Park City Real Estate Trends

Park City Utah’s Hottest Real Estate Neighborhood

By Todd Anderson
Jul 31, 2013

Park City Real Estate prices have been trending up for the past year or two now (we here at YouInParkCity.com called the market bottom around February of 2012). Some areas are seeing prices rise much faster than others.

 

Summer generally sees an increase in sales of the low to middle price point single family homes in Park City and this year has been no exception. Areas with easy access to Salt Lake City as well as local Park City amenities are in the greatest demand.

 

A few of the areas that we generally see heat up during the summer include Silver Springs, Park Meadows, Trailside Park, and Jeremy Ranch, Pinebrook and Prospector. The first half of the year shows Trailside pricing up by 23%, Park Meadows up by 25%, and Pinebrook up by 15%. The variables of the home sizes and age make the relatively small number of homes sold a year ago have the ability to skew the numbers, so while prices are definitely up, home values have not increased by these amounts.

 

home prices in Park City, Utah are on the riseThe Snyder’s Mill area of Silver Springs though may actually have seen this type of increase. While the Park City Board of Realtor statistics show only a 7% rise in prices for the Silver Springs area, sales in Snyder’s Mill represent one of the hottest neighborhoods in Park City. This year has 4 of the top ten highest sold prices that have ever been paid for a home in the Snyder’s Mill subdivision of Park City. Three of the homes have sold recently are the 2nd, 3rd and 4th highest per square foot values that have ever been paid in the Snyder’s Mill area. Current pricing and sales are eclipsing the peak pricing from 2007. When the subdivision was originally built in the early 1990’s, homes sold for as little as $90/sq ft. Tastefully remodeled homes in Snyder’s Mill are now selling for over $300 per square foot.

 

The combination of a well-kept neighborhood in a central location with easy access to Park City (historic as well as the new area at Kimball Junction) and pricing in the sweet spot of the Park City real estate market ($500K-$800K) make Snyder’s Mill one of the hottest real estate neighborhoods in Park City, UT.

 

For information on buying or selling in Snyder’s Mill or any Park City area neighborhood contact a real estate professional with YouInParkCity.com (888)968-4672.

All Real Estate is Local

By Todd Anderson
Jun 02, 2008

          One of the most commonly asked question a Park City REALTOR® gets asked is "how is the market?"  We've written about this before in the YouInParkCity.com blog, but we think it deserves to be said again.  "It really depends on where you are and what you are trying to accomplish in terms of buying, selling or investing, but most important is the idea that all real estate is local.           We've noticed some recent Park City numbers that reinforce this point on a local neighborhood level.  The Silver Springs real estate area in Park City, Utah currently has 19 active single family home listings.  During the month of May, 7 single family homes were put under contract and 1 sale closed (given the average under contract / pended times, the others should close in June).  This represents quite a lot of activity in this neighborhood.  So the answer to the "how's the market?" question could be "great" or "hot".           To the contrary, we can look at the available homes, new pending sales and closed transactions for the Promontory neighborhood in Park City:  There are currently 63 active single family home listings in this real estate area, zero went pending in the month of May and only 3 have gone pending this year.  So, the answer to the "how's the market?" question might be "tough", "slow", or "a Buyer's market".            These two real estate markets are both part of Park City real estate and tell very different stories.  The idea that all real estate is local can be narrowed even further than this may suggest.  It may be the perfect view of the ski run, access to a great running trail, or proximity to a local school that makes a home "perfect".  These limiting factors bring about scarcity and drive demand.           The "perfect home" that you want may be represented by only a few possibilities in a given neighborhood, and the fact that one is currently available may make it the right time to buy.            "How is the market?" is really determined by what is available in a given local area.  Think of this in terms not only of a state, county, or city, but down to specific neighborhoods and even streets and which side of a particular street.           For information regarding your present or future home in the Park City area; contact http://www.youinparkcity.com/ .  submitted by Todd Anderson Data mentioned herein was taken from the Park City MLS on May, 30, 2008 deemed accurate and reliable, but not guaranteed.    

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