Sunset over the Wasatch Back looking down towards our new 82 Old Ranch Road listing
With March often comes the first preemptive pangs of Spring. These brief respites from mid-winter snow and cold are just enough to get a taste of spring skiing and après t-shirt weather, only for snow and mid-winter conditions to quickly return. Based on annual averages March is the snowiest month each season, and while the jury is still out on this season (fingers crossed for some BIG spring storms!) there is no mistaking that March in the real estate world is as busy as ever. Just the other week our Summit Sotheby’s Park City offices placed over $114,000,000 in real estate under contract, while another $75,000,000 in transactions closed. Despite record low inventory, we’re still finding ways to get deals done. A powerful and connected network, proactive prospecting, and localized marketing are the lynchpins to servicing our clients in such a competitive market.
And believe me, it’s not just Park City. The Salt Lake market has been even hotter with massive buyer demand and just not enough listings to go around. Nearly everything is selling in multiple offers, with 15-20 offers becoming borderline routine in coveted areas of the valley. The Heber Valley housing market – where we will focus attention today – has also been very active, so much so that many of the areas new developments are pausing sales so that they can catch up to the construction demand. Enough with the intro, let’s dive into this month’s numbers.
Park City Real Estate
In order to get to our primary focus in this month’s update which is looking at stats in the Heber Valley housing market, I will keep the Park City portion of the update fairly general and brief. Lumping together single family homes and condos, it’s no surprise that active inventory continues to decrease, down 19% from January, and decreasing a whopping 62% from February 2020. New contracts in February were down 11% from January – not surprising due to a steadily decreasing inventory – but more than doubled up 132% from February 2020. This is due in large part to the fact that pretty much everything being listed (and even homes not listed) is going under contract as soon as it is listed. Average sales prices continue upwards with a 28% increase from January, and a 56% increase from February 2020 to a current average sold price of $2,200,000. More details below.
Single family home sales with a Park City address, all price points, for February 2021 as
compared to February 2020 and January 2021; courtesy PCBOR 
Condo and townhome sales with a Park City address, all price points, for February 2021 as
compared to February 2020 and January 2021; courtesy PCBOR
Park City Homes and Condos Below $1,000,000
- Median sold price increased 16.1% from January 2021 and decreased by 17.1% from February 2020 to a current price of $612,450
- Median number of days on the market for February improved to a more “normal” sellers market at 28 days, surprisingly up from 11 DOM in February 2020, and up from 1 day on market in January 2021
- Active inventory decreased 29.3% from January 2021, and is down 62.7% from February 2020, finishing the month of February 2021 with only 106 Park City condos and homes on the market, only 2 of which are single family homes
Park City Homes and Condos Between $1,000,000 and $3,000,000
- Median sales price ticked up slightly from January 2021 up 3.6%, and is down 9.5% from February 2020 to a current price of $1,607,150.
- Median number of days on the market for February 2021 are down to 6, a 14.3% decrease from January 2021, and down by 90.8% from 65 days on market in February 2020
- Inventory is down 19.4% from 93 active listings in January 2021, and is down a massive 72.7% from February 2020 a year ago, finishing January 2021 with 75 homes and condos on the market
Park City Homes and Condos Above $3,000,000
- Median sold price dropped 12.9% from January 2021, and is down 5.1% from February 2020 to a current median sold price of $3,700,000
- Median number of days on market for February 2021 are 11 which is down 70.3% from 37 days on market in January 2021, and down substantially by 94.8% from 213 days in February 2020
- Active inventory continues to drop even at the higher prices, with February 2021 registering 114 actives, down 8.1% from January 2021, and decreased by 49.3% from February 2020 a year ago
Heber Valley Real Estate
Drawing many parallels to the Park City real estate market over the last year, the Heber Valley area (including Heber, Midway, and surrounding areas) has also seen large increases in average price with large decreases in homes for sale. In May of 2020, active inventory for single family homes at at 156 units, well within the average range for spring time inventory over the previous 5-6 years. June 2020 began the slide into a steadily decreasing amount of inventory, to what is currently only 34 actively listed single family homes in the entire area.
While inventory has drastically decreased, median sales prices for single family homes have drastically increased. From $459,000 in April 2020, to a $1,071,601 median sales price in February 2021, the Heber Valley housing market has seen a massive shift. While the area is still considered an “affordable” alternative to Park City, there is no doubt the pricing accessibility is shifting dramatically. The same can be said for new construction developments in the area, of which there are many. As construction costs increase, so do the prices of new home builds. Some developers are even halting sales and adding monthly sales limits, as opposed to ordinarily trying to hit sales goals, so that they have an opportunity to catch up on construction for new builds that are already under contract. More details on this months pricing below.
Single family home sales in the Heber Valley housing market area, all price points, for February 2021 as compared to February 2020 and January 2021; courtesy PCBOR
Heber Valley Single Family Homes Below $750,000
- Median sold price stayed about even from January 2021 and increased by 18.7% from February 2020 to a current price of $626,484
- Median number of days on the market for February is down by 89.3% from January 2021 to a current DOM of 7, and down by 23.5% from February 2020
- Active inventory is unchanged from January 2021 at 8 active listings, and is down 82.2% from 45 listings in February 2020
Heber Valley Single Family Homes Between $750,000 and $1,500,000
- Interestingly enough, median sales price dropped 15.4% from January 2021, and is down 21.3% from February 2020 to a current price of $938,671
- Median number of days on the market for February 2021 are down to 36, a 48.6% decrease from January 2021, and down by 15.3% from 43 days on market in February 2020
- Inventory is down 33.3% from 12 active listings in January 2021 to just 8 in February 2021, and unsurprisingly is down a massive 86.2% from February 2020 a year ago
Heber Valley Single Family Homes Above $1,500,000
- Median sold price is unchanged from January 2021, and is up 51.0% from February 2020 to a current median sold price of $2,295,000
- Median number of days on market for February 2021 are 53 which is down 37.1% from 84 days on market in January 2021, and down by 9.5% from February 2020
- Active inventory bumped up slightly month over month, with February 2021 registering 20 actives, up 11.1% from January 2021, however still down by a margin of 51.2% from February 2020 a year ago
Choose Park City Real Estate Sales for February 2021
- We put 5 properties under contract and have $7,800,000 in pending sales
- 3 transaction were finalized and we closed $6,400,000 in sales volume
- 3 of our buyers had their offers accepted despite competing against multiple offers
- 2 properties went under contract before coming to market, making a total of 6 pre-market sales that we have been a part of so far in 2021
- We have 27 properties and over $39 million in sales volume pending and closed year to date in 2021
Thanks for reading this months market update, and as always, reach out to us if you have questions on how these numbers will affect you and your situation. Whether you are a possible Park Meadows home buyer, potential Deer Valley home seller, or an interested property investor, we can put the stats and our Park City and Heber Valley housing market knowledge to work for you no matter what your needs and interests are. Everyone’s situations are different, so knowing how to apply the data is integral to making wise real estate decisions.
-Brendan Trieb, Choose Park City
Looking Outside of the Park City Real Estate Box
Posted March 15, 2021 by Christine Grenney
Filed under ASKME, Homeowner Info, Park City Lifestyle, Uncategorized.
As Park City and the surrounding areas continue to gain more full-time and part-time residents, many buyers are looking beyond PC’s sprawl to find their own version of Nirvana in newly-minted, planned resort communities due north in Weber and Morgan counties – including Powder Mountain homes.
Located in Eden, Utah, approximately one hour north of Salt Lake, and boasting 8,464 skiable acres, Summit Powder Mountain is a master-planned, environmentally-friendly ski community at Powder Mountain Resort, one of Utah’s last “local” ski areas, where ticket prices are half of those at larger resorts and lift lines are nonexistent. Summit Powder Mountain is the brainchild of the creators of the Summit Series – an invitation-only event series for entrepreneurs and creative-types, where Jeff Bezos and Bill Clinton have presented. When Summit purchased the resort in 2013, they unveiled a master plan intended to protect the mountain from overdevelopment, while preserving its history, ecosystem, and authentic character. In 2016, they broke ground on Summit Powder Mountain homes, featuring a future Village core, interconnected trail system, 500 residences, hotels, shops and event spaces, all thoughtfully and sustainably mapped out to provide a year-round community where innovation meets environmental conservation.
Summit Powder Mountain offers a variety of real estate options delineated by neighborhoods with individual attributes that should appeal to a full spectrum of buyers.
Beginning at the highest elevation, the Overlook Neighborhood offers ski-in/ski-out homesites at 9,000 feet, with premier views of the Wasatch and Uintah mountain ranges. Located within walking distance from the Village core, more than 30 miles of trails adjoin the neighborhood, which is surrounded on all sides by ski slope views and an abundance of wildflowers in the summer.
Views from the Overlook Neighborhood at Summit Powder Mountain
(Photo credit: Summit Powder Mountain)
The Horizon Neighborhood is comprised of a clustering of heritage modern cabins designed by Nova Scotian award-winning architect, Brian Mackay-Lyons. Offered in four distinct models, the cabins pay homage to community, ecology and creativity in their elegant simplicity. The Horizon neighborhood amenities are designed to foster social engagement, including a community kitchen, gym, fire pit and ski lockers at the Pioneer Cabin.
Horizon Cabins at Summit Powder Mountain (Photo credit: Summit Powder Mountain)
Located adjacent to the future Village, Copper Crest West is comprised of ski-in/ski-out heritage modern townhomes featuring authentically-rustic reclaimed wood siding and metal roofs to reinforce the natural setting in which they’re situated.
Copper Crest Townhomes at Summit Powder Mountain
(Photo credit: Summit Powder Mountain)
Another option for buyers seeking the increasingly-scarce wide-open spaces of the Intermountain West is the private residential community of Sanctuary Ranch, where homesites of 40+ acres each featuring geothermal energy are located just 12 minutes from the world-class Snowbasin Resort. Sanctuary Ranch encompasses 527 acres of preserved wildlife habitat enveloped by 12,000 acres of open space, providing year-round recreation, from water and wheeled sports in the summer sports via the owners-only High Altitude Recreation Club, to Nordic and alpine skiing in the winter. The environmentally-friendly luxury residences, designed by James Carroll, include whole- and deeded monthly-ownership options, with zero waste water systems and zero-scaped yards.
Sanctuary Ranch is ideally-situated to maximize year-round recreation (Photo credit: Sanctuary Ranch)
Also located mere minutes from Snowbasin in Morgan County is Wasatch Peaks Ranch. Situated on more than 12,000 acres of pristine alpine terrain, Wasatch Peaks Ranch is a private mountain resort development encompassing 11 miles of continuous ridgeline inclusive of 24 peaks, 15 bowls and cirque, and a 4,500-foot vertical rise. Ski access will be facilitated initially by two high-speed quad lifts, ultimately followed by seven additional lifts. Plans include 750 homes in a 10-15-year phased development, with access to fly-fishing, hiking, mountain biking, ATV and equestrian trails. The community also features a private wildlife preserve providing big game hunting with permits for mule deer, elk and moose.
Whether it’s Park City real estate, or home buying opportunities in surrounding communities, the ability to match buyers with their ideal properties is one of the many reasons to Choose Park City for your Park City Real Estate investment. Be sure to connect with Christine today at 435-640-4238 to explore future adventures of your own!