According to the recent press release, single-family homes continue to lead the market in the greater Park City area, with homes outside of Park City proper posting the strongest price gains. Both Heber City and the Jordanelle areas enjoyed strong, double-digit median prices increased over this time last year. After a summer slump, condominium median prices are rising once again while vacant land sales have slowed down.
Single Family Homes
Within Park City limits, single-family homes rose by 13 percent in sales volume, while median home prices rose 7 percent to just under $2.1 million. Park Meadows enjoyed the largest increase in sales activity with a 66 percent hike over last year, yet the median home price decreased 8 percent to just under $2.0 million. The Jordanelle area replaced Park City proper as the most expensive area, with price appreciation jumping a full 36 percent to just shy of $2.15 million. In the Heber Valley, 300 home sales were finalized in the past 12 months and median home prices posted a 1 percent gain over last year. Heber City had the highest number of sales in the valley and saw an 11 percent increase in median home price to $420,000. Homes in the Snyderville Basin sold at the same rate as last year, but increased in median sales price to $1.28 million.
With single family home sales generally peaking in May and October, inventory is starting to shrink through Summit and Wasatch counties as sellers back away from the market coming into the holidays. This will increase competition among primary and secondary home buyers, as they negotiate for the final few homes on the market.
Between Summit and Wasatch counties, the number of sold condos increased 6 percent and the median price increased 9 percent to $616,000. Old Town, the historically active condo market in Park City proper, saw a 10 percent increase in sales and a median price gain of 8 percent, up to $570,000. Activity in the Prospector neighborhood remained flat compared to last year, and Lower Deer Valley saw a 24 percent increase in number of units sold with the median price rising 19 percent. In the Snyderville Basin, Canyons Village led with 147 closed sales, more than double the sales in Kimball Junction, with Canyons prices rising 18 percent and Kimball prices down 9 percent. In the Jordanelle area, median prices rose 23 percent to almost $640,000 while sales jumped 16 percent.
While vacant land sales slowed in most parts of Summit and Wasatch counties, the Heber Valley and Wanship posted increases of 5 percent and 4 percent, respectively. Both the Heber Valley and Wanship are attractive for new home construction due to close proximity to Park City and lower price points for vacant land. As such, Heber Valley vacant land increased 11 percent in median sale price over last year, and Wanship increased a full 27 percent.