Latest Park City Real Estate News
4th Qtr Park City, UT Market Statistics
January 2024 – After a two-plus yearlong real estate roller coaster, Park City Realtors are experiencing a market that many characterize as “closer to normal” than we have seen in recent quarters. Instead of focusing on post-Covid recovery, agents are more inclined to talk about a stable market with continuing moderate price appreciation and growing inventory.
The current market is probably being affected by higher interest rates and somewhat reduced inventory more than by any Covid hangover.
The inventory of available homes is approaching a healthy level having peaked in late summer at nearly 1,800 properties for sale. In the last full year before the Covid-crash, PCMLS averaged 2,100 listings each month. Sales prices have stabilized with single-family homes within Park City limits selling for slightly less than they did a year earlier, and median prices in the Snyderville Basin are up just single digits year over year.
With inventories returning to a more normal level, and competition for available properties still running strong, market times and absorption rates (the length of time it would take to sell all current inventory based on the current rate of sales) are also remaining steady.
Sales totals for single family homes in Summit and Wasatch Counties for all of 2023 were down just 2% from 2022. Prices remained steady to up slightly. The median home sale price in the PCMLS primary market area increased just 3% for the year ending 12/31/23 vs. the same period ending 12/31/22. The short term measure of quarterly median price increases presages to some the direction consumers might see for both sales prices and volume in the year ahead. But Park City is a highly seasonal market and many others point out that comparing one quarter to the next is not a valid predictor of a future trend.
- The wild price swings that were prevalent the past couple of years have moderated. Average prices of single-family homes in Park City proper grew only 1% over last year. The median sale price for a single family home in the city actually declined 5% to $3.7 million.
In Summit and Wasatch Counties, the rate of sales (number of units sold) dropped 11% for single family homes and 25% for condominiums, from the full year prior. Sales declines across the region were attributed to fewer listings than demand could handle.
Park City is very much a community of neighborhoods. Prices and availability vary widely from one neighborhood to the next.
For single family homes, four of the five major areas that make up the greater Park City market showed drops in units sold from 2022to 2023. The exception was in the Snyderville Basin, where unit sales increased 4%. Within the central neighborhoods, Jeremy Ranch was the market leader in sales units, closing 34 sales, 42% more than last year.
Condo sales across the primary market range followed a pattern similar to single family homes. Year-over-year sales units increased in Heber Valley and around the Jordanelle by 33% and 13%, respectively. Closer in, condo unit sales in Park City and Snyderville dwindled, down 19% and 48% respectively.
Prices, however, were mixed across these two areas. Within the Park City limits, the median sale price rose 8% to $1.6 million. In the Snyderville Basin, the median sale price dipped just under $1 million, down 8%.
Comparing the 12 months ending December 31, 2023, to the same period ending in 2022:
- Residential inventory (single-family and condo) year-to-date is showing signs of recovery after a lengthy period of declines. At the end of December 2022, there were just 738 residential listings for sale in the entire PCMLS coverage area. On December 31, 2023, that number had grown to 880, almost 20% more.
- The market picked up some momentum heading into the last half of 2023. In the seven months from June thru December, PCMLS members signed 1,260 residential purchase contracts, 20% more than the previous year (1,054).
- With New Listings running slightly higher than Pending contracts, inventory is being replaced faster than it is selling. For the year ending 12/31/23, 2,915 listings were added to the system. For the same period only 2,031 were put under contract. That’s 884 more listings added than contracts written, which hasn’t been seen in quite some time.
Single Family Homes
The number of homes sold in 2023 across the primary market area (Summit & Wasatch Counties) was only 11% less than in 2022, confirming that the wild market swings we saw during the Covid crisis are well behind us.
A slight increase (3.1%) 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 into 2024.
Highlights of the single-family home market:
- Within Park City limits, total unit sales were down 11% to 102 units. Sales volume declined 10% to $476 million in the past 12 months.
- The median price of a single-family home within Park City limits fell 5% to $3.69 million.
- Only 27 homes have sold in the popular Old Town area in the past 12 months. The median price dipped slightly to $3.5 million.
- Snyderville Basin residences followed the prevailing market with sales volume (down 15%) on a modest gain in the overall median price up 7% to $2.3 million.
- Market activity across the Snyderville Basin varied considerably between neighborhoods. Canyons Village, Sun Peak, Kimball, and Jeremy Ranch all saw increased sales which helped make Snyderville the only major area to see growth in sales volume, average price and median price.
- Silver Creek South and Promontory had the largest median price gains, 34% in each area. The median price of a Promontory home is now above $4 million.
- Canyons Village held on to crown of “most expensive area” with a median price once again topping $10 million.
- Among the outlying areas, the Jordanelle area had the lowest volume of sales (only 76 this year, down from 149 last year) probably because the median price nearly doubled during that time. More and more luxury homes are coming to market in anticipation of the opening of the new Mayflower ski resort, pushing the median sale price above $3 million.
Despite fluctuations in the regional markets, single-family sales activity in the primary market area was down 11% compared to the year prior. Single digit appreciation in sales prices kept the total sales volume within 2% of last year’s.
Single Family Y-o-Y Summary End of Q4 2023 | Qty Sold | % Chg | Sales Volume | % Chg | Average Price | % Chg | Median Price | % Chg |
Park City | 102 | -11% | 476,010,983 | -10% | 4,666,774 | 1% | 3,687,500 | -5% |
Snyderville Basin | 290 | 4% | 963,040,669 | 16% | 3,320,829 | 11% | 2,262,500 | 7% |
Jordanelle | 76 | -49% | 266,879,030 | -16% | 3,511,566 | 65% | 3,175,000 | 94% |
Heber Valley | 247 | -1% | 339,341,217 | 1% | 1,373,851 | 2% | 940,803 | -4% |
Kamas Valley | 81 | -22% | 94,136,771 | -44% | 1,162,182 | -28% | 965,000 | -23% |
Total Primary Market Area* | 840 | -11% | 2,174,642,772 | -2% | 2,588,860 | 9.8% | 1,650,000 | 3.1% |
Total Overall MLS Area | 985 | -9% | 2,337,382,868 | -2% | 2,372,978 | 7% | 1,455,000 | -1% |
* Primary Market totals include only Summit and Wasatch Counties.
Condominiums
- The Condo market in the Old Town neighborhood paralleled the single-family numbers, with unit sales and volume down. The median price of a condominium sold in Old Town was flat at $1.2 million.
- Price gains were evident in all neighborhoods, with Upper Deer Valley leading the gainers with a 45% median increase to more than $3.6 million.
- In the Snyderville area, perennial volume leader Canyons Village suffered a steep decline in sales, with units and volume both down over 50%. Canyons Village accounts for more than 65% of all sales in Snyderville, so those declines brought down the overall area performance.
- In Wasatch County, (areas where 10 or more sales are reported) Jordanelle Park demonstrated a trend we expect to see more of in the future – new resort activity stimulating sales and raising prices. Condo unit sales were up 63%, pushing sales volume to more than double 2022’s excellent performance.
Condominium Y-o-Y Summary End of Q4 2023 | Qty Sold | % Chg | Sales Volume | % Chg | Average Price | % Chg | Median Price | % Chg |
Park City | 232 | -19% | 526,425,756 | -7% | 2,269,076 | 14% | 1,612,500 | 8% |
Snyderville Basin | 256 | -48% | 341,004,039 | -46% | 1,332,047 | 4% | 987,285 | -8% |
Jordanelle | 234 | 13% | 261,892,380 | 16% | 1,119,198 | 3% | 1,064,782 | 9% |
Heber Valley | 44 | 33% | 38,422,000 | 77% | 873,227 | 33% | 581,000 | 17% |
Kamas Valley | 2 | -50% | 1,148,500 | -48% | 574,250 | 3% | 574,250 | -3% |
Total Primary Market Area* | 768 | -25% | 1,168,892,676 | -19% | 1,521,996 | 7% | 1,136,250 | 3% |
Total Overall MLS Area | 820 | -22% | 1,196,486,021 | -18% | 1,459,129 | 5% | 1,060,982 | -1% |
* Primary Market totals include only Summit and Wasatch Counties.
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 with their fingers on the pulse of the market.
- Interest rates affect sales in various neighborhoods very differently. In Pinebrook and Jeremy Ranch, where the bulk of the inventory is conventional family homes, many buyers need financing. With higher interest rates, that financing is harder to rationalize. In other areas, predominantly vacation or second-home inventory, more sales are to cash buyers, making interest rates irrelevant.
- In areas where it looks like prices dropped significantly (Promontory for example showed a 22% median sale price drop quarter-over-quarter) it’s important to look at the individual properties that made up that price decline. In Promontory, again as an example, it was not an overall market decline but an increase in the number of smaller, less expensive homes that sold that brought down the median. Buyers are encouraged to ask their Realtor to interpret the numbers rather than paint any area with a broad brush.
- The price of new construction (measured by price per square foot) has not changed demonstrably from pre-Covid levels to this past year. Material and labor shortages have been mitigated.
- November and December are traditionally slower months, but this year for some reason the number of “walk ins” is up. Visitors to Park City who plan their vacations around the opening of ski season are more and more interested in buying a second home for recreational purposes.
- The Park City market has been and will continue to be highly segmented, with each neighborhood having unique values and unique pricing trends. Even within one neighborhood, prices may vary widely based on many factors. Hyper-local knowledge is becoming more important to the buying (and selling) process.
- We continue to see significant interest in reselling vacant lots that were purchased two to three years ago. Many potential homeowners bought lots thinking they would build their own dream house, only to become discouraged by the short supply of building materials and/or labor to make the build. Those lots are slowly coming back on the market now.
Comparing Market Segments year over year:
2022 | 2023 | Changes Year over Year | ||||
Units | Volume | Units | Volume | Units | Volume | |
SFH | 1,082 | 2,395,268,076 | 985 | 2,337,382,868 | -9% | -2% |
Condo | 1,049 | 1,462,571,235 | 820 | 1,196,486,021 | -22% | -18% |
Land | 724 | 708,313,015 | 404 | 459,031,490 | -44% | -35% |
TOTAL | 2,855 | 4,566,152,326 | 2,209 | 3,992,900,379 | -23% | -13% |
Res Combo | 2,131 | 3,857,839,311 | 1,805 | 3,533,868,889 | -15% | -8% |
Despite all the red numbers (declines) in unit and volume of the most recent 12 months compared to the previous period, if we look at fourth quarter numbers compared to Q4 in prior years, the report is optimistic. Although total sales in Q4-23 are markedly below the same quarter in either 2020 or 2021, they are only slightly lower than the average of the “normal” period from 2013 to 2019. (Charts and observations courtesy of Rick Klein.)
The Park City market continues to appreciate as sale prices continue what has been a 10 year ascent ever higher.
Looking at combined residential sales, the chart at the right shows the steady rise in prices since the market downturn from 2008 to 2012. The increase from 2020 to 2023 was about 52%, significantly higher than our historic norm of 6.8% annual growth. In the most recent 12 months, the increases have been barely one-quarter of that rate, 6.6%. This is much closer to our usual or “normal” rate of appreciation. Real estate in the Wasatch Back continues to look like a very strong investment over the long run with no signs of slowing down.
What are the key takeaways from this quarter’s numbers?
- Since the all-time sales record reached in Q4 2020, sales slowly diminished and fell below the “normal” level by Q4 2022. Sales have slowly improved this past year with Q4 now within 6% of pre-Covid normal. Given our strong Q4 pending sales and the likelihood mortgage rates will decline next year, 2024 appears most promising.
- Inventory of available properties has improved significantly over the past two years, but still remains 25% less than pre-pandemic levels. Much of this improvement is due to new product. At the start of 2024, more than half of the residential listings in the greater Park City area are new construction.
- Pricing is not consistent across the broader market. Condo prices overall, for example, in Park City proper showed an 8% median price gain. However, most areas were either flat or showed a slight decrease. The large gains seen in Upper Deer Valley and Empire Pass accounted for the overall increase. Similarly, single family homes in the Snyderville Basin prices show an impressive overall gain (7%). But of the 12 neighborhoods in the Basin, seven saw price declines. These were more than offset by huge price increases in Silver Creek South and Promontory (34% each) that accounted for one-third of all Basin sales.
- Bottom line: our market is in transition, it is nuanced, and more than ever buyers and sellers need knowledgeable agents who understand the neighborhoods and the trend differences between them.
Real estate in the Wasatch back consists of highly segmented markets with nuances that vary significantly from one neighborhood to another and one house to another. Comparisons are hard to read on paper due to the unique features of individual properties, such as amenities, condition, style, location, age, view, and inventory. Buyers and Sellers are advised to contact a local Park City Board of REALTORS® Professional for the most accurate, detailed, and current information.
Overall, how did the local market fare? The tables that follow show two ways of looking at the market: For each area, the first two lines (white) compare the results of the 3rd Quarter 2023 to 2nd Quarter 2023.
The two lines in Blue compare the total year-long results on a rolling year-over-year basis for the period ending December 30, 2023.
(Note: only areas with 10 or more sales are considered in the reporting.)
3rd Qtr 2023 Park City, UT Market Statistics
October 2023 – The Park City Realtors continue to see fewer sales, but at higher prices, as the local market continues to recover more than two years after the roller coaster ride called the Covid-19 pandemic. When Covid-19 hit with a vengeance in Spring 2020, the...
2nd Qtr 2023 Park City, UT Market Statistics
July, 2023 – The Park City real estate market continues its progressive return to a more normal market in the continuing aftermath of the Covid-19 pandemic. The first reported case of Covid-19 was on January 20, 2020 with the first confirmed case coming six days...
1st Qtr 2023 Park City, UT Market Statistics
April, 2023 – As we approach the three-year anniversary of the outbreak of Covid-19, which sent the real estate market into contortions never seen before, the market in general is getting closer to “normal” – that is as “normal” has been redefined. Sales numbers...
4th Qtr 2022 Park City, UT Market Statistics
January, 2023 – After two of the most volatile years in real estate, triggered by the global pandemic that was COVID-19, sales numbers are returning to pre-pandemic levels. Sales prices are not. The past two years caused huge swings in market reports as the mandated...
3rd Qtr 2022 Park City Market Stats
November 1, 2022 – The wild price and sales swings that buyers and sellers have witnessed over the past two years seem to be moderating as the market returns to a more “normal” seasonal pattern. Listing inventory is rising, prices are starting to level off as mortgage...
2nd Quarter 2022 PARK CITY, UT Market Stats
July 20, 2022 – Some significant trends are emerging in the Wasatch Back market area as the market adjusts from the enormous swings we have seen during and since the coronavirus pandemic. Listing inventory is rising, prices are starting to level off as mortgage...
1st Quarter 2022 PARK CITY, UT Market Stats
April 19, 2022 – The remarkable rise in the sale prices of single-family homes that we experienced since shortly after the global pandemic struck in the latter half of 2020 continued through all of 2021 and into the first quarter of 2022. Sale prices for single-family...
4th Quarter 2021 PARK CITY, UT Market Stats
January 24, 2022 – The remarkable rise in homes sold and sale prices that we experienced since shortly after the global pandemic struck in the latter half of 2020 continued unabated through all of 2021. Sale prices for single-family homes in the primary market area of...
3rd Qtr 2021 Park City, UT Market Stats
October 31, 2021 – Park City, UT 3rd Quarter Market Stats per the PCMLS The remarkable rise in homes sold and sale prices that we experienced in the latter half of 2020 continued unabated through the 3rd Quarter of 2021. Sale prices showed strong appreciation with...
2nd Qtr 2021 – PARK CITY Market Statistics
Park City, UT--The remarkable rise in homes sold and sale prices that we experienced in the latter half of 2020 continued unabated through the second quarter of 2021. Sale prices showed strong appreciation with increases in both average and median prices, as well as...
1st Qtr 2021–Park City, UT Market Stats
May 1, 2021 – The remarkable rise in homes sold and sale prices that we experienced in the latter half of 2020 continued unabated through the first quarter of 2021. Sale prices showed strong appreciation with increases in both average and median prices as well as...
4th Qtr 2020–Park City, UT Market Stats
Not yet compiled, but coming soon!
3rd Qtr 2020–Park City, UT Market Stats
November 3, 2020 – At the end of the third quarter of 2020, the expected housing slump for Summit and Wasatch Counties as a result influence and impact of the COVID-19 on the industry failed to materialize. On the contrary, the numbers show strong appreciation with...
2nd Qtr 2020 Park City Market Stats
July 29, 2020 – At the end of the 2nd Quarter of 2020, the importance of tracking trends in year-over-year housing statistics for Summit and Wasatch Counties continued to pale in the face of the growing influence and impact of the COVID-19 on the industry. The numbers...
1st Qtr 2020 Park City Market Stats
At the end of the first quarter of 2020, the importance of tracking trends in year-over-year housing statistics for Summit and Wasatch Counties continued to pale in the face of the growing influence and impact of the COVID-19 on the industry. The numbers show strong...
4th Qtr 2019 Park City Market Stats
January 29, 2019 – At the end of the 4th quarter of 2019, the overall year-over-year housing statistics for Summit and Wasatch Counties continued to show strong appreciation, with increases in both average and median sale prices, as well as dollar volume as reported...
3rd Qtr 2019 Park City Market Stats
October 22, 2019 – At the end of the 3rd Quarter of 2019, the overall year-over-year housing statistics for Summit and Wasatch Counties continued to show strong appreciation with increases in both average and median sale price as well as dollar volume as reported by...
2nd Qtr 2019 Park City Market Stats
PARK CITY, UTAH -- 2nd Quarter 2019 Park City/Wasatch Back Market Statistics Compiled & Provided with data from the PCMLS The Greater Park City Market in general continues to show great stability in single family homes. Despite an 8% drop in number of homes sold,...
1st Qtr 2019 Park City Market Stats
1st QTR 2019 PARK CITY & WASATCH BACK STATISTICS April 25th, 2019 – At the end of the first quarter of 2019, the overall year-over-year housing statistics for Summit and Wasatch Counties show an increase in median price, dollar volume, and an increase in active...
Park City, Utah 4th Qtr 2018 Market Stats
The 2018 year-end housing statistics for Summit & Wasatch Counties, as reported by the Park City Board of REALTORS®, revealed a very diverse and mixed market. While there was a 7% decrease in the number of homes sales, the Wasatch Back saw a 7% increase in median...
3rd Qtr 2018 Park City, UT Market Stats
PARK CITY, UTAH -- At the end of the third quarter of 2018, housing statistics revealed slowing demand and an increase in median sales price. Year-over-year, the number of single-family home sales in the Greater Park City Area decreased by 4.5%, while the condominium...
2nd Qtr 2018 Market Stats
GREATER PARK CITY, UTAH AREA (August 8th, 2018) – Recent housing statistics for Summit and Wasatch Counties, as reported by the Park City Board of REALTORS®, revealed continued demand and increase in median sales price. At the close of the second quarter of 2018, the...
4th Qtr 2017 Park City Market Stats
The single-family market transactions and median sales price grew at 5% and 14% respectively over the past year. 84% of these sales occurred outside the Park City Limits as primary home buyers’ demand for the Wasatch Back lifestyle increased. The condominium market...
3rd Qtr 2017 Park City Market Stats
October 20, 2017 – The Park City Board of REALTORS® has released year over year quarterly statistics for Summit and Wasatch Counties. The overall real estate market continues to be healthy, stable, and growing at sustainable rates. The number of single family market...
2nd Qtr 2017 Park City Market Stats
August 16, 2017 – Within the broader Park City market area, a changing geographic trend continues! At the close of the second quarter year-over-year housing statistics released by the Park City Board of REALTORS® show steady market growth and absorption of inventory...
First Qtr 2017 in Park City at a Glance
Demand for real estate in Park City/Summit and Wasatch Counties leads to a record-breaking first quarter of 2017 Park City, Utah – May 11th, 2017 The number of closed sales for the first quarter of 2017 in Summit and Wasatch Counties was the highest we’ve seen since...
4th Qtr 2016 Park City Stats
Park City, Utah – February 1st, 2017 2016 year-end housing statistics for Summit and Wasatch Counties, as reported by the Park City Board of REALTORS® Multiple Listing Service, show that over the past four years, the number of closed, pended, and active listings has...
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As 2017 nears, Park City’s real estate market remains steady. Sales numbers dip, but prices keep going up!
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3rd Quarter 2016 Park City, UT Real Estate Stats
Summit and Wasatch County property values continue to rise in the Third Quarter of 2016 Statistics reported by the Park City Board of REALTORS® at the close of the third quarter show the median sales price for single-family homes, condominiums, and vacant lots in the...
2nd Quarter 2016 Market Statistics
Park City, Utah Property values have increased at approximately 7% annually since 2012 Statistics reported by the Park City Board of REALTORS®, at the close of the second quarter of 2016, indicate a steady annual price increase for single family homes, condominiums,...
1st Quarter 2016 Market Statistics
Park City, Utah Property prices continue to rise at a sustainable rate throughout Summit and Wasatch Counties Statistics reported by the Park City Board of REALTORS®, at the close of the first quarter of 2016, indicated a steady annual increase of 6% in the median...
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4th Qtr 2015 Market Stats!
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3rd Quarter Park City Market Stats are Here!
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Park City, Utah 2nd Quarter 2015 MARKET STATS
The number of closed sales and total dollar volume for the first half of 2015 are the highest since 2007. The total number of closed sales, year-to-date, for the entire market area was 9% higher than the first two quarters of 2014 and was the highest first half of any...
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1st Qtr 2015 PARK CITY MARKET STATS!
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4th Qtr 2014 PARK CITY MARKET STATS
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3rd Qtr 2014 PARK CITY MARKET STATS
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2nd Qtr 2014 PARK CITY MARKET STATS
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1st Qtr 2014 Park City Real Estate Market Stats
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Year-End 2013 in Summary!
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3rd Quarter 2013 Stats show Continued Improvement!
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2nd Quarter 2013 — Exciting Stats for Park City!
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1st Quarter 2013 Stats are In!
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2012 YEAR END REAL ESTATE STATS!
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THIRD QUARTER 2012 MARKET REPORT
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