Park City Real Estate Market Report

Posted by Derrik Carlson on Sunday, June 6th, 2021 at 12:50pm

Derrik Carlson's Market Updates for Park City & Deer Valley Real Estate Trends - 2020 & 2021

This Park City market trend report has been continually updated throughout COVID-19.  Dates reflect 12/31/2019 to 6/6/2021.

Park City Market Update & Trends for 2020Key Points: This page provides an in-depth recap of The Real Estate Market in Park City, Utah for 2020 and 2021

This page can be broken down into three parts: A review of market trends for 2020, updated real estate data for 2021, and an in-depth review of the historical data of 2020. 

In the first section of this review, we will take an in-depth review of real estate in Park City limits and Snyderville Basin for 2020.  We use statistics from the Park City Board of Realtors.  While other websites and Realtors combine the Park City area with surrounding areas, this first section does not.  We focus on selling real estate in Park City and Deer Valley so we'll focus on this area.  

Below are two charts that outline the years of 2015 to 2020 for a review of the Number of Closings, Median Price, Average Price, and the Price Per Square Foot for homes and condos that have sold in Park City.  We like to show both the median and average prices because the luxury properties in Park City can dramatically skew the averages. 

When reviewing the Park City real estate market we can't take into account the year the property was built, 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.  What we do know is 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.  Pended listings were higher in 2020 than in 2018 every week after late April.  For the number of closed sales, 2o2o exceeded 2019 in sales by over 600 homes.  

Do You Own Real Estate in Park City, Utah? 

Find Park City Property Values and what your home is worth today.  As you can tell by the full market review on this page, property values are changing quickly in Park City.  Contact me directly to discuss what your home is worth in Park City or Deer Valley. 

Search every Park City MLS listing in a specific community or neighborhood of Park City. I'm available by phone or email if would like further details of what's happening in the local real estate market.  

Single Family Home Sales for 2015 to 2020: 

Year # of Sales Median $ Ave $ $/Sq Ft

2020

815 $1,896,950 $2,475,510 $465

2019

552 $1,514,850 $1,983,340 $384
2018 521 $1,440,000 $1,935,665 $379
2017 567 $1,250,000 $1,755,715 $339
2016 522 $1,137,330 $1,782,905 $330
2015 502 $1,100,000 $1,621,118 $311

Park City Condo Sales for 2015 to 2020: 

Year # of Sales Median $ Ave $ $/Sq Ft
2020 935 $699,000 $1,044,305 $544

2019

746 $700,000 $999,976 $492
2018 586 $641,250 $1,024,884 $468
2017 656 $577,000 $906,267 $413
2016 626 $538,500 $833,809 $383
2015 694 $450,000 $696,703 $335

My Review of the Park City Real Estate Market of 2020: The Park City Real Estate Boom!

2020 Sales Graph of Homes and CondosIn 2020, we started out busier than ever - then COVID-19 hit and stalled the market.  Sales did not stop during the pandemic and I sold most of my listings during that time at essentially the same price I quoted the sellers the property was worth a few months prior. 

During the lock-down I stayed on the phone calling potential buyers, we really focus on helping second homeowners or vacation property buyers know and understand the local markets.  When travel resumed and lock-downs were lifted the market took off at a pace that no one had ever seen before. I've been selling real estate in Park City since 2012, and for the first time in my career, there was a sense of urgency in the luxury real estate market - urgency was in all markets!

The photo on the right shows the number of sales of homes and condos in Park City for 2020 peaking at 262 in October - that's more than we sold in the first quarter of 2019.

Showings felt like they started to normalize by October and a large percentage of the 32 buyers and sellers helped in 2020 closed around that same time.  At one point I had sixteen properties under contract at the same time.  The sweet spot in the market for the clients I represented was $1,800,000 to $4,000,000.  Several buyers knew exactly where they wanted to buy in Park City but because I like to do a full market overview before buying many purchased in areas they didn't expect.  

Ten years ago someone would say they wanted to live in Park City or Deer Valley and that meant from the White Barn into town but now Park City means an area that covers from Pinebrook to Deer Valley, and out to Jordanelle.  Over the past few years, I've refined my techniques to get buyers and sellers enough information in a short enough amount of time that they feel comfortable in making a decision.  

The typical client I work with is within five years of retiring and thinking about the future lifestyle they can have in Park City or their property is what will keep their loved ones coming back together for years to come.  Their purchase tends to be a lifestyle choice and Park City is where they can enjoy the fruits of their labor. 

The Park City area tends to win out over other mountain ski towns because of the proximity to the Salt Lake International Airport and easy travel - everyone has to be within an hour of a major airport. 

Except for wearing a mask, life in Park City has essentially been normal for most of the year. We have shut off the news and have focused on helping clients buy or sell real estate in Park City.

Currently, we have five properties under contract in Park City, six in the Jordanelle area, and two single-family homes in the towns surrounding Park City.  As usual, but better than normal, Deer Valley and the ski properties in Park City have been better than ever for us.  As Promontory heated up in 2020 we were able to help several clients get into some great properties. 

Park City Luxury Real Estate Market Review 2020

In winding down the review for 2020 I'd like to take a look at the luxury market of Park City homes that sold at above $4,000,000. 

Click Here to Search Park City Luxury Homes for Sale

The number of high-end homes that had a sales price of over $4,000,000 or above was up 241%.  The median price was increased by 8% to $5,692,500 vs last year and lower than it was in 2015 through 2018.  In this price range, COVID was more like a death of a loved one where people realized it was time to live life and it was okay to take money out of the stock market.

If you had your Park City luxury home on the market and it didn't sell in 2020, the home was either overpriced by 15% or there wasn't enough marketing behind the listing.  This year we were fortunate enough to list multiple homes for sale for over $4,000,000 and sell them by the end of the year. 

 

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 we get into April because our supply is currently 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: June 6th, 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.  Prices continue to push up as demand has remained incredibly strong.  In many cases, the properties tend to sell for three to five percent more than the last but in some cases, we are seeing large jumps in the market. 

The real estate increases don't necessarily follow the A, B, C, D type of pattern, rather we are seeing the A, B, F, J type of pattern with big bumps in pricing and more sales to support the previous jumps.  Homes on large parcels of land and or outdoor living space are selling at a premium.  The one thing that every buyer wants are big views!

For 2021, every week has seen more pending sales than 2019 or 2020.  Typically there would be 2,000 to 2,300 properties on the market but as of right now there are 714 properties for sale.  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 time of year to sell land since the snow has melted. 

The golf course communities of Promontory and Tuhaye have recently brought new subdivisions to market of over 120 parcels.  Call me if you have questions regarding real estate in the Park City area. 

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 with higher prices, buyers will demand fewer goods (homes).  While prices have increased the demand as remained extremely high.  Prior to August 2020 Inventory had dipped below 1,800 units only five times in the past eight years. Now we have 651 listings which is 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 that we had the prior year.  Even as springtime listings hit the market expect 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 the way I help buyers understand the local real estate market by doing drives without actually previewing homes.  The market is moving so quickly that if someone asks to see five listings in a week there are only two or three available for sale.  

Sold properties in the Park City area are up 53% and pending properties are over double last year.  The reason why pending properties are drastically outpacing sold properties is 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.   

Are there still good deals on Park City homes? 

Yes, brokers that don't work in the market every day are mispricing properties in this rapidly changing market.  While the home will cost more than it did last year, there are still good values versus other properties that are available for sale. 

The market is extremely active right now and there are buyers in all price ranges.  Particularly 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. 

If you're thinking you would like to sell your Park City property please contact me to discuss a private off-market sale. 

Number of New Listings in Park City, Utah

Search the newest home and condo listings in Park City, Utah at RealEstateInParkCity.com/New-Listings

Week New 2020 New 2021 Delta
1 22 39 17
2 53 48 -5
3 51 40 -11
4 65 84 19
5 53 73 20
6 61 60 -1
7 65 71 6
8 33 59 26
9 38 52 14
10 79 63 -16
11 67 60 -7
12 53 104 51
Totals 640 753 113

Under Contract or Number of Pended Listings

Week U/C 2020 U/C 2021 Delta
1 24 40 16
2 42 72 30
3 47 88 41
4 59 103 44
5 44 96 52
6 34 96 62
7 35 102 67
8 49 64 15
9 42 79 37
10 49 97 48
11 42 74 32
12 30 120 90
Total 497 1031 534

Closed or Sold Properties

Week Sold 2020 Sold 2021 Delta
1 10 68 58
2 60 52 -8
3 38 53 15
4 33 36 3
5 30 52 22
6 37 39 2
7 32 35 3
8 40 44 4
9 33 51 18
10 37 50 13
11 27 64 37
12 29 78 49
Totals 406 622 216

 

Is Park City Real Estate a Bubble? 

As per Investopedia"A housing bubble, or real estate bubble, is a run-up in housing prices fueled by demand, speculation, and exuberant spending to the point of collapse. Housing bubbles usually start with an increase in demand, in the face of limited supply, which takes a relatively extended period to replenish and increase.  Speculators pour money into the market, further driving up demand. At some point, demand decreases or stagnates at the same time supply increases, resulting in a sharp drop in prices—and the bubble bursts."

Park City is definitely seeing a run-up fueled by demand, not speculation, and I wouldn't say exuberant spending.  Most of my clients tend to purchase property that's below their means and aren't stretched financially.  About 50% of all the buyers pay cash, no financing required, which should make for a more stable market.  We're currently in an extended period of limited supply and it will take three to five years to build ourselves out of low supply.  In Park City property we are very limited on the number of available lots or building parcels for condominiums.   I believe that we are in a new norm for the foreseeable future on tight inventory.  

I don't believe a single buyer I've represented has been a speculator thinking they will buy a property and flip it in a short amount of money for a profit.  I do believe that the stimulus money is entering the economy, flowing directly into my client's businesses and financially they are having some of the best years ever. 

So, how does the bubble burst?  Maybe everyone who has purchased a property in Park City absolutely hates it here and decided to move back to where they came from or sell their second home.  But, if you've spent any time in Park City, in any season, you won't think that will happen either.  A few percentage increases in interest rates would slow down a normal market but with so many cash buyers will that completely change the nature of our market?  The stock market is what could change the real estate market in Park City.  If you're one of the people watching the youtube videos about how the sky is going to fall, the stock market falls, and we're going to be living off of food storage for a year, then that's the reason you don't buy any property, anywhere.  If you think that the stimulus money creates inflation and real estate will be a hedge, then you're on the other side of the fence.  

I'm not a financial advisor and all the information on this page is for comical relief.  My advice is if you can't afford it don't buy it.  In a good location, markets tend to go up, down, and back up over time.  If you love Park City and want to own a property here to enjoy and it will improve your quality of life buy it and live life on vacation. No one really knows what the market will do over the next 36 months. 

 

4th Quarter Snapshot for Park City Single-Family Homes 
Below is Historical Information for the Park City Real Estate Market for 2020 

12 Month Year-Over-Year | Comparing Dec - Jan 2019 vs Dec - Jan 2020

Below is a comparison of the Park City single-family home market of 2019 versus 2020.  The blue links below will take you to the specific neighborhood page for that area.  Many of the in-town communities were up over 100% in the quantity sold (qty sold).  The neighborhood of Aerie was up 200% and essentially sold out of homes.  There has been limited inventory over the second part of the year. 

Don't be taken back by the change in the median sales price.  My belief is with the upper end of the market taking off it drastically skewed the change (Δ) in median pricing.  

Park City Qty Sold Vol. Sold Vol. Δ Median Sale Med. Δ
Old Town 102% $230,295,336 118% $2,025,000 11%
Thaynes Canyon 127% $83,024,500 311% $2,500,000 35%
Lower Deer Valley 115% $74,859,933 133% $2,525,000 12%
Deer Crest 160% $86,859,833 89% $6,600,000 -3%
Upper Deer Valley 0% $105,665,666 -4% $4,612,500 4%
Empire Pass N/A $35,565,000 N/A $5,850,000 N/A
Aerie 200% $48,927,310 223% $3,020,500 0%
Propsector 22% $26,572,800 32% $1,282,554 11%
Park Meadows 18% $197,301,914 45% $2,620,000 36%
Canyons Village 56% $169,016,000 98% $6,800,000 25%
Sun Peak 24% $53,401,137 27% $1,275,000 -15%
Silver Springs 16% $47,128,000 16% $1,245,000 8%
Old Ranch Road 33% $73,712,640 345% $3,369,320 21%
Kimball -8% $10,350,000 78% $732,500 16%
Pinebrook 2% $71,328,315 37% $1,185,000 3%
Summit Park 90% $27,328,315 2% $800,000 10%
Jeremy Ranch 107% $83,271,100 11% $1,320,000 20%
Glenwild 25% $152,908,393 148% $3,395,000 39%
Silver Creek 107% $61,227,660 170% $1,560,000 30%
Trailside Park 26% $39,845,700 45% $840,600 -4%
Promontory 76% $390,478,089 104% $2,462,899 10%
Jordanelle 71% $242,191,369 97% $2,457,500 12%

December 2020 Market Statistics:

Single-Family Home Statistics


The median price for single-family homes for December in Park City was $2,450,000 and the average price per square foot was down 2.3% to $535 per square foot.

There were 82 single-family homes sold and they averaged five days on the market.  The average seller received 97.9% of the asking price. 

Condominium Statistics Statistics

The median sale price for a Park City condominium was $515,000 and the average price per square foot was up 47.3% to $828 per square foot in December. 

There were a total of 180 condos sold in Park City, up from 99, that averaged 0 days on the market.  Sellers received 98.7% of the asking price. 

Remember when looking at the average days on market, some properties in Park City sell within the first few days while overpriced or makeover properties can take several months to sell.  These statics include all the properties within city limits as well as properties that may not be within the city limits but use a Park City address. 

Update from November 2020

We have officially entered the shoulder seasons where the market tends to slow down.  As a Park City Realtor, it almost feels slow after the busiest summer on record.  Although the market naturally slowed if a nice property hits the market under $3,000,000 it tends to sell within a week.

New listings this week are right in line with last year but pended contracts are still more than double of the same week last year, 64 to 30. 

Closings for 2020 are up by 498 vs the same timeframe of last year.  The surprising thing is that with New Construction not fully reporting but having buyer's money become non-refundable these numbers could actually be a bit higher.   

The number of properties available for sale in Park City has fallen to 985.  Before August, Inventory had dropped below 1,800 units only five times in the past eight years and over 42% lower than the previous record. The direction of Park City real estate inventory over the past four months is downward-pointing and steeply downward.

With the approaching holiday season, when people tend to hold off listing their property for sale, we can only expect the number of available listings to continue to drop before our normal increase in January.

My question is, has everyone that wanted to sell in Park City already put their property on the market? 

The Most Recent Real Estate Highlights:

  • New listings have seen a significant decline in the past few weeks.  The total number of new listings is down by 132 this year. 

  • Pending contracts this week hit 64 which is more than double last year's number of 30.   

  • Closings in the past month are 109 more than in 2019.    
  • Inventory continues to be an issue. For buyers that are ready to buy, there are quality properties being listed but you need to act fast in order to get the property you want.  I've been able to negotiate great deals or find them off-market properties. 

  • The Park City luxury homes have been extremely active!  There are currently 75 single-family homes for sale, 16 in escrow, and 63 for the number of homes sold within the past six months over $5,000,000.  A larger portion of higher-end properties is located in Deer Valley, The Canyons, or Promontory.  

KEY POINTS: UPDATE February 12, 2021 

Year to date there have been 39 more home listings when 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 extremely active right now and there are buyers in all price ranges.  Particularly 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. 

KEY POINTS: UPDATE 12/7/2020

We have officially entered the shoulder seasons where the market tends to slow down.  As a Park City Realtor, it almost feels slow after the busiest summer on record.  Although the market naturally slowed if a nice property hits the market under $3,000,000 it tends to sell within a week.

New listings this week are right in line with last year but pended contracts are still more than double of the same week last year, 64 to 30. 

Closings for 2020 are up by 498 vs the same timeframe of last year.  The surprising thing is that with New Construction not fully reporting but having buyer's money become non-refundable these numbers could actually be a bit higher.   

The number of properties available for sale in Park City has fallen to 985.  Before August, Inventory had dropped below 1,800 units only five times in the past eight years and over 42% lower than the previous record. The direction of Park City real estate inventory over the past four months is downward-pointing and steeply downward.

With the approaching holiday season, when people tend to hold off listing their property for sale, we can only expect the number of available listings to continue to drop before our normal increase in January.

 

November 2020 Market Statistics 

Single-Family Home Statistics

Single Family Stats for Park City The median price for single-family homes in Park City was $2,122,500 for November 2020 and the average price per square foot was up 5.5% to $548 per square foot.

There were 100 single-family homes sold and they averaged 32 days on the market.  The average seller received 98.4% of the asking price. 

Condominium Statistics Statistics

The median sale price for a Park City condominium was $775,000 and the average price per square foot was up 8.1% to $565 per square foot in November. 

There were a total of 99 condos sold in Park City that averaged 35 days on the market.  Sellers received 98.3% of the asking price. 

Remember when looking at the average days on market, some properties in Park City sell within the first few days while overpriced or makeover properties can take several months to sell.  These statics include all the properties within city limits as well as properties that may not be within the city limits but use a Park City address. 

 

Basic Stats of Park City Homes and Condos for Sale | 12/7/2020:

  • Average List Price: $2,736,885
  • Total Listings: 431
  • Avg. Days On Market: 195
  • Avg. Price/SQFT: $798
  • Highest Priced Home in Park City: $38,000,000
  • Lowest: $170,000
  • Average Age of Property: 14 Years

New Construction in Park City, Utah

New Construction in Park City | PendryNewly built homes and condos in Park City have continued to sell during COVID.  Currently, there are 378 properties under contract in the Park City area that are 2020 or newer.  From personal experience that number does not take several larger developments into consideration nor does it include custom builds where the buyer purchased the land. 

New construction in Park City provides slopeside options in Deer Valley, Old Town, and The Canyons Village.  The golf course communities of Tuhaye, Red Ledges, Victory Ranch, and especially Promontory have been selling newly built homes at a much faster rate than normal. 

New Development Update 12/7/2020: 

There are two new developments that were recently announced in the area that will be coming to market.  Stein Eriksen Estates are 14 luxury lots in Upper Deer Valley that are price from $2.9m to $3.6m.  The Reserve at Midway is a new subdivision in Midway Utah that will be offering lots from .85 acres to 1.3 acres - these lots will have very good views of Midway, Heber City, and The Heber Valley. 

 

Local Luxury Real Estate Market Update: $1,000,000 to $6,000,000 +

Search Park City Luxury Homes for Sale

Luxury Statistics for Park City Homes for Sale on December 7, 2020

The luxury home market has continued to tighten.  We saw a big wave of luxury home buyers hit the market over the summer and tighten the inventory to where no one has ever seen it before.  Many of the older homes in Park City have excellent locations and views but need a facelift or a light remodel. 

My business is built around luxury resort homes and vacation properties.  I have great connections for whatever you need when buying a luxury property in Park City or Deer Valley.  

Luxury Home Update by Price Range 

Price Range Active Pend 12 Mo Sold Sales/Mo Mo. of Supply
$1m to $2m 51 65 406 33.8 1.5 (45 days)
$2m to $3m 40 50 234 19.5 2 (60 days)
$3m to $4m 28 20 110 9.16 3 mo.
$4m to $5m 19 14 57 4.75 14 mo.
$5m to $6m 14 6 25 2.08 6.73 mo.
$6m+ 48 10 51 4.25 11.29 mo.

 

Find Out When is Traditionally The Best Time of Year to Buy a Home in Park City

 

Where are people moving from when they move to Park City? 

For the time being, COVID has changed the shape of Park City's real estate market.  Many of my clients are wondering where are people coming from when they are buying here and all over is what it feels like but I'm a statistical guy and so I pulled the Summit County tax data for a better reference.  

Out of the 550 transactions over $1,000,000 Utah has 307 which is 55% of the market share and right in line.  If I remove Utah from the numbers there have been 243 transactions and California tops the list followed by Texas, Florida, Nevada, & Illinois. 

Below is a chart to show the number of buyers that are non-Utah. (Updated 9/21/2020)

State # % of Non-Utah Buyers
CA 74 30.45%
TX 36 14.81%
FL 22 9.05%
NV 15 6.17%
IL 13 5.35%
AZ 9 3.70%
GA 7 2.88%
OH 7 2.88%

 

Park City Real Estate Trends During COVID-19

August 1st Update for July 2020

Wearing a mask while showing Park City real estate during COVIDThe market feels like it is on fire right now.  Pending contracts (homes going under contract) of 2020 have outpaced last year for the fourteenth consecutive week.  New listings and homes going under contract show the direction of the market and a leading indicator of supply and demand.  We are in a seller's market with more than twice as many properties going under contract this past week when compared to 2019.  Since the worst of COVID in April pended sales are up 55% this year. 

Although sales dipped this past week we expect to see an increase from the end of the month closings.  Total closings for the past six weeks are up 23% vs last year.  Nationally home sales are expected to increase by 4.3% in 2020. 

Where is the Park City real estate market heading? 

When the East Coast (New York, New Jersey, etc) opens up I expect to see another batch of home buyers coming into town.  For the most part, people that are considering moving to Park City are trying to escape the big city or big taxes of other states.  Several clients are planning on moving to Park City for six months and one day to establish residency in Utah and have a higher quality of life.  

Mortgage rates are so incredibly low that affordability seems to be higher this year than last.  Buyers who would typically pay cash for a property are considering financing. 

Out of the 137 reported closings for last month, 79 (57.66%) used financing.  The financing vs cash ratio is usually around 50%.  It appears there is a little arbitrage if you can buy a property with a rate lower than 3% and appreciation is projected at 7%.

Below is Historical Information from Past Real Estate Market Updates in 2020

July 1st Update for June 2020

The Park City real estate market has been affected by the Coronavirus but we are starting to return to normal.  If it weren't for people wearing masks, life would feel 95% normal with a typical shoulder season between the ski resorts closing for the seasons and waiting for the muddy trails to dry up. 

We are in unique times where real estate occupations such as Realtors, builders, inspectors, and title companies were deemed essential and people have continued to buy and sell property in the Park City area.  What wasn't deemed essential was keeping the ski resorts open and potential buyers traveling to Park City. 

Approximately half of the properties in Park City, Utah are second homes - when fifty-percent of buyers are taken away you would expect sales to almost completely dry up within forty-five days.  That has not happened and our new under contract numbers for the past four weeks have been right in line with 2019.  

Luxury Update: Completed July 1st, for June 2020

Update 7/1/2020: The Park City luxury real estate market is coming out of the COVID downturn with force.  New pending sales have increased in every pricepoint and are dramatic in percentages of increase, aside from the $2,000,000 to $3,000,000 price range.  With new listings coming on the market the months of supply is relatively the same for all categories. 

Price Range Active Pend 12 Mo Sold Sales/Mo Mo. of Supply
$1m to $2m 173 81 342 28.5 6.1
$2m to $3m 85 58 147 12.3 6.9
$3m to $4m 75 29 68 5.7 13.2
$4m to $5m 51 12 23 1.9 26.6
$5m to $6m 28 3 7 0.6 48.0
$6m+ 51 11 21 1.8 29.1

 

Luxury real estate update on June 1st Update for May 2020 (Historical)

Update 6/1/2020: The market up to $3,000,000 is functioning normally for this time of year.  Properties over $3,000,000 are lagging with out of state buyers not coming to Park City quite yet.  June & July will be busy months as potential buyers are able to vacation in Park City.  We are now seeing some closings from sellers that were eager to sell at the height of coronavirus and I suspect they have sellers remorse.  Riches tend to follow the bold buyers in Park City.  Sellers and buyers are still high on the future of Park City real estate.  

Update 6/1/2020: How's the Luxury Market Functioning During COVID-19?

I was curious how our luxury market is functioning, considering many of the buyers for luxury properties are trapped out of state and not yet flying.  Personally, my June and July are shaping up quite nicely for buyers coming into town in the $2,000,000 range to $3,000,000.   June and July will be telling for the $3,000,000+ market and the direction it's going. 

Below is a quick look at the market over $1,000,000 in Park City, Utah.  The data below reviews the timeline from June 1st, 2019 until June 1st, 2020. 

Price Range Active Pending Sold Past 12 mo Sales/Mo Months of Supply
$1m to $2m 172 56 346 28.8 6.0
$2m to $3m 81 29 146 12.2 6.7
$3m to $4m 66 26 66 5.5 12.0
$4m to $5m 51 7 21 1.8 29.1
$5m to $6m 27 0 7 0.6 46.3
$6m+ 48 5* 21 1.8 27.4

*The five properties that are pending over $6,000,000 are all new construction.  

A Bit of My Perspective: 

I've been on the phone talking to as many people as possible that were once interested in buying real estate in Park City.  What I've come to realize is that the Coronavirus has amplified life goals to help people finally decide to purchase a vacation property, pull up their roots and move here, or go in another direction - there are very few people on the fence. 

It has been incredible to hear how different this experience has been in different areas of the country.  People that live in the populated areas of New York, Califonia, New Jersey, and Illinois areas are anxious to move to a slower and possibly safer way of life.  If Park City can catch just a fraction of buyers moving out of these areas I suspect prices will remain strong and possibly even push up for primary residence-type properties.  

It's yet to be seen how luxury real estate will react to the economic slowdown/shutoff.  Smaller properties that are used as investment properties could be affected the most if there are issues with the ski resorts opening up to full capacity.  

The Future of the Park City Real Estate Market

The conversations I've had lead me to believe that there is a strong appetite for Park City properties from $1,000,000 to $3,500,000.  In Park City, buyers don't have to buy, sellers don't have to sell, but everyone wants to be here - that's the truth!  About half of the properties that have been purchased in Park City over the past decade have been 100% cash transactions so many of our sellers don't have a debt obligation to unload if the economy doesn't bounce back quickly. 

Many of my clients are small business owners, CEOs, hedge fund managers, or retirees that have strong assets so they won't need to liquidate their property to stay alive - we live in a unique semi-protected bubble here.  I think we're going to have to wait this out a bit longer to see how the economy restarts to get a good feeling on the overall feeling of the long-term direction of Park City real estate values. 

Park City Real Estate Data During Coronavirus:

Below are charts and graphs that compare the same timelines of 2019 to COVID-19 2020.  When the stock market was falling there were real estate "experts" telling real estate agents to buckle down for a big downturn and slowdown of the real estate market in America - now they are saying to get ready for a mini-boom with buyers ready to make huge changes in their life.  The past four weeks of pending sales are telling about how people feel about Park City real estate.  Let's get into the data of the Park City Real Estate Market Report. 

New Listings By Week:

The number of transactions bottomed out in weeks 15 and 16.  Since week 17, late April, we have seen the market become more active with new listings.  Hope has been high that we'll make it out of this bumped and bruised rather than scarred.  The upward trend reversed in week 19 as new listings dropped by 20% but week 20 more than made up for the difference by nearly doubling the previous week.  Week 20 is the highest number of new listings in this timeframe of 2019 and 2020.  The market is starting to react to relaxing coronavirus restrictions.  

 

Update 5/28/2020:  

  • We had a decrease of 15 new listings compared to this time last year, 104 in 2019  down to 89 in 2020.   
  • Pending listings were up four by properties, 54 to 48.  This statistic is incredibly surprising to me since many out-of-state buyers still can't make it to Park City to view real estate for sale. 
  • Lastly, new sales are down 33 properties because of the lockdown.  We went from 52 in 2019 to 19 in 2020, down 33, but with the pending listings being in line with last year we should be over the worst of the lockdown.  

Update 6/4/2020: 

  • There were 54 new listings compared to 65 in 2019 - Down 11 New Listings. 
  • Pending sales were 55 this week compared to 35 in 2019 - Up 20 for Pended Listings.
  • Closings are still down because of the lockdown - this week we had 17 closings compared to 61 last year.  Closings are down by 44 - OUCH! 

Update 6/17/2020: 

  • Updated Graphs Above
  • You would think New Listings would be up more with how many sellers pulled their homes off of the market but they still seem to be in line with last year.  
  • New Under Contracts are substantially higher in the past few weeks.  I've been fortunate enough to add a few new pending sales. 
  • We're starting to see the 2020 sales be more in line with 2019. 
  • Since April 20th, 2020 has outpaced 2019 under contracts by 98 total properties. 

Update 6/25/2020: 

  • Under contracts are higher than they were in 2019 a trend we have seen for the past four weeks and seven of the previous eight weeks.  The overall dollar volume is up 30% from the same time last year.  This could be that the buyers of Park City are looking to move to Park City full-time or second homes more than condominiums. 
  • New Listings for this week vs the same week last year are very similar.  Total inventory, which includes all property types, is slightly down this week at 2,030 properties.  The most recent peak was in October 2019 with 2,057 properties. 
  • The Park City Board of Realtors has been able to track the number of showings by our lockbox openings.  Showings are up this past week as well.  

Key points: Updated 8/10/2020

In recent weeks we are seeing the Park City real estate market function similar to last year.  Primary indicators continue to point in the right direction.

Highlights:

  • New listings continued solid performance with residential real estate.  New listings in the past 5 weeks totaled 459 compared to 364 in the same period last year, an increase of 26%.
  • Pending volume for the past fifteen weeks is 59% higher than the same period a year ago. For the third week in a row, new Pendings were double (or nearly so) the count from the same week in 2019.
  • We’re also back on a torrid pace for Closings. In six of the last seven weeks, closing totals exceeded those of the same week a year earlier. (Late reports brought up the count from last week, but we still missed by one losing.) Still, in the past seven weeks we closed 407 transactions, up from 326 the year before (25% higher).
  • July was an incredibly successful month for me.  While many buyers are starting to understand the market several buyers have put in offers on their first trip & some have made offers after seeing a property on video.  I've shown 20+ different groups of buyers property this month which about three times more than normal for this time of year. 

Key points: Updated 9/10/2020

In recent weeks we are seeing the Park City real estate market outpace 2019 and remain strong.  Since June I've been saying that we'll look back at the entire year and we won't be able to tell there was a shutdown.  Now, it appears 2020 will be a banner year for real estate in Park City.  

The Most Recent Real Estate Highlights:

  • New listings topped last week’s excellent tally of 99 by three, up to 102, and continuing our streak of beating the same week a year ago.  Residential new listings in the past 10 weeks totaled 921 compared to 708 in the same period last year, an increase of 30%.  

  •  Pending volume since the last week in April is 74% higher than the same period a year ago. For the week ending 9/6, since we did not have a holiday until the 7th, new Pendings were 62% higher (99 vs 61) than in the same week in 2019.

  • We’re also back on a volcanic pace for Closings. In each of the most recent twelve weeks, closing totals exceeded those of the same week a year earlier. In the past twelve weeks we closed 810 transactions, up from 586 the year before (38% higher). Year to date we passed last year’s total by 34.
  • Inventory hit another eight-year low mark this week at 1,547. Only one time in the past eight years was the September inventory below the 2,000 level (that happened in 2017).  For the first time in history, there is an urgency in $1,000,000+ property in Park City. 

Key points: Updated 9/17/2020

The market is moving faster than we've ever seen it.  If homes in any price range are priced well they are going under contract quickly.  The more a buyer is rushed into buying a million-dollar property the more likely it is that the transaction will not stick together.  We currently have 15 properties under contract and as with anything else in life it's important for me to educate a potential Park City buyer so they can move quickly and with confidence when placing an offer on a property.      

The Most Recent Real Estate Highlights:

  • New listings in the Park City area totaled 102 properties, compared to 100 for the same week a year ago.  New listings of residential properties year-to-date total 2,589 compared to 2,514 for the same period of 2019.  The supply of new properties for sale is not meeting consumer demand.  

  • This year's pending volume (in escrow) is 75% higher since 2019 when comparing the last week of April to today.  This past week new Pendings were 65% higher (106 vs 64) than in the same week in 2019.

  • Closings are stronger than ever.  In every week for the past thirteen weeks, 2020 has been stronger than in 2019.  In those thirteen weeks, 900 properties have sold, up from 638 the last year (41% higher).  When reviewing the year to date we passed last year’s total by 72.
  • Inventory continues to fall and hit another eight-year low mark this week at 1,468.  There are still wonderful homes and properties for sale.  We have worked with several clients that love the bones about the property but plan on a big remodel with our preferred contractor and designer.  Only one time in the past eight years September inventory below the 2,000 level (that happened in 2017). 

Key points: Updated 9/24/2020

The real estate market continues to roll strong but feels like it's beginning to "normalize".  When I say normalize I mean more like a summer busy season.  That could also be attributed to that I haven't been able to follow up with potential buyers because we are seeing a high number of showings on our listings around $4,000,000.  This week I pushed the total number of residences under contract to sixteen.  

The Most Recent Real Estate Highlights:

  • New listings now total 2,715 for this year compared to 2,623 last year.  In five of the past six weeks we've topped over 100 new listings and this week 125 residential properties hit the Park City MLS.   

  • Pended contracts have been over 100 properties for ten consecutive weeks.  This past week 117 properties went into escrow compared to 52 last year. A quick note is that there is an unknown with how many new development properties are going under contract.  While it may seem that Park City is "sold out" of real estate many of my buyers are finding great properties but there is less selection.  Does less of a selection make it easier to choose a property?   

  • Closings for 2020 have caught up to 2019.  Several months ago I mentioned that at the end of the year we'll look at the number of properties that have sold in the Park City area and we wouldn't be able to tell.  We've hit that spot in September with 1,411 closings and to this point in 2019, there were 1,330 closings.  This past week there were 87 closings which are 50% higher than the 55 that closed in 2019. 
  • Inventory continues to fall and hit another eight-year low mark this week at 1,388.  We've dropped another 80 listings compared to last week but again my clients are finding great properties to buy.  I've been doing a little extra work uncovering off-market properties or finding properties before they hit the market.  I also like being aggressive on the older listings that haven't sold yet. 

  • The Park City luxury home market is extremely active!  There are still some great properties for sale right now and there is an urgency for luxury real estate buyers. 

Key points: Update 10/24/2020

The market remains stronger than in a normal year.   The market is cooling off a bit but it's still hotter than normal.  If you've been following a specific property for a while don't be surprised if it sells as inventory continues to get tighter and tighter.  

The Most Recent Real Estate Highlights:

  • New listings now total 3,070 for this year compared to 2,967 last year.  We haven't seen over 100 new listings since the week of September 16, 2020.  

  • Pended contracts have started to slow since the beginning of October.  In each week of October, we have 84, 82, & 47 new pended properties. It should be noted that we aren't sure how many new construction reservations there are.  

  • Closings are up 15% this year.  Up to October 24th, we have seen 2,145 closings compared to 1,865 last year. 

Key points: Update 11/13/2020

The Park City real estate market has been running strong but starting into the offseason we are cooling off.  Typically around this time of year home sales slow down and condos are in a holding pattern before ski season. 

Outside of new listings, the 2020 graphs are now charting the same patterns as a normal year but with higher numbers.  There's a decent possibility that the lack of supply turns into a demand problem.  

For the past two weeks, new listings have been significantly lower this year than last.  Contracts appear to be holding together with the relaxation in the market and giving buyers a bit of time to think about their purchase. 

In terms of inventory, we are right around 1,100 listings - last year we had closer to 2,000 properties for sale in the Park City area.  If we don't see new properties listed for sale we can expect fewer than 1,000 properties to be on the market at the beginning of December.  If you know of anyone looking to sell their property in Park City, please let me know - we have the best pipeline to buyers throughout the nation. 

Park City Real Estate Trends During COVID in Graphs: Updated to 8/1/2020

Below you can review three graphs of new listings a chart of the number of properties that have gone under contract, and the number of closings. 

The blue line on the graph is 2019 while the red/orange lines are 2020. 

Park City Real Estate Market Report with Graphs

Key points: Updated from 8/24/2020

In recent weeks we are seeing the Park City real estate market function similar to last year.  Primary indicators continue to point in the right direction.

The Most Recent Real Estate Highlights:

  • New listings continued their solid performance. Residential new listings in the past 7 weeks totaled 645 compared to 496 in the same period last year, an increase of 30%.  There is some great inventory on the market.  

  • Pending volume for the past four months is 69% higher than the same period a year ago.  For the fifth week in a row, new Pendings were more than twice-count from the same week in 2019.

  • Pending contracts hit parity with 2019 the week of April 26.  They tracked in unison for five weeks.  Then all heck broke loose, and contract writers have been on a tear ever since.  This past week set a year-to-date record with 78 more contracts (117 vs. 45) written than in the same week last year.  Pendings (homes going under contract) are perhaps the best leading indicator of market demand from the buyer side. And our buy-side is strong and getting stronger.  After a bottom in mid-April, in the seventeen weeks since total Pendings in 2020 total 1393 compared to 825 in 2019, a 69% increase in pending volume.
  • In eight of the last nine weeks, closing totals exceeded those of the same week a year earlier. (One week was a tie.)  In the past nine weeks we closed 543 transactions, up from 435 the year before (25% higher).

New Pending (In Escrow) & Sold Properties:

In weeks 13-15, March 2020, the number of pending sales was dramatically less than in 2019.  Since week 15 we have seen an upward trend in pending listings where 2020 has outpaced 2019 three of the last four weeks.  The most recent week had one fewer pending sale than in 2019 - this could possibly be the best leading indicator of the direction of the Park City real estate market.  

By Mid June the total Inventory is up 12% at 2,030 listings (all types), the highest it’s been since October ’19 (2,057).

Properties sold in the Park City MLS are trailing pending sales by thirty to forty-five days.  Realtors are busy but I'm never too busy to help.  Please contact me if you are interested in previewing Park City real estate. 

Data for Pending Property Sales on the Park City MLS for 2019 vs 2020 During the Same Timeframe. 

Wk Pend 2019 Pend 2020   Δ   Sold 2019 Sold 2020   Δ
1 25 24 -1   15 10 -5
2 22 42 20   23 60 37
3 33 47 14   32 38 6
4 40 59 19   21 33 12
5 81 44 -37   38 29 -9
6 64 34 -30   24 36 12
7 46 35 -11   35 32 -3
8 55 49 -6   27 39 12
9 44 42 -2   59 32 -27
10 47 49 2   32 37 5
11 53 42 -11   40 27 -13
12 48 30 -18   32 29 -3
13 40 20 -20   38 26 -12
14 48 21 -27   38 44 6
15 46 19 -27   43 30 -13
16 51 27 -24   49 28 -21
17 34 35 1   40 19 -21
18 37 41 4   51 18 -33
19 42 44 2   31 21 -10
20 56 55 -1   51 21 -30
21 54 61 7   52 19 -33
22 35 56 21   61 19 -42
23 34 61 27   33 30 -3
24 45 82 37   46 35 -11
  1080 1019 -61   911 712 -199


Timeline of Coronavirus: Data for this report was collected at Noon on Wednesday, June 25, and may not reflect all transactions for the latest measured week. PCMLS participants have five business days in which to report status changes, so the deadline for changes through Sunday, May 17 to be reported would be Friday, May 22. The numbers for earlier weeks may change from previous reports as late changes are entered into the MLS despite the five business day requirement. **Comments are the personal observations of Derrik Carlson and do not reflect the opinions of the Park City Board of Realtors. 

 

     Total Active Residential Listings in Park City = 1,225 as of 6/19/2020

 

* Editor's Note: This post was originally posted on Thursday, May 21, 2020, and has been continually updated and the most recent update was March 27, 2021. 

 

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