PARK CITY REAL ESTATE MARKET TRENDS THROUGH DECEMBER 2022

The peak for listing inventory in 2022 occurred in July and August, each with 460 homes or condos for sale in Park City. The number of new listings coming to the market has decreased through the year's second half, reducing options for prospective buyers. For sold properties, 2022 saw 1,163 properties close, down 30% from 1,712 sold properties in 2021. Of course, 2021 was an anomaly resulting from the frantic pace fueled by the pandemic. The sales totals of 2022 were more on par with the pre-pandemic years of 2019 and 2018. As for prices, we saw the median asking price slide down by about 15% in December 2022 compared to December 2021. In contrast, we saw the median sold price increase by 6%. Buyers we talk with still seem to be watching and waiting for significant price declines before making a move, but with low inventory and healthy demand, we have yet to see substantial decreases in prices.

NUMBER OF ACTIVE LISTINGS

• December had 367 listings compared to 163 in Dec 2021 - up 125%
• 367 listings is well below 684 in October 2019, and 861 in October 2018
• The number of listings for sale remains on the decline
• Year-end totals, Park City had 1,719 listings compared to 2,129 last year, down 19%

NUMBER OF SOLD PROPERTIES

• December had 67 closed sales, compared to 139 in Dec 2021 - down 52%
• Year-end totals, 1,163 listings sold compared to 1,712 in 2021 - down 32%
• Compared to previous years, 2019 had 1,289 sales, and 2018 had 1,104 sales

NUMBER OF PENDING LISTINGS

• December 2022 had 56 listings go under contract, compared to 83 in Dec 2021 - down 33%
• 56 pending sales is down compared to 74 in December 2019, and 63 in December 2018

PRICING FOR ACTIVE LISTINGS

• The median list price in December was $2,850,000 - up compared to $2,597,500 in November
• Compared to $3,347,500 in Dec 2021, the median list price in Dec 2022 was down 15%
• The median list price YTD was $1,850,000 compared to $1,500,000 in 2021 - up 23%

PRICING FOR SOLD PROPERTIES

• The median sold price in December was $1,725,000 compared to $1,625,000 in Dec 2021
• The median sold price YTD was $1,525,000 compared to $1,375,000 - up 11%
• The average sold price in December was $2,365,000 compared to $2,486,000 in Dec 2021, down 5%
• The average sold price YTD was $2,185,000 compared to $2,040,000 - up 7%

DAYS ON MARKET

• The average DOM in December was 85 compared to 55 days in Dec 2021
• The average DOM for YTD was 46 compared to 80 days in 2021
• The median DOM in December was 61 compared to 6 days in Dec 2021
• The median DOM for YTD was 8 compared to 13 in 2021

The statistics above showcase generalized 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, and we'll be happy to provide more detailed information.