JANUARY 2025 – The Park City real estate market continued to experience steady growth during the 4th Quarter of 2024. In the primary market, which included Summit and Wasatch Counties, single family sales volume increased 17% year over year as the median sales price grew at a respectable 2% across the region. Condominium sales were also strong as 21% more sales units were reported while the median price dipped slightly (3%) to $1.1 million.
The inventory of available single family and condominium homes remained tight throughout the year. 3,453 residential properties were listed through PCMLS in 2024, compared to 3,023 in 2023, a 14% increase. But 2,182 residences were sold in 2024, up from 1,821 in 2023, a 20% increase, more than covering the increased number of listings. As of year end, there were 1,320 homes (both types) for sale, down 4.2% year over year.
The total sales volume for single-family homes in Summit and Wasatch Counties for the full year ending 12/31/24 was up 19% from the same period a year earlier. Prices rose at a modest rate with the median home sale price in the PCMLS primary market area increasing 1.5% to $1.65 million for the year 2024. Condominium sales mirrored those of single family homes. Sales units were up 21% year over year, but the median sale price flagged a bit, down 3.3% to $1.1 million.
Single Family Homes Highlights:
The number of single family homes sold in the 12 months through the end of 2024 across the primary market area (Summit & Wasatch Counties) was 19% higher than in 2023. A modest increase (1.5%) in the median sales price to $1.65 million confirmed that a great deal more stability has returned to the market than we have seen in quite some time. All indications are that stability will continue throughout 2025.
Highlights of the single-family home market:
• Total unit sales were up 20% to 1,202 units. Sales volume remained robust, up 18%.
• The median price of a single-family home within Park City limits rose 11% to $4.07 million.
• Only 34 homes have sold in the popular Old Town area in the past 12 months. The median price ticked up a healthy 7% to $3.7 million.
• The Snyderville Basin again demonstrates the diversity seen among and between neighborhoods around Park City. From Promontory in the east to Jeremy Ranch and Summit Park in the west and south to Canyons Village, we note substantial differences in housing stock, sale prices, and number of sales. In the most recent 12 months, Silver Springs was the hot spot with unit sales up 68%. In the same period, sales in Promontory followed the prevailing market trend, up 8% in sales units and 7% in median price ($4.45 Million).
• Of the 324 sales in the basin, the highest price was $15 million while the lowest was $760,000. Eleven sales were under $1 million while nine were above $10 million.
• Market activity across the Wasatch Back varied widely between neighborhoods and major areas. Heber Valley was the busiest area with sales up 32%, fueled by a relatively modest median price of just under $1 million.
• Tuhaye saw large jumps of 26-33% in average/median prices. In doing so, Tuhaye edged out Promontory as the most expensive area west of Hwy 40/189 (with 10 or more sales) by posting a median price of $5.1 million.
• Among the outlying areas, the Jordanelle and Kamas Valley areas nearly tied for the lowest number of sales (only 88 and 103 this past year). The median price of a Jordanelle home jumped 18% year over year. The wide disparities within the regional market tended to cancel each other out resulting in just a 1.5% median price gain across the region. The extremes were from 2% in Kamas Valley to 18% in the Jordanelle area.
Condominiums:
Prices in the condominium market across the entire Wasatch Back varied as widely as did the single-family homes. The Jordanelle and Kamas Valley areas showed the largest gains in units and sales volume, but Jordanelle prices went up while Kamas declined. To completely understand the Condo market around the Jordanelle, one must dig deeper into the details. While the Jordanelle sales volume increased 41% year over year, the median sale price rose only 7%. That’s because a major portion (24%) of the condo sales in the Jordanelle were newly constructed units in the Pioche development, which sold in the $450,000 to $500,000 price range, less than half the overall area median. This was balanced by a few more sales in the new developments at Mayflower Lakeside and the Grand Hyatt Deer Valley that sold in the $1.8 to $2.4 million range. This is another example of the need to look closely at the micro-markets within a given area.
• Sales in the Old Town neighborhood were flat year over year. The median price of a condominium sold in Old Town rose slightly (4%) and is now $1.2 million.
• Canyons Village, which accounts for 57% of all sales volume in the Snyderville area, were down slightly as were sales prices (off 15%).
• In Wasatch County, (areas where 10 or more sales are reported) areas around the Jordanelle continued a trend we expect to see more of in the future – new resort activity stimulating sales and raising prices. Condo unit sales were up 41%, on a modest (7%) gain in median sale price. The median price for a condo around the Jordanelle is now over $1.1 million.
Opinions and Observations:
What do Park City agents see coming in the next few months? Here are a few observations about the important market results that point the way, coming from those agents on the front lines.
*Overall last year single family home sales were up 19%, which would be counter to expectations considering what inventory levels would have told us. Overall inventory was down throughout the year because new listings were more than offset by sales were up by 20%. The main differential being Pricing, which was relatively flat, just a 2% change in the average price.
*Looking at activity within the Park City limits, the units sold are up only 9% and prices are up slightly. That’s probably due to that lack of inventory. There are 65 single family homes currently on the market in the city limits at year’s end, and there were 111 sales last year. That’s about six months worth of inventory currently. It’s a good barometer of the market to look at how much inventory there is, versus how much was sold last year.
*Our results for this year reaffirm that the newer product, shiny new properties or homes that have been remodeled are selling faster than older homes that aren’t remodeled, that are sitting longer and not moving as much.
*Old Town had a big year, the best of all the in-town neighborhoods, with 34 sales up 26%. It’s important to pay attention to these little micro markets where the up and down changes are dramatic. Here, the average sales price was up 27% and the median sales price up 7%. Those are some pretty big jumps in Old Town due in no small part to some shiny new that have moved in the Old Town area.
*Outside of Park City, the Promontory development in the Snyderville Basin stands out for three reasons. One-third of all active listings in the Basin are in Promontory (53 of 155). One-quarter of all sales in the past year (84 of 324) were in Promontory, and that 25% accounted for 42% of all sales volume.
*The trend in Promontory reflects that in Old Town. Older properties are not as popular as newer or recently upgraded homes. Developers see that trend and move toward more semi-custom upgrades which are very popular.
*On the western side of Snyderville, Jeremy Ranch sellers had a good year with sales units up 21% and median sale price up 13%. Across I-80, Pinebrook had a similar increase in sales units, but the median price was relatively flat, increasing only 3%.
*Further south, Midway was a torrent of activity with 93 homes sold (up 45%) but the median sale price dipped slightly (down 4%) to $1.15 million.
*The Condo market is very different, particularly in Park City itself. Sales were up slightly (4%), and median prices were flat at $1.6 million. In the Prospector neighborhood, sales units were up 32% but median prices slipped a bi to $380,000.
Park City has never been known for its low price neighborhoods. A look at the median sales price of all property types over the past 25 years shows a steady climb and an annual appreciation rate of 6.7%. But prices have accelerated since the bottom of the market at the end of the great recession (2012), growing at 92% overall. Park City real estate of all kinds continues to be not only a great place to live but also a great investment.
What are the key takeaways from this quarter’s numbers?
*Demand has returned to pre-Covid sales levels and has remained relatively stable since Q2-2022. Even excluding new construction, the level of sales of existing properties is above normal levels. Our market is not as impacted by interest rates as the national market, yet rates do have some influence on the market. With rates declining an new inventory arriving this year, the outlook for demand in 2025 is positive.
*Inventory remains depressed and is down over 14% from the end of last year. With inventory down and sales stable, the absorption rate has dropped to about four months. Inventory is very seasonal so expect the number of listings and level of inventory to improve as temperatures rise in the spring.
*Pricing appears flat for our overall market. Yet, this depends greatly upon the specific market areas. For example, condo pricing in town suggests values fell by 0.2% while just over the hill, Jordanelle condo prices increased by over 17%.
*A quick look at the impact of new construction further complicates the overall pricing scenario. Returning to condos in town, excluding new construction prices actually increased nearly 10%. Typically, new construction drives up the overall pricing for an area, but clearly not always. The only generalization one can make about our market is don’t generalize.
The Park City market is nuanced, complicated, and the impact of new construction only makes this even more true. Buyers and sellers are fortunate to work with a well-informed Park City Realtor. To state that the Park City housing market is very nuanced, complicated and changing is an understatement. Each of our market segments requires knowledgeable agents with a depth of local experience to assist buyers and sellers.