MARKET REPORT – PARK CITY REAL ESTATE 2015 MID YEAR
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The Greater Park City real estate market has the highest number of closed sales and total dollar volume, for the first half of the year in 2015, since 2007. The market is growing at a steady pace and is showing many notable improvements. The overall sold volume for our market is up 6% to $827,826,405, for the first two quarters.
Single family homes have an average sales price of $1,047,661 and the number of sales is up 9%. Old Town saw a healthy 45% increase, with an average sales price of $1.5M. Promontory, Jordanelle and Glenwild also had a prominent increase in sales volume.
Condominiums are continuing to lead our recovery. Condominium sales volume is up 15% and the average sales price is $721,455, which is up 8%. Prospector had the highest jump in sales with 25 sales compared to 8 in the first half of 2014.
Vacant land sales volume is down; 17% to $82,010,103. Although, lot sales volume in Promontory is up 29%, in Jordanelle it is up 11%. In Lower Deer Valley the average sales price for a lot is up 70% to $590,946, compared to the first half of 2014. A lot of this volatility is related to lower inventory – especially as areas in the city limits get built out.
Deer Valley vacant land and condominiums are currently the most amplified sector in the area with the sales volume up 51% collectively. Single family home sales are down 17%, which we believe is due to lack of inventory. Condominium sales are higher than home sales with newer ski-to and from properties increasing in value. Condos near the base of the resort are selling quickly, being remodeled and are considered a good value with room for appreciation.
Synderville Basin offers home buyer’s more space for a more reasonable price then living in Park City proper. However, prices in Synderville Basin are increasing. The median sales price for a single family home is $850,000 up 18% from one year ago.
A large range of prices is evident in Park City. Although we have a high average sales price there are areas that offer great locations for a great value that could significantly appreciate with a remodel. For example, condos in Prospector range from $100-300,000, lower-end condos in Old Town start at $200,000, older single family homes in Park Meadows start at $750,000 and new construction condos in Kimball Junction, at Bear Hollow Ridge, start at $305,000.
Other market influences worth noting include the final expenditures of our walk-ability bond. This includes enhanced bike paths, pedestrian paths and tunnels at highly trafficked areas to improve safety and enjoyment for walkers and bikers. The Mountain Accord working with Greater Salt Lake City is making progress on solving traffic congestion in the area, among other things, as we have increasing seasonal and year-round population. This is important to carry on the quality of life that the Greater Park City area provides.
Inventory levels have been consistently low since 2012. As of July 1, our inventory was higher than it has been in a year. However, our segmented market shows that inventory in many desirable areas and price ranges is low.
There is only one. Park City. Our town is now home to the largest ski resort in America with over 7,000 acres of skiable terrain. Vail Resorts has initiated many improvements as part of a $50 million dollar project, which includes the new 8-person Quicksilver Gondola that will connect Park City Mountain Resort and Canyons Resort.
Luxury home sales in the overall Greater Park City area have increased and there is an increasing number of high-end buyers that have re-entered the market since the great recession. The number of sales over $1M have seen a 17% increase with 149 sales over $1M
in the first two quarters. $5M – $10M sales are healthy but are constant with last year so far.
Auctions have been introduced as a current trend in our market. This year, four homes over $6M sold. Jess Reid – Christie’s International Real Estate is pleased to have represented a client that purchased one of the homes listed at $11,750,000.
Christie’s International Real Estate releases a White Paper annually that gives us an insight on the global luxury property market. In 2014, US $1M plus sales were up 16%, over 2013. In 2012-2013 they reported an explosion in urban luxury home sales growth. However in 2014, we are excited to see that second-home resort markets are red hot, leading the growth in luxury property sales. The report shows that the average price in a lifestyle and regional resort market is about $1.5M. Park City’s median home price for the first two quarters of 2015 is $1.34M.
Life in Park City is something that we are thankful for every day. Our sense of community and our unique mountain-town that offers abundant open space is unlike any other place in the world. Call us today to learn how you can make Park City your home or get-away from home.
CONTACT US! With three locations in Park City and Deer Valley we are ready to answer any questions you have about the market and would be happy to provide you with a more detailed market report of a specific area or property type.
To view Greater Park City graphs – click here
To view Deer Valley graphs – click here