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Park City Real Estate Market Info

Market Stats

Where's the market heading? Get the facts!

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COVID-19 IS CHANGING PARK CITY REAL ESTATE

No one expected the coronavirus would fuel the Park City real estate market. On the contrary, the early signs were the opposite; everything stopped!  But after getting over the virus's initial shock, people started looking for alternative ways to make it through possible quarantines. Those living in packed cities began to look for more remote areas in which to live. 

SUMMER RENTERS ARRIVED

People picked up from where they were and moved to Park City. Rentals, if available, were discounted due to COVID-19. Initially, they came to get a break for a couple of days. Once here, they realized how much easier it was to live with the restrictions that COVID-19 imposed. Many people extended their stay, sometimes for months, once they realized they could work remotely from Park City and avoid returning to congested areas. 

SECOND HOMES AND RENTAL PROPERTIES ARE NOW OCCUPIED BY THEIR OWNERS

Upscale vacation properties that often sit empty were inhabited by their owners. They, too, came to hike, mountain bike, and enjoy mountain living while social distancing. Many who had never come to Park City during the summer months found it ideal to wait out the pandemic.  

WHERE WILL VISITORS STAY? 

buyer and seller sweet spot diagramWith second homeowners and investors using their properties, the inventory of available rentals for guests is now in limited supply. Those who took refuge in Park City during the summer have decided they want to stay longer. Unfortunately, many were asked to leave or now need to pay much higher snow season rental rates. Scores decided they should own property in Park City.  

THE WEALTHY ARRIVED

Multimillion-dollar homes and properties that offer secluded access to nature and a sense of security and safety are heavily sought after by those who can afford the price tag. With excellent schools in Park City, many are settling in for an unpredictable winter. 

HOME SALES CONTINE TO RISE OVER THE SAME TIME LAST YEAR

People from diverse economic groups want to live and own property in Park City. The wealthy, who can choose to live almost anywhere, are selecting Park City and Deer Valley. Folks who have dreamed of living here are finding a way to move their families. While the benefits of investing in Park City real estate remains strong, most just want to relocate here.

LEARN WHAT YOUR PROPERTY IS WORTH

Want to know what your property is worth in today's market? Contact us for a free Property Value Assessment, and we'll help you find the sweet spot.

  • Homes
  • Condos
  • Land 
  • Days On Market

Home Sales & Prices

Park City Home SalesThe total number of homes sold in the last 12 months was 523 compared to 743 the prior 12 months. Within the Park City city limits, number of sales of homes went from 216 to 116, a 46% drop. Homes sold in the Snyderville Basin experienced a 42% decrease; from 445 to 260. In the Jordanelle area there was an increase in homes sold, from 82 the earlier period to 147 in the more recent 12 months; a 79% increase.

Park City Median Home Sale PricesThe comparison of median sold prices shows us that homes went up about 14% within Park City city limits and 20% in the Snyderville Basin. Jordanelle median home sold prices decreased by 31%. Median prices in city limits went from $3,422,500 to $3,913,380. In the Basin they went from $1,915,000 to $2,300,000, and from a median price of $2,350,000 down to $1,633,150 at Jordanelle (down 31%). That means there was an combined rise in median price of about 2% over the 3 areas.

Condo Sales & Prices

Park City Condo SalesThe total number of condos sold had an decrease from 1,343 sales between January 2021 and December 2021 to 981 between January 2022 and December 2022. Condominium sales within the city limits fell from 515 to 285 (-45%), and in Snyderville Basin they dropped from 533 to 490 (-8%). Jordanelle also experienced a drop. In 2021 it was 295 and in 2022 it was 206; a decrease of 30%.

Park City Median Condo Sale PricesMedian prices of condos had an average increase of $195,000, or 15% in town and an increase of 51% (about $365,100) in the Basin. Jordanelle saw the median price of condos go from $800,000 to $973,602, a 22% jump.

Land Sales & Prices

Park City Vacant Land SalesVacant land sales in Park City city limits experienced a decrease -- 20%, or 8 fewer sales than the previous year. The period of January through December 2021 saw 52 sales, while calendar 2022 saw 464 sales. Lot sales also fell in the Snyderville Basin, at 250 sales for 2021 and 103 for 2022, -59%. In Jordanelle, sales decreased by 24% -- from 434 to 329.

Park City Median Vacant Land Sale PricesOverall, median lot prices rose 4% in city limits, had a 40% increase in the Snyderville Basin, and an 2% jump in Jordanelle. This roughly translates to an increase in median lot price in city limits of $82,500, $312,500 in the Snyderville Basin, and $13,150 in the Jordanelle Park Area, or 12% between the 3 areas.

Average Time on the Market of Closed Home Sales vs. Active Home Listings

When properties are priced correctly, based upon recent comparable sales, they sell in an average of 38 days. Meanwhile, the active listings that have not yet gone under contract are staying on the market for an average of four months.

The silver bar on this graph shows that homes that are selling are taking an average of 38 days to sell. The red bar shows the cumulative days on the market for listed homes that have not yet sold. The average number of days on the market without selling is 150; about 5 months.

Many factors impact why one property sells over another. They include location, views, the age, and condition of a property, upgrades, and so forth, but the number one factor is price. After more than 30 years of selling real estate in Park City, I have learned that there is a buyer for every property, at a certain price.

If you’re thinking of selling your property, realize that selling a home is a hassle. You must keep your home clean and in "ready to show" condition at a moment's notice. Nobody wants to be inconvenienced for nine months or more, especially with no sale to show for all the effort. When you decide to list your property, choose a price that will result in a sale within a reasonable time.

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"Brand New" Listings - These Came on the Market This Week!

253 White Pine Canyon Road, Park City image
253 White Pine Canyon Road, Park City $50,000,000

Presenting ''Monitor's Rest'', winner of the distinguished Robb Report Best of the Best award for 'Best Amenities'. Nestled mountainside at the base of Monitor Bowl on Pa...

  • 6 Beds
  • 11 Baths
  • 12300255 MLS
3853 E Rockport Ridge Road, Park City image
3853 E Rockport Ridge Road, Park City $29,000,000

Iconic-Irreplaceable-Impressive. These are just a few words that come to mind when describing this piece of art aptly named Cascade. Designed by world-renowned an...

  • 4 Beds
  • 8 Baths
  • 12204435 MLS
4815 Legacy Court, Park City image
4815 Legacy Court, Park City $27,300,000

The Fjell House is a one-of-a-kind residence where spatial boldness meets visual beauty. The architecture, designed by the acclaimed WOW Atelier Architects, is the apex o...

  • 7 Beds
  • 10 Baths
  • 12201565 MLS
117 White Pine Canyon Road, Park City image
117 White Pine Canyon Road, Park City $25,000,000

This new-construction legacy modern ski compound was created to be your year-round mountain sanctuary. Located within the exclusive gated community of The Colony at White...

  • 6 Beds
  • 10 Baths
  • 12203467 MLS
7 Red Cloud Trail, Park City image
7 Red Cloud Trail, Park City $22,900,000

Mountain modern luxury, uncompromising views, brilliant architecture, craftsmanship with the finest materials, and personal adventures unite in this captivating, Deer Val...

  • 7 Beds
  • 10 Baths
  • 12200352 MLS
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Deer Valley Neighborhoods

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  • Deer Crest
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Park City Neighborhoods

Learn about Park City's neighborhoods and see what's for sale.

  • Aerie
  • Canyons Village
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  • Kimball Junction
  • Old Ranch Road
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  • Sun Peak Area
  • Thaynes Canyon
  • The Colony
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Surrounding Areas

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  • Coalville
  • Deer Mountain
  • Francis
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  • Jordanelle Reservoir
  • Kamas
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  • Tuhaye
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  • Woodland

Specialty Properties

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  • Golf Properties
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  • New Construction
  • Ski-In Ski-Out

Market Reports

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THE WILSTEIN TEAM - KW Park City Keller Williams
1750 Sun Peak Drive
Park City, UT 84098
(435) 487-0151
info@thewilsteinteam.com

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