Copy
Quarter 1 2018 Market Pulse Report for Greater Park City
View this email in your browser
MARKET REMAINS STEADY

The market continues to be steady, but condo sales experienced a statistical slip.

Single-family transactions and median sales price grew at 5% and 11% respectively over the past year in the Greater Park City area. These rates have been very steady, and the lack of volatility is a good indicator of the overall health of the market. Despite such health, a lack of inventory persists, especially in Park City limits. The scarcity of inventory in town has led many buyers to seek out surrounding areas such as Jordanelle and the Heber Valley. One sector that appeared to experience a downturn was the condo market, where overall closed transactions were down 10% from 2017 to 2018. 
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 

MARKET SNAPSHOT 
12 Month Rolling: April 2016 - March 2018
($ has been rounded to nearest 500 or 1,000)

• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 

MARKET ABSORPTION RELATIVE TO MEDIAN PRICING

When bringing your property to market, it is important to balance your pricing and timeline objectives. The charts below analyze the time on market against the median price within category type, and clearly demonstrate that those properties priced at or below the median are absorbed at a significantly higher pace.

Areas 1-9 Include: Old Town, Thaynes Canyon, Lower Deer Valley Resort, Deer Crest, Upper Deer Valley Resort, Empire Pass, Aerie, Prospector, and Park Meadows.
 
Areas 10-23 Include: The Canyons, Sun Peak/Bear Hollow, Silver Springs, Old Ranch Road, Kimball, Pinebrook, Summit Park, Jeremy Ranch, Glenwild/Silver Creek, Trailside Park, Promontory, Quinn's Junction, and Jordanelle.
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 

NEIGHBORHOOD STATISTICS

 Park City Limits average sale prices decreased by 2% and median sale price was flat at 0%.

  • Old Town average sale price increased 8% while median sale price increased only 7%.
  • Prospector average sale price increased 6% and median sale price increased 3%.
  • Park Meadows average sale price was unchanged however median sale price increased 10%.
  • Lower Deer Valley average sale increased 9% and median sale price increased 18%.
Snyderville Basin average sales price decreased by 7%; median sales price increased by 7%.
  • Average sale price in The Canyons was down 33%. Median sale price decreased 38%.
  • Pinebrook average sale price were up 10% and median sale price increased 5%.
  • Jeremy Ranch average sale price increased 3% and median sale price increased 4%.
  • Promontory average sale price decreased 3% while median sale price decreased 11%.
Jordanelle average sale price increased 15% and median sale price increased 17%

Heber Valley sales experienced a healthy increase of 23% and the median sales price went up by 25%.

Kamas Valley overall sales decreased 21% and the median sales price decreased 3%.
  • Kamas and Marion sales were up 10% and median sales price increased 8%.
  • Oakley and Weber Canyon sales and median sales price decreased 19% and 8% respectively.
Wanship, Hoytsville, Coalville, Echo, and Henefer both average sales and median sales price increased 4%.
 

Average sale prices inside Park City Limits decreased 4% and the median sales price increased 9%. 

  • Old Town average sale prices were flat and median sales price was down 1%.
  • Lower Deer Valley average sale price decreased 16%; the median sales price was down 2%.
  • Prospector average sale price was up 7% and median sale was up 5%.
Snyderville Basin average sale price decreased 3% and the median sales price increased 2%.
  • Kimball average sale price increased 16%; the median sales price sales increased 29%.
  • The Canyons average sale price decreased 19%; the median sales price dropped 16%.
  • Pinebrook average sale price increased 9%; the median sales price increased 6%.
 Jordanelle average sale price increased 8% and the median sales price increased 8%.

Heber Valley average sale price were down 2% and median sales were down 13%.

 

Within the Park City Limits, 25 lots closed, with a 1% decrease in the median sales price from $812,500 to $805,000. In the Snyderville Basin, transactions were up slightly year over year; a total of 156 lots closed with a 5% decrease in the median price from $474,050 to $450,000. In the Jordanelle area there were a total of 133 lot sales, up 53%. The median there rose 13% from $380,000 to $430,000.

• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 
INVENTORY REMAINS LOW
Low inventory remains persisitent, especially within the Park City limits. This is great news for sellers, and is leading many buyers to look towards areas such as Jordanelle, Jeremy Ranch and Heber Valley for their home purchases.
 
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 
Four-Quarter Price Change by State
What's the Health of Your Primary Market?
Purchase-Only Index (Seasonally Adjusted): 2016 Q4 - 2017 Q4.
Utah continued its run of strong price growth, with an increase of 10.74% in home pricing. The overall national average was 6.7%, and the top five leaders in price change were:
  1. District of Columbia: +14.29%
  2. Washington: +12.04%
  3. Idaho: +11.49%
  4. Nevada: +11.45%
  5. Utah: +10.74%
Black Rock Ridge  |  Deer Mountain  |  14167 N Council Fire Tr  |  $545,000 
3 bed  |  4 bath  |  1,982 sf  

This townhome has amazing views, a gas fireplace, and an informal dining room. There are three bedrooms and two and one-half baths, with approximately 1,982 square feet of living space on two levels. The living room, kitchen, and dining are all on the entry level with an open floor plan. Where else can you find a newer condominium with high-end finishes, a gas-stubbed deck, a two-car attached garage, Jenn Air appliances, a stacked slate fireplace, designer lighting, and more? Black Rock Ridge is only moments from Deer Valley resort, Park City Main Street, and Park City Mountain resort. The HOA dues include cable/satellite TV, high-speed internet, snow removal, and landscaping. Hike and bike trails are adjacent to the property for cycling in the spring and cross country skiing in the winter. MLS#11803419
Interlaken  |  Midway  |  284 Jungfrau Hill Rd  |  $849,000 
4 bed  |  3 bath  |  3,389 sf  

Perched on the hillside above Midway in the town of Interlaken this home has commanding views over the entire Heber Valley and backs directly to 22,000 acres of Wasatch State Park with incredible trails and amazing wildlife. Just 12 minutes to the Jordanelle Reservoir and the Deer Crest gondola at Deer Valley and and under an hour to SLC International airport this four bedroom home is priced like a Park City condo-without HOA fees! This is the perfect home for anyone looking to enjoy all the outdoor pursuits available here, 5 public golf courses and two State Park Reservoirs with marinas within 15 minutes, 10 ski resorts under an hour away, and incredible hiking and biking opportunities from your door. You can also sit on one of the 3 decks or hot tub of this home and enjoy the peace and quiet of the nature show that occurs every day in the best neighborhood in the area. This home has a heated driveway, oversized three car garage, elevator, a second kitchen in lower level. Must see!! MLS#11803479
Park Meadows  |  2824 Holiday Ranch Loop Rd  |  $990,000 
5 bed  |  3 bath  |  2,000 sf  

Great opportunity to own in Park Meadows on a large lot of .352 acres. So much potential with this home, whether Buyer keeps it as it stands with 5 bedrooms and 3 baths, or re-model/build new. Live in this quiet loop in Park Meadows, and be walking and biking distance to the Park City Municipal Athletic & Recreation Center, post office, grocery stores, and local schools (McPolin, Treasure Mountain Middle School, and Park City High School).  MLS#11803550
Valley Hills  |  Heber  |  1404 N Valley Hills Blvd  |  $679,900 
5 bed  |  4 bath  |  4,182 sf  

Owner is finishing basement, Master on the Main, Vaulted Ceilings, 3 Car Extended Garage, Heated Garage, 0.7 Acres, Fully Sprinklered, Office at Entree, Granite Kitchen Countertops, Huge Backyard, RV Parking, No HOA. MLS#11803562
Pinebrook  |  3743 Ecker Hill Dr  |  $1,199,000 
5 bed  |  5 bath  |  4,801 sf  

This spacious, comfortable home sits on a 3/4 acre lot filled with mature Pine and Aspen trees and a small stream. This home has incredible privacy while being conveniently located close to the Pinebrook shopping center and I-80. A flat driveway off a quiet street leading to a three car garage makes this an enviable Pinebrook location. Five bedrooms, an office, two laundry rooms, wine room, and multiple family rooms on different levels allow plenty of space to live and to entertain. The decks and yard encourage outdoor living and enjoyment of the peaceful surroundings and wildlife. The upper level features a large private master suite with steam shower, two closets, and a private balcony, along with two more bedrooms, a bath, laundry and loft. Main level kitchen, living, formal dining, office and great room. Walk out lower level has another livin area, two bedrooms 2 baths , laundry, wine room and storage. Pets present, see remarks for showing appointment times. MLS#11803478
Lodge at Westgate  |  3000 Canyons Resort #3901  |  $750,000 
2 bed  |  2 bath  |  1,135 sf  

2017 Complete luxury remodel including furniture. In the heart of Vail’s new Canyon Village. 30% less per sq ft than new Canyons developments, yet closer and better location. Every amenity imaginable for young and old. (3 pools, restaurants, marketplace, fitness, yoga, tennis, spa, kids club etc). Steps to gondola. Concierge and full shuttle service to down town. New golf course opened makes this the ultimate high-end winter and summer resort location. Huge rental revenue potential. MLS#11803194
Old Town  | 213 Park Ave  |  $1,450,000 
2 bed  |  1 bath  |  656 sf  

Looking for the perfect location to build a Park City dream home? This double lot on Upper Park Avenue is steps to Main Street and steps to ski access via the Town Lift. No need to drive to a trail-head, many of Park City’s best hiking and biking trails start nearby. A non-historic cabin sits on the property with water, gas, telephone, electricity and sewer already in place. The existing structure is being sold AS-IS. MLS#11803516
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 

LOOKING FORWARD

At the 40,000-foot level, the Park City real estate market is healthy and steady. However, each micro-market needs to be understood apart from the overall market. Simply reviewing the numbers is not sufficient to understand the big picture. Individual markets can be influenced by a number of factors including unique outlier sales that can heavily influence the statistics. In addition, the amenities, property condition, floorplan, location, and new construction can impact the numbers. The only sure way to fully understand the local real estate market is to contact me for an in-depth analysis.
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 

UP NEXT

Summer is just around the corner!
Get ready for summertime fun with the Summer Events Newsletter - coming soon.
• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 

Contact me to receive a custom market report for your home.

ZACH WHITE  |  Realtor®
435.640.9722  |  zach@thezwgroup.com
www.thezwgroup.com

• • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • • 

All data derived from statistics provided by the Park City Multiple Listing Service and Rick Klein of Wells Fargo. Cover imagery courtesy of Brent Haddock Photography.

Copyright © 2018 KW Park City Keller Williams Real Estate, All rights reserved.


Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list

Email Marketing Powered by Mailchimp