I ran some numbers for my own amusement, and thought sharing the results here was appropriate. As much for the agents that read my stats as the potential sellers and buyers looking at the market. Just a note that Econ/Finance was my focus for 5 years at the University of Utah, so drink coffee while digesting the information.
The Park City real estate market has several areas of interest.
The number of transactions…where are the sales happening, and how much different from a year ago for the first three months of 2015.
Park City saw 141 sales in 2014, and 139 in 2015, this is just for within the City limits. Taking in to account Park City, Snyderville Basin, Jeremy, Pinebrook, Promontory, and the Jordanelle, 2014 saw 331 sales, and 2015 was 354, the bulk of the increase coming from the Snyderville Basin with 18 extra sales.
Deer Valley homes, the golden ticket for Park City Realtors, well, there were 8 sales in the first quarter of 2014, that number went up to 10 in 2015.
Condos are more of a bill paying machine. Park City Realtors sold 88 condos in 2014 with a median price of $667,000. A slight drop in inventory, the Vail announcement of acquiring Park City, and 2015’s first quarter was down to 85 units, at a $665,000 median. Yes, the opposite of what everyone seems to think.
Deer Valley Condos, again, the golden ticket, Montage, St Regis, Stein Eriksen Residences (though these are under contract won’t close till they are built). 2015 actually saw an increase in activity for the first quarters comparison 2015 had 40 sales, 2014 had 31. But would you believe it, the median sales price was nearly a half million less. 2015 $995,000 to 2014 $1,485,000.
So where is the local hype? In the local housing market in Snyderville Basin, Pinebrook, and Jeremy Ranch. And somewhat specifically, things in Silver Springs and Ranch Place. 2014 had a paltry 52 sales in the first quarter of 2014 at a median value of $735,000. 2015 has started with 61 sales at the median number of $964,000.
That’s it in a nutshell. If you want something specific to your needs analyzed, I suggest sending me an email at rich@fineproperty.com with the request.