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 473 compared to 653 the prior 12 months. Within the Park City city limits, number of sales of homes went from 164 to 88, a 46% drop. Homes sold in the Snyderville Basin experienced a 41% decrease; from 404 to 240. In the Jordanelle area there was an increase in homes sold, from 85 the earlier period to 145 in the more recent 12 months; a 71% increase.
The comparison of median sold prices shows us that homes went down about 3% within Park City city limits and 7% in the Snyderville Basin. Jordanelle median home sold prices decreased by 31%. Median prices in city limits went from $3,702,500 to $3,580,000. In the Basin they went from $2,150,000 to $2,000,000, and from a median price of $2,604,1520 down to $1,795,700 at Jordanelle (down 31%). That means there was an combined dip in median price of about 13% over the 3 areas.
Condo Sales & Prices
The total number of condos sold had an decrease from 1,346 sales between June 2021 and May 2022 to 714 between June 2022 and May 2023. Condominium sales within the city limits fell from 437 to 233 (-47%), and in Snyderville Basin they dropped from 621 to 290 (-53%). Jordanelle also experienced a drop. In the earlier period it was 288 and in the more recent it was 191; a decrease of 34%.
Median prices of condos had an average increase of $245,000, or 18% in town and an in decrease of 1% (about $12,500) in the Basin. Jordanelle saw the median price of condos go from $910,288 to $980,000, an 8% climb.
Land Sales & Prices
Vacant land sales in Park City city limits experienced a decrease -- 50%, or 15 fewer sales than the previous year. The period of June 2021 to May 2022 saw 30 sales, while June 2022 through May 2023 saw 15 sales. Lot sales also fell in the Snyderville Basin, from 185 to 68, -63%. In Jordanelle, sales decreased by 31% -- from 361 to 250.
Overall, median lot prices dipped 6% in city limits, had an 11% increase in the Snyderville Basin, and an 7% climb in Jordanelle. This roughly translates to an decrease in median lot price in city limits of $127,500, and increase of $105,000 in the Snyderville Basin, and and increase of $54,550 in the Jordanelle Park Area, or a 7% rise 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 54 days. Meanwhile, the active listings that have not yet gone under contract are staying on the market for an average of almost 5 months.
The silver bar on this graph shows that homes that are selling are taking an average of 54 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 147; 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.
