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 40 blog entries about Park City Real Estate Statistics.
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
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
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.
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
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
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
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 -
The Memorial Day weekend is now here, typically the kick-off to the Summer selling season for real estate. For 2020, the typical trends have been turned upside down due to the ongoing pandemic of Coronavirus, or COVID-19. In Park City, Utah, things got real when on March 15th, both Park City and Deer Valley ski resorts made the tough decision to shut down the season early. That was when most Parkites began to "shelter in place," and resort workers and tourists began to leave town.
These events affected all commerce, including the real estate market. We have been watching data closely and reporting on the market trends. While most real estate outlets report on a simple comparison of Q1 2020 to Q1 2019, we choose to present more detailed information.
What effect will COVID-19 have on the Park City real estate market?
Things have dramatically changed over the last few weeks as locally, nationally, and globally we settle into our new (temporary) lifestyle with limited face-to-face social interaction. On March 13th, 2020, the President invoked, for only the second time in history, a National Emergency through the usage of the Stafford Act in response to the global COVID-19 pandemic virus. On March 14th, both Deer Valley and Park City Resorts announced their early closures, starting on the 15th, thereby eliminating four valuable weeks of the ski season. March 15th, the Summit County Health Department issued a Public Health Order prohibiting all dine-in food service, and followed up with a
At the end of the fourth quarter of 2019, the overall year-over-year real estate statistics for Utah's Summit and Wasatch Counties continued to show strong appreciation with increases in both average and median sale price as well as dollar volume as reported by the Park City Board of REALTORS® Multiple Listing Service. The Park City market in general continues to show great stability in single family homes. The number of homes sold increased 4% with the median sale price rising 12% year over year. During the same period in 2018, the median sale price gained 7% indicating a sustained period of steady, consistent growth.
The strongest single-family price gains appeared in the fast growing Jordanelle area to the southeast of the Park City metro area,
