4th
RECORD SETTING
2020
Although COVID disrupted many aspects of life during 2020, our local real estate market came out of the year in
2020 vs 2019 Market Wide
extraordinary shape. The market weathered a near complete shutdown last spring, but it has, for the moment, emerged to a
Single-Family
new normal. Open houses have returned - just don’t forget to bring your masks and sanitizer!
QUANTITY SOLD
The real estate slump that was predicted back in March failed to materialize. On the contrary, the year-end numbers from the Park City Multiple Listing Service (PCMLS) show that the market improved at an incredible rate. A brief dip was observed in March, April, and May. However, by Memorial Day weekend the buyers were back, and the market didn’t just recover; it set records for sales and transaction volume by the end of the year. Demand for homes in our market area grew exponentially, as many chose to move to the mountains to work from home remotely and even homeschool. By the third quarter, pending contracts far outpaced new listings coming to market. This high demand fueled record low inventories in August, and the supply continued to dwindle through the end of the year. With few homes available to meet the surge in buyer interest, the predicted rise in sale prices was inevitable.
JAY SHERIDAN TRISH CLARK REALTOR®REALTOR ®
BONNIE CLARK REALTOR ®
40% MEDIAN SALE PRICE
33%
Market Snapshot (Q4 2020)
State by State Four-Quarter Price Change Purchase-Only Index (Seasonally Adjusted): 2019 Q3 - 2020 Q3 Utah continued its run of strong price growth, with an increase of 10.7% in home pricing. The overall national average was 7.8%, and the top four leaders in price appreciation were:
SOURCE: FHFA/2020 All data from Rick Klein of Wells Fargo and the Park City Multiple Listing Service. If your home is listed with another brokerage, this is not a solicitation.
Neighborhood Highlights
SINGLE FAMILY HOMES
CONDOS & TOWNHOMES
Park City Limits
Park City Limits
Within Park City Limits, total transactions were up 64% to 301 total. Sales volume was up to $889 million, an 83% increase year-over-year. The median price of a singlefamily home across the city rose 26% to $2.5 million. In the ever-popular Old Town area, sales volume and the number of transactions sold both doubled, as the median price rose 11% to $2.03 million. The Park Meadows neighborhood took the blue ribbon for greatest increase in median price, rising 36% to $2.6 million.
Old Town Park City continued to be solid with transactions up slightly (15%) and a comparable gain in median price of 16% to $685,000. Empire Pass was the standout, with sales more than doubling, while the median price rose 10% to $2.6 million. Prospector had fewer transactions but a greater sales volume as the median price popped 27% to just over $215,000.
Snyderville Basin Snyderville residents saw a spike in sales volume (up 84%), while median price tracked equally well, up 23% to $1.57 million.
Jordanelle Jordanelle saw vigorous activity (transactions up 71%) that pushed the sales volume to nearly double 2019. Sales totals for 2020 were $242 million, up from $123 million
Snyderville Basin Canyons Village saw its sales volume drop despite a 22% increase in transactions. This can be attributed to closings at Yotelpad - these moderately priced smaller condos helped bring the median sale price down to $659,000.
Wasatch County In Wasatch County, Jordanelle Park, Deer Mountain, Tuhaye, Hideout, and Red Ledges all saw gains of 50% or more in total transactions, with Red Ledges leading the price gain in this area, up 34% to $883,000.
the prior year.
Heber + Kamas Valleys Heber Valley saw a 28% rise in transactions, a 70% higher sales volume, and a median price that jumped 36% to $715,000.
VACANT
Current Interest Rates
2.73%
Mortgage rates continued to decrease this week. Even as house prices increase at the fastest rate in years, competition to buy is strong given the low inventory that exists across the country.
- Freddie Mac, Jan 28, 2021
LAND
Land sales exploded in the fourth quarter, with overall sales in Summit and Wasatch counties up over 100%. The median sales price for land region-wide was up 8% to $325,000. Snyderville Basin led the way with 246 lots sold, with dramatic increases in sales within the gated communities of The Colony, Glenwild and Promontory. Sales in these areas raised the Snyderville Basin median price to $602,000 (up 14%). Jordanelle, Park City Metro, and Kamas Valley all saw a substantial increase in sales for 2020, with Jordanelle’s 313 units leading the group. Only 43 lots sold within the Park City Limits, but the median price rose by 10% to almost $1.2 million.
Time on Market Relative to Price
The Season Ahead
Absorption Rate: the number of months it would take to sell the currently listed properties in the market factoring in median list price.
Its mid-winter here in Park City!
MEDIAN HOME PRICE
$2,500,000
ABSORPTION RATE
Park City Single Family
AT MEDIAN: 3.4 months BELOW MEDIAN: 1.3 months ABOVE MEDIAN: 5.5 months
The slopes are bustling, and restaurants are steadily filling their socially-distanced table arrangements. All in all, our local economy and real estate market are faring much better than many places elsewhere in the country. There has likely never been a time in our market when professional representation is as vital as it is now. Before you consider selling or buying,
MEDIAN HOME PRICE
$1,650,000
let’s schedule a consultation to map out a strategy to enhance your opportunities for success.
ABSORPTION RATE AT MEDIAN: 2.2 months BELOW MEDIAN: 1.0 months ABOVE MEDIAN: 3.4 months
We can help navigate in these
Snyderville Single Family
unprecedented times. We look forward to assisting you!
MEDIAN HOME PRICE
$715,000
ABSORPTION RATE
Heber Area Single Family
AT MEDIAN: 4.6 months BELOW MEDIAN: 0.7 months ABOVE MEDIAN: 8.5 months
All data, information, and interpretation derived from the Park City Multiple Listing Service, the Park City Board of Realtors®, and Rick Klein, Private Mortgage Banker. KWPC: EACH OFFICE INDEPENDENTLY OWNED and OPERATED.
JAY SHERIDAN
TRISH CLARK REALTOR®
BONNIE CLARK
REALTOR ® 435.901.1372
REALTOR ®
435.640.3445 TrishClark@kw.com P JaySheridan.kw.com arckCityTrish.com
JaySheridan@kw.com
435.659.0884 BonnieClark@kw.com BonnieClark.kw.com