2015 Year End Market Report - Park City, Utah 1 | Page 2

201 5 SUMMIT & WASATCH COUNTY REAL ESTATE OVERVIEW ABOUT THIS REPORT PARK CITY COMMUNITY OVERVIEW This comprehensive yearend market report is designed to give an overview of Summit and $12 K Wasatch County real estate. We feel that our clients should have access to information that facilitates thoughtful real estate decisions. All statistics are based upon Park City Board of Realtors MLS data for the period of 1/1/15 to 1/1/16. Spending Per Student in Park City and Surrounding areas 400 8,000 Acres of Open Space in Park City Miles of Trails The Park City market remains highly segmented. Our town, its neighborhoods, and outlying areas differ significantly in terms of price, home type, and features. For example, 350” 1.8 M while Deer Valley and Prospector share the same zip code, average single family home prices in these two neighborhoods differ dramatically. Data interpretation, judgment, and historical context are key elements to making informed decisions: Contact your local BHHS Utah agent for guidance on navigating our market place. Annual Average Snowfall Season Skier Days highest% Summit County boasts the highest % of civilian volunteers in the country i The market suggests that we are recovered from the recession. We are now seeing home prices and sales Several luxury lifestyle developments have seen unprecedented success over the last year. Both the Colony and Promontory reported an almost 30% increase in the number of home sales in 2015 compared to 2014. Consumers seem attracted to projects with engaging amenities and lifestyle offerings. CONDOMINIUMS The number of sales of single family homes in our City Limits and Snyderville Basin only saw a very gradual increase from 2014, and several areas actually saw a decrease in properties sold. However, the average sales price is up over 2014. There was a slight leveling off of the number of sales in Park City, possibly due to lower inventory. LUXURY Prices in Park City Proper’s long standing residential neighborhoods like Park Meadows have shown signs of tapering somewhat. The price of single family homes in Silver Springs, Redstone, Old Ranch Road, and Pinebrook areas steadily increased last year. The numbers suggest that the difference between properties in town and just out of town has narrowed in terms of price and desirability. SINGLE FAMILY PRICING MARKET TRENDS There have also been large increases in sales numbers of condominiums in Lower Deer Valley, Kimball Junction, and Jordanelle neighborhoods. Both Kimball Junction and Jordanelle reported the highest number of sales per neighborhood; 135 condominiums were sold in 2015 in those areas. Similarly, Lower Deer Valley saw a 25% increase in the number of condo sales year over year. numbers that are on par with those before the recession. Our market looks healthy and show signs of steady growth.