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 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.
The 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
The 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%.
Median 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
Vacant 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.
Overall, 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.
