Park City 3rd Quarter Real Estate Statistics
I spent time this afternoon with Park City’s top real estate agents discussing the Park City Board of Realtor’s statistics for the third quarter of 2015. There are subtle shifts taking place in our market. None of us could predict if these are the start of new trends or just statistical blips. We will be keeping our eyes on all of these trends to see where we wind up at the close of the year.
- The most affordable markets in Park City, condominiums in Prospector and Kimball Junction, experienced a huge surge in sales. Prospector sales increased by 146% while Kimball Junction sales increased 77%. While appreciation was just 4% in Prospector, the median sale price for condos in Kimball Junction increased by 58%. Many of these sales are attributed to Newpark Terrace, which was recently completed. Sidenote—I love Newpark Terrace. There are just a few left. Let me know if you are interested in these darling 2-bedroom condos with mountain views and walking distance to everything in Newpark.
- Old Town condominiums continue to sell at a rapid pace of almost 12 per month. Median sale price is up 21%.
- The Snyderville Basin had twice as many single family sales and appreciated almost 3 times more than Park City limits. The median sale price of single family homes in 84098 (Snyderville Basin) increased 20%, while the median sale price of single family homes in 84060 (Park City Proper) increased by 7%. There were 180 homes sold in 84060 and 350 sold in 84098.
- The Silver Springs neighborhood median sale price increased by 25%. Our realtor group predicted that appreciation would slow down in that neighborhood.
- Condominiums in the Jordanelle area continue to sell as fast as they can be built. Sales increased by 7% while median sale price was up about 9%.
All of us realtors are curious to see the so called “Vail effect” on prices and demand. We know Vail Resorts is sure to drive lots of new people to our town. Will those tourists fall in love with Park City and want to invest here? Will they drive property prices up? Stay tuned to my blog and I’ll post winter sales statistics just as soon as the snow flies!
If you are curious about the sales in your neighborhood, just drop me a note and I’ll send you the statistics.