Market Report
Single-Family Home • Condo/Townhome • Vacant Land
Park City • Wasatch Back
2024 | Q1
236 White Pine Canyon Road Park City, UT 84060
04 07 09 11 13 15 17
2024 Q1 Overview All Major Areas Summary Park City Limits Summary Snyderville Basin Summary Jordanelle Summary Heber Valley Summary Kamas Valley Summary
Table of Contents
Data sourced from PCMLS for the period of 01/01/2024 to 03/31/2024. All information provided is deemed reliable but is not guaranteed and should be independently verified.
• Demand: Covid landed in PC Q1 2020, by Q2 sales had fallen to the lowest point since the Great Recession. Then the flood gates opened, Covidians stormed our market and we hit an all time sales record by 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 normal. Given our strong Q4 pended sales and the likelihood mortgage rates will decline next year, 2024 appears most promising. • Supply: Sales exceeded listings throughout most of the pandemic with inventory hitting a nadir Q1 2022. Inventory 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: as of the start of this year 56% of residential listings in GPC are new construction. Pricing is tricky. The headline overall median price grew at 11%; however, this was largely buoyed by the increased price of vacant land. Condos prices, for example, in town showed an 8% median price gain; albeit, most areas were either flat or showed a slight decrease with the median price being lifted by sales in Upper Deer Valley and Empire pass. Similarly, condos prices in areas 10 - 29 showed as flat, but this is due to including the new construction at Jordanelle. Same with home prices in the basin. Prices show an impressive gain, but again this was largely due to the median prices at the Jordanelle soaring 94% while, for example, the median price of a home fell 30% in Jeremy Ranch. Bottom line: our market is in transition, it is nuanced, and buyers and sellers need knowledgeable agents now more than ever.
Park City Real Estate
Salt Lake Market Report |
Narrative by Rick Klein, Park City Board of REALTORS®
2510 W White Pine Lane Park City, UT 84060
Demand continues to improve, albeit slowly. For the past two quarters, pended sales have exceeded the same quarter the year before and is now above pre-pandemic levels. In addition, all the trend lines for GPC closed sales show that over the past few months, year-over-year sales have stabilized. Heber Valley, on the other hand, shows a marked increase in the number of sales over the past two years while Kamas Valley sales continue to slide downward. Overall sales show improvement but still lag year over year from “normal” level of sales. Similarly, inventory levels continues to show slight improvement, but have largely stalled over the past 18 months down around 25% of pre-pandemic levels. Overall, pricing continues to show gains for GPC. However, there is a considerable difference between price trends In Town versus the Basin. There were substantial median price gains in Single Family and Vacant Land sales over the past year which are partly due to new sales around Mayflower. For example, if new homes were excluded from the Basin, the median price would drop by ~6%. For a relatively small market, GPC is complex and nuanced and managing market expectations can be challenging. In addition, GPC real estate is expensive. The median priced home in the Basin is greater than $2.5M and there are only two homes currently listed for under $1M at $98OK in Silver Creek. Both buyers and sellers are well advised to seek the counsel of knowledgable local agents.
Number of Sold Properties
Park City Market Report | {{page}}
Park City • Snyderville Basin • Jordanelle • Kamas Valley • Heber Valley
2024 Q1 Median Sold Price
$1,900,000
All Major Areas Summary
158
76
Single-Family Homes
Median Sold Price | 2020 - 2024 Q1 | All Major Areas
Median Days on Market
46
Median Sold Price
Median Sold Price | 2020 - 2024 Q1 | Park City Limits
Park City Limits
$4,880,000
21
Deer Valley Resort®
Old Town • Aerie • Prospector • Park Meadows • Thaynes Canyon Deer Valley Resort • Deer Crest • Empire Pass
Park City Resort®
Kimball Junction
42
Snyderville Basin
94.5
Median Sold Price | 2020 - 2024 Q1 | Snyderville Basin
$2,886,000
Promontory • Silver creek • Trailside Park • Glenwild • Jeremy Ranch Summit Park • Pinebrook • Sun Peak • Bear Hollow • Canyons Village Silver Springs • Old Ranch Road • Quinns Junction
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82.5
Jordanelle Park • Mayflower Mountain • Deer Mountain Hideout • Tuhaye • South Jordanelle
16
Heber Valley
Jordanelle
Median Sold Price | 2020 - 2024 Q1 | Jordanelle
$3,525,000
Kamas Valley
80.5
Heber • Heber East • Midway • Daniel Timber Lakes • Wallsburg • Sundance & Provo Canyon
70
$979,890
Median Sold Price | 2020 - 2024 Q1 | Heber Valley
$1,500,000
9
Median Sold Price | 2020 - 2024 Q1 | Kamas Valley
Kamas & Marion • Peoa & Browns Canyon Oakley & Weber Canyon • Francis & Woodland
©2024 Engel & Völkers. All rights reserved. Information provided by Park City Board of Realtors. Numbers are approximate. All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS. All information should be independently reviewed and verified for accuracy. Each brokerage independently owned and operated. Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support the principals of the Fair Housing Act. All information provided is deemed reliable but is not guaranteed and should be independently verified. If your property is currently represented by a real estate broker, this is not an attempt to solicit your listing.
Engel & Völkers Park City 890 Main Street Suite 5-101 Park City, UT 84060 (435) 850-7000 parkcity.evrealestate.com @evparkcity
7677 Village Way #201 Park City, UT 84060