2021 Park City Real Estate Trends (archived)
This information was initially posted on Derrik Carlson's Market Updates for Park City & Deer Valley Real Estate Trends - 2020, 2021, and 2022, which is continually updated with current real estate trends for Park City, Utah. This page has been backdated and archived to improve page speed and performance.
Enjoy the historical real estate information below, as up-to-date information can be found at the link above. We also have moved the 2020 Market Updates here.
Comprehensive Historical Market Analysis for 2020 and Beyond
In the opening segment of our report, we are committed to offering a thorough examination of the real estate market within the specific confines of Park City and the Snyderville Basin, covering the years 2020, 2021, and 2022, specifically for the zip codes 84060 and 84098. Our analysis leverages detailed statistics from the Park City Board of Realtors, ensuring accuracy and relevance.
Contrary to the approach taken by other platforms and real estate professionals, who might amalgamate data from Park City with adjacent regions, our focus remains sharply on Park City and Deer Valley. Our specialization in these areas allows us to provide insights directly pertinent to stakeholders interested in these premier locations.
We have meticulously archived our previous reports for your convenience and to facilitate an efficient review process. Below, you will find links to our historical analyses, offering an in-depth look at the trends that have shaped the Park City real estate market over the past three year.
Market Update: Closing for December 2021
Below is a chart that outlines 2019 to 2021 for a review of the Number of New Listings, Pending Properties, and Sold.
When reviewing the Park City real estate market, we can't consider the year the property was built, the views, or if the home or condo would be considered a ski property. We have over 25 different micro-markets in Park City, and when you run sales statistics on a small area, there won't be enough sales to be meaningful. We know that home prices have increased, but price gains have not been as dramatic as the number of homes sold.
When comparing 2019 to 2020, we finished 2020 with 160 more properties that hit the market than the year before. In addition, pended listings were higher in 2020 than in 2018 every week after late April. As a result, 2020 exceeded 2019 in sales by over 600 homes for the number of closed sales.
Monthly Activity Report Through November 2021 (as of 12/3/21)
Active Inventory - December 2021
Before August 2020, the number of properties available for sale in the Park City area had dipped below 1,800 units only five times in the past eight years. However, November set a record low for the number of properties available for sale in Park City. In November 2021, inventory continued to decrease. Single-family homes fell by 48, condominiums were down 28, and land had 15 fewer listings. As of December 15, 2021, the Park City Multiple Listing Service has 86 homes for sale, 53 of which were built before 2021, and 50 condominiums for sale, with 32 built before 2021.
Market Update: October 1, 2021
Updated real estate statistics show New Listings, Pending, and Closed listings dropping compared to the boom of 2020. For nine straight weeks, we have seen this happening.
2021 has new listings down from 2,812 to 2,598, but properties under contract and closings have increased over the last year. This has held our inventory at historic lows, and at times it has been challenging to find properties for buyers.
October 1 is the first day of the fourth quarter, and once the home sales have been fully recorded, I'll update you on what's going on in the Park City real estate market.
Quick Summary of Property Sales on 10/2/2021:
- Single Family Homes in Summit County are down by 38% in units sold, and the average price has increased by 16% to $2.5 million. The median home price has risen by 12% to $1.8 million.
- Condo sales in Summit County have decreased by 8% in units sold while the average price has increased to $1.19 million. The median price of a condo has increased by 11% to $812k.
- Land prices more than doubled with minimal options in the lower price range. This may be an area where stats don't serve us as well as we'd like. The Median Summit County lot has increased 103% to $775k, while the average is $1.2 million.
Brief Summary: You can read updates below, but we'd be suffocating right now if new listings were oxygen. Demand remains very high for properties in Park City, but we need more listings to satisfy the demand. While I have continued to find excellent properties for clients, some have had to wait for me to find off-market deals. If you want to buy a property in the Park City area, you need to be ready to move quickly!
Will housing prices go down in 2021?
Not likely; we still have incredibly high demand from buyers and a lack of inventory. It feels like if builders could build for four solid years and we could magically bring that inventory back to today, we'd sell that inventory within six months. But unfortunately, we can't build ourselves out of the short supply of homes and condos in Park City anytime soon.
Maybe a client said it best when a business partner asked if the market would cool down soon. "Do you think people will stop moving out of the cities for the Park City lifestyle anytime soon?" But, on the contrary, all signs point to this market remaining strong and that we have gone through a paradigm shift that will change how Park City real estate is valued forever.
2021 Park City Real Estate Market Update
Below we will compare the number of New Listings, Pending (also considered Under Contract "U/C"), and closings for 2020 vs. 2021. I'm a little nervous about comparing 2021 to 2020 after April because our supply is low, and we don't have as many properties to sell. Last year, the numbers of closed sales were very high but still not as high as the real estate boom of the mid-2000s'.
Market Update: October 19, 2021
We are currently working on an update for the third quarter of 2021 real estate in Park City. At first glance, we see many neighborhoods of Park City increasing in the number of transactions and total volume sold. However, some areas dropped because we are at record lows for inventory.
The areas of Empire Pass, Silver Creek, and the golf course communities don't have many options available on the market, which naturally slows sales. But we'll see the overall volume climb as prices have increased. Park City currently has 72 homes on the market that have been built, and we had 797 sales in the past year. Seven hundred ninety-seven sales divided by 12 months give us 66 sales per month, which is 1.09 months of inventory. The lack of homes and condos for sale in Park City is choking out the market, leading to real estate stats that don't tell the whole story.
Summary: The market is still hot, and if a property hits the market, you need to be able to act fast. If you want to buy a property in Park City, you need to understand where you want to be and if a specific property will work for you.
Give me a call to discuss the different neighborhoods in the Park City area so we can narrow down your search and help get you up to speed on the places that will work best for you to live in or have a second home.
Market Update: September 10, 2021
New Listings, Pending, and Closed sales have dropped for six weeks compared to 2020. A trend may develop here, but there's still plenty of competition for well-priced properties. A market relaxation would be healthy after this run-up, and nationally there tends to be a slowdown in the late summer. In August, an inventory blip went up, but if we kept that same pace, the entire Park City MLS would still only be in the low 700s by year-end. The record for all-time low listings was set in April at 643.
So far, in 2021, there have been closed 2,058 sales, 32% more than in the same week in 2020 (1,560). The pace is slowing, but we're expecting to break last year's numbers even with a lack of inventory. 2020 with 3,054 closed sales, and if we continue with our current rate of 61.8 closings per week over the last five weeks, we would be at 3,047 for 2021. Some large projects, such as Pendry Residences, are expected to close in December.
How to search for homes in this tight market! As you'll see below, the market is still very tight, with only 2.1 months' worth of inventory for single-family homes. I'm currently working with buyers looking for condos or ski-in-ski-out homes in Deer Valley, properties in The Canyons, and Jordanelle condos. If you want to sell your Park City home or condo, PLEASE CONTACT ME! If you're buying Park City real estate, I'm always searching for off-market properties, so check out our website and reach out with any questions.
Infographic for Park City home sales from Aug 2020 through Aug 2021.
You'll notice that the market is seeing resistance at $ 2.75 million. Homes sold, referred to as units sold in the graph, have dropped, but there is still a lack of inventory for single-family homes at 115 with 69 new listings - buyers are buying homes at a breakneck pace! Days on the market are averaging 19 days but remember that's for homes that run from around $ 1 million to over $ 43 million. The Park City average list price to sales price ratio for August 2021 was 99.4% - in a stock market, the average usually hovers around 95% of the asking price. We currently have 2.1 Months of Inventory (MOI).
Market Update: July 10, 2021
For the fifth consecutive week and seventh in the past eight, the new listing count did not reach the same number of listings for the same timeframe of 2020. Year to date, we are 8% higher than 2020) 1796 vs. 1,670. June finished with 747 Active listings.
The market may be letting up with a drop in Pending listings. The three consecutive weeks prior, there was a lower year-over-year Pendings. However, we gained six new listings vs. 2020 this week.
Market Update: June 6, 2021
I have slowed the frequency of my updates because the market is essentially staying the same as it has for the past ten months. The supply of single-family homes and condos in the Park City area is limited. As a result, prices continue to push up as demand has remained incredibly strong. In many cases, the properties sell for three to five percent more than the last, but in some cases, we see significant jumps in the market.
The real estate increases don't necessarily follow the A, B, C, and D pattern. Instead, we see the A, B, F, and J pattern with significant bumps in pricing and more sales to support the previous jumps. Homes on large parcels of land and outdoor living space are selling premium. The one thing that every buyer wants are extensive views!
For 2021, every week has seen more pending sales than in 2019 or 2020. Typically, there would be 2,000 to 2,300 properties on the market, but there are 714 properties for sale now. Inventory has begun to stabilize and grow a bit over the past five weeks. This past week we saw gains across all three property types. Single-family homes increased by 5, and Condos were up 3. Vacant land boomed, increasing by 24 listings since last week, but this is the year to sell land since the snow has melted.
Market Update: March 27, 2021
Inventory is the biggest issue with real estate in Park City. As we all know, the law of demand says that buyers demand fewer goods (homes) with higher prices. While prices have increased, the demand has remained extremely high since August 2020. Inventory had dipped below 1,800 units only five times in the past eight years. We have 651 listings, the second-lowest number of listings Park City has had to offer for sale. For the past several months, inventory has been decreasing. We finished 2020 with half of the active listings we had the prior year. Even as springtime listings hit, the market expects to see tightening inventory.
The lower inventory is affecting property sales. While there are still luxury single-family homes to preview, I've had to adjust how I help buyers understand the local real estate market by doing drives without previewing homes. The market is moving so quickly that if someone asks to see five listings in a week from today, only two or three are available for sale.
Sold properties in the Park City area are up 53%, and pending properties are over double last year. Pending properties are drastically outpacing sold properties because of new construction and the 12 to 24 months a property may be under contract while it is being built. Don't expect 2020 to outpace this year until we hit the spike from last year in mid-summer.
KEY POINTS: UPDATE February 12, 2021
Year to date, there have been 39 more home listings than compared to last year. The number of new listings has not been enough to satisfy the demand for real estate in Park City. We currently have 495 properties pending compared to 250 last year. Closings are up by roughly 50% for the same period (300 vs. 208).
The market is highly active right now, with buyers in all price ranges. Single-family homes tend to sell quickly, and there could be several offers on a well-priced home. If you're considering making an offer on a property, it's best to be aggressive with the amount of earnest money and timelines we put on the real estate purchase contract. I've been successfully finding off-market properties for buyers and would be happy to assist with your search for off-market properties in Park City, Utah.
Editor's Note: This post has been back-dated to keep historical data or Park City Real Estate Trends throughout the Park City Real Estate Boom of 2020 to 2023. The most recent Park City Real Estate Trends update can be found here.
Posted by Derrik Carlson on
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