Wasatch Back Quarterly Market Reports 2017 Q2 Wasatch Back Market Report | Page 2
ABOUT THIS REPORT
PARK CITY LIMITS
This comprehensive midyear market report provides an
overview of Summit and Wasatch County real estate. We
The heart of Park City spans from the world-class Deer Valley Resort® to the iconic white barn, McPolin Farm. Park City Proper
believe our clients should have access to information
includes the neighborhoods: Old Town, Thaynes Canyon, Deer Valley, Aeire, Prospector, and Park Meadows.
that facilitates thoughtful real estate decisions. The Park
City market remains highly segmented. Our town, its
neighborhoods, and outlying areas differ significantly in
canyons
park
meadows
thaynes
canyon
quinn’s
junction
stability in total number of properties sold as well as in
kamas valley
deer crest
Q2 2013
hideout
canyon
KAMAS
FRANCIS
WOODLAND
tuhaye
JORDANELLE
upper
deer valley
Data interpretation, judgment, and historical context are
AVERAGE
key elements to making informed decisions: Contact your
SALES PRICE
agent for guidance on navigating our marketplace.
victory
ranch
empire pass
15.37%
river
view
$2,286,981
Stephen C. Roney
provo canyon
*Data as of 7/1/2017
heber
daniel
Q2 2015
ave
med
Q2 2016
ave
med
0
Q2 2017
ave
med
Q2 2013
ave
med
Q2 2014
ave
med
ave
med ave med ave med
Q2 2015
Q2 2016
Q2 2017
Q2 2017
single family home
MEDIAN
SALES PRICE
14.29%
$1,800,000
Q2 2017
vacant land
AVERAGE
SALES PRICE
0.70%
$752,250
Q2 2017
condo/townhome
AVERAGE
SALES PRICE
Q2 2017
condo/townhome
MEDIAN
SALES PRICE
7.20%
$1,044,816
2.67%
$730,000
*Percentage change compared to the same time previous year
Chairman, CEO & Owner
Berkshire Hathaway HomeServices Utah Properties
HEBER VALLEY
midway
charleston
med
Q2 2014
Q2 2017
single family home
prospector
PARK CITY LIMITS
200 K
ave
average and median sale price.
the retreat
old
town aerie lower
deer valley
med
0
ave
400 K
300 K
last year, across the Wasatch Back the market is seeing
PEOA
OAKLEY
old
ranch road
demand significantly. Overall, compared to this time
600 K
silver
creek
trailside
park
600 K
800 K
silver
springs
rise mildly, we do not see this trend influencing buyer
1 .0 M
sunpeak
bear hollow
900 K
1 .2 M
kimball
1 .2 M
1 .5 M
Average and Median Sales Price
promontory
1 .4 M
to come to market in 2017/2018 in the Jordanelle, Heber,
Finally, while we expect mortgage rates will continue to
EAST SUMMIT COUNTY
pinebrook
2. 1 M
CONDOMINIUM & TOWNHOME
summit
park
SNYDERVILLE BASIN
glenwild
silver creek
1 .6 M
1 .8 M
especially in Park City proper residential neighborhoods.
jeremy
ranch
2.4 M Our predictions: We expect additional new developments
and Canyons areas. Inventory will remain low in many areas,
$
Average and Median Sales Price
neighborhoods vary significantly.
SINGLE FAMILY HOME
the same zip code, average home prices in these two
$
example, while Deer Valley and Prospector areas share
terms of price, home type, features, and amenities. For
coalville
hoytsville
wanship
timberlakes
i
All statistics are based upon the Park City Board of Realtors® MLS data for the period
of 4/1/2017 to 6/30/2017.*
For all data, we have used a median sales price and an average sales price. The median
is the middle point of all prices—half the sales are less than the median and half the
sales are more. The average is all the property prices added together and then divided
by the number of properties. The difference between the median and the average is
that the median is not as affected by outlying very large or very small sale numbers,
whereas the average can be skewed significantly by one very high or very low sales
price. We feel it’s important to use both median and average in order to give a holistic
view of the market.
Takeaway: Throughout Park City Proper the market is stable in quantity of properties sold with a marked increase
in price for single family homes compared to this time last year. Notably, the Park Meadows neighborhood
saw a 40% increase in number of single family homes sold and an approximate 20% increase in median price.
Q2
17
All statistics are based upon Park City Board of Realtors MLS data for the period of 4/1/17 to 6/30/17.
© 2017 BHH Affiliates, LLC. An independentwperated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices
symbol are registered service marks of HomeServices of America, Inc.® Equal Housing Opportunity. Information not verified or guaranteed.