Park City Real Estate Market Trends for May 2023

Reviewing real estate statistical data through May 2023, the amount of listing inventory has not increased, and the selling price of closed sales has not decreased. Sales have been steady, with selling prices at about 93-96% off the active list price. The days-on-market has continued to increase all year, now up to just over 100 days on average. The market feels active and somewhat balanced, with no clear direction favoring buyers or sellers. Now that we are into mid-June, we are seeing some good options coming to market, and we seem to see continued activity in sales. For buyers waiting for a significant slowdown leading to discounted buys, we just are not seeing signs of that type of market.

Number of Listings

The number of active and sold listings in Park City remained steady from April to May. April saw 362 active listings bump up to 370 in May. Compared to May 2022, with only 256 active listings for sale, this was an increase of 44%. Last year at this time, we were just coming off the wild pandemic buying spree, so inventory was lower than typical. The number of sold properties moved from 65 in April to 71 in May. With 71 sold listings this May, that was down by 46% from May 2022 when 133 listings sold. Year-to-date, 2022 saw 611 sold listings, compared to 314 for the same time in 2023, and a decrease of 48%.

Listing Prices

The active median price has lowered some over the last two months, with $2,487,500 in May, down from $2,740,000 in April. From a median list price of $1,895,000 in May 2022, we saw an increase of
31% comparing this May to last year. The median sold price increased from $1,460,000 in April to $1,625,000 in May. Compared to $1,380,000 in May of 2022, we saw an increase of nearly 18% for the month of May. Year-to-date 2022 was at $1,495,000 compared to $1,575,000 for the same time in 2023, an increase of only 5%.

Days on Market

The average for days on the market has been increasing steadily throughout the year. May 2022 saw listings at a low average of 38 DOM, compared to May 2023 at 109 DOM. While the average DOM is getting higher, the median DOM for May was at 34 days. That means that half of the properties sold in under 34 days, showing that when good properties are listed at a reasonable price, they sell fairly quickly.

Sold to List Ratio

The percentage of the sold price compared to the list price was 95% for May 2023. That suggests that although sellers are not giving their properties away, they seem more willing to negotiate again, compared to the over-asking prices achieved during the pandemic.

The statistics above showcase residential property activity for the expanded city of Park City, including homes and condos throughout the 84060 and 84098 zip codes (from Deer Valley and Old Town out to Summit Park and Promontory). The above does not include the outlying areas near Park City, such as Kamas, Oakley, Heber, and Midway. If you would like specific data for your area of interest or neighborhood, please call or email; we'll be happy to provide more detailed information.