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Park City Real Estate Market Info

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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 ROSE BY 62% IN JULY AND AUGUST 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 815 compared to 552 the prior 12 months. Within the Park City city limits, number of sales of homes went from 183 to 294, a 61% incline. Homes sold in the Snyderville Basin experienced a 41% increase; from 369 to 521.

Park City Median Home Sale PricesThe comparison of median sold prices shows us that home prices went up about 27% within Park City city limits and a similar 29% in the Snyderville Basin. Median prices in town went from $1,975,000 to $2,500,000, and from $1,265,000 to $1,638,000 in the Snyderville Basin. That means there was an combined rise in median price of about 28% in the area.

Condo Sales & Prices

Park City Condo SalesThe total number of condos sold had an increase from 746 sales between January 2019 and December 2019 to 936 between January 2020 and December 2020. Condominium sales within the city limits increased from 353 to 430 (+22%), and in Snyderville Basin they jumped from 393 to 506 (+29%).

Park City Median Condo Sale PricesMedian prices of condos had an increase of $177,000, or 23% in town and an decrease of 9% (about $61,500) in the Basin. That makes for an combined 7% uptick between Park City and the Snyderville Basin condominium median sold prices.

Land Sales & Prices

Park City Vacant Land SalesVacant land sales in Park City city limits experienced another increase -- 126%, or 24 more sales. The period of January 2019 to December 2019 saw 19 sales, while the more recent 12-month period saw 43. Lot sales increased in Snyderville Basin, too, going from 98 to 245, which is +146%, or 147 more sales.

Park City Median Vacant Land Sale PricesOverall, median lot prices showed a 9% rise in city limits, and a 15% increase in the Snyderville Basin. This roughly translates to an increase in median lot price in Park City of $100,000 and and a $77,500 jump in Snyderville Basin.

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 94 days. Meanwhile, the current inventory of properties for sale in Park City is staying on the market an average of five and one-half months before being removed from our inventory. So what’s going on?

The silver bar on this graph shows that homes that are selling are taking an average of 94 days to sell. The red bar shows the cumulative days on the market for listed homes that have not sold. The average number of days on the market without selling is 166. That is 5.5 months on the market without selling.

Many factors impact why one property sells over another. They include location, views, age, and condition of a property, upgrades, and so forth, but the number one factor is the 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!

3530 Oak Wood Drive, Park City image
3530 Oak Wood Drive, Park City $4,400,000

They don't make them like this anymore! This beautifully constructed and meticulously maintained home is the perfect mountainescape. Featuring 5 bedrooms, 7 bathrooms, 2 ...

  • 5 Beds
  • 7 Baths
  • 12100166 MLS
1000 N 1750 W, Heber City image
1000 N 1750 W, Heber City $632,808 ▲

Centrally located in the Heber Valley between the quaint small towns of Midway and Heber City, these two adjoining lots combine for a total of 15.67 acres with 15.5 irrig...

  • 12100174 MLS
1500 W 1200 N, Heber City image
1500 W 1200 N, Heber City $619,225

Centrally located in the Heber Valley between the quaint small towns of Midway and Heber City, these two adjoining lots combine for a total of 15.67 acres with 15.5 irrig...

  • 12100172 MLS
9664 N Tuhaye Park Drive, Heber City image
9664 N Tuhaye Park Drive, Heber City $595,000

This unique Tuhaye lot with South facing frontage and slightly sloping terrain also boasts ski run views. Conveniently located, within walking distance to Talisker Club P...

  • 12100177 MLS
7515 E Stardust Ct #315d, 8.28, Heber City image
7515 E Stardust Ct #315d, 8.28, Heber City $445,000

Enjoy the ease of ownership with a 1/8th Fractional Ownership in this stunning Starling Cabin at the Residence Club in Victory. Victory Ranch is a private, four-season co...

  • 1 Beds
  • 3 Baths
  • 12100170 MLS
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Deer Valley Neighborhoods

Explore properties for sale in world-renowned Deer Valley.

  • Deer Crest
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Park City Neighborhoods

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

  • Aerie
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Surrounding Areas

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  • Coalville
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  • Tuhaye
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Specialty Properties

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  • Golf Properties
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  • New Construction
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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
(800) 535-0151
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