*Year-to-date comparisons per Park City MLS.
Park City-area real estate prices are on the rise in most areas, as demand outstrips supply across the board. As a result, sellers in Park City and the Snyderville Basin are enjoying faster sales and higher prices.
While each neighborhood has its own micro trend, the median sales price for a single-family home increased some 12% in Park City and 6% in the Snyderville Basin, compared to the same time last year. The higher prices are resulting in a move toward the Kamas Valley, Jordanelle and Heber Valley areas, where both primary and vacation-home buyers are discovering more affordable real estate with breathtaking scenery.
Lower Deer Valley
Lower Deer Valley is among the pockets that seem to be holding fast, with some of the more established condominiums presenting great investment opportunities in addition to vacation enjoyment. Single-family homes in the Solamere area offer classic mountain luxury within minutes of the excitement of Main Street and the Snow Park Lodge. Factoring in Deer Valley’s new Ikon Pass, allowing for lift-ticket reciprocity at dozens of North American ski resorts, the area will surely continue to appeal to buyers seeking the Deer Valley good life.
Upper Deer Valley
The posh penthouses and residences of Upper Deer Valley and Empire Pass are presenting a higher-caliber inventory than ever before. The bar has risen with the onset of Stein Eriksen Residences, Empire Residences, One Empire Pass and the brand-new Goldener Hirsch residences – each presenting a high level of luxury with incredible access to the slopes.
Snyderville Basin Neighborhoods
While inventory remains low, prices for single-family homes have increased significantly over the past year in the area. For example, there were 28 total sales, the majority of which were priced from $750,00 to $1 million. Today, the average sales price is notably $1,017,399, with closed sales ranging from $1 million to $1.5 million.
In addition, prices for homes in the Sun Peak/Bear Hollow area are on the rise. Over the past year, the area has rendered a nearly 20% price increase for single-family home sales, now ranging from $1,037,800 to $1,250,000+.
In Pinebrook, average prices rose from $919,179 last year to $1,012,227 – a 10% increase overall. In Jeremy Ranch, average prices for single-family homes increased from $1,007,379 to $,1047,972 – up 4%. The common thread is the diminishing availability of homes priced under the $1 million mark.
Condominium prices are holding steady, and the new Quarry Springs project, featuring 68 townhome-style condominiums with contemporary finishes, will be ideal for buyers seeking a contemporary Park City lifestyle within easy commuting distance of Salt Lake City. Prices start in the low $500,000s.
With little inventory available, prices in the Silver Creek area have increased rapidly. One year ago, buyers could easily purchase a single-family home for under a million dollars. Today, average sales prices range from $975,000 to $2,699,000.
Single-family homes, lots and cabins in the Promontory area continue to attract buyers seeking the unique landscape and private golf and country club lifestyle that underscore the area. Overall prices for single-family homes rose by about 7% last year, although year-to-date comparisons were slightly tainted by last year’s release of developer cabins. Regardless, new construction is underway as Promontory continues to be in high demand.