THE BIG PICTURE – IT JUST KEEPS GETTING BETTER!
By Jess Reid
Since the great recession, the Park City Real Estate market has continued to grow and improve every year. Overall, 2019 closed volume is up 13% over 2018 for a phenomenal $2.7B dollars. Notable influences on our market include: An ever expanding geographic area of real estate including, extensive remodeling of older properties and many new construction projects. Park City currently offers a variety of real estate options for all kinds of buyers. Generally speaking, prices have been rising dramatically and a leveling off of prices, might be very healthy in the long run.
Read on to learn more about the diverse segments of our market.
SINGLE FAMILY HOME SALES
For 2019 vs. 2018, transactions are up 4% to 1,102 and sales volume is up 14% to $1.6B. Average prices vary greatly by area, but are generally up across the board over the previous year. We continue the trend, of higher priced homes ($4M and up) taking longer to sell. Here are some average single family sale prices in a few popular areas:
❱ Old Town – $2.144M
❱ Deer Valley – $4.7M
❱ Park Meadows – $2.26M
❱ Silver Springs – $1.3M
OVERALL CONDOMINIUM SALES
Volume is up 24% to $865M and like SF homes average prices vary dramatically. Some areas have very few condos (Silver Springs and Jeremy Ranch), while others are primarily condos (Canyons Village and Deer Valley). Empire Pass in Deer Valley, resale condominium volume and average price is slightly down. We believe this is primarily due to the new, much higher priced, projects being presold in the area.
Deer Valley continues to satisfy luxury home buyers in our market and Deer Valley Resort has many exciting new things going on! Even though sales volume is slightly down throughout Deer Valley, this is most likely a result of the exciting new projects that are sold but still under construction. There is much buzz and excitement about the remodel and update of the Snow Park Lodge this summer and other lodges after that. After many years of speculation, it appears that Deer Valley may be seriously considering building the long planned village on the Snow Park parking lots. There is also talk of a new condominium project next to a major lift in Deer Crest and the continuing negotiation to include Mayflower Resort as part of Deer Valley.
VACANT LAND SALES
Vacant Land Sales have decreased in the greater Park City area, however, this should change with the huge new subdivisions coming on in the Jordanelle area (Sky Ridge). The primary reason for this decrease, is the lack of new lots, as Park City is very close to build out and the Snyderville Basin is also running low on building lots. The general Heber Valley area also has very few lot sales because most of the lots are controlled by developers and are being sold with homes on them.
HEBER VALLEY AND WEST COUNTY
Heber City is a much smaller market than the rest of the Park City area, but a very important one. It serves as a more affordable place to live for people to have a primary residence or a vacation home. Midway is especially popular for vacation homes. The East County, which includes communities such as Woodland, Kamas and Oakley, is another area with lower prices than Park City and is becoming a haven for more primary residences and larger horse properties. This area has more of a rural feel than any other part of our market.
NEW CONSTRUCTION PROJECTS
New Construction projects are having a big impact on our market and will continue to in our future. Here are some prime examples:
❱ Park City Mountain Resort Village in the Park City limits. (See article on page one)
❱ Mayflower Mountain – A Billion Dollar ski area in Wasatch County overlooking the Jordanelle Reservoir. A 20 year project comprised of commercial retail, condominium hotels, ski runs and lifts and a special condo/hotel for the Military.
❱ Canyons Village is only about 40% built out with very high density approved for the master plan. Over 7 large projects are under construction with presales already.
❱ Jordanelle projects are underway with numerous condominium projects and a 450 lot subdivision (Sky Ridge).
GOLF / RESORT COMMUNITIES
Golf & Resort Communities are also another positive influence on our real estate market. They are a unique blend of golf courses and activities for the whole family from bowling to fly fishing to hiking and camping areas to gun clubs. All of these communities have multiple club houses that cater to all age groups and some of them have numerous Golf Courses as well. Here are some of the prominent Golf Resort communities:
❱ Red Ledges
❱ Victory Ranch
LIVING IN PARK CITY
We live here because it is hard to beat 300 days of sunshine & 350+ inches of snow fall each year. There are over 500 miles of maintained trails and thousands of acres of open space to preserve beautiful vistas and prevent over development. Our High School ranks in the top 2% nationally. Our Ski Resorts are rated some of the best in the World, year after year. We are only 45 minutes to an international airport and an easy commute to
a major metropolitan area, including “the Silicon Slopes,” a tech power house. The laid back vibes of our mountain town combined with pristine living and endless adventures right at our door step, make us happy to call Park City home.
All data was collected from Park City Multiple Listing Service, Inc. / Park City Board of Realtors 2019 Report.
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