Park City Real Estate Market Update through March 2023

Posted by Sean Matyja on Thursday, April 20th, 2023 at 2:41pm.

park city real estate market trends update march 2023 number of listings

Number of Listings

For eight consecutive months, the number of active listings for residential properties in Park City has been on the decline. Last year, March had 197 listings for sale, then climbed to over double at 460 listings in July 2022. Since July of last year, the number of properties available to buyers has decreased to 345 listings for sale in March 2023. The number of closed sales in March 2022 was 119, with only 86 in March 2023, a decrease of 28%. Last spring seemed to be the start of the slowdown from the rapid-fire activity fueled by the pandemic, so, logically, we would see a decrease in unit sales year over year. Year-to-date, the slowdown is more apparent, with Q1 2022 having 364 sales and Q1 2023 only at 177 sales, a decrease of 51%. Last year, Q1 was still within the timeframe of the busy pandemic buying spree, so seeing a decline in sales was expected. Listing and buying activity has slowed down, but there does seem to be a balance in the market again, and we would not categorize the market as slow.

park city real estate market trends update march 2023 listing prices

Listing Prices

For ten months, the active median price has been on the rise. It appears sellers are looking to the past and expecting the price of properties to keep rising one after the other, as we saw throughout the pandemic. The median sold price appears to be consistently level, with no significant increase or decrease in sold prices. The span growth between the median list price to the median sold price is quite noticeable in the chart above. The median active list price in March 2022 was $2,400,000 and then $2,900,000 in March 2023, for an increase of 20%. The median sold price in March 2022 was $1,445,000 compared to $1,470,300 in March 2023 - nearly flat with a slight increase of 2%. Year to date, the median sold price was up by 5%, from $1,500,000 in Q1 2022 to $1,575,000 in Q1 2023.

park city real estate market trends update march 2023 days on market

Days On Market

The number of days on market (DOM) for properties has increased substantially since last year. March 2022 saw a median DOM of 3 days (which was crazy), compared to a more typical 31 days in March 2023. The average DOM has risen from 35 days in June to 84 in March 2023.

park city real estate market trends update march 2023 sold to list ratio

Sold Price To List Price Ratio

Last year we saw many sold prices exceed their list price. April 2022 was at 101.5% for the sold-to-list price ratio. We have watched that ratio drop to 92% in January 2023, and recently there has been a move back to more typical conditions of about 96% for March 2023.


Overall inventory still feels low, and instead of seeing a decline in property values, we actually saw a 5% increase in median price for Q1 2023 compared to Q1 2022. The inventory of available homes does feel low for buyers looking for the right property. For buyers expecting to see major deals, we just are not seeing those in our current market. It does appear that sellers are more willing to negotiate again, as evidenced by the sold-to-list price ratio returning to more normal conditions. We are seeing examples of good properties priced well and selling extremely fast, while others can sit on the market for an extended time. Many factors go into a property's selling success, and each unique area and specific neighborhood within Park City can experience a different ebb and flow of transaction activity.

If you are curious about your specific community of interest, please let us know what additional info we can provide.

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; we'll be happy to provide more detailed information.

Sean Matyja - Realtor® / Associate Broker
Mobile: (435) 901-2158 | Email: 

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