Park City Real Estate: Sales By Price

By keziah

Jan 02, 2018

Park City Real Estate Sales: Activity by Price Point

We’re always watching Park City real estate market trends to see not just locations of where buyers are buying and sellers are selling – but at what prices. The following graphs reflect the sales results between 2015-17. Read through to learn what drove certain activities and note where anomalies occurred. This info may be helpful if you’re considering buying or selling a home so you can see how competitive or active the market will be for your targeted price range.

Single Family Homes:

Between 2015 and 2017, the Park City market had a yearly decline in the number of single-family homes sold in the <$750k range primarily because home prices went up! As a result, all the selling activity shifted up to the homes priced between $750k-$1m – making that the most active price point range, with the highest number of homes sold in 2017 at 125 units.
Following that same increase trend were single-family homes priced between $1.0m-$1.5m with 108 units, $1.5m-$2m with 78 units, and $2m-$2.5m with 46 units sold.
The number of homes sold at the $4m-$5m ranges declined slightly, but then numbers increased in the $5m-$7.5m range with 27units sold. Much of this shifting in each of these price points was again the result of “trading up” to newer properties. Of the homes sold in the $5m and above range, approximately 60% were ski in/ski out homes.

Side note: the least expensive true ski in/out (think “beach front property”) home sold at The Colony for $3.4m. (Although, it was just a guesthouse.)

Condominiums:

It’s clear that 2015 was a big year in the <$500k price ranges, with 287 closed sales. The launch of Newpark Terrace in Kimball Junction was a big driver of this activity. We have yet to see that kind of volume since new building has been limited to smaller projects and has moved outside of Park City proper.
The $500k-$750k range had its best year in 2017 with 168 units sold, reflecting the increase in condo prices. There was a mix of subdivisions in this range, which shows that sellers may have been trading up mixed with new buyers in the area.
Although the numbers are small for higher price point condos, 2017 had its highest number of units sold in the $2.5m-$3.5m ranges with 23 units and 18 units sold respectively, and in the $5m-$7.5m range with 10 units sold.

Side note… 2018 promises to see several newly built projects within the Snyderville area with Apex and Viridian rolling out by late Spring. These will have higher price points starting in the high-700’s.

How can this info best work for you? Whether you’re considering buying or selling, talk to one of our You In Park City real estate professionals to find out.

*Within Park City and Snyderville Basin city limits.

Tags: buyers, condominiums, Luxury, Park City, Park City real estate, park city real estate sales, homes in park city, Park City Home Prices, You In Park City
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Home Upkeep during Winter: How to Keep Your Property Values Up Through Proper Winter Home

By Todd Anderson

Sep 24, 2015

W snow-winter-chairs-seats inter preparedness is essential in the Park City area, especially when it comes to your home. When you properly care for your home during the cold months, it can not only keep you warm, but can also maintain your property values.

Here are a few tips for winterizing your home.

Drain your outdoor watering systems. You should drain and blow out your sprinkler systems. In addition, you should ensure that your outdoor spigots are drained as well.

Ensure that your pipes are well insulated. Proper insulation of your pipes can help prevent pipes from freezing and bursting. If your pipes are not well insulated, you should have your faucets open to a trickle to prevent freezing.

Install weather stripping. Use caulk and weather stripping around any doors and windows that may have large gaps that allow cold air in. You can also use expanding foam. Using shrinkable plastic over leaky windows can also help keep the cold air out.

Exterior drains and gutters should be free of debris. If your gutters and drains are not clear, they may back up when the snow melts. This can cause them to get weighed down and break, which can be costly to repair.

Tune up your furnace. Your furnace should be checked by a professional about every other year. Additionally, your furnace filters should be changed regularly. These steps will ensure that your furnace is working efficiently. Also, the filters collect dust and debris so when they are dirty, your furnace may have to work harder to warm your home.

Have your chimney inspected. Soot can collect in chimneys and clog it, which can be a fire hazard. Have your chimney inspected each year before the winter season to prevent serious issues.

Cover your outdoor furniture. Put a cover on your grill and any other outdoor furniture. Over time, cold and snow can damage wood and metal.

Proper home maintenance can help you avoid costly repairs, as well as help you keep your property in the best shape possible.

If you would like more home care tips, the professionals at YouInParkCity.com and KW Park City Keller Williams Real Estate have the knowledge and experience to help you. If you are interested in selling or purchasing properties in the area, we can also help guide you through the process. We are here to help!

Tags: park city home winterizing, winterizing your home, park city property values, real estate in park city, homes in park city
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