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BRIEF MARKET OVERVIEW GREATER PARK CITY MARKET

FIRST HALF OF 2016 VS. 2015

By: Jess Reid, Principal Broker, Jess Reid - Christie’s International Real Estate The Greater Park City real estate market’s overall sales volume, when comparing the first half of 2016 to the first half of 2015, was up 14% and reached over $1 billon. The increased sales volume indicates that our market continues to grow and stay strong as it has in the past few years. Notable influences on our market include the lack of inventory in some areas and new construction projects that are being introduced to our market. Read on to learn about the diverse segments of our market. The single family home segment is strong with the total closed volume up 24%, and the number of transactions up 10%. However, in the city limits the number of sales is down because there is low inventory below $2M. Properties that are priced below $2M move quickly and are not on the market for long. For example, there are 20 homes currently for sale in Park Meadows and only 2 of those are listed under $2M. Each area of Park City is very unique, here are average sales prices in popular areas: Old Town - $1.3M, Park Meadows - $1.5M, Silver Springs - $895,000 and Deer Valley’s average single family sales price was up 33% to $4.8M.

LUXURY MEETS GREEN Bordering the 1,200-acre Swaner Preserve with dramatic 180-degree views of Park City’s three ski resorts, this contemporary retreat offers spectacular year-round scenery. Set on almost 3.5 acres crossed by a stream, the two-story, glass-walled design is supremely energyefficient, having been awarded the rare LEED Gold and Energy Star certifications - making its wraparound picture windows all the more impressive. The 6,921 sq ft interior provides flexible, open-plan living spaces across both floors and out to an expansive secondfloor terrace. The lower level features a spacious media room with state-of-the-art entertainment system, and a separate barn offers an adaptable space. If you are looking for environmentally friendly home with views this is a must see!

Are condominium sales down? Inside the city limits condominium sales are down over 15%, although the average sales price remains stable. We believe buyers, sometimes, prefer new mountain-modern construction rather than existing, older resale condominiums. In contrast, the Canyons area has seen a dramatic increase in condominium sales - 72% up in sales volume with the average sales price up 63% to $622,500. Read more about new construction and the Canyons area below. TOTAL SOLD VOLUME

2015

2016 $448,337,587

Single Family up 24% Condominium down 3% Vacant Land up 20%

$604,871,845 $292,651,474 $283,905,940 $86,378,985 $103,275,843

Vacant land sales volume is up 20% with 230 sales in the first two quarters of 2016. This is a hard-to-read area of our market as there is little to no inventory of lots available in the city limits. Jordanelle and Promontory have the most vacant land activity with over 27 sales in Promontory and 40 sales in the Jordanelle area. Anyone interested in purchasing vacant land should work with an experienced Realtor to help them understand the different areas because they are so diverse in price, amenities, etc.

jessreidrealestate.com • 435.649.3000


BRIEF MARKET OVERVIEW - GREATER PARK CITY CHRISTIE’S - COASTING IN CALIFORNIA In August, 200 of the most prized collector cars in the world roll onto the famed 18th fairway of Pebble Beach Golf Links and the stage is set for one of the most competitive events in the automotive world. Originally a small social event paired with a road race through the pine and cypress forests of Pebble Beach, the Pebble Beach Concours d’Elegance has grown into the top-ranking collector car competition in the world. Christie’s Art and International Real Estate, a main sponsor of the event, will be in Pebble Beach enjoying the beauty of the automobiles and will also be hosting a cocktail party for attendees of the event. If you are interested in attending ,call us today!

Deer Valley continues to satisfy luxury home buyers in our market and Deer Valley Resort continues to make improvements for summer and winter recreation. New luxury condominium projects have proved to be successful with many presales at Stein Eriksen Residences and One Empire Pass. Deer Valley is a very segmented market with condominiums in Lower Deer Valley starting at $400,000 to homes in Empire Pass that exceed $12M. Currently, the average sales price for a single family home is $4.8M. The revised Canyons Village Master Plan has been released to the public, canyonsvillageplan.com, and shows an abundance of new development, including a new aquatic center and a relocated conference center. This master plan does not include the, approximately, 35 privately owned development parcels that are part of the specially planned area. We do not have exact figures, but we would estimate that the Canyons is possibly 25-35% built out and could reach 2,500-3,000 units of density when complete. New construction is occurring rapidly – call us for a detailed overview of the area. On the outskirts of town, including Jordanelle, Heber City, Midway, Kamas, Coalville and Oakley, we have seen an increase in single family home sales, not only by out-of-state buyers but with local buyers as well. These areas offer larger homes and yards for families at a lower price that is not attainable in Park City. For example, the average single family home price in Heber Valley is $415,000. For under $500,000 you could buy a 5+ bedroom home on a half-acre of land. Inventory levels for affordable condomi`niums and single family homes under $1.5M continue to be low, with an oversupply of units at higher price points. The popularity of new construction continues to slow activity in much of our resale market, especially condominiums. New construction has been in high demand the past few years. Park City currently has over 20 new projects being built. However, we are seeing a large number of primary and vacation home owners doing extensive remodels and upgrades on older residences. Life in Park City… We live here because it’s hard to beat 300+ days of sunshine, 400+ miles of maintained trails and 350+ inches of snowfall each year. The laid-back vibe of our mountain town combined with pristine living and endless adventures right at our doorstep makes us happy to call Park City home. For over 32 years, Jess Reid - Christie’s International Real Estate has been helping people from around the world make their vision of a mountain dream home a reality. Our affiliation with Christie’s International Real Estate makes us the largest internationally affiliated brokerage in Park City with over 136 brokerages, 1,000 offices and 32,000 agents in 45 countries. Let us help you create your Life in Park City. Call us today!

jessreidrealestate.com • 435.649.3000


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