Tag Archives: market report

Greater Park City Market Update 2018

Summit Sotheby’s International Realty has released information about real estate markets in the Greater Park City area for the 1st Quarter of 2018.

Market data provided includes Average List Price, Average Sold Price, Average Monthly Supply of Inventory among others for 25+ distinct Park City market areas and is broken out by Single Family Homes and Condominiums and Vacant Land.

PCMLS areas include: Aerie, Deer Crest, Empire Pass, Glenwild – Silver Creek, Jeremy Ranch, Jordanelle, Kimball Junction, Lower Deer Valley® Resort, Upper Deer Valley® Resort, Old Ranch Road, Old Town, Park Meadows, Pinebrook, Promontory, Prospector, Silver Springs, Summit Park, Sun Peak – Bear Hollow, Thaynes Canyon, The Canyons, Trailside Park, Heber – Daniels, Midway – Charleston, Timberlakes, Kamas – Marion, Oakley – Weber Canyon, Wanship – Hoytsville – Coalville – Echo and Henefer,  Woodland – Francis.

Ask a Summit Sotheby’s International Realty REALTOR® for help interpreting these charts.

April 2018 Washington County Real Estate Market Video Update

April 2018 Washington County Real Estate Market Video Update

Summit Sotheby’s International Realty has released information about real estate markets in Washington County for the previous month. These market reports focus on units sold, median sales price, days on market and the inventory of homes for sale.

Washington County – Single Family Homes: Active inventory was down 24% from 2017 with 832 units on the market and down 8% from the previous month. The median listing price was just under $430,000. The average days on market was down 14% from 65 days in 2017 to 56 days in 2018. The median sales price was just over $320,000. The averages for units sold in the month of March decreased 15% for units sold year over year and increased 38% month over month with a total of 307 units sold.

Washington County – Condominiums: Active inventory was down 16% from 2017 with 124 units on the market and down 18% from the previous month. The median listing price was just over $220,000. The average days on market was up 2% from 46 days in 2017 to 47 days in 2018. The median sales price was just under $190,000. The averages for the month of March show an decrease of 19% for units sold year over year and 5% increase over the previous month with a total of 60 units sold.

To find out more about all our local real estate markets, watch our 60-second market videos at: www.summitsothebysrealty.com/market-update

April 2018 Salt Lake County Real Estate Market Video Update

April 2018 Salt Lake County Real Estate Market Video Update

Summit Sotheby’s International Realty has released information about real estate markets in Salt Lake County for the previous month. These market reports focus on units sold, median sales price, days on market and the inventory of homes for sale.

Salt Lake County – Single Family Homes: Active inventory was down 24% from 2017 with 1,413 units on the market and down 7% from the previous month. The median listing price was $469,900. The average days on market was down 8% from 37 days in 2017 to 34 days in 2018. The median sales price was just over $353,000. The averages for units sold in the month of March decreased 11% for units sold year over year and increased 24% month over month with a total of 1,016 units sold.

Salt Lake County – Condominiums: Active inventory was down 18% from 2017 with 445 units on the market and down 7% from the previous month. The median listing price was just under $300,000. The average days on market was up 25% from 24 days in 2017 to 30 days in 2018. The median sales price was just under $240,000. The averages for the month of March show a increased of 10% for units sold year over year and increased 55% over the previous month with a total of 388 units sold.

To find out more about all our local real estate markets, watch our 60-second market videos at: www.summitsothebysrealty.com/market-update

March 2018 Washington County Real Estate Market Video Update

March 2018 Washington County Real Estate Market Video Update

Summit Sotheby’s International Realty has released information about real estate markets in Washington County for the previous month. These market reports focus on units sold, median sales price, days on market and the inventory of homes for sale.

Washington County – Single Family Homes: Active inventory was down 22% from 2017 with 870 units on the market and up 5% from the previous month. The median listing price was just under $420,000. The average days on market was down 10% from 63 days in 2017 to 57 days in 2018. The median sales price was just under $330,000. The averages for units sold in the month of February decreased 5% for units sold year over year and decreased 8% month over month with a total of 213 units sold.

Washington County – Condominiums: Active inventory was down 11% from 2017 with 126 units on the market and down 3% from the previous month. The median listing price was just under $225,000. The average days on market was up 16% from 38 days in 2017 to 44 days in 2018. The median sales price was just over $190,000. The averages for the month of February show an increase of 6% for units sold year over year and 7% decrease over the previous month with a total of 53 units sold.

To find out more about all our local real estate markets, watch our 60-second market videos at: www.summitsothebysrealty.com/market-update

March 2018 Salt Lake County Real Estate Market Video Update

March 2018 Salt Lake County Real Estate Market Video Update

Summit Sotheby’s International Realty has released information about real estate markets in Salt Lake County for the previous month. These market reports focus on units sold, median sales price, days on market and the inventory of homes for sale.

Salt Lake County – Single Family Homes: Active inventory was down 23% from 2017 with 1,367 units on the market and down 14% from the previous month. The median listing price was $439,900. The average days on market was up 4% from 45 days in 2017 to 43 days in 2018. The median sales price was just under $340,000. The averages for units sold in the month of February increased 4% for units sold year over year and held steady month over month with a total of 7613 units sold.

Salt Lake County – Condominiums: Active inventory was down 13% from 2017 with 449 units on the market and down 13% from the previous month. The median listing price was $285,000. The average days on market was up 42% from 30 days in 2017 to 43 days in 2018. The median sales price was just over $234,000. The averages for the month of February show a decrease of 7% for units sold year over year and decreased 12% over the previous month with a total of 236 units sold.

To find out more about all our local real estate markets, watch our 60-second market videos at: www.summitsothebysrealty.com/market-update

Greater Park City Market Update | 2017

We invite you to review Summit Sotheby’s International Realty’s residential market update for the Greater Park City area comparing 2017 with previous years’ data. This update also provides market data for Summit County, Wasatch County, 84060, 80498 and individual Park City MLS areas.

Greater Park City – Single Family Homes – All MLS: The number of single family homes sold was up 11% year over year with 1,283 units sold and sales volume was up 15% at $1,494,577,807. The average days on market was 87 days representing a 7% reduction year over year. The average sale price was up 4% to $1,164,909 and the average price per sq. ft. was $291.

Greater Park City – Condos – All MLS: The number of condos sold was up 4% year over year with 906 units sold while total sales volume was up 14% at $701,607,987. The average days on market was 99 days and up 24% year over year. The average sale price was up 9% to $774,402 and the average price per sq. ft. was $429.

Market data provided includes Average List Price, Average Sold Price, Average Monthly Supply of Inventory among others for 25+ distinct Park City market areas and is broken out by Single Family Homes and Condominiums and Vacant Land.

PCMLS areas include: Aerie, Deer Crest, Empire Pass, Glenwild – Silver Creek, Jeremy Ranch, Jordanelle, Kimball Junction, Lower Deer Valley® Resort, Upper Deer Valley® Resort, Old Ranch Road, Old Town, Park Meadows, Pinebrook, Promontory, Prospector, Silver Springs, Summit Park, Sun Peak – Bear Hollow, Thaynes Canyon, The Canyons, Trailside Park, Heber – Daniels, Midway – Charleston, Timberlakes, Kamas – Marion, Oakley – Weber Canyon, Wanship – Hoytsville – Coalville – Echo and Henefer,  Woodland – Francis.

No matter where you are in the real estate process of buying or selling, understanding the real estate trends is essential to your success in the local housing market so please contact your local Summit SIR sales associates for help!

Greater Park City Market Update | Q4 2017

Summit Sotheby’s International Realty has released information about real estate markets in the Greater Park City area for the 4th Quarter of 2017.

Market data provided includes Average List Price, Average Sold Price, Average Monthly Supply of Inventory among others for 25+ distinct Park City market areas and is broken out by Single Family Homes and Condominiums and Vacant Land.

PCMLS areas include: Aerie, Deer Crest, Empire Pass, Glenwild – Silver Creek, Jeremy Ranch, Jordanelle, Kimball Junction, Lower Deer Valley® Resort, Upper Deer Valley® Resort, Old Ranch Road, Old Town, Park Meadows, Pinebrook, Promontory, Prospector, Silver Springs, Summit Park, Sun Peak – Bear Hollow, Thaynes Canyon, The Canyons, Trailside Park, Heber – Daniels, Midway – Charleston, Timberlakes, Kamas – Marion, Oakley – Weber Canyon, Wanship – Hoytsville – Coalville – Echo and Henefer,  Woodland – Francis.

Ask a Summit Sotheby’s International Realty REALTOR® for help interpreting these charts.

October 2017 Salt Lake County Real Estate Market Video Update

October 2017 Salt Lake County Real Estate Market Video Update

Summit Sotheby’s International Realty has released information about real estate markets in Salt Lake County for the previous month. These market reports focus on units sold, median sales price, days on market and the inventory of homes for sale.

Salt Lake County – Single Family Homes: Active inventory was down 12% from 2016 with 2,615 units on the market and down 1% from the previous month. The median listing price was just over $410,000. The average days on market was up 19% from 27 days in 2016 to 32 days in 2017. The median sales price was $326,500. The averages for units sold in the month of September decreased 18% for units sold year over year and decreased 19% month over month with a total of 1,005 units sold.

Salt Lake County – Condominiums: Active inventory was down 15% from 2016 with 637 units on the market and up 2% from the previous month. The median listing price was just over $270,000. The average days on market was up 4% from 27 days in 2016 to 28 days in 2017. The median sales price was just over $212,000. The averages for the month of September show a decrease of 9% for units sold year over year and down 21% over the previous month with a total of 359 units sold.

To find out more about all our local real estate markets, watch our 60-second market videos at: www.summitsothebysrealty.com/market-update

Greater Park City Market Update | Q3 2017

Summit Sotheby’s International Realty has released information about real estate markets in the Greater Park City area for the 3rd Quarter of 2017.

Market data provided includes Average List Price, Average Sold Price, Average Monthly Supply of Inventory among others for 25+ distinct Park City market areas and is broken out by Single Family Homes and Condominiums and Vacant Land.

PCMLS areas include: Aerie, Deer Crest, Empire Pass, Glenwild – Silver Creek, Jeremy Ranch, Jordanelle, Kimball Junction, Lower Deer Valley® Resort, Upper Deer Valley® Resort, Old Ranch Road, Old Town, Park Meadows, Pinebrook, Promontory, Prospector, Silver Springs, Summit Park, Sun Peak – Bear Hollow, Thaynes Canyon, The Canyons, Trailside Park, Heber – Daniels, Midway – Charleston, Timberlakes, Kamas – Marion, Oakley – Weber Canyon, Wanship – Hoytsville – Coalville – Echo and Henefer,  Woodland – Francis.

Ask a Summit Sotheby’s International Realty REALTOR® for help interpreting these charts.

Park City Board of Realtors 2nd Quarter 2017 Statistics

pcpictureAugust 16, 2017 – Within the broader Park City market area, a changing geographic trend continues

At the close of the second quarter year-over-year housing statistics released by the Park City Board of REALTORS® show steady market growth and absorption of inventory in Summit and Wasatch Counties. With a unique mix of primary, secondary and investment property owners, the broader Park City market area is composed of numerous diverse micro-markets. Price-sensitive buyers looking for value are becoming more enticed by neighborhoods outside Park City than in the past; while properties in certain neighborhoods within the City Limits and the Snyderville Basin are being renovated to address design changes towards more contemporary layouts.

Year-Over-Year Single Family Home Sales

For our entire market area, the number of single family home sales was up 13% over the previous 12 months, the total dollar volume was up 16%, and the median sold price of $690,000 was up 4%.

With 374 closed sales, the Snyderville Basin surpassed all other areas and experienced more than double the total number of sales within the City Limits; while the median price in the Basin climbed 5% over the previous year to $970,000, it rose 20% within the City Limits reaching $1.9 M. With the growing number of second-home buyers who are willing to pay a higher price for new construction or recently renovated properties, there has been an upward tic in price for sought after locations.

Snyderville Basin

  • Over the last 12 months the neighborhood with the highest number of closed sales in the Basin was Promontory with a median price of $1.72 M. Offering new product and amenity-rich lifestyle, buyers have been drawn to the new design and multi-season services found in neighboring gated communities.
  • Jeremy Ranch had a median price of $925,000 and a total of 53 closed sales.
  • Pinebrook saw a 23% increase in median price to $922,000 and 48 closed sales.
  • Consistently low on inventory, Silver Springs had a median price flat to last year’s number at $938,000, with five fewer sales.

Park City Limits

  • Park Meadows saw a 23% increase in median price with $1.84 M and 44 closed sales – up 13% to the previous 12 months.
  • Old Town experienced an 11% median price increase to $1.49 M but a 16% decrease in number of sales.
  • The median sales price in Prospector was slightly up reaching $825,000, with 10 closed transactions.
  • Combined there were only 13 home sales in Empire Pass and Upper Deer Valley. Both neighborhoods saw median price decreases as well, with Empire at $5.66 M and Upper DV at $5.85 M.
  • Lower Deer Valley saw a burst of activity with nine more closed sales than the previous 12 months and held a stable median price of $2.1 M.

Jordanelle, Heber and Kamas Valleys

  • Driven by new construction in Victory Ranch, the Jordanelle area was up 28% in median price to $1.52 M.
  • Heber / Daniel had 203 closed sales for the year with a slight increase in median price to $360,000.
  • Midway, consistently reporting the highest median sold price in the Heber Valley, did so again at $469,000.
  • Quantity sold increased 24% in the Kamas Valley – and median sold price also significantly increased over the previous 12 months:
    • Woodland / Francis had a median price of $457,000 with 30 transactions.
    • Kamas / Marion had a median price of $312,000 with 34 transactions.
    • Oakley had a median price of $397,000 with 48 transactions.

Year-Over-Year Condominium Sales

For our total market area, the total number of closed sales was up 6%, total dollar volume was up 28%, and median sold price increased 12% to $500,000. The 333 condo sales within the City Limits surpassed the Snyderville Basin’s number of 310, and with new product available, the Jordanelle area saw a steep 39% increase in the quantity sold reaching 191.

Snyderville Basin / Jordanelle

  • The Canyons neighborhood averaged 10 sales per month with a total of 113 for the year – the highest in the Basin, with a 14% median price increase to $635,000.
  • The Kimball area had a steady 80 transactions with a median price of $335,000.
  • Pinebrook was on par to last year’s number of 61 closed sales sustaining a median price of $463,000.

City Limits

  • Old Town accounted for the highest number of condo sales with 133 (28 more than last year) and ended the quarter with a median price of $565,000.
  • Upper Deer Valley shot up in quantity sold, with 31 more sales than last year – the lion’s share of which can be attributed to Stein Eriksen Residences. The median price also increased to $2.6 M.
  • Activity in Park Meadows picked up due to larger unit sales in sub-divisions like Last Sun and Four Lakes, with a 31% increase in the quantity sold and a noticeable 56% price increase to $932,000.
  • Prospector’s median price of $136,000 remained stable to last year’s number.

Looking Forward

Sara Werbelow, President of the Park City Board of REALTORS® commented, “It’s important to pay attention to the micro-market areas that tell their own story; however, in general supply is continuing to pace with demand in our greater market area.” Since zip codes don’t explain neighborhood individuality, property condition, or amenities; and neighborhoods vary greatly in both price and inventory levels, buyers and sellers are encouraged to contact a member of the Park City Board of REALTORS® to find answers to specific real estate related inquiries.