Park City Real Estate
Themarket ingeneralisgettingcloser to"normal" whichisas"normal"hasbeenredefined Salesnumbersarereturningtopre-pandemic averages Q1-23salestotalswere5%higher thantheaveragefrom2013to2020 Salespricesarenot Totalsalesvolumeis63%higher thantheaveragefrom2013to2020 becausethelower number of unitssoldunitswas morethanoffset byever-increasingsalesprices
Themarket volatilityexperiencedduring,andimmediatelyfollowing,theCovidrestrictions mirrorsthat seenleadinguptothemarket crashandgreat recessionin2007-08-09.The ParkCityrealestatemarket isreflectingtrendsseenelsewhereinthecountry,asbusiness returnstoamore"normal"seasonalpattern.
What are the key takeaways from this quarter's statistics?
Listing inventory is rising - At the end of Q1-2022 only 329 residential properties were for sale By 4/1/23, that number rose to 746 (which was still only 65% of pre-pandemic average)
Prices are starting to level off - One year ago, the overall median sale price of all properties (resident ial and land) was just under 11million Now, the median has risen to $1.3 million, 14% higher than in 2022, but a whopping 50% higher than the same period in 2021
Mortgage interest rates are inching upward (again) - In late October, the average 30-year fixed rate was 7 08% By the end of December, it had dropped to 6 48% As of April 2023, it was 7 2%
Buyers are becoming more hesitant to make instant offers above the asking price and sellers are reacting by lowering those asking prices at a faster pace, but not by as many dollars. In Q4-22, 391active listings (out of 1,100), or 35.5% saw at least one price reduction In Q1-23 that number rose to 427 (out of 1,063) or 40% Price reductions in Q4 averaged 5 7%, while in Q1-23, the average reduction was only 4 9%
S a l t L a k e M a r k e t R e p o r t |
Narrative by Rick Klein, PCMLS
Data sourced from PCMLS for the period of 1/01/2023 to 3/31/2023 All information provided is deemed reliable but is not guaranteed and should be independently verified
2023 | Q1
3967N Two Creeks Ln ParkCity,UT84098
All Major Areas Summary ParkCity | Snyderville | Kamas | Jordanelle | Heber SingleFamilyHomes 50 MedianDaysonMarket 142 Number of SoldProperties $1,705,000 2022Q4 MedianSoldPrice DatasourcedfromPCMLSfor theperiodof 01/01/2023to03/31/2023 Allinformationprovidedisdeemedreliablebut isnot guaranteedandshouldbeindependentlyverified
S a l t L a k e M a r k e t R e p o r t |
Kimball Junction
Deer Valley Resort®
Park City Resort®
41 MedianDaysonMarket 11 Number of SoldProperties $4,126,091 2023Q1MedianSoldPrice MedianSoldPricefor Q1| ParkCityLimits | Single-FamilyHomes DatasourcedfromPCMLSfor theperiodof 01/01/2023to03/31/2023 Allinformationprovidedisdeemedreliablebut isnot guaranteedandshouldbeindependentlyverified Park City Limits Single-FamilyHomes|Condos/Townhomes|Land
Deer Valley Resort® Park City Resort®
MedianSoldPricefor Q1| SnydervilleBasin | Single-FamilyHomes 52 MedianDaysonMarket 58 Number of SoldProperties $2,030,000 2023Q1MedianSoldPrice DatasourcedfromPCMLSfor theperiodof 01/01/2023to03/31/2023 Allinformationprovidedisdeemedreliablebut isnot guaranteedandshouldbeindependentlyverified Snyderville Basin Single-FamilyHomes|Condos/Townhomes|Land
Heber Valley
Deer Valley Resort®
MedianSoldPricefor Q1| Jordanelle | Single-FamilyHomes 44 MedianDaysonMarket 18 Number of SoldProperties $3,108,295 2023Q1MedianSoldPrice DatasourcedfromPCMLSfor theperiodof 01/01/2023to03/31/2023 Allinformationprovidedisdeemedreliablebut isnot guaranteedandshouldbeindependentlyverified Jordanelle Single-FamilyHomes|Condos/Townhomes|Land
Kamas Valley
MedianSoldPricefor Q1| Heber Valley | Single-FamilyHomes 68 MedianDaysonMarket 37 Number of SoldProperties $1,006,000 2023Q1MedianSoldPrice DatasourcedfromPCMLSfor theperiodof 01/01/2023to03/31/2023 Allinformationprovidedisdeemedreliablebut isnot guaranteedandshouldbeindependentlyverified Heber Valley Single-FamilyHomes|Condos/Townhomes|Land
Heber Valley
MedianSoldPricefor Q1| KamasValley | Single-FamilyHomes 30 MedianDaysonMarket 18 Number of SoldProperties $1,423,557 2023Q1MedianSoldPrice DatasourcedfromPCMLSfor theperiodof 01/01/2023to03/31/2023 Allinformationprovidedisdeemedreliablebut isnot guaranteedandshouldbeindependentlyverified Kamas Valley Single-FamilyHomes|Condos/Townhomes|Land
©2023 Engel & Völkers All rightsreserved Information provided by Park City Board of Realtors Numbers are approximate All data ncluding all measurements and calculations of area s obtained from various sources and has not been, and will not be, verified by broker or MLS All information should be independently reviewed and verified for accuracy Each brokerage independently owned and operated Engel & Völkers and its independent License Partners are Equal Opportunity Employers and fully support theprincipalsof theFair HousingAct Allinformationprovided isdeemed reliablebut snot guaranteedand should beindependentlyverified If your property iscurrentlyrepresented byarealestatebroker thisisnot anattempt tosolicit your listing Engel & VölkersPark City 890 MainStreet STE5101 ParkCity,UT84060 (435)850 7000 parkcityevrealestatecom @evparkcity 1032 Quarry Mountain Way Park City, UT 84098
