People always like to ask me... How is the Park City Market? This question comes from both our Buyers and Sellers. This loaded question with no short answer comes down to this... Park City is comprised of many different "micro markets". One area of Park City can be down while another area of Park City is up, and wouldn't you know this can change from quarter to quarter within the same year. Sometimes there are very clear reasons for sudden decreases or increases in our "micro markets" and sometimes not. This my friends is why you need a qualified, knowledgeable, local real estate agent. Let me share some examples of the Park City Market "micro markets" for the first quarter of 2017 as compared to the first quarter of 2016.
Single Family Home Sales - # of Sales this Quarter
Old Town Up 56%
Lower Deer Valley Up 113%
Upper Deer Valley Down 17%
Park Meadows Down 10%
The Canyons Up 60%
Kimball Junction Down 50%
Summit Park Up 150%
Jeremy Ranch Even
Glenwild/Silvercreek Up 233%
Promontory Up 8%
Trailside Down 63%
And why don't you take the Park City area market as a whole... you can see from the percentages above that to talk about the real estate market of Park City as a whole would be somewhat misleading, that being said the Park City area is overall 22% higher for the first quarter than last year this same quarter and interestingly enough Snyderville Basin is also overall 22% higher in closed sales.
Next week we will address the condo market.
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