GREATER PARK CITY REAL ESTATE MARKET OVERVIEW

GREATER PARK CITY REAL ESTATE MARKET OVERVIEW

The Greater Park City real estate market continues to improve. Our real estate market is growing at a slow but steady pace; many people believe this sets the stage for positive long term growth and appreciation. We are on track to finish slightly stronger than 2013 at just over $1.6 billion dollars.

Condominiums and vacant land are currently leading our recovery. Until recently, they were lagging behind single family detached homes. Now, more vacation home buyers are re-entering the marketplace and more buyers are confidently purchasing land for construction. Condominium sales volume for the Greater Park City area is up 12% at $368M and the average sold price is up 9% at $653,000.

Single family detached homes for the overall Park City area had been strongly leading the market but sales seem to have stabilized. The sales volume has currently plateaued at $643M. The average sold price has currently plateaued at $949,000.

Inventory levels are still lower than they have been in over 7 years. There are not very many new development projects and many property owners are hesitant to list their property at this time and may be remodeling. This is constraining sales volume as there is so little to sell right now.

Deer Valley’s total sales volume has increased slightly when compared to last year. Average sold price for all types of properties is up 16% with single family homes showing an average sold price of $4.2M, up 40% from last year. Condominium sales have picked up considerably but there is still room for appreciation and value.

Canyon’s real estate sales are healthy not only due to Vail’s presence but the beautiful new golf course that is complete and ready for the 2015 season. Newer projects such as, The Hyatt Escala and Vintage on the Strand, are sold out completely. Expect to see new development projects in 2015 in the Canyons area!

Luxury home sales are on the rise. As the exclusive affiliate of Christie’s International Real Estate we are able to track the pulse of local, national and international significant sales. In the Park City area, sales of homes in the $1-5M range are 276 year-to-date 2014, compared to 245 sales in 2013. 2014 is on track to follow 2013 with eleven significant sales over $6M, of those, two exceeded $10M.
Golf course communities are a tremendous asset to our community, unfortunately, we are oversupplied with them. Promontory and Red Ledges have very healthy sales while Tuhaye and Victory Ranch are slower than their competitors. Impressive clubhouses are nearing completion at Promontory and Tuhaye.

Synderville Basin’s market is doing well. In the Greater Silver Springs area, well priced homes in the $800,000-$1M range are selling rapidly. However, in Jeremy Ranch and Pinebrook, single family home sales are down, year-to-date, but condominium sales are doing well.

New construction permits have exceeded $100M this year. There is a large amount of remodeling and custom homes being built with a smaller amount of spec homes and development projects.
Other market influences affecting the long term health of Park City and Deer Valley real estate markets are significant. These include the Deer Valley/Old Town gondola, the ski-interconnect – One Wasatch (7 ski-resorts), a new film studio, a high-tech business park, and Deer Valley Resort’s purchase of Solitude in Big Cottonwood Canyon.

Vail Resort’s recent acquisition of Park City Mountain Resort and their lease to operate Canyons is already having positive effects on our real estate market. Vail has announced that they would like to connect Park City Mountain Resort to Canyons by 2016.

If not now, when? With the national economy growing stronger, more and more people will be continuing to look at improving their quality of life by getting involved in the Greater Park City community through real estate investments. Contact us today for specific information on any part of the market!