PARK CITY REAL ESTATE MARKET TRENDS THROUGH OCTOBER 2022

The current landscape of low inventory and higher interest rates is causing the pace of sales to slow in Park City, Utah. Although activity has slowed some, we still would not refer to the market as slow.

The pandemic-fueled seller's market continued this year through the end of our winter season. Then for the first time in the last two years, we saw a typical seasonal slowdown in the off-season resulting in fewer early summer closed sales. With the tapering off of the pandemic buying spree and a more typical off-season, the summer sales activity felt somewhat like a return to normal. For the town of Park City, closed sales prices have been relatively steady, with a slight dip in median price for the last three months, but a slight increase in average price. Overall, sold prices for the year have remained consistent.

Inventory has dipped again for the last three months, with fewer new listings being added to the market. Our current inventory is nearly double the uniquely low levels from earlier this year, with 386 active listings for sale in October. Compared to pre-pandemic years, 386 is only half of what we saw in October 2018 and 2019.

The list-to-sold price ratio continues to hover around 94-96%, suggesting buyers have had more success in negotiating with sellers. Most price reductions we see in the market are lofty, aspirational asking prices coming back down to better match recent sales comps. If a suitable property becomes available and is priced close to recent comps, the chances of quickly selling are still quite strong.

The real estate market in Park City continues to move along quite well, and we are still seeing many significant sales. Of the 69 new pended sales last month, 26 were homes priced over $4 million. Our website has a dedicated page showcasing all the Park City MLS properties currently under contract. See the link below to view all Pending Sales. The current count as of the date of this article was 672 properties under contract! Eighty-nine of these were properties priced over $4 million.

NUMBER OF ACTIVE LISTINGS

• October had 386 listings compared to 207 in Oct 2021 - up 86%
• 386 listings is well below 760 in October 2019, and 869 in October 2018
• The number of listings for sale is again on the decline
• Year-to-Date, Park City had 1,558 listings compared to 1,954 last year, down 20%

NUMBER OF SOLD PROPERTIES

• October had 79 closed sales, compared to 142 in Oct 2021 - down 44%
• Year-to-Date, 1,018 listings sold compared to 1,448 in 2021 - down 30%
• Comparing YTD, 2019 had 1,032 sales, and 2018 had 951 sales

NUMBER OF PENDING LISTINGS

• October 2022 had 69 listings go under contract, compared to 129 in Oct 2021 - down 46%
• 69 pending sales is down compared to 106 in September 2019, and 93 in September 2018

PRICING FOR ACTIVE LISTINGS

• The median list price in October was $2,495,000 - slightly up compared to $2,299,500 in September
• Compared to $2,650,000 in Oct 2021, the median list price in Oct 2022 was down 6%
• The median list price YTD was $1,800,000 compared to $1,495,000 in 2021 - up 20%

PRICING FOR SOLD PROPERTIES

• The median sold price in October was $1,342,500 compared to $1,344,500 in Oct 2021
• The median sold price YTD was $1,525,000 compared to $1,337,500 - up 14%
• The average sold price in October was $2,178,400 compared to $2,001,000 in Oct 2021, up 9%
• The average sold price YTD was $2,171,300 compared to $1,996,700 - up 9%

DAYS ON MARKET

• The average DOM in October was 58 compared to 58 days in Oct 2021
• The average DOM for YTD was 43 compared to 81 days in 2021
• The median DOM in October was 38 compared to 13 days in Oct 2021
• The median DOM for YTD was 7 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.