Luxury homes sales are starting to pick back up as well. In the history of Park City Real Estate we have had 7 “reported” sales over $10 million. Four of those closed in the last 12 months. This is a good indicator that the Park City/Deer Valley fabulous quality of life continues to attract more and more people with the discretionary ability to buy very high end properties.
Vail’s take over of The Canyon’s Resort and real estate is believed to be another very good positive incentive for real estate in Park City. Many people are excited about the significant progress toward finishing the long awaited golf course at The Canyon’s. With the Wyndham timeshare hotel being built there, it’s just one more plus for the future.
The Kimball Jct. area continues to expand with commercial, office space, and some residential. This mountain urban environment provides a wonderful addition to Park City and keeps the more urban development where it should be instead of competing with the beautiful historic nature of Old Town.
The Snyderville Basin in general continues to be a wonderful opportunity for newer housing and offers more for your money than in the city. It is an unusual feature of Park City in that it is not only a place for locals to live but a wonderful, affluent bedroom community for Salt Lake City.
All three of our world class ski resorts were ranked in the top 10 ski resorts in North America by SKI Magazine, great for our base industry of tourism.
Buyers may be rapidly approaching the last chance to get a really good bargain left over from the “great recession.” All indicators are excellent for a very strong market for a number of years.
Park City – The Best Town Ever as declared by Outside Magazine is another positive for our town. Outside Magazine has discovered what those of us who live here already know – Park City has an amazing mix of everything from award winning schools to easy access to a large metropolitan area and international airport. We have clean air and a safe place to live with a great sense of community and the list goes on! To find out more details about Park City, please visit our new website at www.jessreidrealestate.com. It not only tells you about real estate but is also your one stop shop for everything Park City.