Park City Q4 Real Estate Market Report

Posted by Kathryn Vallee on Wednesday, February 12th, 2020 at 9:14am.

Park City Q4 Real Estate Market Report

Park City Single Family Homes:

Soon Park City will be in the peak of homes entering into the market place. Our home selling season peaks between May and October with the inventory of homes available starts to shrink from mid- summer until early spring the following year. Last year the number of homes for sale decreased from a peak of 2,347 in June and this year will be no different. Inventory will be tight.

Old Town:

The median price for a home in Old Town increased 17% to $1.83M.

Park Meadows:

The median price for a home in Park Meadows had an average price increase of 4% to just over $2.25M.

Snyderville:

The median price increased  8% to just over $1.7M.

Pinebrook:

Pinebrook Area resident saw the biggest increase in median price of 30% to $1.16M.

In outlying areas, Deer Mountain, Tuhaye/Hideout and South Jordanelle saw double digit increases in median price and sales volume.

Jordanelle area:

Jordanelle is considered as the next biggest growth area in Park City. The median price appreciation jumped 40% to just shy of $2.2M on unit sales that were up over 20% from last year. That median price bumped Park City proper from its long-held perch as the most expensive area. There are currently 20 new construction developments ranging in price from upper $600's to over $2m.

Park City Condominium:

The Park City condominium and townhome market is "Hot" with the number of sold condominium up 24% to 966 units compared to the previous 12 months. The Park City median price for condo/townhomes was up 7% to $644,000 from this time last year.

Old Town:

The median prices increased 3% to $589,000.

Park Meadows:

Park Meadows sales increased 52% but the demand was for lower priced stock, reflected in a median price drop of 30% from 2018.

Old Town, Lower Deer Valley and Deer Crest showing median price gains. Sales activity in Old Town topped 2018 by 33%, growing to a near record 132 units, just shy of the 141 units sold in 2017.

Snyderville Basin:

The median price for a condo/townhome in Snydervill Basin increased 20% to $649,500.

Canyons Village:

The Median price in Canyons Village jumped an eye-popping 61% to $975,000. 

Going forward in 2020, The Park City real estate market shows signs of a healthy stable market. The home prices in Park City are slightly above the national average of $240,000. The greater Park City market in general continues to show great stability in single family home with the strongest single-family price gains appeared in the fast growing Jordanelle area. Jordanelle overall posted a 40% median price increase over the same period in 2018. Park City condominium and townhome sales exploded in fourth quarter increasing 24% in units sold (966 vs 777 sold in 2018) with a solid median price gain of 7%. 

View Kathryn Vallee's Market Videos

Did you know? 

We offer far more than just a pretty Park City real estate website! We can provide you COMPLETE market evaluations for your home, take you on a VIRTUAL walkthrough of any property, and even offer assistance with special circumstances (divorce, estates & probate, 1031 tax exchanges, trusts and other more complicated real estate transactions) where needed. We have the experience to make your real estate vision a reality. Call us today for a consultation. We are happy to assist you!

 

How Much is Your Home Worth??

Whether you are thinking of selling now or some point in the future, you can ALWAYS check your homes value with us! We prepare a professional market analysis with no cost or obligation to any home or condo owner in the Park City area. Automated Valuation tools are notoriously innaccurate in our area. Let us provide you with the information you need!

FIND OUT NOW

Leave a Comment

Format example: you@domain.com
Format example: yourwebsitename.com