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January 24, 2018 – The Park City Board of REALTORS® has released annual statistics for Summit and Wasatch Counties. The 2017 year-end summary report indicates the overall real estate market continues to be healthy, steady, and growing at sustainable rates.

The number of single-family home transactions and the median sales price grew at 5% and 14% respectively over the past year. 84% of these sales occurred outside the Park City Limits, as primary home buyers’ demand for the Wasatch Back lifestyle increased. The number of condominium transactions and median sales price grew at 4% and 6% respectively from 2016 to 2017. Condominium sales grew at a slightly faster pace inside the Park City Limits than in other areas in Summit and Wasatch Counties.

Todd Anderson, President of the Park City Board of REALTORS® commented, “These growth rates are highly sustainable. We believe the real estate market in Summit and Wasatch Counties is balanced between buyers and sellers. That being said, the market could always use more inventory.”

Remember that these overall statistics are simply a snapshot at a moment in time and may not be representative of long-term trends. Summit and Wasatch County markets are composed of numerous hyper local markets. More granular statistics are shown below.

 

Year-Over-Year Single Family Home Sales

Sales inside the Park City Limits (84060) increased by 13% and the median sales price increased by 12%.

Highlights:

Sales in the Snyderville Basin (84098) increased by 7% and the median sales price increased by 6%.

Highlights:

Other Summit and Wasatch County Area Highlights:

 

Year-Over-Year Condominium Sales

Sales inside Park City Limits (84060) increased by 14% and the median sales price increased by 6%.

Highlights:

In the Snyderville Basin (84098) sales decreased by 4% and the median sales price increased by 6%.

Highlights:

 

I would be pleased to be of assistance to your clients interested in Park City and the surrounding areas.

As a fifth generation Summit and Wasatch County landowner, I know Park City from the streets to the peaks.