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3rd Quarter 2019 Market Pulse Report for the Wasatch Back
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MARKET STRONG IN MANY SECTORS
 
The Park City and Wasatch Back real estate market continues to show healthy growth in many sectors, buoyed by very strong ski season results due to a phenomenal snow last season and the expanding local economy, most notably Silicon Slopes. Covering the area from Provo to Cache County, some of the better known companies with facilities are tech companies SanDisk, Intel/Micron, IM Flash Technologies, video game software developer EA sports, e-commerce company eBay, and  Adobe Systems, as well as numerous start ups. 
With our state-of-the-art Salt Lake International Airport opening next year and the evolution of the Inland Port shipping hub to the west of the airport, businesses are choosing Utah over other notable metropolitan areas, which bodes well for our market as many executives choose to live on the Wasatch Back.

As you'll see, Utah ranks #2 in the nation for overall appreciation. Locally, the investment in infrastructure surrounding the Mayflower Jordanelle area is driving growth around Jordanelle Reservoir, with a broad range of new construction homesite and housing offerings. 

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MARKET SNAPSHOT 
12 Month Rolling: Oct 2018 - Sept 2019/Oct 2017 - Sept 2018
 

Not all sold data in the Heber Valley is included in the Park City MLS data; please call for more specific details.


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FREDDIE MAC FORECAST

"We forecast that the 30-year mortgage rates will be 3.7% for the remainder of 2019 and will tick up slightly to 3.8% in 2020.

The housing market will continue to firm: home sales will rise to 6.0 million for 2019 before increasing to 6.1 million for 2020. 

- Freddie Mac, October 2019


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Park City Limits
Among the five major areas measured by the Park City MLS, homes within the Park City Limits fared well with a 25% rise in sales volume, coupled with an increase of 7% in median sale price to $2.05M. In Old Town, the number of sales dropped 4% over last year while the median sales price increased 20% to $1.83M. Park Meadows saw a 66% increase  in the number of sales while the median price decreased 8% to $1.9M. Upper Deer Valley saw a 58% increase in the number of homes sold, however the median price fell 16% to $4.6M over the same time period last year.
 

Snyderville Basin
The number of home sales in the Snyderville Basin tracked closely to last year's number with a 7% median price increase reaching $1.285M. Kimball Junction saw the most action, with an 86% increase in the quantity of homes sold and a 12% increase in median price to $640,000. Once again, Promontory again saw the greatest number of home sales in the Basin with a total of 74 reaching a median price of just under $2M, a 7% decrease over the same period in 2018. Pinebrook saw an 8% decrease in the number of homes sold, with median price increasing 24% to $1.14M.

Heber Valley & Surrounding Areas
Jordanelle led the way in price appreciation in the two-county area, jumping a full 36% in median price to just shy of $2.15M with transaction volume flat over the same period last year. In the Jordanelle area, Tuhaye led the pack with a median price increase of 70%, up to $1.8M. In Heber Valley the number of home sales dropped 8% with the median price staying stable. Heber City saw a 26% increase in the number of home sales and an 11% increase in median price to $420,000. The number of Midway home sales dropped by 21%  while the median price rose 7% to $612,500. In Timber Lakes, the number of home sales dropped by a third and median sales price dropped by 5% to $412,500.
 

For our entire market area, the number of sold condominiums was up slightly (6%) compared to the previous 12 months, with a 9% increase in median price overall to $615,989. Within the Park City Limits the number of sales and median price remained relatively flat, with a median sale price of $785,000. Old Town quantity of sales and median price were up 10% and 8% respectively, with a median sales price of $570,000. Lower Deer Valley saw a 24% increase in quantity of condominiums sold, with an impressive 19% jump in median price to $1.05M. In Park Meadows, quantity sold was up 39% while median price was down 1% to $865,000.

In the Snyderville Basin there were 317 condominium sales, compared to the 328 sales within the City Limits, and the median price continued its upward trend, growing 9% to $577,500. Canyons Village had the most sales, 147 total - up 8%, with a median price increase of 18% to $728,000. 

There were a total of 165 condo sales in the Jordanelle area, an increase of 16%. The median price increased 23% to $639,900.


 
The quantity of land sales decreased across the board in our entire market area, dropping 21% compared to last year. However, median prices in areas such as Heber Valley and Wanship saw significant growth, increasing 11% and 27% respectively. In quantity sold, Park City decreased by 38% and median price increased 7% to $1.075M.  Snyderville Basin land transactions were down 34% with median price unchanged at $494,000. Jordanelle was down 26% in quantity sold with a median price increase of 5% to $395,000. Kamas transactions were down 43%.


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HOME SALE PRICE POINTS
October 2018 - September 2019  |  K=$100,000    M=$1,000,000
 


In Park City (Areas 1-9) Includes
Old Town, Thaynes Canyon, Lower Deer Valley Resort, Deer Crest,
Upper Deer Valley Resort, Empire Pass, Aerie, Prospector, and Park Meadows.

 
In the Basin (Areas 10-27) Includes
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, Deer Mountain, Tuhaye/Hideout,  Jordanelle and South Jordanelle.

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MARKET ABSORPTION
RELATIVE TO MEDIAN PRICING

Absorption Rate: the number of months it would take to sell the currently listed properties in the market factoring in median list price.
When bringing your property to market, it is important to balance your pricing and timeline objectives. The information below contrasts  the time on market relative to the median price within category type and clearly demonstrates that those properties priced at or below the median are absorbed at a significantly higher pace. 
In Park City (Areas 1-9) Includes
Old Town, Thaynes Canyon, Lower Deer Valley Resort, Deer Crest,
Upper Deer Valley Resort, Empire Pass, Aerie, Prospector, and Park Meadows.

 

MEDIAN HOME PRICE
$2,050,000
 
ABSORPTION RATE
AT MEDIAN:  11.1 months
BELOW MEDIAN:  5.9 months
ABOVE MEDIAN:  16.3 months

MEDIAN PRICE
$785,000

ABSORPTION RATE
AT MEDIAN:  7.0 months
BELOW MEDIAN:  2.5 months
ABOVE MEDIAN:  10.7 months
In the Basin (Areas 10-27) Includes
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, Deer Mountain, Tuhaye/Hideout,  Jordanelle and South Jordanelle.

 

MEDIAN HOME PRICE
$1,285,000

ABSORPTION RATE
AT MEDIAN:  9.2 months
BELOW MEDIAN:  5.9 months
ABOVE MEDIAN:  9.6 months

MEDIAN PRICE
$577,500

ABSORPTION RATE
AT MEDIAN:  6.2 months
BELOW MEDIAN:  5.0 months
ABOVE MEDIAN:  7.5 months


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 PRICE APPRECIATION BY STATE

See Data For All States


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NEW LISTINGS!
Check out some of the following listings in and around Park City, and please let me know if you have any questions or if you would like to schedule a showing of any of these properties.

THE SEASON AHEAD

As we eagerly await the start of the 2019/2020 ski season, advance lodging reservations are holding steady over last year's record breaking numbers as reported by the Park City Chamber Bureau. The addition of our newest resort - Powdr Corp's Woodward Park City, is generating much excitement and will offer a year round, high-energy resort facility including the return of  night skiing/riding and tubing hills back into our mix. We're so excited about this facility that we're holding our annual KW Holiday Celebration there this year to test it for ourselves! Woodward also includes a full service bar with two dining options for the Pinebrook, Summit Park, and Jeremy neighbors to enjoy in a very unique and entertaining setting. If your family has interest in enjoying this facility this upcoming season, consider their inaugural membership options offered on their website.
Buyers are actively looking now for properties to acquire for use this upcoming season. While there are numerous new construction opportunities from which to choose, most of those have extended delivery dates, making this an ideal opportunity for resale inventory. If your property needs have changed, now is the time to come to market with your home or condominium. Please reach out for a more detailed analysis of your property's current valuation


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ZACH WHITE  |  Realtor®
435.640.9722  |  Zach@UtahLuxuryGroup.com
www.UTLUX.com


Who you work with matters. 

Zach’s was simply superb!  Zach has local knowledge that is invaluable — including knowledge of future plans in the area. He is unquestionably the most attentive and responsive agent I have ever worked with. I’d give him six stars if I could.
 - R. Haycock
#2 AGENT at Keller Williams Park City  |  #4 AGENT in UTAH in Closed Listings

All data derived from statistics provided by the Wasatch Back Multiple Listing Service, the Park City Board of Realtors® and Rick Klein of Wells Fargo. 

Copyright © 2019 KW Park City Keller Williams Real Estate, All rights reserved.


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