I am struck by the extraordinary amount of activity taking place surrounding the Jordanelle Reservoir, and anyone looking to buy or sell a home, condominium, building lot in this area should take a look at this data.
In 2015 year to date, there have been 149 transactions which have closed escrow (20 single family homes, 87 condominiums, and 42 building lots). Another 108 properties (24 homes, 73 condominiums, and 11 building lots) have gone under contract since January 1st. Altogether, that is 257 transactions in all 3 categories. By way of comparison, if you add in the 1,204 transactions which occurred over the same period for all property types in Park City’s city limits and the Snyderville Basin, the Jordanelle represented 19.25% of the total – remarkable in that the Jordanelle is so much smaller than the other 2 areas. The differences are that the Jordanelle area properties are newer (in fact, in most cases they are brand new) and less expensive than similar properties in the other areas in and around Park City. As for the building lots, for the most part these represent the developers’ inventories at Hide Out, Victory Ranch, and Tuhaye, the latter two being gated golf communities. Focusing in on just the single family homes and condominiums, the inventory to sales imbalance in the Jordanelle overall equates to an inventory of less than 2 and a half months.
Of the 20 homes which closed escrow this year, they did so at an average price of $1,047,921, although you should note that this average was significantly impacted by a few sales in Victory Ranch and Tuhaye which closed escrow over $2,000,000. The average price of the condominiums over the period was $395,993, although here you should note this average was impacted on the low side by a number of sales in Fox Bay and Blackrock Ridge which closed escrow at prices less than $250,000, and as low as $191,000. Looking at the 42 building lots, here the average price was $294,504, although the delta was quite large with the low price being $75,000 (Star Harbor) and the high at $900,000 (Victory Ranch). Given this disparity, the median price of $355,000 might be the more relevant number.
If you would like to have a copy of all the data (10 Excel pages), please let me know and we’ll be happy to send you a copy. Just call or text me at 435.640.0930, or send an email to firstname.lastname@example.org.