Park City Real Estate Market Update for December 2021

As we near the end of 2021, Utah real estate sales continue at a strong pace, and inventory continues at historically low levels. At Summit Sotheby's International Realty, our team has prepared market updates through the end of November 2021 with data aggregated from three different MLS systems – for the Wasatch Back (Park City), Wasatch Front, and Southern Utah.

Focusing on the Wasatch Back numbers, including Summit and Wasatch Counties, the number of properties sold hit historical highs from July 2020 through December 2020. During that time, the Park City real estate market experienced a range of about 300-400 sales each month.

Simultaneously, the available inventory dropped from 1,668 units in July 2020 to only 782 in April 2021. Inventory remained somewhat level in May, June, and July and declined again in August, September, and October. The market ultimately reached a new low in November 2021, with only 527 properties for sale in the Wasatch Back.

Sales numbers in 2021 have not been quite as high as July-December of 2020. The buyer demand is there, but there simply is not enough good inventory for the pace of sales to keep up with the numbers achieved during the second half of 2020.

Reviewing the current listed inventory, compared to this same time during the last two years, the difference from year to year is astonishing. November 2019 had 1,484 properties for sale. November 2020 was down to 1,030 properties for sale. November 2021 was at a dramatic low of only 527 properties for sale in the greater Park City area or Wasatch Back.

Doing a quick count today, December 17th, searching the Wasatch Back for homes and land, results show less than 500 properties listed for sale. If we remove land and only look at existing homes and condos, the number drops to a crazy low of only 232 properties. This data includes properties in greater Park City and surrounding communities of Kamas, Oakley, Wanship, Woodland, Heber, Daniels, and Midway.

With low standing inventory, and robust levels of buyer demand, prices have continued to rise at an accelerated rate. The Park City MLS year-over-year comparison shows an overall average price increase of 22% for residential properties sold. The average price increase year-over-year for land sales is at a whopping 48%.

If you are interested in a specific community or area and would like more detailed information, please give us a call or email. We would be happy to pull the data for you.