The national real estate market seems to be shifting, and in Park City, we also see some change. Depending on who you talk with or the news you subscribe to, you may hear varying predictions regarding the future of the real estate market. While it is difficult to predict the future, we can look at recent trends to get a sense of where things are currently headed.
Overall, the market for Park City does feel a little slower, perhaps a healthy change from the red hot market of the last two years. Inventory has been low but is building, which is encouraging for buyers. Mortgage rates have been moving up and are expected to increase further. Home selling prices do not seem to be declining, although we are starting to see price reductions on active listings. A combination of high prices and high interest rates is significantly affecting affordability and is an area that could see change. Many of the transactions in Park City, about half, are cash sales and are not directly affected by interest rates.
Real estate trends can be highly affected by seasonality, especially in a ski resort town like Park City, Utah. We typically have a strong winter and summer season, offset by a much slower spring and fall, our "mud seasons." We did see a decrease in closed and pending sales activity in June, which could be a combination of a slowing of the market's pace and having gone through a more typical off-season of activity. To reduce the influence of seasonality affecting our statistics, we can look at two key metrics: 1 - year-to date activity comparing the current year to the previous year, and 2 - the current month compared to the same month in the previous year.
Below are a few key statistical results that illustrate recent market activity and trends. The data is pulled monthly from the Park City Board of Realtors Multiple Listing Service (MLS). The data set reviews residential properties (homes and condos) in Park City, Utah. This area includes everything from in-town locations such as Old Town and Deer Valley to Kimball Junction, Summit Park, Silver Creek, and Promontory. The data below runs through June 2022. Please let us know if you would like more specific information on your area or neighborhood of interest.
Number of Active Listings
- Year-to-Date, Park City had 1,071 listings compared to 1,434 in 2021, a decrease of 25%
- June 2022 had 339 listings compared to 301 in June 2021, an increase of 12%
- The number of active listings has been increasing for 5 months, since January 2022
Number of Sold Properties
- Year-to-Date, 701 listings sold compared to 858 in 2021, a decrease of 18%
- June 2022 had 88 listings sold, compared to 160 in June 2021, a decrease of 45%
Number of Pending Listings
- Year-to-Date, Park City had 542 listings under contract compared to 987 in 2021, a decrease of 45%
- June 2022 had 58 listings under contract, compared to 148 in June 2021, a decrease of 60%
Pricing for Active Listings
- The average list price in June 2022 was $3,410,000 compared to $3,097,000 in June 2021, an increase of 10%
- The average list price YTD was $2,952,000 compared to $2,507,000, an increase of 18%
- The median list price in June 2022 was $2,150,000 compared to $1,395,000 in June 2021, an increase of 54%
- The median list price YTD was $1,795,000 compared to $1,450,000, an increase of 24%
Pricing for Sold Properties
- The average sold price in June 2022 was $2,385,000 compared to $2,050,000 in June 2021, an increase of 16%
- The average sold price YTD was $2,196,000 compared to $2,021,000, an increase of 9%
- The median sold price in June 2022 was $1,600,000 compared to $1,403,000 in June 2021, an increase of 14%
- The median sold price YTD was $1,525,000 compared to $1,335,000, an increase of 14%
Days On Market
- The average days on market in June 2022 was 35 compared to 92 days in June 2021
- The average days on market YTD was 39 compared to 95 days in 2021
- The median days on market in June 2022 was 7 compared to 10 days in June 2021 - that means half of the properties listed went under contract in less than 7 days!
- The median days on market YTD was 4 compared to 13 in 2021 - that means half of the properties listed went under contract in less than 4 days!
Sean Matyja - Realtor® / Associate Broker
Mobile: (435) 901-2158 | Email: firstname.lastname@example.org