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From 2011 through 2017 Old Town saw very strong price appreciation as measured by average price per sq ft (just over 100% gain). After a few years of no apparent change, 2020 showed a sharp increase in values of 17%.
The real story of 2020 is how many homes have sold compared to a typical year, and how much the available inventory has shrunk. From 2011 – 2019 there was an average of 53 homes sold per year in Old Town.
That almost doubled in 2020, with 99 Old Town home sales.
2020 Old Town home sale prices ranged from $735,000 to $7,850,000. There were 11 sales under $1m, 68 sales between $1m – $3m, and 20 sales above $3m.
Looking back at annual stats for Old Town, it has been typical at any given time to have 45 – 55 homes listed for sale, which is about a one year supply. In contrast, 2020 ended with only 26 homes available for sale. With 99 homes sold, this represents a three month supply. 2021 should be an interesting year!
The Aerie consists of three single family neighborhoods (The Aerie, Overlook & April Mountain), along with April Mountain townhomes. This unique location offers a great in-town location, coupled with some amazing views.
This analysis only looks at single family homes sales.
The Aerie – 92 home sites dating back to mid-1980’s
Overlook – 10 home sites, from the late 1990’s
April Mountain – 31 homes sites, from early 2000’s
2020 was a big sales year with 15 homes sold (3x what is normal). With such a small number of sales each year and home sizes ranging from 3000 sq ft to 11,000 sq ft, it is harder to track appreciation from year to year. I think overall appreciation over the last nine years (since recovery started in 2012) is about 90% more or less. This would have it be similar to Park Meadows.
Thaynes consists of three main neighborhoods:
Thaynes Canyon – 166 homes sites from the early 70’s, flat area with many homes bordering Park City Golf Course.
Iron Canyon – 47 homes sites in the trees above Thaynes Canyon. Lot sizes range mostly from .50 acre up to 2 acres.
Aspen Springs Ranch – 82 home sites and ranches from the mid 90’s, lot sizes range from .33 acres to 20+ acres.
Average home sq ft size and lot size varies widely, so with an average of 14 home sales per year Thaynes average price per sq ft can look more inconsistent from year to year.
The 25 homes that sold in 2020 had the largest average sq ft size and much larger average sold price over the last 10 years. It is harder to measure appreciation in Thaynes, compared to other neighborhoods, but suffice to say that it is a very desirable in-town location and has been appreciating nicely along with the rest of the market.
Prospector has been a favorite in-town family neighborhood since the late 1970’s. It is bordered on the south by the Rail Trail and on the north by Kearns Blvd. About half of Prospector is a residential neighborhood, while the other half is mixed commercial (office, restaurants, medical), condos and timeshare properties.
A few years ago the Board of Realtors made Park City Heights (located at Quinn’s Junction) part of Prospector area on the MLS. Park City Heights, being a new neighborhood, has been adding homes for several years and will continue to add homes for years to come.
The four Prospector subdivisions
Prospector Park – 166 homes (3000 avg sq ft size)
Prospector Village – 110 homes (2250 avg sq ft size)
Chatham Hills – 56 homes (4500 avg sq ft size)
Park City Heights – 40 homes with more to come… (4900 avg sq ft size)
The number of homes sold in 2020 was only slightly more than in 2019. Like in most neighborhoods, had there been more homes available for sale, more would have sold. Appreciation over the last 9 years has been almost 100%.
Park Meadows, our largest in-town neighborhood, has over 1000 single family homes and over 500 residential townhomes. This analysis is only for single family homes, but rest assured the townhomes are also in demand and have also seen significant appreciation.
Appreciation over the last 9 years, based on average $$ per sq ft is now just over 100%. The 71 homes that sold in 2020 is 50% more than the average for the last 9 years of 47 homes sold per year. The buyer demand during the 2nd half of 2020 was significant and there are still many buyers looking for a home to purchase in Park Meadows.
Appreciation for 2020 over 2019, based on average $$ per sq ft was a very healthy 14%. Sale prices in 2020 ranged from $980,000 up to $6,720,000.
Sun Peak Area mainly includes four subdivisions:
Willow Draw Cottages – 117 single family homes, average home size is about 2700 sq ft
Mahogany Hills – 100 single family homes, average home size is about 4700 sq ft
Cedar Draw & Cedar Draw Estates – 81 single family homes, average home size is almost 6000 sq ft
Bear Hollow – 86 single family homes, average home size is a little above 3000 sq ft
The average sold price per sq ft shows an 18% increase from 2019 to 2020, and has nearly doubled from 2011. Sun Peak has a wonderful clubhouse with a large pool. All Sun Peak subdivisions, with the exception of Bear Hollow, belong to the Sun Peak Clubhouse. Bear Hollow has its own, smaller but nice, clubhouse & pool.
Snyder’s Mill is one of the few Park City neighborhood subdivisions where all the 126 homes were built by the developer. It has a nice variety of floor plans. Average home has 3 or 4 bedrooms, and average size is about 2600 sq ft.
Values have more than doubled in the last 10 years, and values were up about 13% in 2020 based on average price per sq ft.
Silver Springs is a family neighborhood of more than 500 homes. The turnover rate is very low at about 17 homes per year. Conveniently located between Canyons Village and Kimball Junction, it has its own 7-11/gas station, an elementary school and two nice lakes with a connecting stream system that runs through the neighborhood.
Home values have more than doubled over the last 12 years, and were up by 19% in 2020 based on average price per sq ft. Home prices in Silver Springs run about $100 less per sq ft than homes inside the Park City limits.
Ranch Place was mostly built in the late 90’s and has been a strong performer. Stats show values have increased by 90% over the last 10 years and up about 7% in 2020. With only 8 or 9 homes selling per year, it seems that the mix of homes sold in 2020 were smaller and I believe at a rate of appreciation higher than 7%.
Willow Creek Estates is a small, but super nice subdivision of 72 luxury homes in the Old Ranch Road area. The average home size is a little above 5400 sq ft. Stats show appreciation to be about 80% over the last 10 years.
Based on average price per sq ft Willow Creek values were flat in 2020, while the rest of the market had strong appreciation. With only 4 homes sold each of the last two years it is hard to get a good measure. The one thing to notice is the difference in average sq ft size was more than 30% from 2019 to 2020. Typically, everything else being equal, a smaller home will have a higher price per sq ft. Other factors include views, finish level, upgrades and showing condition.
Pinebrook has 722 homes with an average turnover of about 45 homes per year. The main portion of Pinebrook includes several subdivisions, with homes dating back to the early 80’s. The Pineridge subdivision built at the top of Pinebrook starting in the late 90’s has 135 of the 722 home sites.
Values in Pinebrook are up 80% over the last 10 years, yet the appreciation for 2020 vs. 2019 shows to be only 6% based on average Price per sq ft. Based on my work in there I believe it to be a little higher than 6%. Nevertheless, this far out of town, the appreciation over time is not quite as strong as properties inside the city limits.
Jeremy Ranch is Park City’s largest neighborhood outside the City limits with 1,035 single family homes. While appreciation over the last 10 years isn’t as high as in-town neighborhoods, it has been a solid performer with values up by about 90%.
In 2020 values increased by about 16%. 62 homes sold in 2020, which is fairly normal, but more could have sold if the inventory wasn’t so low. The year ended with 6 Jeremy homes listed for sale. In comparison, 2019 ended with 12 homes on the market and 2018 ended with 15 homes on the market.
Summit Park is the Park City neighborhood that is closest to SLC and furthest from Old Town, Main St and the ski resorts. Summit Park area consists of the Summit Park Subdivision and Timberline, with a total of about 650 single family homes.
The area has been quite consistent with about an average of 33 home sales per year. Over the last 10 years values have doubled. In 2020 values increased by about 15%. Like other neighborhoods 2020 ended with very low inventory – only one home for sale.
Silver Creek had quite a year with 30 homes sold compared to 13 in 2019, and a 10 year average of 18 sold per year. The average sold price per sq ft for 2020 at $421 is 21% higher than $348 in 2019. The value increase over the last 10 years, based on average price per sq ft is more than doubled (120%). This is significantly higher than the overall market.
Silver Creek neighborhood has been changing with more high-end ranch sales and high-end new construction mixed in with more modest properties dating back to the 80’s. 2020 ended with 2 homes listed for sale, compared to 7 on the market at the end of 2019 and 10 on the market at the end of 2018.
We’ll be keeping an eye on this particularly hot location.
Trailside Area has four great neighborhoods, an elementary school and Trailside Park.
Mountain Ranch Estates – 81 Single Family homes, 6 sold in 2020, average home size is about 6000 sq ft
Trailside Park – 38 single family homes, 5 sold in 2020, average home size is a little over 4000 sq ft
Highland Estates/Park Ridge Estates – 329 single family homes, 10 sold in 2020, average home size is about 3350 sq ft
Silver Summit – 273 Single Family homes, 13 sold in 2020, average home size is about 2700 sq ft
Like many areas in this market, trailside area has seen values appreciate by almost 90% over the last 10 years. In 2020 values appreciated by about 10% based on average price per sq ft. Remarkably, as of 12/31/20 there was only one home listed for sale in the Trailside area. This compares to 3 available for sale at the end of 2020 and 6 available for sale at the end of 2019.
I’ve been a full-time agent in Park City since 1994. I have a passion for the art & science of home resales, and a track record of delivering results that “move you”. Don’t hesitate to contact me for information regarding the selling process. It’s never too early to start preparing for a sale! And if you’re next purchase is a right-sizing move, let me help you find a perfect fit. RightSizeYourHome.com