Summit County Vacant Land Update
As Park City continues to grow as a year-round and second home destination for buyers, we've seen the vacant land opportunities in Summit County diminish.
Vacant parcels in most of Park City's neighborhoods are few and far between. For example, the popular Park Meadows neighborhood only has two vacant parcels actively listed at the time of writing this blog post. Those two lots are range in price from $1,395,000 for a 2.44 acre parcel on Mountain Top Drive to $1,590,000 for a one acre parcel on Lucky John Drive. As the opportunities shrink, it's not surprising to see that vacant land prices are up and inventory is down.
In August 2018, Summit County vacant land inventory was down 25% over the prior year, and the average days on market for land listings was down 45% over 2017. At the time of writing this blog post, the average vacant parcel in Summit County was listed at $964,721. With average land prices pushing $1 million and as land opportunities shrink, we are seeing more buyers purchase existing homes and perform substantial remodels in lieu of building new homes.
There are, however, still vacant residential parcels available if building from scratch is your goal ranging in price from $65,000 for a one-third acre parcel in Summit Park up to $4.9 million for a 1.82 acre parcel atop Deer Valley in the Red Cloud neighborhood.
Where do I see some of the best land values in Park City? I believe the land opportunities at Glenwild represent some of Summit County's best values right now. There are currently 17 vacant parcels on the market ranging in price from $475,000 for a 1.24 acre parcel on Lupine Drive to $1,495,000 for a 7.79 acre parcel (Glenwild's largest residential parcel) on Snowberry Street. The average listing in Glenwild at the time of writing was $704,059 with seven lots priced less than $600,000 - each over one acre in size. To acquire a 1 acre+ parcel in a private, gated community in the Park City School District for less than $600,000 with mountain and golf course views with easy access to Salt Lake seems like a value more buyers should be scooping up to me!
Looking for land in your neighborhood? Contact me for a complete list.