Local Area And Real Estate News

Making Sense of Park City, UT Housing Prices

By Todd Anderson
Dec 02, 2017

Park City, Utah home and condominium prices in general are still rising, but a few things have had me scratching my head recently.

Wasatch Back MLS Market WatchI study the data on the Wasatch Back (formerly Park City) Multiple Listing Service (MLS) daily. I watch the new listings, pended sales, completed sales, removed listings and price changes depending on the day of the week, there are 35-75 daily changes.

Price Changes can really give an idea of which way the market is trending although in some cases they make me wonder “what was that agent or owner thinking?” when they priced it originally. Recently I sent a new listing to a client with a note stating, “this is priced well and likely won’t last long”.  Two weeks later it still hadn’t sold which made me question my knowledge, but then a price increase on the property showed up with the price going UP by nearly 35%. I somewhat wrote this off to an agent with little experience in our market, but I noticed something similar from a seasoned agent that knows our Park City real estate market well. This time it was a 20% price increase, but both properties remain on the market a few weeks later waiting for offers on their increased prices. Maybe we can chalk it up to greedy Sellers(?).

While price increases on listed Park City properties are fairly rare outside of new construction which often sees pricing go up as the projects are closer to complete, price reductions are common. Owners may like to “test” the market with a high initial price only to lower it after a few weeks. Lately though it has not been uncommon to see prices be lowered by 20% or more. Seeing a $500,000 drop on the price of a home is surely a good talking point, but I’m not convinced that it is a great marketing strategy. Buyers will tend to not even look at a property that is too far above the market and Sellers often get “anchored” to their original price whether or not it was realistic.

The Park City real estate market has a lot of moving parts and inventory can be quite slim depending on what exactly you have to sell or are looking to buy. Properties that are priced well move quickly, but it doesn’t mean that you can get or need to pay 20% more than the market value.

If you are looking to Buy or Sell property in the Park City, Utah area or just want a better feel for what is going on in the market, contact a realty professional with the YouInParkCity.com Group

(435)962-9472.

Park City Real Estate Sales 2015 Q3

By Todd Anderson
Oct 12, 2015

The Park City, UT real estate market continued its strong trends for 2015 with the highest quarterly sales for the year and the third highest quarterly sales volume (unit sales) since 2006.

As per the YouInParkCity.com norm we look only at home and condominium sales in the “Greater Park City Area” (Park City and Deer Valley, the Snyderville Basin and the Jordanelle Reservoir Area.

Park City Single Family Homes Sold Q3 2015 Sold Park City Homes Q# 2015

There were 145 Single Family Home sales in the Greater Park City area during the third quarter of 2015. This number was down slightly from the same time in 2014 by approximately 10%. Conversely the median sales price jumped by $105,000 to reach $955,000. Sales of homes under $500k have almost completely vanished as there were seven such sales in the past quarter while the same period last year had twenty.  At the time of this writing there were two available homes listed for under $500K. At the other end of the spectrum, there were thirty five sales for more than $2M the same period last year had only nineteen. The current inventory of homes listed for over $2M is over two hundred.

Condominium Sales for the third quarter saw a large jump versus the third quarter of 2014 with 227 sales versus 193 during 2014. The median price stayed about the same as last year at $421K. A large portion of the bump in sales volume can be attributed to the completion of the Newpark Terrace development with forty sales recorded. With the exception of Newpark Terrace, condominium sales in Park City were spread evenly among developments.

Once again sales are happening very quickly with 38% of the recorded sales being on the market for less than two weeks. This is more significant for homes and condominiums under the median sales price. With fewer options on the market, Buyers need to quick to react to new listings.

Scarcity is a driving factor for Park City real estate; our focus in this report is Park City area homes and condominiums. Areas immediately outside Park City make up 25% of the sales across the Park City MLS system. The Kamas and Heber Valleys as well as Wanship & Coalville areas can provide viable alternatives to Park City with more property inventory and less scarcity.

For assistance in marketing your property for sale or finding a property to purchase contact a realty professional with the YouInParkCity.com group at KW Park City Keller Williams Real Estate (435)962-9472.

Data herein was compiled from the Park City Board of Realtors MLS System.  Information is deemed reliable, but not guaranteed.

Park City Real Estate Competition by Price Point

By Todd Anderson
Sep 29, 2015