For many reasons, 2020 has been a crazy year that we will surely never forget. As we reflect on this past year, progressing through another busy holiday season, we feel very fortunate to live in a place as wonderful as Park City, Utah. When the pandemic started and the ski resorts closed earlier this year in March, we anticipated the real estate market would essentially shut down. In contrast, real estate in Park City has thrived.
As of December 22, comparing year-to-date of 2020 to 2019, we see some significant numbers. Interestingly, we see almost the exact amount of total listings of 7,001 in 2019 to 7,021 in 2020. However, the number of listings under contract grew dramatically from 3,005 to 4,577 - a massive 52% increase. In closed sales, we see a difference of 2,930 to 3,982 - a 36% increase. Many under contract listings not yet closed are likely due to the numerous new construction projects with units still being built.
This substantial increase in absorption compared to the same amount of inventory has led to a visible shortage of options in the market, creating fierce competition with buyers looking for the right property. When a suitable property comes available, it can go fast, and quite often with multiple offers. As crazy as it is here in the Park City market, we often hear of properties in nearby Salt Lake City seeing double-digit multiple offers within a day or two of hitting the market.
In Park City, prices have escalated with the high sales demand. For the entire MLS, the median price rose from $615,000 in 2019 to $700,000 in 2020. The average price was much higher, from $970,000 in 2019 to $1,136,000 in 2020 - a 17% increase. It's important to note that this average price is for all of the greater Park City MLS areas. The average price for residential property (home, townhome, condo) in Park City Limits increased by 23% from $1,605,000 to $1,977,000. The median price increased by 38% from $1,157,000 to $1,600,000. That means for all homes, townhomes, and condos, half of the Park City "in town" sales were over $1,600,000.
Other Park City communities also saw significant movement. In Heber Valley, the average and median price moved up by 32%, placing the new average sales price for the valley at $839,630. In Snyderville Basin, the "out of town" portion of Park City, we saw a 16% increase of the average price from $1,284,000 to $1,493,000.
For unit sales, the overall residential market saw an increase of 25% for closed sales. The expanding communities of the Jordanelle area lead with a 57% increase. Other area increases are as follows: Park City Limits at 31%, Snyderville Basin at 28%, Heber Valley at 20%, and Kamas Valley at 22%.
Once the 2020 year-end report data is available, we'll provide further information on the Park City real estate market trends. If you have any questions about your particular area of interest, give us a call.
Sean Matyja - Realtor® / Associate Broker
Mobile: (435) 901-2158 | Email: firstname.lastname@example.org