The Park City real estate market in 2014 proved healthy but measured. Generally, our market maintained its gradual course of improvement with certain sectors of our segmented marketplace seeing substantial growth. Growth remains steady and shows no sign of slumping or unstable bubbles.
2013 was a record-breaking year, and it seemed unlikely that we would see the same gains in 2014; however, pended sales were slightly up over 2013, and total sales volume was just slightly under over last year. Here are some trends we witnessed in 2014:
-There was a slight 1.5% increase in pended sales over 2013 and a 22% increase over 2012
-October brought more pended sales than any single month since 2006…there may be a correlation between this increase in transactions and the announcement of Vail Resorts’ purchase of Park City Mountain Resort, but it is impossible to determine this with certainty
-We had a robust 4th Quarter with sales up 28% over 2013 and up 40% over 2012: specifically condo sales increased by an astounding 11%
-Absorption rate has been under 6 months for the entire 4th quarter suggesting that inventory is low and our market favors sellers
-Distressed sales are at pre-recession levels
-Several areas experienced significantly increased interest and sales: Jeremy Ranch (+33%) and Sun Peak/Pinebrook/Silver Springs (+33%), both commuter areas saw a huge influx of buyers. This may possible be a result of Salt Lake’s ever growing economy
2014 Prices in Park City Proper
Average Condominium Sale Price: $931,210
Median Condominium Sale Price: $542,450
Average Single Family Sale Price: $1,869,048
Median Single Family Sale Price: $1,300,000
2014 Prices in Snyderville Basin
Average Condominium Sale Price: $395,224
Median Condominium Sale Price: $360,975
Average Single Family Sale Price: $1,121, 922
Median Single Family Sale Price: $775,000
2014 Prices in the Heber Valley
Average Condominium Sale Price: $199,312
Median Condominium Sale Price: $177,150
Average Single Family Sale Price: $470,498
Median Single Family Sale Price: $345,000
