Market Update - Spring 2017 on the Wasatch Back

Overview

According to the Park City Board of Realtors: The number of closed sales for the first quarter of 2017 in Summit and Wasatch Counties was the highest we’ve seen since 2007 – up 20% over 2016. Q1 also saw the highest number of pended sales on record. Additionally, there was a 26% increase over the previous year in total dollar volume. Growth continued to morph, and expand, encompassing outlying communities in the Wasatch Back as the entire market area was pushed to new peak levels.

Single Family Home Market

Micro-markets developed and shifted as low inventory affected the activity in certain neighborhoods. The median price surged upward where the supply was limited, and conversely, the number of sales surged upward where a moderate supply could be found. Broken down by area, the median price and number of units sold varied:

Park City Proper – Limited supply resulted in only slight growth overall in the number of units sold but there was a 21% median price increase reaching $1.85 M for single family homes within the City Limits.

-Lower Deer Valley, with 17 more home sales than the previous twelve months and a median price of $2.13 M, was a hot spot of activity.

-Still highly sought after, Park Meadows had seven fewer sales but saw an 18% price increase reaching $1.75 M.

Snyderville Basin – With moderate supply in the Basin, there were 45 more home sales than the previous 12 months – up 13%, accompanied by a price increase of 7% to $972,000.

-Certain neighborhoods, like Summit Park, had 28% more closed sales and a 9% median price increase to $600,000.

-The popular neighborhood of Silver Springs, where inventory has been consistently low, saw ten fewer closed transactions than the same time last year, with a slight dip in median price to $910,000.

-In the Basin, Promontory had the highest number of transactions with 67 closed sales and median price of $2 M, indicating that new product and amenities remained in high demand.

Jordanelle – Due to inventory constraints, the Jordanelle saw a decrease in number of sold units when compared to last year, but a giant 64% leap in median price reaching $1.49 M.

Heber Valley – Heber Valley had a very active twelve months. With new product on the market, there were 98 more home sales – up 37% from last year, but the median price held in check to last year’s number of $397,000.

Condominium Update

Within the Greater Park City Area, the condominium sales accounted for almost half the number of closed transactions in the first quarter. The number of condo sales in Old Town and Jordanelle exceeded any other area.

-There were 134 units sold in the last twelve months in Old Town – 34 more transactions than the previous year. The median price in Old Town also shot up 31% to $583,000.

-In the Jordanelle area, there were 190 condo sales over the last 12 months and a 30% price increase to $485,000.

-Canyons had the highest number of condo sales in the Basin, with 116 and median price climbed to $675,000.

-There was also a spike in the number of units sold in Pinebrook with a total of 70 with a 9% median price increase to $458,000.