Park City Real Estate Q2 Market Statistics
The following is a summary of the most recent statistics for the second quarter from the Park City Board of Realtors. Bear in mind that there is still half of the summer buying season left so these statistics may evolve by the end of Q3. Anecdotally, the summer has gotten off to a slow start that some have attributed to the cooler weather in the late spring.
Park City Real Estate Q2 Market Snapshot
While real estate prices in the Greater Park City Area are trending upward, the number of sales is down 9% compared to the same time period last year, according to the Park City Board of REALTORS®. There were 39 fewer sales this year (single family, condominiums and vacant land), median prices continue to trend slowly upward in 2014.
Single Family Home Sales
Single Family Homes in the Park City area have seen the biggest drop in volume with the greatest increase in price.
“Single family homes had the least activity in Q2. The volume of single family home sales within Park City Proper was down 29% compared to the second quarter in 2013. Both Snyderville Basin and Heber Valley were down 9%, and Kamas fell 6%. Yet pricing in most areas is climbing at a gradual pace. The median price for a single family home within Park City Proper is $1,675,000 (up 36% over Q2 of 2013). The median sales price for a single family home in the Snyderville Basin area is rising at a slower pace, but is still up 8% over 2013 to a median sales price of $755,500. The Jordanelle area saw the highest price increase, reaching $885,000 (up 48%).Single family home prices remain relatively flat in both the Heber Valley with a median price of $359,150 and the Kamas Valley with a median price of $268,460.” – Park City Board of Realtors
Condominium sales have increased in volume and price in all areas of Park City with the exception of Syderville were the volume is flat and the price increase is marginal.
“In contrast, condominium sales in Park City Proper reached 168 units (Up 8% over Q2 2013) with a median price of $636,500 (up 11%). By area, Old Town had the highest number of sales in Park City Proper, reaching 84 units (up 27%). The Jordanelle recorded the highest number of condo sales in the Greater Park City Area with 62 units (up 48%) and a median price of $380,800 (up 15%). There were 107 condo sales in the Snyderville Basin which is flat compared to last year, though Sun Peak, Bear Hollow, Kimball, and Pinebrook saw significant increases in the number of sales for the second quarter. The median price for a condo in the Snyderville Basin is $337,500 (up 5%).”
Vacant Land Sales
In some of the areas of Park City – especially Old Town there is not a lot of vacant land available. This could be the cause of the drop in volume. The Jordanelle area does have more available vacant land but also a greater number of newer units available.
“Park City Proper (down 34% compared to Q2 of 2013) and Jordanelle (down 39%) ended the quarter with 19 sales apiece. Alternatively, the Snyderville Basin had 97 land sales (up 24%) with a median price of $340,000 (up 27%). Within Park City Proper, the median price for a vacant lot is $700,000 (up 33%). The Jordanelle area had the highest median price increase jumping to $180,000 (up 52%). Lot sales in the Heber Valley are also 40% higher than last year with a median price of $175,000 (up 40%). The Kamas Valley had 22 sales (up 22%), though the median price fell slightly to $85,000.”
Things do appear to be picking up for July and it will be interesting to see how we close out Q3. The increase in prices may have already enticed more sellers into the market and should continue to do so, however if the increase in listings is sufficient enough to stabilize prices remains to be seen.
“The lack of inventory – possibly caused by a perceived delay in listing new properties through the spring due to colder than normal weather conditions – may have contributed to lackluster sales as even pended sales numbers remained lower than last year until mid-June. Within the Greater Park City Area, there have been 119 new listings in July – highlighted by an increase of 68 single family homes.
Distressed sales are no longer a topic as they accounted for less than 3% of the sales in the second quarter and less than 2% of the properties currently listed. Total dollar volume for Q2 is up 10% over Q2 of 2013 and median prices are climbing.”