Park City Real Estate Statistics

A look at current trends among buyers and sellers of property in Park City, Utah. The Park City Board of Realtors creates quarterly reports from the MLS sales data. This data, and these reports can be helpful in analyzing the overall market and sub-markets. Park City is a segmented market, that differs greatly from one neighborhood to the next. If you are curious as to property values, it is best to contact us for specific information on your area of interest.

Found 33 blog entries about Park City Real Estate Statistics.

park city real estate statistic trends august 2022

SIGNS OF A MORE BALANCED MARKET

Looking at real estate activity for August 2022, we see inventory leveling off at around 450 active residential listings in Park City (homes & condos). Although that is much higher than what we had last year, it is still well below the 800 listings we carried in 2019, before the pandemic. We saw a slight dip in August for the median sales price from the previous month, but we are still up in median sales price over the previous year by 21%. Sales activity has been trending slower throughout the year, although August was up compared to July. For five consecutive months, the average for days on market has been hovering just under 40 days. One of the more substantial changes, the sold-to-list price ratio has gone from

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park city real estate statistics trends july 2022

Is the real estate market starting to cool down?

Are HOME prices declining in Park City and Deer Valley?

The real estate market in Park City remains relatively healthy and active, although at a slower pace compared to the frenzy of the past couple of years. Multiple offers are far less common but not non-existent. Inventory is building, but we still see a good amount of sales, whereas the sought-after properties are trading. Many buyers are out there, hovering; they seem to be in the watching and waiting phase - hoping prices will come down, which has not really happened.

We continue to see price reductions on existing listings. But these reductions so far have been overpriced listings coming back down to reality. When we look at the prices

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park city utah real estate statistics june 2022

The national real estate market seems to be shifting, and in Park City, we also see some change. Depending on who you talk with or the news you subscribe to, you may hear varying predictions regarding the future of the real estate market. While it is difficult to predict the future, we can look at recent trends to get a sense of where things are currently headed.

Overall, the market for Park City does feel a little slower, perhaps a healthy change from the red hot market of the last two years. Inventory has been low but is building, which is encouraging for buyers. Mortgage rates have been moving up and are expected to increase further. Home selling prices do not seem to be declining, although we are starting to see price reductions on active

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deer crest ski homes summer park city

This last week marked the official start of Summer. The snow has melted, the mountains are green, and visitors are back in town. With record inflation and increasing interest rates, many wonder what the real estate market will look like this summer? Will we see a market shift or downturn for real estate in Park City? Will prices continue to rise, plateau, or possibly dip? These are great questions that are hard to answer with an accurate prediction of what will come.

Most real estate professionals do not foresee a housing market crash. Many believe that we may be seeing a shift in mindset, but it is too early to say if we are truly experiencing a shift in the market. Inventory does seem to be increasing, but will that lead to lower prices, or will

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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.

park city real estate market closed sales chart december 2021

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

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A Market like never before

Residential real estate inventory in Utah is now half of what it was in 2019. The buyer profile has also dramatically changed. The work-from-home and distance learning lifestyle has allowed families more flexibility to live where they choose. For many, the lure of vacation destination towns has always been attractive, but now finally achievable. Out-of-state buyers from larger city markets have been influencing Park City market prices by what they are willing to pay, rather than more traditional methods of pricing being determined by analysis of recently sold comparable properties. The average and median home prices have been rising at a rapid pace.

Utah property available inventory

AVAILABLE INVENTORY

Looking at the total amount of properties for

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empire pass deer valley resort utah summer

Summer is back, and we are starting to see visitors return and the town filling up again. So many people are back out at the Silly Market, Deer Valley concerts, hiking, biking, boating, fishing and golfing; life seems to be reasonably well back to normal. As people continue to make dramatic lifestyle-focused changes, real estate remains very active throughout the country, with mountain towns such as Park City seeing robust sales. The COVID pandemic is winding down, and the rebounding economy and opening of travel continue to fuel buyers' decisions to purchase a second home in their favorite vacation destinations.

If we compare the last 12 months to the previous 12 months for the Park City MLS (all product types), the trend continues with low

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upper deer valley ski resort homes

For many reasons, 2020 has been a crazy year that we will surely never forget. As we reflect on this past year, progressing through another busy holiday season, we feel very fortunate to live in a place as wonderful as Park City, Utah. When the pandemic started and the ski resorts closed earlier this year in March, we anticipated the real estate market would essentially shut down. In contrast, real estate in Park City has thrived.

As of December 22, comparing year-to-date of 2020 to 2019, we see some significant numbers. Interestingly, we see almost the exact amount of total listings of 7,001 in 2019 to 7,021 in 2020. However, the number of listings under contract grew dramatically from 3,005 to 4,577 - a massive 52% increase. In closed sales, we

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luxury home in park meadows in park city utah

When people ask, "What is the real estate market like right now?" our answer is, "Remember back in March when you were trying to buy toilet paper... Well, it's kinda like that."

What a crazy summer it has been here in Park City. With Coronavirus concerns throughout the country and the world, we have so many people relocating to our normally quiet little mountain town. Everyone who has a second home or vacation condo in Park City has been staying here all summer. Many of these residents have been buying larger properties to upgrade to living in Park City full-time. We also have many new visitors in town, buying property, making Park City their new home. Never has our market seen so many luxury home purchases, with so many record sales and new

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Pending Listings By Week In Park City Utah

Facts and Observations on the Real Estate Market in Park City, Utah.

Hard to believe it's the last day of June, and we are almost at the 4th of July weekend. You would think a pandemic would cause the time to drag along; instead, the days have been rushing by. It's hard to keep track as to what day it is. The July 4th holiday is typically the unofficial start to the busy selling summer season. With activity so high already, we wanted to review statistical data for the year.

The Facts

For the entire Park City MLS, year-to-date for all product types, and all categories, comparing last year to this year.

Total Active Listings
4,782 last year compared to 4,269 this year - Down by 11%

New Listings
2,507 last year compared to 2,157 this year -

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