Park City Blog

Second Quarter Market Update

By Berkshire Hathaway HomeServices Utah Properties
Aug 03, 2015

Current Park City Market Overview

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Second Quarter stats are out. As ever, Park City's multi-faceted resort market remains complex. After carefully reviewing the numbers and interpreting them, here are our thoughts.

-Our market is stable. While we are seeing gradually increasing prices and growth, it is measured and steady. There are no alarming trends with regards to sales price or inventory.

-Buyers have options. While listing inventory feels constrained in the under $1 million market, new builds and good turnover in several of our neighborhoods mean that buyers still have a lot of options. In fact, taken as a whole our inventory is the highest it's been since 2007.

-Two trends, one market. Homes valued under $1 million seem to be experiencing price increase; whereas, homes valued above $1 million seem to be readjusting. For example, the average sales price of single family homes in Park Meadows actually decreased this quarter and has been trending down this year.

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Current Pricing

IN TOWN (YTD)

Old Town Single Family Homes

Average Sale Price: $1.5 million

Median Sale Price: $1.2 million

Sales (Year to Date): 26

Upper Deer Valley Single Family Homes

Average Sales Price: $3.4 million

Median Sales Price: $2.8 million

Sales (Year to Date): 7

Prospector

Average Sales Price: $885,000

Median Sales Price: $835,000

Sales (Year to Date): 3

Park Meadows Single Family Homes

Average Sales Price: $1.6 million

Median Sales Price: $1.4 million

Sales (Year to Date): 31 (up from 24 when compared to same time last year)

Total Park City Limits Single Family Homes

Average Sales Price: $1.9 million

Median Sales Price: $1.5 million

Total Sales (Year to Date): 82 (up from 75 in 2014)

Notes on in town pricing: When compared to last year, the average price of a Park Meadows Single Family Home DECREASED by 9% when compared to last year. In Thaynes Canyon, the average sales price similarly decreased by 15% when compared to last year. Contrarily, the average sales price of single family home in Prospector increased by 9%. Again, we seem to be seeing a readjustment of pricing above $1 million in traditionally local residential areas.

BASIN 

Sun Peak/Bear Hollow Single Family Homes

Average Sales Price: $1.3 million

Median Sales Price: $852,000

Total Sales (Year to Date): 30 (up from 25 at the same time last year)

Silver Springs Area

Average Sales Price: $988,000

Median Sales Price: $978,000

Total Sales (Year to Date): 16 (down from 19 last year)

Pinebrook

Average Sales Price: $833,000

Median Sales Price: $797,000

Total Sales (Year to Date): 22

Jeremy Ranch

Average Sales Price: $956,000

Median Sales Price: $881,750

Total Sales (Year to Date): 20 (0% change from last year)

GOLF COMMUNITIES

Glenwild/Silver Creek

Average Sales Price: $1.4 million

Median Sales Price: $1.2 million

Total Sales (Year to Date): 21

Promontory

Average Sales Price: $1.7 million

Median Sales Price: $1.6 million

Total Sales (Year to Date): 27 (up from 15 last year)

 
 
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