This Park City market trend report has been updated throughout COVID-19. Dates reflect 12/31/2019 to 7/13/2022.

Park City Market Update & Trends for 2020Key Points: This page provides an in-depth recap of The Real Estate Market in Park City, Utah, 2020, 2021 & 2022

This page is organized into three parts: A review of market trends up to the end of May 2022, updated real estate data for 2021, and an in-depth study of the history since the COVID lockdown in early 2020.

In the first section of this review, we will take an in-depth review of real estate in Park City city limits and Snyderville Basin for 2021 - the zip codes of 84060 and 84098. 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 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 regarded as 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.

Top Real Estate in Park City Searches:

Park City Market Summary for June 2022

In six months, we may be looking back at how we were listing to the Wind of Change. Have the higher interest rates finally caught up to the real estate market in Park City, Utah? Relative to major cities that have similar price ranges, we have a small unique market - you could say boutique market that is different in many ways. Unfortunately, Park City doesn't have enough real estate transactions to be confident about what's going on in the market. Like when the market was screaming up when we were getting out of lockdowns - we won't know the details for a few months.

I like to keep things simple - my tell-tail gauge of the market is when inventory goes up, and the number of transactions goes down; in theory, prices will soon follow the number of transactions. Historically, real estate in Park City sells at 95% list price to sales price - I believe we'll need to hit that first before the market is noted as a downturn. It is possible buyers and sellers are so used to 100% of the asking price that sellers lower the list price to strike a price before hitting 95%.

Have you seen the recently published article from Time Magazine placing Park City as the World's 50 Greatest Places of 2022Park City, Utah: A "year-round playground," according to TIME, this ski town which made its name hosting the Sundance Film Festival is now "enticing summer visitors with golfing, hiking, fly-fishing, and mountain-biking opportunities."

All in all, we can have speculations on what will happen with the market, but most of us believe Park City sits in a beautiful spot long-term, and it's a mountain town that can't be beat for making memories. I've always said Park City is about Living Life on Vacation, not an investment town.

PLEASE NOTE: While other statistics look at the entire Park Cty MLS, RealEstateInParkCity is only looking at homes and condos for sale in Park City, Utah - zip codes 84060 and 84098.

About the number of listings for May - June 2022:
The Number of Listings chart displays listings counts by status.

Active listings: How many listings were for sale during each month. The number of active listings is a "snapshot" of active listings on the 15th of the month. Rather than showing the number of all active listings during the month, this chart represents the number of active listings on one day. However, the number of actives is not static and depends on when the report is run. A trend upward or downward from month to month can be established using the same day of every month.

New listings: How many properties were put on the market each month. The total number of listings newly added to the MLS system during the month. (All listings whose Date Listing Effective falls within that particular month.)

Pended listings: How many properties have a sale agreement made each month. During the month, the total number of listings went under a sale contract (or were "pended"). (All listings whose Under Contract Date falls within that particular month.)
Note: if a listing was under contract, but the contract later fell through, the listing is no longer counted as pended during that month and is left out of these statistics.

Sold Listings: The total number of listings whose sales contracts were completed or closed during the month.
About the Listing Price
Active listings were active on a single day of the month, providing a "snapshot" of a day. A trend upward or downward from month to month can be established using the same day of every month. However, the number of actives is not static and depends on when the report is run. The 15th of the month is used.

New listings are all the properties put on the market during an entire month.

Pended listings are all the properties that had a sale agreement made (or were "pended") during an entire month.
Note: if a listing was under contract, but the contract later fell through, the listing is no longer counted as pended during that month and is left out of these statistics.

Sold listings are all the properties whose sales contracts were completed or closed during the month.
About the Absorption Rate
The Absorption Rate in Months shows how long the current inventory of properties would last at the current sales rate. If no new properties were added to the market and sales continued steadily, the Absorption rate indicates the number of months required to sell all the properties on the market.
The absorption rate is based on two numbers:
  • The number of active listings
  • The average number of listings sold per month for the previous n months.

The number of active listings is a "snapshot" of listings active on a single day (the 15th of the month). However, the number of actives is not static and depends on when the report is run. For example, the number of months of sold listings here is 12.

The formula is Absorption Ratio = A ÷ N
Where A = listings active on the 15th of the month, and
N = the average number of listings sold during each of the previous 12 months.

Comment at the bottom of this page if you have any thoughts.

Summar Statistics for Park City Real Estate in June 2022
  Jun-22 Jun-21 % Chg 2022 YTD 2021 YTD % Chg
Absorption Rate 2.93 1.75 67.43 1.7 1.94 -12.37
Average List Price $2,839,047 $2,806,606 1.16 $2,429,369 $2,118,965 14.65
Median List Price $1,612,500 $1,297,000 24.33 $1,450,000 $1,199,100 20.92
Average Sale Price $1,784,547 $1,663,404 7.28 $1,839,961 $1,662,014 10.71
Median Sale Price $1,175,000 $999,500 17.56 $1,275,000 $981,190 29.94
Average CDOM 29 65 -55.38 43 80 -46.25
Median CDOM 6 6 0.00 5 10 -50.00
Sold Listings in June 2022
  This Month Year to Date (2022)
  2022 2021 % Chg 2022 2021 % Chg
0-199,999 0 2 -100.0 1 12 -91.7
200,000-249,999 0 4 -100.0 1 14 -92.9
250,000-299,999 0 6 -100.0 4 18 -77.8
300,000-399,999 1 17 -94.1 26 92 -71.7
400,000-499,999 5 20 -75.0 61 98 -37.8
500,000-599,999 7 8 -12.5 56 95 -41.1
600,000-699,999 7 17 -58.8 50 93 -46.2
700,000-799,999 8 36 -77.8 68 128 -46.9
800,000-899,999 12 17 -29.4 84 87 -3.4
900,000-999,999 19 12 58.3 80 86 -7.0
1,000,000-1,499,999 59 47 25.5 283 201 40.8
1,500,000-1,999,999 26 23 13.0 171 131 30.5
2,000,000-2,499,999 9 14 -35.7 61 69 -11.6
2,500,000-2,999,999 9 11 -18.2 67 74 -9.5
3,000,000-3,999,999 12 17 -29.4 84 99 -15.2
4,000,000-4,999,999 7 12 -41.7 44 52 -15.4
5,000,000+ 10 15 -33.3 61 65 -6.2
Totals 191 278 -31.3 1202 1414 -15.0
Pending Listings in Park City, Utah | Also known as in escrow or under contract
  This Month Year to Date
  2022 2021 % Chg 2022 2021 % Chg
0-199,999 0 4 -100.0 0 12 -100.0
200,000-249,999 0 0 0.0 2 9 -77.8
250,000-299,999 0 6 -100.0 2 15 -86.7
300,000-399,999 2 13 -84.6 20 89 -77.5
400,000-499,999 8 29 -72.4 54 118 -54.2
500,000-599,999 9 15 -40.0 52 107 -51.4
600,000-699,999 9 21 -57.1 44 100 -56.0
700,000-799,999 5 21 -76.2 46 151 -69.5
800,000-899,999 9 14 -35.7 65 115 -43.5
900,000-999,999 8 14 -42.9 54 96 -43.7
1,000,000-1,499,999 41 41 0.0 280 245 14.3
1,500,000-1,999,999 27 32 -15.6 138 180 -23.3
2,000,000-2,499,999 5 14 -64.3 49 92 -46.7
2,500,000-2,999,999 8 14 -42.9 61 94 -35.1
3,000,000-3,999,999 7 14 -50.0 75 122 -38.5
4,000,000-4,999,999 4 9 -55.6 41 69 -40.6
5,000,000+ 4 12 -66.7 61 87 -29.9
Totals 146 273 -46.5 1044 1701 -38.6
Number of Active Listings in 84060 and 84098 Zip Codes
  This Month Year to Date
  2022 2021 % Chg 2022 2021 % Chg
0-199,999 0 5 -100.0 1 18 -94.4
200,000-249,999 0 2 -100.0 2 11 -81.8
250,000-299,999 0 3 -100.0 4 19 -78.9
300,000-399,999 6 39 -84.6 28 131 -78.6
400,000-499,999 19 25 -24.0 83 150 -44.7
500,000-599,999 24 23 4.3 83 149 -44.3
600,000-699,999 27 25 8.0 77 139 -44.6
700,000-799,999 37 32 15.6 94 198 -52.5
800,000-899,999 39 29 34.5 118 155 -23.9
900,000-999,999 43 24 79.2 117 135 -13.3
1,000,000-1,499,999 130 81 60.5 473 345 37.1
1,500,000-1,999,999 85 42 102.4 273 247 10.5
2,000,000-2,499,999 51 29 75.9 127 128 -0.8
2,500,000-2,999,999 52 21 147.6 133 133 0.0
3,000,000-3,999,999 54 43 25.6 155 195 -20.5
4,000,000-4,999,999 35 20 75.0 99 105 -5.7
5,000,000+ 94 75 25.3 217 196 10.7
Totals 696 518 34.4 2084 2454 -15.1
New Listings In Park City (Homes and Condos)
  This Month Year to Date
  2022 2021 % Chg 2022 2021 % Chg
0-199,999 1 4 -75.0 1 18 -94.4
200,000-249,999 0 1 -100.0 2 8 -75.0
250,000-299,999 1 3 -66.7 4 16 -75.0
300,000-399,999 3 9 -66.7 20 93 -78.5
400,000-499,999 13 31 -58.1 71 122 -41.8
500,000-599,999 15 23 -34.8 79 121 -34.7
600,000-699,999 18 17 5.9 70 110 -36.4
700,000-799,999 20 27 -25.9 83 157 -47.1
800,000-899,999 32 18 77.8 110 118 -6.8
900,000-999,999 34 26 30.8 105 105 0.0
1,000,000-1,499,999 105 56 87.5 437 272 60.7
1,500,000-1,999,999 64 31 106.5 237 188 26.1
2,000,000-2,499,999 24 11 118.2 103 88 17.0
2,500,000-2,999,999 22 16 37.5 106 98 8.2
3,000,000-3,999,999 27 27 0.0 118 130 -9.2
4,000,000-4,999,999 20 10 100.0 76 62 22.6
5,000,000+ 50 28 78.6 163 109 49.5
Totals 449 338 32.8 1785 1815 -1.7

Park City Real Estate Market Summary for May 2022

For the first time in two and a half years, I'm introducing a new format to review the sales stats of Park City each month. While other market reviews view the entire MLS, including the outlying areas, my data review is only about real estate in Park City. The Park City real estate market is small. Therefore, I have combined all residential properties to understand better what's happening in the market. However, we now have information that price bands can evaluate.

The Pending Listings may be tricky because, in 2021, we had several new construction properties under contract that have since closed.

The absorption rate appears to be very close to last year. I've always thrown out averages with Park City real estate statistics, especially since we had the most expensive home to sell in Park City close last month at nearly $40million. The median sale price increased by 11.11%, aligning with appreciation. This year, we are down 30% in new listings, but listings seem like they are coming on at a good clip.

Total Summary: Park City Real Estate Statistics for May 2022

Summar Statistics for Park City Real Estate in May 2022
  May-22 May-21 % Chg 2022 YTD 2021 YTD % Chg
Absorption Rate 1.83 1.9 -3.68 1.35 2.17 -37.79
Average List Price $3,399,965 $3,042,895 11.73 $2,994,320 $2,476,407 20.91
Median List Price $1,999,500 $1,497,250 33.54 $1,785,000 $1,475,000 21.02
Average Sale Price $2,347,445 $1,658,371 41.55 $2,165,884 $2,013,777 7.55
Median Sale Price $1,375,000 $1,237,500 11.11 $1,495,000 $1,289,050 15.98
Average CDOM 37 48 -22.92 40 96 -58.33
Median CDOM 6 5 20.00 4 15 -73.33

Sold, Pended, Active, and New Listing Charts for May 2022

Below are four charts for sold, pended, active, and new listings. We break down this May 2022 vs. 2021 and the year to date. 

Sold Listings 2022 vs. 2021
  This Month Year to Date
  2022 2021 % Chg 2022 2021 % Chg
0-199,999 0 0 0.0 1 6 -83.3
200,000-249,999 0 3 -100.0 0 7 -100.0
250,000-299,999 0 0 0.0 1 7 -85.7
300,000-399,999 2 6 -66.7 17 46 -63.0
400,000-499,999 6 9 -33.3 33 40 -17.5
500,000-599,999 5 8 -37.5 28 31 -9.7
600,000-699,999 2 7 -71.4 17 40 -57.5
700,000-799,999 4 0 N/A 22 37 -40.5
800,000-899,999 8 8 0.0 33 35 -5.7
900,000-999,999 4 6 -33.3 19 39 -51.3
1,000,000-1,499,999 39 10 290.0 136 95 43.2
1,500,000-1,999,999 23 17 35.3 96 78 23.1
2,000,000-2,499,999 8 7 14.3 36 43 -16.3
2,500,000-2,999,999 4 9 -55.6 42 44 -4.5
3,000,000-3,999,999 6 7 -14.3 57 69 -17.4
4,000,000-4,999,999 8 7 14.3 27 36 -25.0
5,000,000+ 12 2 500.0 46 45 2.2
Sold Property Totals 131 106 23.6 611 698 -12.5
Pending Listings - New Under Contract or In Escrow
  This Month Year to Date
  2022 2021 % Chg 2022 2021 % Chg
0-199,999 0 0 0.0 0 5 -100.0
200,000-249,999 0 0 0.0 1 5 -80.0
250,000-299,999 0 3 -100.0 0 6 -100.0
300,000-399,999 1 4 -75.0 9 37 -75.7
400,000-499,999 2 14 -85.7 20 62 -67.7
500,000-599,999 4 5 -20.0 17 42 -59.5
600,000-699,999 0 6 -100.0 15 33 -54.5
700,000-799,999 2 11 -81.8 15 49 -69.4
800,000-899,999 2 6 -66.7 23 41 -43.9
900,000-999,999 3 6 -50.0 19 40 -52.5
1,000,000-1,499,999 34 22 54.5 121 118 2.5
1,500,000-1,999,999 12 17 -29.4 53 92 -42.4
2,000,000-2,499,999 3 9 -66.7 31 56 -44.6
2,500,000-2,999,999 3 9 -66.7 33 55 -40.0
3,000,000-3,999,999 4 13 -69.2 46 84 -45.2
4,000,000-4,999,999 6 9 -33.3 26 51 -49.0
5,000,000+ 6 12 -50.0 52 63 -17.5
Pending Totals 82 146 -43.8 481 839 -42.7
Active Listings on the Park City MLS
  This Month Year to Date
  2022 2021 % Chg 2022 2021 % Chg
0-199,999 0 0 0.0 0 7 -100.0
200,000-249,999 0 1 -100.0 1 6 -83.3
250,000-299,999 0 2 -100.0 0 11 -100.0
300,000-399,999 1 36 -97.2 11 72 -84.7
400,000-499,999 12 15 -20.0 40 85 -52.9
500,000-599,999 6 13 -53.8 27 61 -55.7
600,000-699,999 5 13 -61.5 27 55 -50.9
700,000-799,999 13 15 -13.3 32 69 -53.6
800,000-899,999 6 13 -53.8 34 59 -42.4
900,000-999,999 6 13 -53.8 29 52 -44.2
1,000,000-1,499,999 46 43 7.0 173 163 6.1
1,500,000-1,999,999 28 22 27.3 98 123 -20.3
2,000,000-2,499,999 21 13 61.5 59 70 -15.7
2,500,000-2,999,999 22 20 10.0 64 80 -20.0
3,000,000-3,999,999 19 28 -32.1 81 125 -35.2
4,000,000-4,999,999 12 23 -47.8 48 84 -42.9
5,000,000+ 49 56 -12.5 143 133 7.5
Active Listings Totals 246 326 -24.5 867 1255 -30.9
New Listings in May 2022 vs. May 2021
  This Month Year to Date
  2022 2021 % Chg 2022 2021 % Chg
0-199,999 0 1 -100.0 0 7 -100.0
200,000-249,999 0 0 0.0 1 5 -80.0
250,000-299,999 0 5 -100.0 0 10 -100.0
300,000-399,999 1 5 -80.0 8 40 -80.0
400,000-499,999 5 13 -61.5 31 60 -48.3
500,000-599,999 10 5 100.0 26 50 -48.0
600,000-699,999 3 4 -25.0 21 36 -41.7
700,000-799,999 7 16 -56.2 29 49 -40.8
800,000-899,999 5 10 -50.0 31 46 -32.6
900,000-999,999 9 7 28.6 28 36 -22.2
1,000,000-1,499,999 43 30 43.3 159 130 22.3
1,500,000-1,999,999 24 20 20.0 86 92 -6.5
2,000,000-2,499,999 8 7 14.3 48 49 -2.0
2,500,000-2,999,999 14 8 75.0 49 58 -15.5
3,000,000-3,999,999 12 11 9.1 66 77 -14.3
4,000,000-4,999,999 9 8 12.5 30 43 -30.2
5,000,000+ 37 16 131.3 99 72 37.5
New Listing Totals 187 166 12.7 712 860 -17.2

Park City Market Update: April 5, 2022

Active Inventory April 2022Active inventory is still meager compared to expected. For example, in the graph below, for homes for sale in Park City, you can see that we tend to drop to the lowest inventory in the first quarter of every year, and the peak is during the third quarter. 

As of today, there are 82 single-family homes for sale on the Park City MLS.   Prices range from $1,000,000 for a three-bed, two-bath, 1,874 square foot home to $35,000,000 for a 10,340 square foot home in The Colony at White Pine Canyon.

In March 2022, 34 Park City homes sold in nine days for a median price of $3,173,420 at 101.2% of the asking price. With 86 homes for sale and 59 new listings, there is 2.5 months' worth of supply. 

Condos in Park City sold for a median price of $1,275,000 last month. The average Park City condo seller received 102.4% of the asking price, and the property sold in six days on average. We currently have one month's worth of condo inventory to sell. Therefore, the condos graph is not as cyclical as the single-family homes graph. Please reach out to me if you would like additional market data or if you are curious about past sales within a specific community.

Review of Park City Real Estate Trends for March 2022:

We finally have some properties to sell, with new listings up 21% from the month before - that's the seasonal increase from the chart above. That means we are just 5% down from last year. We now have the second consecutive month of increased inventory, but we're far from the old normal of 1,250 listings on the Park City MLS.

With more listings comes an increase in pended listings. Properties under contract have increased 11% from last month, but the market is still tight, so we're down 39% from the previous year

Closed Sales dipped 5% from February, but over one hundred closings in Pendry in January and February. Closings are down 23% from March 2021.

The Park City MLS hit a record low for listings in January 2022, with 486 listings in the entire area. However, inventory grew in February by 39 properties, and in March, we pulled on 117 new listings for the MLS.

Market Update: March 14, 2022

If you've been following my updates about real estate trends in Park City, you'll notice that we've slowed the pace of updates. This is because the market has been consistently hot with shallow inventory. However, the past few weeks have made me think that we are starting to slip into a new average pace of buying - somewhere between pre-COVID and the speed of the market in 2021. That being said, don't expect a well-priced property to star on the market for long. Below is a brief look back at real estate in Park City for February 2022.

New Listings have seen a nice increase of 29% from the month before, but we're still down 11% from the year earlier. Is it possible that the market is taking a breath for the first time in two years? 

Pending Listings are down 17% month-over-month and decreased by 42% year over year. This is misleading because we have had some sizeable new construction developments close and go from Pending to Closed. In addition, as agents, inventory has been so tight that it has restricted sales.

Closed Sales have increased 5% over January and were up even more, 14% from last year.

At the end of January, inventory set a record low, with just 486 residential and land listings available for purchase. However, the list grew by 39 units in February. From 2013 to 2019, PCMLS averaged over 2,100 active listings monthly. In 2020 that average dropped to 1,600. In 2021, the average fell to just 690. 2022 is starting with an even more significant decline, averaging just 200 for the first two months.

My take on what we see in the Park City real estate market: This past week, it feels like we are seeing additional Park City & Deer Valley homes and condos hit MLS for sale. In addition, we have started hearing rumblings of interest rate hikes this year, but that's yet to be seen what it will do to the Park City real estate market. Buyers will return to taking less financing, and interest rates won't fundamentally change our market unless the stock market sees a sizable pull-back. 

America has been in some war for nearly 30-years, with 1,000-point swings in the Dow Jones being normal, and pandemics are commonplace buyers are numb to the "noise" that would have scared off buyers a few years back.

I see the Park City real estate market staying strong unless New York and California figure out their tax structure and Florida and Texas cool down in temperature.

However, the urgency has started to relax. Not all buyers feel like they must buy today, and we are also starting to see normal moves. For example, sellers that have taken jobs for another company now need to relocate due to being promoted to a new position.

When a buyer asks about future appreciation, I look at Aspen and Jackson Hole, which makes me think there is still plenty of upside for value in Park City, Utah.

Market Update: Closing for December 2021

Monthly Activity Report Through November 2021 (as of 12/3/21)

Mo.

New 2019

New 2020

New 2021

 

Mo.

Pend 2019

Pend 2020

Pend 2021

 

Mo.

Sold 2019

Sold 2020

Sold 2021

Jan

272

244

251

 

Jan

176

208

379

 

Jan

123

171

197

Feb

283

197

253

 

Feb

216

166

344

 

Feb

141

142

173

Mar

259

245

287

 

Mar

206

150

366

 

Mar

152

144

247

Apr

261

165

276

 

Apr

191

124

307

 

Apr

192

111

306

May

357

363

323

 

May

203

228

322

 

May

227

88

203

Jun

375

391

332

 

Jun

186

354

314

 

Jun

162

194

278

Jul

326

420

338

 

Jul

260

489

381

 

Jul

212

304

280

Aug

315

382

317

 

Aug

250

545

384

 

Aug

249

341

271

Sep

229

441

230

 

Sep

243

506

327

 

Sep

236

417

278

Oct

281

295

172

 

Oct

193

392

262

 

Oct

236

445

210

Nov

234

191

128

 

Nov

167

317

197

 

Nov

208

324

176

Dec

255

307

 

 

Dec

135

390

   

Dec

216

388

 

Total

3447

3641

2907

 

 Totals

2426

3869

3583

 

 Totals

2354

3069

2619

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.  

Park City Real Estate Forecast for 2022

Coming out of the 2020 COVID lockdowns, buyers had their choice of what they wanted in a home if they decided to write an offer relatively quickly. Unfortunately, 2021 was a race to the end to purchase the remaining properties with a bit of craziness in the market. Many winning buyers have been offering cash with a quick close and releasing earnest money upon mutual acceptance of the contract – speed and being aggressive have been the key to winning multiple offers.

What will 2022 bring to the Park City real estate market? My professional opinion is that we are past the peak of the market's craziness, but the demand is still extremely high while inventory will remain low. Basic econ will tell you that prices continue to increase.

We are boiled down to people who love the Park City lifestyle, and they don't want to sell unless there's a significant life change. I have many previous buyers that wouldn't sell if you offered double their purchase price. The utility and enjoyment are too great to sell for a profit where they'll need to pay more taxes.

I've told clients that Park City real estate has a huge upside when looking at Aspen and Jackson Hole for years. Our prices ran at 50% of other luxury ski towns that aren't convenient, but we've broken away from a half-price market. As a result, Park City is trying to find a new equilibrium for pricing. Barring any catastrophe, I expect to see pricing settle 20% to 40% higher than today's pricing.

April 5, 2022: Park City Real Estate Forecast update: 

The topics of interest rate increases, Ukraine, and lack of inventory have buyers asking what will happen to the market and if Park City properties will continue to increase. A crystal ball would be precious to see into the future, but my take is that we'll see more buyers move back into cash as mortgage rates increase. We won't notice much difference as long as the stock market and real estate values stay strong across the nation. The United States has been in a war or conflict since the Gulf War in 1990, so in my opinion, the 2022 Russian invasion of Ukraine has had little impact on Park City's real estate values.

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 total 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.

New Construction in Park City, Utah

New Construction in Park City | PendryNewly built homes and condos in Park City have continued to sell in 2021. Currently, there are 720 properties under contract in the Park City area that will build in 2021+. This is up 378 residences compared to last year when I entered 2020+.  

From personal experience, that number does not consider several factors, nor does it include custom builds where the buyer purchased the land and hired their builder. Therefore, the increase in new construction is most likely up by the number of units.

New construction in Park City provides slope-side options in Deer Valley, Old Town, and The Canyons Village. In addition, 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 usual. 

New Development Update 12/25/2021: 

There will soon be an announcement of a new development in Deer Crest called Deer Hollow but will be known as The Founders Place. There is also the new golf course community of Wahali that offers land for sale.  

Let me know if you would like to be updated on off-market new construction opportunities. Pendry was delivered in December and January, and one building was left to close. I know of a few off-market opportunities in Tuhaye that are being built will be beautiful homes with enormous views. 

View the chart below for home sale information in Park City. You'll see the Median Price, Average Price, and Price Per Square Foot for homes and condos 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.

Are there still good deals on Park City homes? 

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

The market is highly active right now, and there are 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. 

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

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 increased demand due to limited supply, which takes a relatively extended period to replenish and increase. Next, speculators pour money into the market, further driving up demand. At some point, demand decreases or stagnates when supply increases, resulting in a sharp drop in prices—and the bubble bursts."

Park City sees a run-up fueled by demand, not speculation, and I wouldn't say exuberant spending. Most of my clients tend to purchase property below their means and aren't stretched financially. About 50% of all the buyers pay cash, with no financing required, making for a more stable market. However, 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, we are constrained 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. However, I 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 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. Of course, a few percentage increases in interest rates would slow down to a regular 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 will fall, the stock market falls, and we're going to be living off food storage for a year, then that's why you don't buy any property anywhere. But, if you think that the stimulus money creates inflation and real estate will be a hedge, 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. Markets tend to go up, down, and back up over time in a good location. On the other hand, if you love Park City and want to own a property to enjoy, it will improve your quality of life. Buy it and live life on vacation. No one knows what the market will do over the next 36 months. 

Update on Is Park City in a Real Estate Bubble? 7/10/21:  The market continues to be fueled by supply and demand. We have ready, willing, and able buyers looking for homes and condos from $500,000 to $10,000,000 without many options. I was recently standing on a parcel of land with an out-of-state luxury builder and his business partner. The business partner asked if we were in a real estate bubble, and the very experienced builder asked him, "Do you think people will stop moving out of the big cities anytime soon?"

Single Family Home Sales for 2015 to 2020: 

Yr. # Sales Median $ Ave $ $Sq Ft

20'

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

19'

552 $1,514,850 $1,983,340 $384
18' 521 $1,440,000 $1,935,665 $379
17' 567 $1,250,000 $1,755,715 $339
16' 522 $1,137,330 $1,782,905 $330
15' 502 $1,100,000 $1,621,118 $311

Park City Condo Sales for 2015 to 2020: 

Yr. # Sales Median $ Ave $ $Sq Ft
20' 935 $699,000 $1,044,305 $544

19'

746 $700,000 $999,976 $492
18' 586 $641,250 $1,024,884 $468
17' 656 $577,000 $906,267 $413
16' 626 $538,500 $833,809 $383
15' 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 busier than ever - then COVID-19 hit and stalled the market. However, sales did not stop during the pandemic, and I sold most of my listings at the same price I quoted the sellers the property was worth a few months prior. 

During the lockdown, I stayed on the phone calling potential buyers. We focus on helping second homeowners or vacation property buyers know and understand the local markets. When travel resumed and lockdowns 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 - speed 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 simultaneously. The sweet spot in the market for the clients I represented was $1,800,000 to $4,000,000. Several buyers knew where they wanted to buy in Park City, but because I like to do a complete market overview before buying, many purchased in communities they didn't expect.  

Ten years ago, someone would say they wanted to live in Park City or Deer Valley, which 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 deciding.  

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. So 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 expected, Deer Valley and the ski properties in Park City have been better than ever for us. In addition, as Promontory heated up in 2020, we were able to help several clients get into some remarkable properties. 

Park City Luxury Real Estate Market Review 2020 - 2022

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

The number of high-end homes with a sales price of over $4,000,000 or above was 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 house was either overpriced by 15%, or there wasn't enough marketing behind it. 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. 

Market Update: January 2022

When you read the historical market updates below, you'll notice a trend since the lockdowns opened up in 2020. In October 2021, I wrote, "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 full story." Now, it feels like there is a stranglehold. 

The market will be fierce for Park City buyers in the spring and summer of 2022. 

While some say that the rise of interest rates will slow down the market, it doesn't feel like we have enough inventory to have that happen. With mortgage rates being so low over the past two years, many of my clients have taken advantage of 3% financing. Three years ago, I worked on 13 consecutive transactions that involved no financing - no banks - no need for appraisers. When interest rates go up, buyers will lean more into cash when buying a property in Park City. As a result, clients are sitting on more money than ever and trying to place it somewhere tangible.

My clients tend to be high-net-worth individuals that can pay cash if needed. In addition, the buyer demographic is changing; while Park City was once thought of as a vacation community, it is trending towards a part-time residence community. Utah offers a way to get back to a more peaceful way of life, like the lifestyle when buyers grew up. The golden days of California, New York, and Chicago are gone. Florida is too hot in the summer, so people want to be in Park City for a good portion of the year and enjoy our beautiful summers.

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 10/1/21:
  • 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 were able to 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, which will lead 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 be developing here, but there's still plenty of competition for well-priced properties. A relaxation of the market 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're looking 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. 

Below is an infographic for Park City home sales from Aug 2020 through Aug 2021. 

You'll notice that the market is seeing resistance at $2.75million. 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 $1million to over $43million. 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).  

Park City Real Estate Trends August 2021

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 will demand fewer goods (homes) with higher prices. While prices have increased, the demand has remained extremely high before 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, 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.  

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 in 2019 versus 2020. The blue links below will take you to the specific neighborhood page for that area. Many in-town communities were up over 100% in 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. I believe that the upper end of the market is taking off, and it drastically skewed the difference (Δ) in median pricing.  

Park City Qty Sold Volume 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. 

One hundred eighty condos sold in Park City, up from 99, averaged 0 days on the market. Sellers received 98.7% of the asking price. 

When looking at the average days on the 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 and 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 an excellent property hits under $3,000,000, it tends to sell within a week.

This week's new listings align with last year, but pended contracts are still more than double the same week the previous 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 reported but having buyer's money becomes non-refundable, these numbers could be 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 was 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 upcoming 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 standard increase in January.

Has everyone who 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. Quality properties are listed for buyers ready to buy, but you need to act fast 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 highly 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 significant portion of higher-end properties are in Deer Valley, The Canyons, or Promontory.  

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, and there are 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. 

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 an excellent property hits under $3,000,000, it tends to sell within a week.

This week's new listings align with last year, but pended contracts are still more than double the same week the previous 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 reported but having buyer's money becomes non-refundable, these numbers may be higher in reality.   

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 was 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 upcoming 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 standard 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

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

When looking at the average days on the 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 and 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

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

Click Here to 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 draw 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 light remodel. 

My business is built around luxury resort homes and vacation properties. So 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 Three 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 people are coming from when they are buying here and all over is what it feels like, but I'm a statistical guy, 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) for 2020 have outpaced last year for the fourteenth consecutive week. New listings and homes going under contract show the market's direction and are 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 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 increase from the end of the month's closings. Total closings for the past six weeks are up 23% vs. last year. As a result, national 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, I expect to see another batch of home buyers coming into town. For the most part, people considering moving to Park City are trying to escape the big city or the hefty taxes of other states. Several clients plan to move 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 low that affordability seems higher this year than last. As a result, buyers who would typically pay cash for a property consider financing. 

Out of the 137 reported closings for last month, 79 (57.66%) used financing. The financing vs. cash ratio is usually around 50%. 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 1 Update for June 2020

The Coronavirus has affected the Park City real estate market, but we are starting to return to normal. If it weren't for people wearing masks, life would feel 95% normal, with a regular 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 are essential. 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. However, 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 1, 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 at every price point 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 are 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 1 Update for May 2020 (Historical)

Update 6/1/2020: The market up to $3,000,000 is generally functioning for this time of year. Properties over $3,000,000 are lagging, with out-of-state buyers not coming to Park City. June & July will be busy months as potential buyers can vacation in Park City. We are now seeing some closings from sellers eager to sell at the height of Coronavirus, and I suspect they have seller's 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 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 its direction. 

Below is a quick look at the market of over $1,000,000 in Park City, Utah. The data below reviews the timeline from June 1, 2019, until June 1, 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 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. I've realized 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 other areas of the country. People that live in the populated areas of New York, California, 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 perhaps 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 used as investment properties could be affected the most if there are issues with the ski resorts opening up to total capacity.  

The Future of the Park City Real Estate Market

The conversations I've had led 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! In addition, 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 with solid 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 will have to wait this out a bit longer to see how the economy restarts to get a good feeling on the overall sense 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 exact 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 significant downturn and slowdown of the real estate market in America - now they are saying to get ready for a mini-boom with buyers prepared to make considerable changes in their life. The past four weeks of pending sales tell about how people feel about Park City real estate. So let's get into the Park City Real Estate Market Report data. 

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 2019 and 2020. The market is starting to react to relaxing coronavirus restrictions.  


Update 5/28/2020:  

  • We decreased 15 new listings compared to last year, 104 in 2019, down to 89 in 2020.   
  • Pending listings were up by four properties, 54 to 48. This statistic is shocking 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. So 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 the market, but they still seem to be in line with last year.  
  • New Under Contracts have been substantially higher in the past few weeks. I've been fortunate enough to add a few new pending sales. 
  • We see the 2020 sales be more in line with 2019. 
  • Since April 20, 2020, it has outpaced 2019 under contracts by 98 total properties. 

Update 6/25/2020: 

  • Under contracts are higher than 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 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

We have been seeing the Park City real estate market function similar to last year in recent weeks. Primary indicators continue to point in the right direction.

Highlights:

  • New listings continued solid performance with residential real estate. In the past five weeks, new listings totaled 459 compared to 364 in the same period last year, increasing 26%.
  • Pending volume for the past fifteen weeks is 59% higher than last year. 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 closing.) 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 is about three times more than usual for this time of year. 

Key points: Updated 9/10/2020

In recent weeks, we have seen 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 ten weeks totaled 921 compared to 708 in the same period last year, an increase of 30%.  

  •  Since the last week in April, the Pending volume has been 74% higher than 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 (in 2017). So 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 the transaction will not stick together. We currently have 15 properties under contract. As with anything else in life, I need to educate potential Park City buyers so they can move quickly and confidently 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 more vital than ever. For the past thirteen weeks, 2020 has been stronger every week than 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. However, there are still beautiful homes and properties for sale. We have worked with several clients who love the property's bones but plan on a significant remodel with our preferred contractor and designer. In the past eight years, September inventory was 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 busy summer season. That could also be attributed to the 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 number of new development properties under contract. While it may seem that Park City is "sold out" of real estate, many of my buyers are finding excellent 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 we'd look at the number of properties that have sold in the Park City area at the end of the year, and we wouldn't be able to tell. We 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. Compared to last week, we've dropped another 80 listings, but my clients are finding excellent properties to buy. I've been doing 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 highly active! There are still some excellent properties for sale now, and there is an urgency for luxury real estate buyers. 

Key points: Update 10/24/2020

The market remains more robust than in a typical year.   The market is cooling off slightly, but it's still hotter than usual. So if you've been following a specific property for a while, don't be surprised if it sells as inventory gets tighter and tighter.  

The Most Recent Real Estate Highlights:

  • New listings now total 3,070 for this year compared to 2,967 last year. However, 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 24, 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 we are cooling off starting into the offseason. Typically, home sales deceleration and condos are in a holding pattern around this time of year before ski season. 

The 2020 graphs are now charting the same patterns as an average year but with higher numbers outside of new listings. So there's a decent possibility that the lack of supply turns into a demand problem.  

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

We are right around 1,100 listings in terms of inventory - 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

We have been seeing the Park City real estate market function similar to last year in recent weeks. 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 seven weeks totaled 645 compared to 496 in the same period last year, an increase of 30%. There is some excellent inventory on the market.  

  • Pending volume for the past four months is 69% higher than the same period ago. In addition, 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 last year's same week. 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, 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 in three of the last four weeks. The most recent week had one fewer pending sales than in 2019 - this could 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 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. Don't hesitate to 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 to report status changes, so the deadline for changes through Sunday, May 17 to be reported would be Friday, May 22. Therefore, 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. The most recent update was July 13, 2022, to add Park City MLS statistics for June 2022. 


Posted by Derrik Carlson on

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