According to a recent press release, both Summit and Wasatch counties continue to post increases in average and median home sale prices. The greater Park City real estate market remains stable and homes listed at or below the media price are likely to sell three to six times more quickly. This creates a competitive market for buyers, especially with rising costs for new construction due to increases in both labor and materials. More buyers are looking to the peripheries of Park City, particularly those buyers with children, as south Summit and Wasatch counties are both investing in new educational facilities.
Single Family Homes
Between Summit and Wasatch counties, the Kamas Valley topped the five major areas covered by the Park City MLS for home appreciation, with the median home price jumping 22% to just under $500,000. Almost 300 homes were sold in the Heber Valley in the past 12 months, the highest number of sales in the area, and also saw a 14% increase in median home price to $420,000. Within Park City limits, the median sale price rose by 9% to $2,100,000. In the Snyderville Basin, the median home price in Jeremy Ranch increased to just over $1,000,000 while Promontory edged up to just under $2,000,000.
The largest increase in condos sold in Wasatch and Summit counties occurred in the Jordanelle area, with a 16% increase in units sold and a median price just over $600,000. Condos within Park City limits decreased in units sold, however the median price increased 3% to $810,000; Upper Deer Valley saw a 20% rise in media price, coming in just shy of $2,000,000. In the Snyderville Basin, Canyons Village posted almost twice the number of units sold than Kimball Junction, with median prices in both locations stable from 2018.
The Heber Valley continues to draw buyers looking for an affordable lot to build a custom home, with 155 posted transactions and a median price of $250,000. While the median price reflects an 18% increase over 2018, it is still half the cost of vacant land in the Snyderville Basin and a full 25% of lots within Park City limits.