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. 
With 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. Home Sales & Prices
The total number of homes sold in the last 12 months was 646 compared to 1,023 the prior 12 months. Within the Park City city limits, number of sales of homes went from 353 to 164, a 54% drop. Homes sold in the Snyderville Basin experienced a 27% decrease; from 548 to 401, and in Jordanelle the drop was 34%; from 122 to 81.
The comparison of median sold prices shows us that homes went up about 35% within Park City city limits and 32% in the Snyderville Basin. Jordanelle median home sold prices increased 7%. Median prices in city limits went from $2,777,500 to $3,702,500. In the Basin they went from $1,632,500 to $2,157,500, and from a median price of $2,425,000 to $2,604,000 at Jordanelle. That means there was an combined rise in median price of about 24% over the 3 areas.
Condo Sales & Prices
The total number of condos sold had an increase from 1,452 sales between June 2020 and May 2022 to 1,349 between June 2021 and May 2022. Condominium sales within the city limits fell from 556 to 433 (-22%), and in Snyderville Basin they rose from 618 to 629 (+2%). Jordanelle also experienced a rise. Last year it was 278 and this year it was 287; a gain of 3%.
Median prices of condos had an average increase of $175,000, or 15% in town and an increase of 60% (about $355,000) in the Basin. Jordanelle saw the median price of condos go from $704,500 to $907,300, a 29% drop.
Land Sales & Prices
Vacant land sales in Park City city limits experienced a decrease -- 51%, or 31 fewer sales than the previous year. The period of June 2020 to May 2021 saw 61 sales, while the more recent 12-month period saw 30. Lot sales also fell in the Snyderville Basin, at 337 sales for the early period and 185 for the more recent, 45%. In Jordanelle, sales decreased by 23%, going from 469 in the previous year to 359 in the last 12 months.
Overall, median lot prices rose 72% in city limits, had a 52% increase in the Snyderville Basin, and a whopping 100% jump in Jordanelle. This roughly translates to an increase in median lot price in city limits of $862,500, $355,000 in the Snyderville Basin, and $375,900 in the Jordanelle Park Area, or 71% 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 41 days. Meanwhile, the active listings that have not yet gone under contract are staying on the market for an average of just over two and one-half months.
The silver bar on this graph shows that homes that are selling are taking an average of 41 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 75; about 2.5 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.
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.
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.
