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Park City Board of Realtors Quarter 3 Report

Property Values Still Rising in Summit and Wasatch Counties

According to the Park City Board of REALTORS, the median sale price for vacant lots, single family homes, and condominiums continued to rise in quarter 3, showing a consistent annual increase of 7.5% since 2012, and a 14% increase over the past 12 months. As prices continue to rise, finding affordable real estate in Summit and Wasatch counties continues to be a challenge. This has led to higher demand in new markets as buyers widen their search for the perfect property.

Single Family Home Sales

Great Park City Area

The demand for single family homes in the greater Park City area remains high. However, unlike in years past, buyers are now casting a larger net when looking for real estate in Park City. No longer concerned with a particular neighborhood or zip code, real estate sales are spreading throughout the greater Park City area. The median price of a single family home reached $1.63M, up a full 18%. Lower Deer Valley saw 9 more sales than last year, with a total of 21 closed sales and a median price of $2.168M, a 32% increase over last year. Old Town, Thaynes Canyon, and Prospector all experienced increased median sale prices at $1.4M, $1.7M, and $840,000 respectively. Trailside saw a 23% increase in sales with a 13% increase in median home sale price, while Summit Park saw a lot of activity, with 30 single family home sales and a 22% median sale price increase. Promontory was also very active, with 67 closed sales and a median single family home price increase to $1.95M.

Kamas and Heber Valleys

Both the Kamas and Heber Valleys are hotbeds for Utah real estate right now. This year the Kamas Valley saw a huge leap of 30% in median single family home prices, while similar properties climbed 13% in price in the Heber Valley. Weber Canyon and Oakley saw 41 closed sales this year, with an increase in median home price to $395,000. Within the Heber Valley, Midway, Daniels, and Heber City saw an explosion of sales which resulted in a 52% increase in closed sales over last year. The Jordanelle area is also seeing activity with a new median single family home price of $1.19M, a 36% increase over last year, and a 28% increase in closed sales.

Vacant Land Sales

Within Park City limits, vacant land continues to be a rare gem with extremely low inventory. The median prices of vacant land within Park City limits remained at $667,000, while vacant land in nearby Snyderville Basin saw a 29% increase in sale volume and an increased median sale price of $450,000. Old Town saw the highest number of sales of any neighborhood within Park City limits, while Promontory led the sales for the Snyderville Basin. The Jordanelle area saw a 21% increase in median land price, topping out at $323,000. The vacant land sales in the Heber Valley were up 17% and the median sale price is holding steady at $200,000.

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