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 . |