Posted by Sean Matyja on Wednesday, June 30th, 2021 at 4:57pm.

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Summer is back, and we are starting to see visitors return and the town filling up again. So many people are back out at the Silly Market, Deer Valley concerts, hiking, biking, boating, fishing and golfing; life seems to be reasonably well back to normal. As people continue to make dramatic lifestyle-focused changes, real estate remains very active throughout the country, with mountain towns such as Park City seeing robust sales. The COVID pandemic is winding down, and the rebounding economy and opening of travel continue to fuel buyers' decisions to purchase a second home in their favorite vacation destinations.

If we compare the last 12 months to the previous 12 months for the Park City MLS (all product types), the trend continues with low standing inventory, increasing prices, and decreasing days on the market. The total number of active listings increased by 10%, from 6,894 to 7,557. However, the number of units sold went from 2,874 to 5,130 - a dramatic increase of 78%. That amount of sales activity has substantially outpaced the number of new listings added. This has created a very competitive buying market. When a suitable property comes up, reasonably priced, it can go fast. Even if not reasonably priced, it still may quickly sell. We continue to see new pricing levels achieved in a neighborhood or community, then the following home comes on at a substantially higher price, sells, and sets another new benchmark.

Prices for homes, condos and land have been increasing steadily for quite some time now. The year before the pandemic was already very active, with prices steadily climbing. The arrival of the pandemic did pause activity for about three months, but the year since has been unlike anything we have ever seen. Looking at the entire Park City MLS for all product types, the Average Sale Price increased by 34%, from $940,000 to $1,260,000. In comparison, the Median Sale Price moved up by 25%, from $593,000 to $744,025. These numbers include homes, townhomes, condos, land, fractional and commercial - Just a quick overall market summary. Provided below are statistics for Residential and Land categories.


The numbers below report a year-over-year comparison of sales. Source: Park City MLS, comparing the previous year to this last year, as of June 15, 2021. (June 16, 2019 - June 15, 2020 compared to June 16, 2020 - June 15, 2021)


RESIDENTIAL SUMMARY (homes, townhomes, and condos)

Total Active Listings
4,655 last year compared to 5,163 this year - Up by 11%

Number Sold
2200 last year compared to 3581 this year - Up by 63%

Average Price
$1,093,000 last year compared to $1,528,000 this year - Up by 40%

Median Price
$713,000 last year compared to $915,00 this year - Up by 28%

Percent of List Price
96% last year compared to 98% this year - Up by 2%


When the pandemic started in March of 2020, we saw a pause for about three months. As real estate sales activity began to ramp up again, most of the focus was on larger homes ready for immediate occupancy. Over time, we saw continued demand, and sales started to extend to condos and land. What began as a solution for an immediate refuge to escape from the closed down metropolitan areas across the country, turned into a wholesale lifestyle change. Single-family homes still seem to be the main focus of our market's activity, but vacation condos, ski properties, golf communities, and plans for future custom builds are increasingly popular. The recovery from COVID only seems to add further confidence in a buyer's decision to plan for future family time in places like Park City, Utah.



Total Active Listings
1,926 last year compared to 2,091 this year - Up by 9%

Number Sold
573 last year compared to 1,409 this year - Up by 146%

Average Price
$470,000 last year compared to $652,000 this year - Up by 39%

Median Price
$282,000 last year compared to $400,000 this year - Up by 41%

Percent of List Price
92% last year compared to 96% this year - Up by 4%


While we cannot predict the months to come, it has been interesting to see these trends unfold. If you have questions or would like to discuss the market in more detail, please give us a call.

Sean Matyja - Realtor® / Associate Broker
Mobile: (435) 901-2158 | Email: 

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