For the real estate market in the Park City area, it’s the same old story.
The number of single-family and condominium sales in the area stagnated or was down in the third quarter compared to last year, but the median prices continued to rise, according to data released by the Park City Board of Realtors.
In Park City proper, the number of single-family homes sold was down 18 percent, but the median price was up by the same percentage, to $1.63 million. But those figures include a few interesting quirks. For instance, Lower Deer Valley, where activity has been slow for years, has seen 21 homes sold in the last 12 months, nine more than the previous yearlong period. The area’s median price rose to $2.17 million.
For the past couple quarters, the real estate community has been commenting on how (sales have) been slow and there hasn’t been much volume. Then, all of a sudden, it seems like everybody comprehended the value that existed and jumped.
Park Meadows, on the other hand, has experienced the opposite. Typically hot, the neighborhood’s single-family sales were down 34 percent and its median prices remained flat.
The challenge in Park Meadows is inventory. There’s very little inventory in Park Meadows at lower price points. There’s more inventory at higher price points, and you will see a little bit of a softening of the market at higher prices. It is believed a higher price point in Park Meadows is over $3 million, but there are fewer buyers.
Old Town saw a dip in sales but a median price bump to $1.4 million. The median prices in Thaynes Canyon ($1.7 million) and Prospector ($840,000) also increased.
Park City proper also experienced a decline in the number of condominiums sold, with 101 fewer sales in the previous 12 months compared to the previous yearlong period. The median price increased 16 percent to $650,000. Old Town, Prospector, Lower Deer Valley and Prospector each declined in sales.
In the Snyderville Basin, the volume of single-family sales was flat, but the median price rose to $975,000, an 11-percent jump. Trailside — up 23 percent in sales and 13 percent in median price, to $715,000 — and Promontory, which saw 67 sales and a median price boost to $1.95 million were two well-performing neighborhoods.
The Basin saw 325 condominium sales, a slight drop, but the area still saw a median price increase to $455,000. Notably, the Canyons Village area experienced a 34-percent rise in sales and a 19-percent rise in median price, to $590,000. In Pinebrook, which had 61 sales, the median price reached $455,000.
While a lack of inventory depressed total sales numbers in Park City and Snyderville Basin, buyers flooded into Wasatch County. Jordanelle saw a 28-percent rise in single-family home sales and a 36-percent bump in median price. The Heber Valley sold 52 percent more homes that the previous 12-month period, with a median price of $401,000.
The Heber Valley is incredibly strong, and that is definitely where we’re seeing the spillover traffic going. People who can’t find what they need for $500,000 or $600,000 here in Park City are thinking they will head down to Wasatch County. Many buyers that can’t find what they want here are okay if they have to look a little bit outside of the Park City area.
The Kamas Valley saw fewer home sales but the median price increased 30 percent, to $391,000.
Overall, the market in the Park City area remains strong, with many prospective residents planning trips to look at property. Additionally, buyers may be ready to commit now that the uncertainty of the presidential election is over, whether they supported Donald Trump or not.