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STABILITY CONTINUES ACROSS MARKET SECTORS
VOLUME UP • NEW CONSTRUCTION ON THE RISE
Park City’s resorts and lodging properties have witnessed strong sales thanks to our excellent ski conditions. Several large “footers” arrived just in time for the holiday week visitors, and the storms have been consistent ever since. The mood around town is certainly upbeat! 
 
MARKET STATS
For 2015, total sales volume for Park City was up 11%, with a total of $1.56 billion in sales.  For the first time in several years, significant new developments are getting underway at Canyons Village at Park City and in the Silver Lake & Empire Pass areas of Deer Valley.  Please scroll down to the bottom of this report for details on these new communities.  (Click on graphs to enlarge.)
Just over 1,700 pended sales were recorded in the Park City marketplace*, representing a 3.4% increase over 2014 results. 
Closed sales demonstrated a healthy 5.6% increase over 2014.
 The number of active listings are still very low across all three sectors (single family, condominiums and vacant land) – with just 1051 active listings coming into 2016.  At our current sales pace, this indicates a very low absorption rate of just under 7 months of inventory.  
Low market inventory and double digit increases in volume have driven the median price up 4.7% to $560,000 across all product segments.  Looking specifically at single family homes, there was a record of homes sold - 538 sales and $852 million in volume.
NEIGHBORHOOD NEWS
The Park City market area has many “micro-markets” where interesting but conflicting trends should be noted.  Please ask me for details if the statistics below don’t encompass your area of interest.
SINGLE FAMILY HOMES 
Low inventories continue to drive up the median home price within Park City limits. While 12% fewer homes sold in 2015 as compared to 2014, the median price jumped 17% to $1.5 million. Note the following statistics of interest:

Park Meadows: The median price rose 11% to $1.44 million, despite 13% fewer sales (49 homes sold in 2015 versus 56 in 2014).

Old Town: In Old Town the median home price rose 6% to $1,312,000 with 10% fewer sales in 2015. Interesting to note the average price increased 19%, from $1.3 million to $1.54 million across 52 sales.

Upper Deer Valley: The median price dropped from $3.9 million to just under $3.5 million (11% decrease) despite a 20% increase in number of sales.

Glenwild/Silver Creek: This area experienced a big jump in transactions - 39 this year versus 22 the year prior. While the number of transactions grew 77%, the median price only rose 1% and sits at $1.23 million.

Pinebrook: Median prices in Pinebrook dipped slightly (2%) to $734,000. Transactions grew at a rate of 30%, rising from 37 in 2014 to 48 in 2015.

Promontory: This area continues to be very active. 60 single family homes were sold in 2015, an increase of 36%. While the median rose 6% to $1.67 million, total volume was up 54% with just under $115 million in sales in 2015.

Jordanelle: The median price rose 13% to $900,000. The number of transactions grew by 85%, with 37 homes sold. Total volume was up 116% to $40.4 million.

In the Heber Valley, the number of homes sold in Heber & Daniels increased 10% to 129. Volume was up 35% with a total of $66.4 million in homes sold. The median price there is now $344,950, up 11% over 2014. In Timberlakes, the number of transactions increased 37% driving the median up to $314,000, a 34% increase. Total sales for 2015 were just shy of $12 million.

 
CONDOMINIUMS
The total number of transactions within Park City limits were down 13% over 2014, with 329 total sales.  

Old Town:  While transactions were down 35%, with 108 sales in 2015, the median price increased 15% to just under $450,000. 

Lower Deer Valley:  The number of condominiums sold jumped 25% for total volume of just under $55.4 million, an increase of 47% in dollar volume.  The median price rose 9% to $780,000.

Prospector:  This area saw a big jump of 38% in the number of condominiums sold.  With 55 sales, total volume was $12.8 million; the new median of $155,000 was up 27%. 

Sun Peak/Bear Hollow:  This area saw a 71% increase in the number of total sales, however the median price dropped 10% to $394,000, largely due to the influx of new sales at the newest building, Bear Hollow Ridge. 

Jeremy Ranch:  The total transactions increased 36%, with 19 sales totaling $11.3 million – an increase of 60% year over year.  The median price rose 15% to $574,000. 
LAND SALES
Since Park City is nearing build out, the most notable “in-town” lot sales were in Lower Deer Valley, where a total of 8 lots sold.  The median price rose 59% to $572,000. 

The Canyons:  While the number of lots sold decreased by 18%, the median rose 22% to $1.93 million. 

Glenwild/Silver Creek:  The number of lots sold increased 20%.  Total volume across 42 sales was $17.9 million, resulting in a 19% increase in the median to $442,500. 

Promontory Area:  As the most active land sales area in our overall market, Promontory experienced a 31% increase in the total number of sales.  A total of 72 home sites were sold resulting in a 56% increase in total volume, which reached $29.2 million.  The median price rose 5% to $305,000. 

Jordanelle:  This area also saw big growth in lot sales, which grew at a rate of 92%.  Total sales more than doubled to $23.8 million, a growth rate of 130%.  The median price jumped 32% to $250,000.

 
NEW COMMUNITIES/DEVELOPMENTS

Please call me for early pricing and selection opportunities on these new offerings, many of which offer pre-construction pricing.

CANYONS VILLAGE AT PARK CITY
The Residences at Blackstone are virtually ski-in/ski-out at Canyons Village of Park City Mountain Resort, the largest ski resort is the United States. Blackstone consists of 32 town homes, with 12 select residences remaining priced from $1,075,000.

Introducing Apex Residences - Park City — an exclusive collection of architecturally stunning ski-through resort retreats located at Park City's premier base area in the newly expanded Canyons Village.

 

Strikingly progressive, yet unmistakably mountain, Lift looks and lives like nothing else in Canyons Village. This collection of 61 homes includes fully furnished 1,2,3 and 4-bedroom residences to suit a wide range of owners. The prime ski-in/ski-out location is in the planned vibrant village core with new restaurants, shops and cafes.

 
DEER VALLEY
Given a stunning location commanding spectacular views of Deer Valley ski mountains, One Empire Pass is an intimate ski-in/ski-out community of just 27 private residences with unprecedented amenities. 
The Residences at Goldener Hirsch Inn are situated mid-mountain in the Silver Lake area of the world-renowned Deer Valley Resort in Park City, Utah. Designs are being finalized for between 32 and 38 condominiums just west of the inn. If you'd like to be kept informed as details unfold, please give me a call.
IN MEMORIUM

Stein Eriksen
, the legendary alpine skier, passed away peacefully on December 27, 2015 at his home in Park City, Utah. Stein contributed greatly to the industry as Deer Valley's Director of Skiing. He was 88 years old.

LINDA CHILDERS

435-640-9155
lindautah@msn.com
www.lindaparkcity.com

*All data based on statistics provided by the Park City Multiple Listing Service for Areas 1 – 23 for single family homes(SF), condominiums (CO) and vacant land (VL) Charts and analyses compliments of Rick Klein/Wells Fargo Bank. Prices have been rounded for readability.

If your property is currently listed, this is not a solicitation.  We cooperate fully with all real estate professionals in our community. 
Copyright © 2016 KW Keller Williams Park City Real Estate, All rights reserved.


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