Thursday, January 14, 2016

What Park City Real Estate and Powerball have in common...

Recent Powerball winners stand to share about $1.6 Billion in cash.  This is certainly beyond the ridiculous, as the sales volume of the entire 2015 Park City/Deer Valley Real Estate Market was $1.55B!  (an increase of 9% from 2014)  Maybe these winners should be required to buy some Park City real estate, so they don't lose it all in the stock market or at the Casinos in Vegas!

The average sales price of  the 159 homes sold inside the Park City proper city limits (White barn to Empire Pass, to Deer Crest) was $2,188,000!   This is up 17% over 2014.  A few large sales however, can skew this upward, so a look at the median home price shows $1.5m, also up 17% from prior year!
132 White Pine Canyon Rd at The Colony

The highest priced home sale in 2025 was at The Colony at Canyons Resort.  List price was $20m, and sold for an "undisclosed" sales price, probably about $17m.
Stein Eriksen Residences
The prize for highest condo sale of the year went to the new Stein Eriksen Residences, where one sale closed for just under $9m!  Click here to see what is still available for sale at the "SER"!   Only three of these sales have closed so far, but the rest will begin closing this year as construction completes over the coming months.  When all sales are complete, they will total over $200m in sales in one small development!


Notable facts: 

1.    Thirty two homes sold in all Deer Valley areas in 2015.  Almost exactly the same number as 2014.  Five homes sold in Deer Crest in 2015 at the same average sales price as 2014:  $6.2m
2.   Sales in Park Meadows dropped a bit from 56 sold to 49.  However average home sale was up 5% to just over $1.7m
3.    538 homes sold in the Park City Market in 2015...  almost exactly the same as 2014!   Overall average home sales price however increased 16% to $1.6m!
4.     52 homes sold in Old Town in 2015.  Average sales price of $1.5m is up 19% from 2014!
5.    Promontory saw 60 home sales in 2015!  36% more than 2014.  Average sales price was $1.9m
6.   As usual, the Jeremy Ranch and Pinebrook residential areas experienced a strong 41 and 48 sales respectively in 2015. Average Jeremy sales price up 8% to $891k

Overall market volume in the Park City Real Estate market rose 9% in 2015 for an average overall sales price increase of 5%.   Very healthy and, in our view sustainable in the near term!

Buying, Selling, Upsizing, Downsizing, Vacation home, Primary Residence, or pure invesment in Deer Valley or Park City.....

                                              Experience.   Extraordinary.   Real Estate.

                                                        AJ  at Sotheby's.



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