According to a recent press release from the Park City Board of REALTORS®, buyers are driving the real estate markets in Summit and Wasatch counties to record-breaking, pre-recession levels. With low inventory and rising property values, buyers are expanding their searches further and further from Park City’s limits, making the entire Wasatch Back a hot and competitive real estate market.
Park City Board of REALTORS® President Sara Werbelow further explains, “It feels like Summit and Wasatch Counties are entering a boom time. With the number of first quarter closed and pended sales at some of the highest we have seen to date, our market area has reached pre-recession levels. Buyers are willing to travel further distances if they can find value, pushing the number of closed sales up outside the City Limits. Distance from front door to ski chair doesn’t seem to be quite as much as a factor for current home buyers. What used to be perceived as ‘far away’ or ‘out of town’ is not so anymore.”
Single Family Home Sales
- Park City Proper (84060) – Slight growth in the overall numbers of homes sold was reported, with the median price increasing 21% to $1.85 million for a single family home within Park City limits.
- Lower Deer Valley was the hot spot for single family homes, with 17 more sales than in the past 12 months and a median price of $2.13 million.
- Park Meadows continues to be highly sought after. Even with seven fewer sales, the median single family home price increased 18% to $1.75 million.
- Snyderville Basin (84098) – With more available inventory, moderate growth was reported for single family homes in the Basin. 45 more home sales were reported than in the past 12 months, and the median price increased 7% to $972,000.
- Summit Park continues in popularity for affordable single family homes, with 28% more home sales and a 9% median home price increase to $600,000.
- Promontory came in with the highest number of homes sold – 67 closed sales and a median price of $2 million – proving buyers continue to look for new product and amenities.
- Jordanelle – With new construction and a limited supply, the number of homes sold in the Jordanelle area remained much the same, but the median home price sky rocketed 64% to $1.49 million.
- Heber Valley – More and more buyers are looking to the Heber Valley to get more bang for their buck. As a result 98 more homes were sold over this time last year, a 37% increase. However, the median home price has remained steady at $397,000.
- Within the greater Park City area, almost half of the closed transaction in the first quarter were condominium sales. Old Town and Jordanelle were the hot spots for condominium real estate.
- Old Town experienced a sharp increase in median price to $583,000, a 31% increase over last year, with 34 more units sold than last year.
- Jordanelle reported 190 condominium sales over the past 12 months, with a median price increase of 30% to $485,000.
- Canyons continues to be popular for condominium sales, with 116 sold in the past 12 months and a median price increase to $675,000.