MARKET REPORT – PARK CITY REAL ESTATE 2015 MID YEAR
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The Greater Park City real estate market’s overall sales volume was up 10%, when compared to 2014, to $1,850,000,000. The market is improving at a steady pace, although it is a segmented market. It was a great 2015 with almost all sectors of our market showing positive gains. Read on to learn about the diverse segments of our market.
The single family home segment is healthy and with the total closed volume up 16%, compared to last year, with the number of transactions up 5%, 1005 sales total for the year. Here is a sampling of average sales prices: Old Town saw a 19% increase to $1.5 million, Park Meadows had a 5% increase to over $1.7 million, Silver Springs saw a 25% to $960,000 and Deer Valley’s average sales price was up 7% to $4.4 million.
What’s HOT? A condo in the city limits under $650,000, a single family home in the Snyderville Basin under $850,000, and new construction (see below).
Condominium sales volume is up 7% and the overall average sales price remains stable. Another great example of segmentation in our market is the diversity of prices of condominiums. In Prospector, the average sales price of a condo is $179,000 and in Empire Pass (Deer Valley) the average sales price for a condominium is $3.3 million.
Vacant land sales volume has remained steady. This is a hard-to-read area of our market, as there is little-to-no inventory of lots available in the city limits and with an increased amount of lots becoming available in the Jordanelle and Basin area. There are still opportunities if a buyer is looking to purchase vacant land, however the currently low inventory levels are pushing prices upward. Anyone interested in purchasing vacant land should work with an experienced Realtor to help understand the different areas that have vacant land available because they are so diverse in price, amenities, etc.
Snyderville Basin continues to see dramatic appreciation in values. The Basin offers more square footage for a lower price per square foot and generally newer construction, than the city limits. The average sales price for a single family home in the Basin is approximately $900,000, which is also up over the previous year. Silver Springs and Ranch Place have a very quick absorption rate and well-priced homes generally sell within a few weeks of their listing date. The condo market has been very strong as well with an average sales price of $440,000 and an increase of 52% in sold volume.
Deer Valley has evolved into a diverse market as it has grown over the past years. For example, Lower Deer Valley condos are selling for an average of $865,000, while Upper Deer Valley/Empire Pass condos have an average sales price of $3.3 million. Single family homes range from $1.9 to $11 million. There are two exciting new projects in Deer Valley. Stein Eriksen Residences has pre-sold 39 of the 54 units in their project. These are selling for $2.2 million to $8.8 million. Coming up soon for pre-sales is One Empire Pass, this 27 unit luxury residences project should sell rapidly. These units will be selling for approximately $1.5 million to $4 million. Over the years Deer Valley has proven itself to be a sound area to invest in for luxury homes.
Canyons Village at Park City Mountain Resort is bustling with visitors that are taking full advantage of the Epic Pass, a pass that grants access at over 12 resorts worldwide. Canyons Village currently has three new projects under construction and the master plan shows abundant growth within the next ten years. Canyons is desirable because of the resort village feel, the recently new golf course and the abundance of summer activities offered.
Inventory levels have been consistently low overall. In 2009, our market had over 2000 listings and currently we are just over 1000 listings. However, this should change as our market continues to grow and more new construction is introduced to the market.
New construction has been in high demand the past few years because many home buyers do not want to spend the extra time and money to remodel an older residence. With over 20 new projects currently being developed in the Greater Park City area, this demand is finally being met and pre-sales have been very successful. New projects range from affordable housing in Snyderville Basin to beautiful new high-rise condominiums in Empire Pass
Golf course communities – Promontory leads the way with $165 million in developer sales and resales. Glenwild remains a healthy market for multi-million dollar homes. Victory Ranch has seen a very healthy increase in sales of developer homes and lots. Tuhaye remains slow and undervalued with the uncertainty of the Talisker foreclosure and Red Ledges continues to experience brisk sales activity.
Exclusive Homes. Extraordinary Art. We are proud to be the exclusive affiliate of Christie’s International Real Estate in Utah, with over $115 billion dollars sold in 2015 our network is the world’s leading luxury real estate network. We have connections with 139 affiliated brokerages in over 46 countries. Our network is part of the world’s leading art-auction house, Christie’s.
Looking ahead despite fears over the global economy and the US stock market, 2016 should be an even better year for real estate in Park City. All the elements are in place to continue to drive our market; incredible quality of life, proximity to an international airport and major metropolitan area, great schools, clean air, safe community and seemingly endless recreational and cultural opportunities. It’s no surprise that everyone wants to be here!
To view Greater Park City graphs – click here
To view Deer Valley graphs – click here