Sidford Real Estate News
From our broker Jess Reid:
A record high! The Greater Park City real estate market’s overall sales volume exceeded $2.4B in 2017, this is up 13% compared to 2016, all properties and all types. This is a new record high, surpassing the prior 2005 record. Overall, our market has seen a 6% increase in transactions, which is the highest number of sales since 2006, and a 7% increase in the average sold price. This steady upward trend indicates that our market continues to be strong and steady and buyers are confident in their investments. Notable influences on our market include new construction projects, extremely lean supply of inventory in some areas, and recent acquistions of ski-resorts. Prices and demand in outlying areas, such as Heber Valley and Kamas, have also increased as our market expands. Read on to learn about the diverse segments of our market.
The single family home segment is strong with total closed volume up 15%, and the number of transactions up 10%. Some areas that saw a significant increase in sales included Old Town, Thaynes Canyon, Promontory and Kamas. Each area of our market is very unique. Here are average single-family sales prices in popular areas: Deer Valley – $4.2M, Old Town – $1.9M, Park Meadows – $1.8M, Silver Springs – $950K, Jeremy Ranch – $970K and Heber Valley – $695K.
Condominiums still prove to be a substantial part of our total sales volume with over $704M in condominium sales in 2017, which is up 12% compared to 2016. The average sales price of a condo is up 9%, to $775K, and transactions are up 3%. Old Town has a very healthy condominium re-sale market, the volume sold is 45% higher than at this time last year, due to increased average sales price. Deer Valley and Canyons have a lot of new construction projects, sales and reservations.
Vacant land and lot sales volume has decreased 11% with 611 sales in 2017, compared to 586 in 2016. There is very little vacant land and lots that are available in the city limits. The most activity that we see in this segment of the market is in Promontory, Glenwild, the Jordanelle area and in the Heber Valley. Anyone interested in purchasing vacant land should work with an experienced Realtor, given the diversity in price, amenities, etc. in different areas.
Deer Valley continues to satisfy luxury home buyers. New luxury projects such as One Empire Pass, Stein Eriksen Residences and Goldener Hirsch Residences gained immediate attention in the market. These sales have increased condominium sold volume and transactions in Deer Valley for 2017. Currently, the average sales price for a condominium is $2M and $4.2M for a single family home. However, you can still purchase a condo in Lower Deer Valley for as low as $400,000.
The 2018/2019 winter season will be Ikon-ic! Deer Valley’s new owner, Alterra Mountain Company, announced that a new season pass will be on sale this spring – the Ikon Pass. It will include 23 other ski resorts such as: Steamboat, Snowbird, Alta, Jackson Hole, Killington and Mont Tremblant. Much like the “Vail Effect”, we think this will make Deer Valley become a more popular destination. Prices for the pass have not yet been released but we assume it will be competitive with the Epic Pass. Stay tuned, no pun intended.
Inventory is at a record low! There were only 975 active listings at the beginning of 2018, which is a record low since the Park City Board of Realtors started keeping track of inventory in 2007. In January of 2017, there were 1096 active listings and in 2011 there was an oversupply of listings, with over 1800 active. This excludes the outlying areas including Heber, Kamas, Oakley, etc.The demand for housing, with such a low inventory, makes for a strong ‘seller’s market’. Absorption rate, the amount of time it takes a home to sell, is low at 5.8 months. However, the absorbtion rate is significantly higher when a home is priced over the median sales price.
Park City just keeps getting better whether it’s the arts, restaurants, trails, open space or retaining a sense of community. It is hard combination to beat and more and more people are seeing that. Now could be just the right time for you to make that investment in our area and enjoy your, “QTR”.