Greater Park City Area 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 believe this sets the stage for positive long term growth. The overall sold volume for all areas and all properties in 2014 was up 10% from 2013 to $1.6 billion.
Condominiums and vacant land are leading our recovery. Until recently, they were lagging behind single family homes. Now, more vacation home buyers are re-entering the marketplace and buyers are confidently purchasing land for construction. Condominium sales volume for the Greater Park City area is up 22% from last year at $518M and the average sold price is up 11% at $640,776.
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 is up 1% from last year and total volume for 2014 was $921M. The average sold price is up 4% and is $968,577. However, the number of transactions sold is down 3% from 983 in 2013 to 951 in 2014.
Inventory levels are still at historic lows, especially in certain price ranges and property types, which have constrained sales. However, we are beginning to see more development projects that are almost complete or in construction phases that are pre-selling. New development projects include Silver Creek Village (Silver Creek), Park City Heights (Quinn’s Junction) Echo Spur (Old Town), Village on the Green (Midway) and Blackstone Residences (Canyons). This will increase new inventory in Park City.
Deer Valley’s total sales volume has increased 13% when compared to last year. Average sold price for all types of properties is up 9% with single family homes showing an average sold price of $4.1M, up 26% from last year. Condominium sales volume is up 32% and the average sales price was $1.7M in 2014. Stein Eriksen Residences, a new development, will offer more luxury units for buyers.
Canyon’s real estate sales are healthy not only due to Vail’s presence but the beautiful new golf course that is ready for the 2015 season. In Summer 2015, a $50M connection between Canyons and Park City Mountain Resort will begin. We also expect to see more development projects in 2015.
Luxury home sales are on the rise. In the Park City area, we had 243 sales of homes in the $1-5M range, compared to 210 sales in 2013. In 2014, we had 14 sales over $5M compared to 11 in 2013.
Our affiliate, Leading Real Estate Companies of the World (leadingre.com), the largest network of independent Brokers worldwide, is reporting positive sales nationally, above any other network of brokers. Our exclusive luxury affiliation, Christie’s International Real Estate (christiesrealestate.com), reported increases in the luxury home market internationally. When you list your home with us we have the resources to market it across the globe. Please let us know if you are considering purchasing a home outside of Utah or anywhere in the world and we will be happy to help you take the first step.
Talisker has defaulted on approximately $163M in loans with their lender, Wells Fargo. Wells Fargo and/or a court appointed receiver is seeking to find new ownership to re-organize and support the Talisker and Tuhaye properties. In the long run, this should be a positive change for members and should not negatively affect property values in the long run.
Other market influences affecting the Park City and Deer Valley real estate markets are significant. These include installation the proposed Deer Valley – Old Town gondola, the $50M connection of Park City Mountain Resort and Canyons, major progress at the Park City Film Studio which will impact our non-snow economy positively and new regional and local traffic solutions being worked on by the Wasatch Accord planning group.
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!