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Shannon Lee

Summit Sotheby's International Realty
Phone: +1 435.901.2685
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Park City 2017:  The Best Place to Live

As I look back on 2016, I realize that it has been perhaps the most pivotal of my 12 years living in Park City. From transforming town into America's largest ski resort to helicopter ordinances during Sundance and explosive growth within our trial system, the town experienced big change during 2016. The year wrapped up to be what seems to me like a monumental time in its history. 

Among my fond memories are the delectable summer concerts during Deer Valley's Institute's Big Stars, Bright Nights concerts, being seated among the ribbon of tables down Main Street during Savor the Summit, experiencing the heart and soul of last year's Sundance and Kimball Art's Festivals. I relished the new coffee shops and restaurants throughout town, from the deck seating during Thursday night concerts at Newpark to the cafes that sprung up on Main Street and Park Avenue. And I hiked the newly marked trails of Daly Grind and Round Valley and Mid Mountain and Glenwild and beyond.

As January approaches and the Sundance Film Festival approaches, I can't wait for the new real estate developments to come online, presenting luxury condominiums, townhomes and residences that represent, not only wise investments, but an array  of contemporary-mountain lifestyles. Whether on the slopes or in a quiet cul de sac, the Park City area offers more real estate options than ever before. For the latest trends and local tips, please contact me. I can help shed light on best buys, new and old, and area sales statistics to guide you through the best real estate transactions during 2017. 

Here's to a Happy New Year!

Shannon



 

Park City Property Values on the Rise

3rd Quarter 2016

Park City Area

According to the Park City Board of REALTORS,® median sales prices for single-family homes, condominiums and lots have increased by 7.5% annually since 2012 and are up 14% over the previous 12 months as buyers are becoming more attracted to resort real estate. Demand for single-family homes remained high in the Park City area, with some neighborhoods increasing in price at a faster rate than others as growth continue outside the city limits, including the Snyderville Basin area, Silver Creek, Trailside and along Highway 40. The median home price was up 18% reaching $1.63 million, while the number of sales were actually down 18% compared to last year. Lower Deer Valley, which has been stagnant for several years, experienced 21 closed sales and saw a 32% increase in the median price to $2.168 million. Park Meadows, typically very active, was down 34% in number of homes sold and flat compared to last year’s median price of $1.5 million. Following are a few other areas of interest:

• Old Town was down in units sold but up 7% in median price to $1.4 million

• Thaynes Canyon, with one more sale than last year, was also up in median price to $1.7 million

• Prospector, with 7 closed sales in the last 12 months, was up 17% in median price to $840,000

Outlying Areas

The Kamas and Heber Valleys had 19 fewer sales compared to last year, while the median price leaped 30% to $391,000. The Oakley/Weber Canyon area saw 41 closed sales and a price increase to $395,000. Woodland/Francis was also up in median price reaching $433,000. 

With 355 total sales – a 52% increase over last year – the Heber Valley jumped 13% in median sales price to $401,000.  Specifically, the Heber/Daniels and Midway areas accounted for 322 of the total units sold. Growth in the Jordanelle continued with 28% more closed sales than the previous 12 months and saw a 36% increase in median price to $1.19 million.

There are several active areas popping up along Highway 248 that we haven’t seen before, presenting hotbeds of activity. This has led to an increase in condominium sales in the Snyderville Basin (84098), which outpaced the Park City Limits (84060). Read more about third-quarter sales in and around Park City at http://www.parkcityrealtors.com/newsroom. To find out what's happening in your neighborhood, call 435.901.2685 or visit http://parkcitydeervalleyproperties.com/eng.