Park City • Wasatch Back
Single-Family • Condos/Townhomes • Vacant Land
2023 | Q2
Market Report
226 White Pine Canyon Road Park City, UT 84060
04 07 09 11 13 15 17
2023 Q2 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
In 2023, second quarter sales totals for single family homes in Summit and Wasatch counties were 13% higher than in first quarter, with unit sales climbing 22%. Sales prices are a different story. The median home sale price in the PCMLS primary market area dropped from $1.66 million in Q1 to $1.59 million, a decline of 4%. The market volatility experienced during, and immediately following, the Covid crisis has abated considerably. The Park City real estate market is reflecting trends seen elsewhere in the country, as business returns to a more “normal” seasonal pattern. Sale prices for single family homes in the primary market area of Summit and Wasatch Counties, as reported by the Park City Board of REALTORS® Multiple Listing Service for the 12-month period ending June 30, showed mixed results, with the average down 3.0% and median down 2.1%. For the year earlier, both increased 15% and 11% respectively. The rate of sales (number of units sold) dropped 33% for single family homes and 43% for condominiums from the 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 Q2 year-over-year results continued that pattern. For single family homes, all but two of the major areas that make up the greater Park City market showed drops in units sold through the 2nd quarter of 2023 versus 2022. The exceptions were in the Jordanelle area, where interest is growing in anticipation of the Mayflower Mountain Resort project opening for the 2024-25 ski season. Sales in the Tuhaye area more than doubled over the previous year, on average prices just over $3 million. The other boom happened in Silver Creek South, where the Silver Creek Village continued to be a beehive of activity. Sales units nearly quadrupled (from 12 to 47) on pricing that climbed from the high six-figures to about $1.1 million. Narrative by Rick Klein, PCMLS
• Listing inventory is rising – At the end of Q2 - 2022 only 858 residential properties were for sale. By Q2 - 2023, that number rose to 1,030. That’s still short of the 1,100 active listings in pre-pandemic time (January 2020) but moving in the right direction. • Prices are starting to level off – For the 12 months ending 6/30/22, the overall median sale price of all residential properties was 1.6 million. For the same period ending 6/30/23, that price was $1.57 million, a drop of just 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. In Q2 - 2022, 519 active listings saw at least one price reduction. In Q2 - 2023 that number rose to 608. Some 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 4/01/2023 to 6/30/2023. 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 Q2 Median Sold Price
$1,650,000
Data sourced from PCMLS for the period of 04/01/2023 to 06/30/2023. All information provided is deemed reliable but is not guaranteed and should be independently verified.
All Major Areas Summary
179
33
Median Days on Market
$3,295,500
Park City Limits
Single-Family Homes | Condos/Townhomes | Land
Deer Valley Resort®
Park City Market Report | {{page}}
Median Sold Price for Q2 | Park City Limits | Single-Family Homes
Park City Resort®
Kimball Junction
17.5
30
Median Sold Price for Q2 | Snyderville Basin | Single-Family Homes
52
55.5
Snyderville Basin
$1,900,000
Median Sold Price for Q2 | Jordanelle | Single-Family Homes
21
Jordanelle
Heber Valley
48
$3,055,755
Median Sold Price for Q2 | Heber Valley | Single-Family Homes
Kamas Valley
$917,500
14
58
$998,650
42
18
Median Sold Price for Q2 | Kamas Valley | Single-Family Homes
©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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