Nationally, mortgage applications have hit a 25-year low as higher rates and Hurricane Ian reduce demand. A weekly survey by the Mortgage Bankers Association showed requests for purchase loans were down a seasonally adjusted 13 percent last week compared to the week before, and 37 percent from a year ago. Demand for refinancing was hit even harder, falling 18 percent from the previous week and 86 percent from a year ago.
In Park City, Utah, we saw six consecutive months where the average for days on market (DOM) was under 40. September 2022 saw the DOM jump back up to 67. Although quite an increase from the busy spring and summer, it was below last September at 76 DOM. The increase is likely due to typical seasonality and current market conditions, such as higher interest rates.
Even though inventory has been climbing (with a slight dip in September), it has still been challenging for buyers to find the right property. This September had 438 listings compared to last year at 245, a whopping increase of 79 percent. But, inventory is still quite low when you place that in context by comparing back to 806 residential listings in September 2019 and 858 in September 2018.
Activity is slower, but we would certainly not say things are slow. September had 105 closed sales, compared to 150 in September 2021. That is a decrease of 30 percent, but that is down from last year's frenzied pace. By comparison, September 2019 had 126 closed sales, and September 2018 only had 82 sales.
NUMBER OF ACTIVE LISTINGS
- September had 438 listings compared to 245 in Sept 2021 - up 79%
- 438 listings is well below 806 in September 2019, and 858 in September 2018
- After six months of increasing inventory, August leveled off, and September saw a slight decline
- Year-to-Date, Park City had 1,453 listings compared to 1,852 last year, down 22%
NUMBER OF SOLD PROPERTIES
- September had 105 closed sales, compared to 150 in Sept 2021 - down 30%
- Year-to-Date, 936 listings sold compared to 1,303 in 2021 - down 28%
NUMBER OF PENDING LISTINGS
- September 2022 had 97 listings go under contract, compared to 137 in Sept 2021 - down 29%
- 97 pending sales is down compared to 130 in September 2019, and 111 in September 2018
PRICING FOR ACTIVE LISTINGS
- The median list price in September was $2,299,500 - slightly up compared to $2,100,000 in August
- Compared to $2,395,000 in Sept 2021, the median list price in September was down 4%
- The median list price YTD was $1,795,000 compared to $1,475,000 - up 22%
PRICING FOR SOLD PROPERTIES
- The median sold price in September was $1,500,000 compared to $1,342,500 in Sept 2021, up 12%
- The median sold price YTD was $1,525,000 compared to $1,330,000 - up 15%
- Compared to the previous month, the sold median price was nearly even
DAYS ON MARKET
- The average DOM in September was 67 compared to 76 days in Sept 2021
- The average DOM for YTD was 41 compared to 83 days in 2021
- The median DOM in September was 35 compared to 14 days in August 2021
- The median DOM for YTD was six 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.
Sean Matyja - Realtor® / Associate Broker
Mobile: (435) 901-2158 | Email: email@example.com