We have just received our midyear final numbers for what’s going on in the market, so I want to talk about single-family homes that are selling in our area.
First, I think everybody loves to be Downtown Park City, so if that’s the case, I’ve got some great ideas for you on purchasing and selling in the area. Out of the nine subareas, Old Town being, I would say, the most desirable, closest to the ski resorts, and also Main Street. We’re coming in at approximately $800 a square foot to purchase a single-family home.
Now, out of the 57 properties that have sold in the Old Town area, the new construction is selling at $1,000 per square foot, so if you wanted to get a little bit more of a deal, you might want to purchase something that may be a little bit older, may need a little bit more work, but that would give you automatic equity moving forward in this market.
Upper Deer Valley
Also, other areas to kind of keep an eye out on. I feel like I have found the best deal in all of Park City, which is going to be in the Upper Deer Valley Mountain Resort. Out of the 11 properties that sold up there, the average property that was on the market for more than 300 days sold at a 90% to list, which is by far lower than any other area in Park City. The average percentage-to-list price that the properties are selling for are about 98 to 99% to list, so if you’re looking for that best deal, Upper Deer Valley is where I would start showing you properties.
And the Prospector area, which is just outside of the Old Town area, that’s another area to keep your eye on. There are 16 properties that sold this year, compared to just a meek 10 the year prior, but it had the highest dollar increase, at $234,000 increase from two years ago to this year. So, definitely keep an eye on the Prospector area if you’re looking to sell your property.
Inside the White Barn
Now, moving out from the Park City Downtown area, and out to the more sub-lining areas, there are 13 sub-locations outside of the white barn, if you guys are familiar with that. That’s one of our staples here in Park City. Sun Peak has the highest amount of increased sales, at almost double of what they did the prior year, but they’re keeping a good sustaining increase, at only 10%, which on average is the average increase throughout Park City. So, a lot of homes being sold. The increase of dollar amount that the properties are being sold is about 128,000, so the value has increased, but only at a steady 10% increase. So, a lot of great homes being sold in that area.
Old Ranch Road
Also, Old Ranch Road. Everybody loves Old Ranch Road. It’s a nice, quiet area. It’s in the center of town. You get a little bit more land. Absolutely beautiful out there, stunning Wasatch Back views. The increase in the sales price is up 41%. That is the highest in all of Park City, so what substantial increase that is. That’s at $2.43 million increase from just a year ago. But, you know, Team Schlopy also sold a $5 million property there, so that kind of alters it just a little bit.
Out of town, there is 11% increase compared to the 10% increase on in town, and the highest performers are going to be, as I have already said, Old Ranch Road, but there’s also Jeremy Ranch, which has the highest number of homes sold out of a small subarea in all of Park City, at 65, so to have that many homes in the Park City School District, that really shows you that is an area that is really hot at the moment, being right in between the main Park City Old Town area to Salt Lake City. I mean, I think it’s only like 15, 20 minutes to the airport, amazing area to be in.
And then Silver Creek Estates also has 20 homes that they sold two years ago, to a total of 28 homes sold with a 28% property value increase, so that’s another area to look at, especially if you want some farm property. Absolutely amazing area, quiet, several kids in that area too.
Now, what I would consider moving out of the in town, proper Park City is what I would consider my second Park City, or Park City Junior, as I like to call it, is the Jordanelle area, total amazing views almost everywhere there. You’ve got the Jordanelle. You’re close to the water sports. You’ve got a quick ride over to Park City Mountain Resort or the Deer Valley Gondola. Hot, hot, hot area. We’re talking 68% single-family home increase from the year prior, so that means 64 single-family homes have sold in the Jordanelle area, compared to only 38 single-family homes the year prior.
So, definitely an area to watch. There’s a new subdivision that’s coming out in the Riverview area. It’s going to be … I think it’s Riverview Park 2 or something like that. So, look for some new construction that’s going to be happening over there. And there’s a lot of townhomes and second homes that are out there too. I’ll talk about that in another video next week.
But, the area that is really performing over there is Tuhaye. Tuhaye has had really slow sales in the last several years. They had some challenges with the Talisker Club, which have completely been resolved, so right now, they have, from two years ago only seven single-family homes sold to a whopping 19 single-family homes sold, just in this past year. That increased it three times. Talk about amazing. So, you’ve got they’re revamping their amenities. They have their Talisker Club up at Deer Valley up and running. They’re ready to give full-service attention. They’re putting in a new kids’ pool. Absolutely amazing, definitely have to see it. Great views of Jordanelle and also Deer Valley Mountain Resort.