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 39 blog entries about Park City Real Estate Statistics.
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
For the fifth month in a row, we continue to see a decline in overall listings for sale in Park City. This past summer, July and August had 460 listings, with a steady decline down to January at 359. The median list price has gone up for eight consecutive months, however the median sold price has been declining slightly from August to October, but saw a bump back up in November, December and January. The price that a property sells for compared to it's asking price has been on the decline. Last year, in February, March and April we were seeing properties sell at numbers above their asking prices, but that has been coming down with January closed sales averaging at only 92% of their list price - showing that buyers and sellers are negotiating to get
The peak for listing inventory in 2022 occurred in July and August, each with 460 homes or condos for sale in Park City. The number of new listings coming to the market has decreased through the year's second half, reducing options for prospective buyers. For sold properties, 2022 saw 1,163 properties close, down 30% from 1,712 sold properties in 2021. Of course, 2021 was an anomaly resulting from the frantic pace fueled by the pandemic. The sales totals of 2022 were more on par with the pre-pandemic years of 2019 and 2018. As for prices, we saw the median asking price slide down by about 15% in December 2022 compared to December 2021. In contrast, we saw the median sold price increase by 6%. Buyers we talk with still seem to be watching and waiting
Sotheby's International Realty has released its Luxury Outlook Report for 2023. A few notable thoughts on trends in the article reflect what we have seen here locally in Park City and Deer Valley.
See the link below for the Sotheby's 2023 Luxury Outlook Report
We see a divide growing between buyers and sellers. Sellers expect a pace of sales activity consistent with the last two years, while buyers are seeing losses in the stock market and expect those results to translate into reductions in real estate prices. Neither is quite the right outlook.
We recently heard a quote calling our current market a "Nobody's Market," meaning we're not in a Buyer's Market or a Seller's Market. Neither side has favorable terms, and both seem to have
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
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,
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
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
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
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