As the temperature rises with the arrival of summer, Park City’s real estate prices continue to surge.
The numbers are in from the Park City Board of Realtors, and the end of first quarter home prices show that buyers remain motivated and willing to pay top dollar to experience the Park City mountain lifestyle.
Within the boundaries of Park City, inventory continues to be rather scarce. Even though single-family home sales were down 12% and condominium sales down 19 percent, the costs for both are on the rise. The median price of homes within Park City limits rose 13 percent, while the price of condos increased by 7 percent.
Just outside Park City limits, the Snyderville Basin has experienced a similar trend, with single-family home sales down 4 percent, yet with an increase in median price of 13 percent. Promontory alone enjoyed a 31 percent increase in sales over last year’s numbers, and condo sales in the Basin have risen by 26 percent with a 14 percent rise in median price.
The numbers also show buyers are increasingly looking outside of Park City proper to find their new mountain home. The Jordanelle area and Heber Valley have seen increases in home sales as well, at 5 percent and 13 percent respectively. The condo market in the Heber Valley is even hotter, with a 22 percent increase over last year’s numbers.
The rise in home prices is directly related to more and more buyers discovering Park City and the mountain lifestyle this area is famous for. The great news for buyers is that while inventory is currently low, there are several new developments going up that will offer middle-level priced properties.