What's Happening in the Market?

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?

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.

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.

Home Sales & Prices

Park City Home Sales The total number of homes sold in the last 12 months was 745 compared to 721 the prior 12 months. Within the Park City city limits, number of sales of homes went from 261 to 243, a 7% drop. Homes sold in the Snyderville Basin experienced a 9% increase; from 460 to 502.

Park City Median Home Sale Prices The comparison of median sold prices shows us that home prices went up about 19% within Park City city limits and 31% in the Snyderville Basin. Median prices in town went from $2,482,500 to $2,962,500 in the city limits, and from $1,481,000 to $1,940,875 in the Snyderville Basin. That means there was an combined rise in median price of about 24% in the area.

Condo Sales & Prices

Park City Condo Sales The total number of condos sold had an increase from 827 sales between November 2019 and October 2020 to 1,172 between November 2020 and October 2021. Condominium sales within the city limits increased from 380 to 547 (+44%), and in Snyderville Basin they jumped from 447 to 625 (+40%).

Park City Median Condo Sale Prices Median prices of condos had an average increase of $325,000, or 35% in town and an decrease of 9% (about $63,000) in the Basin. That makes for an combined 16% uptick between Park City and the Snyderville Basin condominium median sold prices.

Land Sales & Prices

Park City Vacant Land Sales Vacant land sales in Park City city limits experienced another increase -- 16%, or 6 more sales. The period of November 2019 to October 2020 saw 38 sales, while the more recent 12-month period saw 44. Lot sales increased in Snyderville Basin, too, going from 195 to 295, which is +51%, or 100 more sales.

Park City Median Vacant Land Sale Prices Over all, median lot prices went up 3% in city limits, and had a 46% increase in the Snyderville Basin. This roughly translates to an increase in median lot price in the Snyderville Basin of $245,000 while in-town prices climbed by an average of $47,188.

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 61 days. Meanwhile, the current inventory of properties for sale in Park City is staying on the market an average of three and one-half months before selling. So what’s going on?

The silver bar on this graph shows that homes that are selling are taking an average of 61 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 105. That is three and one-half months on the market without selling.

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.