Derrik Carlson's Market Updates for Park City & Deer Valley Real Estate Trends - Sept 2023

This Park City Market Trend Report has been Updated Since COVID-19.  Dates reflect 1/1/2022 to 9/12/2023.

This Park City Market Trend Report, updated since COVID-19, covers data from January 1, 2022, to September 12, 2023, offering a comprehensive view of real estate market trends in Park City, Utah, over this period.

Here, you'll find the latest insights from the Carlson Real Estate Team curated to equip you with valuable information on market trends, pricing, and inventory.  Whether you're considering buying or selling property in Park City, this report serves as your essential guide to making well-informed decisions.

What sets the Derrik Carlson Market Report apart is its laser focus on Park City real estate.  While many other reports include surrounding areas in their statistics, we concentrate exclusively on Park City to provide you with the most relevant and accurate insights.

As of September 12, 2023, we've optimized this page for faster loading and a better user experience.  To access historical sales data for 2020 and 2021, you can find archived reports in the Historical Market Reports section below, each conveniently linked for your reference.

Our Park City Estate Market review is divided into three distinct parts: an analysis of market trends for 2023, updated real estate data spanning 2021 and 2022, and a detailed exploration of the market's evolution since the onset of the COVID-19 pandemic in early 2020.

Historical Market Report for 2020 and 2021

In the first section of this review, we will provide links to the archived historical data that is an in-depth study of real estate in Park City limits and Snyderville Basin for 2020 & 2021 - the zip codes 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, we do not.  We focus on selling real estate in Park City and Deer Valley, so we'll focus on this area.

To ensure a seamless browsing experience, we have archived our past reports.  Check out our 2021 Park City Market Report and 2020 Park City Real Estate Trends at the links provided.

• 2021 Park City Market Report
• 2020 Park City Real Estate Trends

Top Real Estate in Park City Searches:

• Park City Golf Properties - Promontory, Glenwild, Tuhaye, Victory Ranch, etc.
• Ski-In-Ski-Out Homes and Condos - Search Deer Valley, Park City Mountain Resort, and Canyons Village.
• New Listings - Find the latest listings in the area!
• Search Luxury Properties - Homes and condos priced from $ 3 million to $ 35 million.
• Park City Neighborhoods - Which community of Park City works best for you?
• Real Estate Listings With Price Reductions - View homes and condos where the seller has dropped the price.
• Deer Valley Real Estate Market Report - We dive into the happenings of Deer Valley real estate from 2019 to the end of 2022.

Big News for Park City for 2023

Some big things are happening in Park City.  By the way, Time magazine ranked Park City as one of the Top 50 Best Places in the World in 2022.

• The Sundance Film Festival was back in town this year.
• It was reported that the Salt Lake International Airport was ranked #3 worldwide for on-time departures.
• The Deer Valley Resort area will expand into Mayflower Moutain Ski Resort with new construction opportunities for ski-in-ski-out homes, land parcels, and condos for sale, with the first lift running 2024/2025
• Lastly, the odds of Utah winning the big for the 2030/2034 Olympics have remained strong.

August 2023 Statistics and Trends

In recent months, it has taken some time to gain a comprehensive understanding of the dynamics driving the real estate market trends in Park City.  The trends we're observing locally deviate considerably from narratives we've heard from buyers coming from other areas.

Single Family Homes - August:

1. Median Sales Price: There has been a tremendous rise of 67.6% in the median sales price since August 2022.  This remarkable growth is particularly interesting, given that Park City seems somewhat insulated from the broader influences that typically impact the market, like interest rates.

2. Closed Sales: Sales have surged by 34.5%.  This might be fueled by local factors or unique attributes of Park City that differentiate it from other regions.

3. Days on Market: Despite the robust growth in prices and sales, homes are taking 58.1% longer to sell than last year.  This could indicate a more cautious buyer pool or unique transaction complexities in this market segment.

4. List Price Received: At 96.3% of the asking price (a slight decline from the previous year), sellers might be experiencing more negotiation, but they're still achieving near their asking prices.

5. Inventory: There's a slight uptick in new listings, but with active listings declining, it underscores the robust demand against a tight supply backdrop.

Condo and Townhomes - August:

1. Median Sales Price: A 10.2% increase year-over-year is healthy and signals a continued demand, although not as pronounced as in the single-family homes segment.

2. Closed Sales & Inventory: With modest growth in sales and a notable decrease in active listings and supply duration, the condo market also leans in favor of sellers.

3. Selling Time Increased: Despite strong demand, condos, like single-family homes, are taking significantly longer to sell.

The announcement of the Deer Valley Resort Area's expansion, with the inclusion of the Mayflower Mountain Resort, is expected to add significant value to Park City's appeal.  This development promises to enhance the area's recreational offerings and is likely to have a ripple effect on property values.

Given the unique dynamics of the Park City market and upcoming developments like the Mayflower Resort, we're optimistic about the prospects for real estate here.  The trajectory indicates that Park City remains a robust investment opportunity, distinct from the experiences relayed by buyers from other regions.

Investors, homeowners, and potential buyers should monitor how these developments impact demand and supply in the coming years.  Park City's unique position in the real estate market, bolstered by the resort expansion, paints a bright picture for future property values.

How Can We Better Serve You?

At The Carlson Real Estate Team, headed by Derrik Carlson, we are constantly striving to improve how we serve you, provide information, and enhance the process of buying or selling properties in Park City, Utah.  Your satisfaction and success are our utmost priorities, and we are dedicated to delivering a world-class experience every step of the way.

We understand the significance of accurate and valuable statistics in the real estate market, particularly in Park City.  Your feedback and suggestions on how you would prefer to see the statistics presented are invaluable to us.  We encourage you to share your insights at the bottom of this page so we can refine our approach and ensure that the information we provide aligns with your needs and preferences.

Our ultimate goal is to earn your trust and business if you buy or sell property in Park City or the surrounding area.  With our deep expertise in real estate and a commitment to unparalleled service, we will guide you through a seamless transaction process tailored to your unique requirements.

Please take a moment to leave your comments or suggestions below.  Your feedback is instrumental in our ongoing efforts to exceed your expectations and provide an exceptional real estate experience.

Thank you for considering The Carlson Real Estate Team as your trusted partner in Park City.

Kindly,
Derrik Carlson
The Carlson Real Estate Team
Luxury Division of KW Park City Keller Williams Real Estate

April 2023 Statistics and Trends

In April 2023, the real estate market in Park City, Utah, showed some interesting trends. 

The median sales price for single-family homes in Park City and Snyderville Basin was $2,198,000, representing a 14.5% increase compared to the previous month.  The average sales price also saw a notable rise, reaching $3,267,136, indicating a 14% increase from March.  However, despite the price increases, the number of closed sales for single-family homes decreased to 22 in April, down from 32 in the previous month.  The median sold price per square foot for single-family homes was $650, demonstrating a 10.5% increase.  The percentage of list price received for homes remained consistent with the historical trend at 95% in April, though it was higher at 101% in the same month last year.  The total sold dollar volume for single-family homes in April was $68,609,848, representing a 25% decrease from the previous month and a substantial 43% decrease compared to the previous year.

Looking specifically at condos and townhomes statistics, the median sales price for condos in April 2023 was $1,205,000, showing a slight decrease of 5.5% compared to the previous month.  However, the average sales price for condos saw an 11.8% increase compared to the previous year, reaching $2,065,903.  The number of closed sales for condos in April decreased to 43, down by 23.2% from the previous month.  The median sold price per square foot for condos was $935, indicating a slight 0.4% decrease from the previous month.  The percentage of list price received for condos was 97.3% in April, slightly lower than the 97.5% recorded in the previous month and higher than the 101.1% in the same month last year.  The total sold dollar volume for condos in April was $88,833,837, indicating a 14.1% decrease from the previous month.

As an experienced real estate professional with a background in Park City's market, I've observed several trends in the current real estate market.  Well-priced homes in good condition continue to attract buyers, and we're even seeing multiple offers in the sub $2 million range.  Many buyers who postponed their purchase due to the excellent skiing conditions are returning in June, taking advantage of the opportunity to conduct thorough home inspections.  May 2023 will be a strong month for our real estate team, as we have helped seven families buy or sell properties in Park City and the surrounding area.  Drawing from my 20 years of experience in the industry, this market feels reminiscent of 2015 or 2017.  As long as lending institutions maintain their current loan policies, I anticipate a relatively stable market in the foreseeable future.

Considering these insights, it is evident that the real estate market in Park City has experienced both positive and negative trends.  While home prices have shown appreciation, the decrease in closed sales and total sold dollar volume for single-family homes and condos may suggest a slightly cooling market.  As a real estate advisor, I recommend carefully assessing the current market conditions, including supply and demand dynamics, before making decisions.  Additionally, it's crucial to consider long-term investment goals, financial capabilities, and personal circumstances when evaluating whether to purchase a property in Park City.

March 2023 Statistics and Trends

Market Insights for Single-Family Homes in March 2023:

In March 2023, the median sales price for a single-family home in Park City was $1,920,000, a 43.7% decrease from the prior period in 2022 when it was $3,115,000 and a 38.4% decrease from the previous month.  In addition, the number of homes sold in Park City in March increased by 45.5% from the previous month but decreased by 13.5% from the same period last year.

Sellers of single-family homes in Park City are receiving 98.7% of their asking price, a 4.3% increase from last month.  Additionally, 15.6% of homes sold above the list price indicate a resilient property market in Park City.  However, pending homes decreased to 27 in March from 30 in February and 49 in 2022.

The number of new home listings increased by 26.9% from the previous month to 33, a 44.1% decrease from last year.  The current supply of single-family homes in Park City is 5.4 months, a decrease from the previous month's 8.4 months of supply.

For buyers interested in doomsday scenarios, the number of unsold homes in March 2023 was 17, which increased from 12 in February to 11 in March 2022.

Market Insights for Condos and Townhomes in March 2023:

In March 2023, the median sales price of a condo in Park City was $1,250,000, a 20.2% increase from the previous month but a 0.8% decrease from the previous year.

The number of closed sales increased by 96% from the previous month, from 27 to 53, but decreased by 37.6% from the previous year, as the year before included closing out some PENDRY ski condos.

On average, sellers of condos in Park City received 97.4% of the asking price, a 0.6% decrease from the previous month.  Additionally, 9.4% of condos sold above the asking price.

Pending sales jumped 35.7% in March compared to February, with the median days on the market now sitting at 38 days.

There are currently 159 condos for sale in Park City, a 5.4% decrease from the previous month.  The current supply of condos in Park City is three months, and 61 new listings were received in March, an increase from the 46 new listings received in February.  However, it decreased from the 61 new condo listings in 2022.  In addition, the number of unsold listings increased by four in March from 10 to 14.

Despite some fluctuations in the market, buyers and sellers are still actively involved in the real estate industry in Park City.  However, it's important to note that Park City is a small market, and a few properties can heavily influence market trends.

Park City Market Trends and Outlook:  While I have a positive outlook for the spring selling season, the Fed may continue to increase rates to balance the real estate market.  For example, one client interested in buying a luxury home advises me to prepare for lowball offers, believing the market may soon fall.  But, another client predicts that the Fed may decrease rates in late summer or early fall, which could lead to a stronger market than what's currently being observed.

Ultimately, we only have one life to live, so it's important to enjoy it to the fullest.  Living Life on Vacation is possible in Park City, and the real estate market should be seen as a means to achieve that goal.

February 2023 Statistics and Trends

As a Park City real estate advisor, I've noticed buyers seem to be waiting to see what happens next with real estate in Park City.  While sellers may be willing to negotiate a bit, it's important to note that they may not be as flexible as some buyers would like.

The snowy weather has made it challenging to show condos since many are rented out.  This has made it difficult for buyers to view the properties they want.  In February, some buyers have decided to wait until spring or early summer to purchase properties when inspections are easier to perform.  Despite these challenges, properties are still closing every day in Park City.

This month, we saw notable changes in the prices and sales of single-family homes and condos in Park City.

Let's start with single-family homes.  First, we can see the market's seasonality, as the median home price rose by a significant 37% from January to $3,215,000.  In addition, home prices increased by 5.5% to $3,047,000 compared to last year's time frame.  Although there were only 16 home sales in February, a 37.5% increase from January, it was still lower than the 34 sales from last year.

One positive note is that a healthy home supply is at 6.1% of inventory.  However, many of these homes are either not yet built or require some updating, so the best homes are still selling quickly.  It's also worth noting that the median days on the market for a Park City home are 52, and sellers receive 94.6% of the asking price.

Now, let's look at Park City condos.  As previously mentioned, condos have been harder to show due to high rental demand, and the median sales price decreased by 25.7% from January to $1,400,000.  Compared to last year's time frame, condo prices were down 16.3% to $1,242,500.  Despite tying with January for 27 condo sales, the number of condo sales was down by a staggering 71.3% from last year, largely due to the new development of Pendry closing in 2022.

Currently, there are 8.1 months of supply of condos in Park City.  The median days on the market for Park City condos is 28 days, and sellers receive 97.9% of the asking price.

In summary, the real estate market in Park City for February 2023 has shown significant changes in single-family homes and condos.  While single-family homes continue to sell at a healthy pace with increasing prices, condos have seen a decrease in prices and a notable drop in sales due to high rental demand and the closure of Pendry.  Therefore, working2023 Statistics and Trends

Updated February 2023

In January, interest rates relaxed slightly compared to the prior months, and inventory has been trying to return to pre-boom levels.  To the right, you will see the months of supply for homes and condos in Park City, Utah.  You'll notice we are finally starting to hit the midrange of the months of supply in the normal markets of 2013-2018.  For January 2023, the number of home and condo listings is 362.

Below we provide an update on the real estate trends in Park City, Utah; for January 2023.  In this month's update, we compare the median sales price, closed sales price, active inventory, median days on the market, median sold per sq ft, and new listings for both homes and condos.

When comparing 2023 to 2022, we are coming off the real estate boom that started in 2020.  Therefore, it might be wise to compare 2023 with the more stable markets of pre-boom 2020.

The largest closing for January was a little over $11.2 million in the ski-in-ski-out subdivision of Timberwolf Estates at Canyons Village.  Silver Creek Village had four closings of around $ 1.1 million to $1.3 million.  Looking back on sales for January of last year, many sold properties were ski-in-ski-out homes or in Promontory.

Regarding condos, the highest-priced sale in Jan 2023 was a Larkspur Townhome in Empire Pass for over $5.2 million.  The lowest-priced condo was a studio in Canyons Village.  In 2022, Pendry started closing on their new construction, which will skew the numbers below.

Park City Real Estate Trends and Market Update for 2022:

Updated January 2023:

Let's dig into the market trends for 2022.  First, we will review what a typical buyer considers a Park City - Park City property and Snyderville Basin.  Homes currently for sale in these areas of Park City can be found on our Park City Neighborhoods page.  For a general discussion, we could begin to feel the market slow as interest rates increased.  Buyers were pulling back, and sellers receiving up to ten offers were only receiving one or two.

The statistics below won't show the full story of what took place with real estate in Park City.  Until the fall, inventory was extremely depleted, and well-priced homes sold well throughout the year.  By year's end, we could find properties for clients, but with the talk of a recession, buyers wanted the perfect property with a five percent discount off the listing price.  As a result, at the time of this update, only eight genuine ski-in-ski-out homes are still for sale in Park City.

     Park City Single Family Home Review for 2022:

The median sales price for a single-family home in Park City increased by 11.9% in 2022 to $2,700,000, and the price per square foot increased by 17.9% to $746.  However, due to a lack of inventory for the first part of the year, home sales were down 41.1% to 400 homes sold.

     2022 Park City Condominium and Townhome Market Evaluation:

The median sales price for a Park City condo or townhome increased by 40.5% in 2022 to $1,205,000, and the price per square foot increased by 34.7%.  However, sales were down 26.1% to 774 homes sold.  Although condo sales significantly dropped, 241 were new construction, mainly in Deer Valley and Canyons Village.

As of January 2023, we don't have many new construction options to sell buyers, but there are some off-market options if you'd like to discuss the best new condo options in the Park City area.

     The Number of Properties for Real Estate in Park City - January 2023

As you can see in the graph to the right, the number of homes, condos, and townhomes for sale in Park City climb over the summer reaching around 525 listings.  However, inventory has fallen and returned to 347 properties.

Our website has every home from every broker for sale at Deer Valle  Resort and Park City, Utah.  We are aware of some off-market resort properties.

Park City property had ten closed sales and nine new listings in Park City proper with about a six-month supply of homes.  Even with interest rates climbing, statistics show a balanced market for single-family homes.  The days on the market have eased to 37, but that's still historically fast.

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

Year Review for 2022 for Sold Properties by Price Range

As you'll see below, every price range fell for the number of properties sold in Park City.

Why is the number of real estate sales dropping in Park City?  We've discussed that inventory was limited, and the listings had fallen back to the levels we were at in May by December.

I always go back to supply and demand.  We all understand that demand has fallen, but pre-covid, it was typical to have 1200 listings for sale in Park City.  At the bottom of this page, you'll see that when I started the MLS Statistics writeup listings, there were 1,225 (Total Active Residential Listings in Park City = 1,225 as of 6/19/2020).

Over the past few years, we have built hundreds of homes and condos, so you would expect to see more listings on the market than there are currently.  While inventory and the number of sales may be dropping, we wouldn't expect to see sky-falling type prices in Park City until we are well over 1,200 homes and condos for sale on the Park City MLS.

Review of My 2022 Prediction

Below is the information I wrote reviewing what I thought would happen in 2022.  I thought it would be fun to look back and see where I was right and where I was wrong:

Home prices only increased by about half of what I predicted on the low side, possibly due to statistically skewed data.  The condo's prediction was spot on for the high appreciation side.  Again, most likely, that's because of skewed data and some of the new construction projects closing at Canyons Valley and Deer Valley.

Going into 2023, I still believe we are down to people that want to be here, and we have sellers that have a great interest rate they don't want to lose, or if they sell with a profit, they don't know where else to put their money for the return they believe they will receive in the future.

     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 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 has been the key to winning multiple offers.

What will 2022 bring down the Park City real estate market?  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 don't want to sell unless there's a significant life change.  Many previous buyers wouldn't sell if you offered double their purchase price.  The utility and enjoyment are too great to sell for a profit, and 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 pricing to settle 20% to 4%  higher than today's pricing.

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 Dee  Valley.

Is Park City Real Estate a Bubble? 

I wrote this section a while back and thought it would be nice to bring it current.

Investopedia says, "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 price drop—and the bubble bursts."

Park City sees a run-up fueled by demand, not speculation, and I wouldn't say exuberant spending.  Most clients 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.  So, 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 a stock market, but with so many cash buyers, will that completely change the nature of our market?  The stock market 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 will fall.  We'll 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.  Posted in 2020

It's important to remember that real estate markets can be unpredictable, and changes in economic or other factors could impact the market's stability in the future.

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 recently stood 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?"

Update on Is Park City in a Real Estate Bubble   1/12/23:

We're running toward the end of the 36 months I mentioned above, and we don't see indications of a bubble.  But, yes, we think the market will have the pace of 2015 this year, and some sellers with pie-in-the-sky prices will have an updated reality check.

I predict that properties in Park City will hold their values the strongest, but we will see some value adjustments.  We won't see an outflow of Park City owners moving back to California, New York, or the other states they moved from during COVID.  My advice is - life is short, and if you find a property you love, buy it expecting to hold on to it for five to ten years and make as many memories as possible!

Historical Information - Park City Market Summary 2022

Below are Park City real estate trends before the full 2022 review.  When I started this post, the plan was to keep it updated every month with what was going on with real estate in Park City and Deer Valley.  Still, the market became so hectic; at one point, having 27 properties under contract, there are some gaps in months, but it is the complete market update for Real Estate Trends in Park City, Utah, that you'll find.

We may be looking back at how we were listing to the Wind of Change in six months.  Have the higher interest rates finally caught up to the real estate market in Park City, Utah?  Relative to major cities with 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-tale 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.  On the other hand, buyers and sellers may be so used to 100% of the asking price that sellers lower the list price to strike.

Have you seen the recently published article from Time Magazine placing Park City as one of the World's 50 Greatest Places of 2022?  Park 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."

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

About the number of listings for May - June 2022:

About the Listing Price

About the Absorption Rate

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

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 $ 40 million.   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

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. 

Park City Market Update: April 5, 2022

Active inventory is still meager compared to what is 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. 

Currently, 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 supply. 

Last month, condos in Park City sold for a median price of $1,275,000.   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 less cyclical than the single-family homes graph.

Please contact me if you want additional market data or 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 - 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 in the 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 a 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.   So don't expect a well-priced property to start on the market for long.   Below is a brief look 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 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 starts 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, we saw 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 what's yet to be seen is what it will do to the Park City real estate market.   Of course, 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 for buyers 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 they must buy today, and we are also starting to see a normal move.   For example, sellers that have taken jobs for another company now need to relocate due to being promoted to a new position.   (Update Feb 2023 - this guy still hasn't put his house up for sale)

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.

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 could be precious to see into the future, but we'll see more buyers move back into cash as mortgage rates increase.

We won't notice much difference if the stock market and real estate values stay strong nationwide.   The United States has been in a war or conflict since the Gulf War in 1990, so I believe the 2022 Russian invasion of Ukraine has had little impact on Park City's real estate values.

New Construction in Park City, Utah

Newly 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 to 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 much faster than usual. 

New Development Update 12/25/2021: 

There will soon be an announcement of a new development in Deer Crest called The Founders Place.   In addition, the new golf course community of Wahali also 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, average, 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 who don't work 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 active right now, with buyers in all price ranges.   Single-family homes tend to sell quickly, and there could be several offers on a well-priced home; if you're considering making an offer on a property, it's best to be aggressive with the amount of earnest money and timelines we put on the real estate purchase contract.   I've been successfully finding off-market properties for buyers and would be happy to assist with your search for off-market properties in Park City, Utah. 

If you want to sell your Park City property, please get in touch with me to discuss a private off-market sale.

Market Update: January 2022

When you read the historical market updates below, you'll notice a trend since the lockdowns opened 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 low mortgage rates 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 considered a vacation community, it is ending toward 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.

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.

* Editor's Note #1: This post was originally posted on Thursday, May 21, 2020, and has been continually updated.   The most recent update was on September 12, 2023, to add Park City MLS statistics for August 2023.

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