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.
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