Park City • Wasatch Back
Single-Family • Condos/Townhomes • Vacant Land
2023 | Q3
Market Report
226 White Pine Canyon Road Park City, UT 84060
04 07 09 11 13 15 17
2023 Q3 Overview All Major Areas Summary Park City Limits Summary Snyderville Basin Summary Jordanelle Summary Heber Valley Summary Kamas Valley Summary
Table of Contents
Park City Real Estate
The market in general is getting closer to "normal" which is as "normal" has been redefined. Sales numbers are returning to pre-pandemic averages. Q1-23 sales totals were 5% higher than the average from 2013 to 2020. Sales prices are not. Total sales volume is 63% higher than the average from 2013 to 2020 because the lower number of units sold units was more than offset by ever-increasing sales prices. The market volatility experienced during, and immediately following, the Covid restrictions mirrors that seen leading up to the market crash and great recession in 2007-08-09. The Park City real estate market is reflecting trends seen elsewhere in the country, as business returns to a more "normal" seasonal pattern. What are the key takeaways from this quarter's statistics? Listing inventory is rising - At the end of Q1-2022 only 329 residential properties were for sale. By 4/1/23, that number rose to 746 (which was still only 65% of pre-pandemic average). Prices are starting to level off - One year ago, the overall median sale price of all properties (residential and land) was just under 1.1 million. Now, the median has risen to $1.3 million, 14% higher than in 2022, but a whopping 50% higher than the same period in 2021. Mortgage interest rates are inching upward (again) - In late October, the average 30-year fixed rate was 7.08%. By the end of December, it had dropped to 6.48%. As of April 2023, it was 7.2%. Buyers are becoming more hesitant to make instant offers above the asking price and sellers are reacting by lowering those asking prices at a faster pace, but not by as many dollars. In Q4-22, 391 active listings (out of 1,100), or 35.5% saw at least one price reduction. In Q1-23 that number rose to 427 (out of 1,063) or 40%. Price reductions in Q4 averaged 5.7%, while in Q1-23, the average reduction was only 4.9%. Narrative by Rick Klein, PCMLS
With inventories returning to a more normal pre-Covid level, and competition for available properties still running strong despite record high mortgage interest rates, third quarter sales totals for single family homes in Summit and Wasatch counties were 46% higher than in second quarter, but the longer lens of year-over-year change showed sales dropped 25% while prices remained steady to up slightly. The median home sale price in the PCMLS primary market area increased just $10,000 for the year ending 9/30/23 vs. the same period ending 9/30/22. The quarterly increase in sales volume presages the direction consumers should expect to see in both prices and sales volume in the year ahead. This decrease in local market price volatility reflects trends seen elsewhere in the country, as business returns to a more “normal” seasonal pattern. In Summit and Wasatch Counties, the rate of sales (number of units sold) dropped 25% for single-family homes and 36% for condominiums from the full year prior. Sales declines across the region were attributed to continuing high mortgage interest rates and low available inventory, with the latter being the prime driver. Agents noted that the large majority of homeowners still carrying a mortgage financed their purchases at rates from one-third to one-half below the current prevailing market rates, making them extremely reluctant to sell if they have to finance a replacement home elsewhere. Park City neighborhoods vary widely in price comparison and the Q3 year-over-year results continued that pattern. For single family homes, all five of the major areas that make up the greater Park City market showed drops in units sold through the third quarter of 2023 vs. 2022. The exceptions were in neighborhoods where new construction is booming. Sales in the Silver Creek Village area nearly doubled over the previous year. A majority of the sales were newly completed or construction in progress on average prices just over $1.2 million. In Tuhaye, on the east side of the Jordanelle Reservoir, Talisker Club sales continued strong with units up 16% on volume of $108 million (up 42%) making for an average sale price over $3.7 million, up 22%. Condo sales across the primary market range followed a pattern similar to single family homes. Year-over-year sales volume declined in all areas by 31%, primarily due to a lack of inventory to sell. Also, owners of those few properties who were willing to sell were holding out for much higher offer prices. Within the Park City limits, condo sales volume was down 32% but the median sale price rose 10% to $1.65 million. In the Snyderville Basin, the average sale price only rose by 1% to $1.25 million. Narrative by Rick Klein, Park City Board of REALTORS®
• Listing inventory is rising – In January 2022, only 235 residential properties were for sale. By the end of 2022, that number had nearly tripled to 738. At the end of September 2023, residential inventory was up 43% to 1,054 homes. Inventory continues to recover to pre-pandemic levels. • Prices are starting to level off – For the 12 months ending 9/30/22, the overall median sale price of all single-family properties was $1.59 million. For the same period ending 9/30/23, that price was $1.6 million, a change of less than 1%. • Buyers are becoming more hesitant to make instant offers above the asking price and sellers are reacting by lowering those asking prices at a faster pace. In Q3-22, 763 active listings saw at least one price reduction. In Q3- 23 that number rose to 817. Many listings reported multiple price adjustments.
Salt Lake Market Report |
253 White Pine Canyon Road Park City, UT 84098
Data sourced from PCMLS for the period of 7/01/2023 to 9/30/2023. All information provided is deemed reliable but is not guaranteed and should be independently verified.
Number of Sold Properties
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Park City | Snyderville | Kamas | Jordanelle | Heber Single Family Homes
2023 Q3 Median Sold Price
$1,600,000
Data sourced from PCMLS for the period of 07/01/2023 to 09/30/2023. All information provided is deemed reliable but is not guaranteed and should be independently verified.
All Major Areas Summary
249
38
Median Days on Market
$3,356,801
Park City Limits
Single-Family Homes | Condos/Townhomes | Land
Deer Valley Resort®
Park City Market Report | {{page}}
Median Sold Price | 2019 - 2023 Q3 | Park City Limits
Park City Resort®
Kimball Junction
44
29
Median Sold Price | 2019 - 2023 Q3 | Snyderville Basin
99
33
Snyderville Basin
$2,250,000
Median Sold Price | 2019 - 2023 Q3 | Jordanelle
15
Jordanelle
Heber Valley
$3,850,000
Median Sold Price | 2019 - 2023 Q3 | Heber Valley
Kamas Valley
$954,500
49
84
$745,000
34
22
Median Sold Price | 2019 - 2023 Q3 | Kamas Valley
©2023 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.
9021 Promontory Summit Drive Park City, UT 84098
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