I recently returned from a family vacation to Northern Europe. The photo above is a selfie of my daughter, Whitney, and me on the London Eye. You can see Big Ben in the background! We visited six countries. Travel always makes me appreciate my wonderful Park City lifestyle.
During the lengthy trip back home, I had lots of time to dig through the January-June 2015 market statistics released by both the Park City Board of REALTORS and the Utah Association of REALTORS.
Park City Market Takeaways
There are some consistent messages, no matter how the data is sliced and diced.
1. Single family home median sale price is up about 8-9% over 2014. Of course the Park City market is very segmented. Median sale price was down in 84060 (Park City proper) and up about 20% in 84098 (Snyderville Basin). This could mean that as Park City proper becomes more expensive, buyers are electing to purchase homes outside of the city limits.
2. Number of closed sales is up 9% over 2014, making the first half of 2015 the best first half of the year in sales since 2007.
3. Dollar sales volume is up 11% over 2014. More sales and higher prices mean higher sales volume.
Interesting Neighborhood Stats
1. Median condominium sale price is up 21% in Old Town over 2014. I think this is a reflection of the fact that in early 2014, the Park City Mountain Resort lawsuit was still pending. During the first half of 2015, buyers have been eagerly snapping up Old Town condominiums in anticipation of Vail Resorts’ planned improvements.
2. Median condominium sale price is up 41% at Canyons over 2014. I believe this is a reflection of two facts: (1) Vail Resorts’ announcement that it would connect Canyons Resort to Park City Mountain Resort for the 2015-16 ski season and (2) There are many new condominiums for sale at Canyons, including Juniper Landing, Fairway Springs, and Blackstone. These new condominiums are larger and priced much higher than older projects such as Hidden Creek and Red Pine.
3. Look to more sales activity in Wasatch County. I have noticed a stunning amount of activity in Wasatch County, including continued strong sales of the new condominium projects near the Jordanelle. This area is both affordable and close to Park City and Kimball Junction. Single family residence sales were up 89% near the Jordanelle, and condominium sales were up 8%. Deer Vista, a new development near the Jordanelle, area also looks promising.
Overall, I think the Park City real estate market is strong and stable. It appears that the “Vail effect” will continue as Vail Resorts has just announced its rebranding campaign for its Park City resorts. Between Vail Resorts’ marketing machine and the strong economy in the Salt Lake Valley, it appears that we can expect our real estate market to remain strong in the near future.
Thinking about a Park City investment property? Contact me! There are still some great opportunities at Park City and Canyons. (I guess I should start referring to those two resorts by their new names, “Park City” and “Canyons Village at Park City”.)