1032 Quarry Mountain Way Park City, UT 84098
Park City • Wasatch Back
Market Report
Single-Family • Condos/Townhomes • Vacant Land
2023 | Q4
8777 Marsac Ave Park City, UT 84060
04 07 09 11 13 15 17
2023 Q4 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
Narrative by Rick Klein, Park City Board of REALTORS®
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 remained 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. This decrease in local market price volatility reflects trends seen elsewhere in the country, as business returns to a more seasonal pattern and extremes become scarcer. Mark Fleming, chief economist at First American Financial Corporation, predicts a “flat stretch” ahead for the housing market. “If the 2020-2021 housing market was too hot, then the 2023 market was probably too cold, but 2024 won’t yet be just right,” Fleming said in his 2024 forecast.
Salt Lake Market Report |
Data sourced from PCMLS for the period of 10/01/2023 to 12/31/2023. All information provided is deemed reliable but is not guaranteed and should be independently verified.
• Inventory has improved greatly over the past two years. As of January 1, 2022, greater Park City posted 280 active residential listings. As of January 1, 2024, that number was 840 or a 200% increase. However, comparing this year to the pre-covid years (2012 – 2019) inventory remains lower by 25%. • 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.
• 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.
1387 Dovetail Ct Kamas, UT 84036
Number of Sold Properties
Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam nonumy eirmod tempor invidunt ut labore et dolore magna aliquyam erat, sed diam voluptua. At vero eos et accusam et justo duo dolores et ea rebum. Stet clita kasd gubergren, no sea takimata sanctus est Lorem ipsum dolor sit amet. Lorem ipsum dolor sit amet, consetetur sadipscing elitr, sed diam nonumy eirmod tempor.
Park City | Snyderville | Kamas | Jordanelle | Heber Single Family Homes
2023 Q4 Median Sold Price
$2,100,000
All Major Areas Summary
215
65
Median Days on Market
$4,150,000
Park City Limits
Single-Family Homes | Condos/Townhomes | Land
Deer Valley Resort®
Park City Market Report | {{page}}
Median Sold Price | 2019 - 2023 Q4 | Park City Limits
Park City Resort®
Kimball Junction
29
31
Median Sold Price | 2019 - 2023 Q4 | Snyderville Basin
77
67
Snyderville Basin
$2,400,000
Median Sold Price | 2019 - 2023 Q4 | Jordanelle
20
Jordanelle
Heber Valley
46
$3,317,500
Median Sold Price | 2019 - 2023 Q4 | Heber Valley
Kamas Valley
$985,000
68
$884,000
100
Median Sold Price | 2019 - 2023 Q4 | Kamas Valley
©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.
25 Foxwood Ct Park City, UT 84060
Engel & Völkers Park City 890 Main Street STE 5101 Park City, UT 84060 (435) 850 7000 parkcity.evrealestate.com @evparkcity