2016 Year End Market Report - Park City, Utah Real Estate 2016 Year-End Market Report | Page 2

2016

SUMMIT & WASATCH COUNTY

REAL ESTATE OVERVIEW

ABOUT THIS REPORT
This comprehensive year end market report provides an overview of Summit and Wasatch County real estate. We strongly believe 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 / 16 to 12 / 31 / 16.
The Park City market remains highly segmented. Our town, its neighborhoods, and outlying areas differ significantly in terms of price, home type, features, and amenities. For example, while Deer Valley and Prospector areas share the same zip code, average home prices in these two neighborhoods are very different.
Our predictions: We expect additional new developments to come to market in 2017 in the Jordanelle, Heber, and Canyons areas. Inventory will remain low in many areas, especially in Park City proper residential neighborhoods. Finally, while mortgage rates will continue to rise mildly, we do not see this trend influencing buyer demand significantly.
Data interpretation, judgment, and historical context are key elements to making informed decisions: Contact your agent for guidance on navigating our marketplace.
Steve Roney Chairman, CEO & Owner Berkshire Hathaway HomeServices Utah Properties
2016 STATISTICS GENERAL TAKEAWAYS i
The market as a whole has shown measured improvement that is slightly more robust than average U. S. trends in home price and sales volume. We are now seeing home prices and sales numbers that are slightly above those before the recession. In summary, our market looks healthy and shows signs of steady growth.
OVERVIEW
Park City proper’ s long standing residential neighborhoods have lower inventory levels, and as a result, have experienced a slight decrease in number of sales. Neighborhoods just outside city limits like Silver Springs, Redstone, and Old Ranch Road, have shown increasing prices with constrained inventory. Similarly, in response to inventory and pricing, many Millennials seem to be looking to the Canyons, Jordanelle, and Wasatch County areas for first time homes.
SINGLE FAMILY
The number of sales of single family homes in our city limits and Snyderville Basin saw a very gradual increase from 2015, and several areas saw a decrease in properties sold. However, average prices are up. There are pockets of high activity in areas like Summit Park. East Summit and Wasatch counties continue to bring tremendous buyer interest.