Park City Real Estate
2022 | Q4
Demand has returned to pre-pandemic levels but has it stabilized? While YTD sales still exceed those of 2019, Q4 closed sales and especially Q4 pended sales are below 2019 levels
Inventory has improved significantly but still remains 25% less than pre-pandemic levels Similarly, the absorption rate has increased dramatically from the lows of several quarters ago, it remains 40% below levels prior to Covid
What are the key takeaways from this quarter's statistics?
The number of closed sales overall from Q4 2022 are dow n from Q4 2021 Furthermore, in regards to volume sold for all major areas
Single Family Homes, volume sold - dow n 43% Condos/ Tow nhomes, volume sold - dow n 46%
Vacant Land, volume sold - dow n 67%
Pricing is the big question. NAR announced that home prices are 3.5% above last year and have decelerated most of the year In Park City, price gains are also decelerating, but are 13% higher than a year ago Some of that gain ?may?be due to enhanced new construction The more important question is how to answer the question as to what will happen in the future
With any luck, the pandemic is behind us We have a new normal, at least given recent price gains The issue is whether our market now stabilizes or continues to see a decrease in sales and possible pricing
PCMLS
information
S a l t L a k e M a r k e t R e p o r t |
Data sourced from
Narrative provided is deemed reliable but is not guaranteed and should be independently verified
by Rick Klein, PCMLS
for the period of 10/01/2022 to 12/31/2022 All
8238
84098
Western Sky Park City, UT
All Major Areas Summary Park City | Snyderville | Kamas | Jordanelle | Heber Single Family Homes 38 Median Days on Market 171 Number of Sold Properties $1,850,000 2022 Q4 Median Sold Price Data sourced from PCMLS for the period of 10/01/2022 to 12/31/2022 All information provided is deemed reliable but is not guaranteed and should be independently verified
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®
Park City Limits 49 Median Days on Market 27 Number of Sold Properties $4,075,000 2022 Q4 Median Sold Price Median Sold Price for Q4 | Park City Limits | Single-FamilyHomes Single-FamilyHomes | Condos/Townhomes| Land Data sourced from PCMLS for the period of 10/01/2022 to 12/31/2022 All information provided is deemed reliable but is not guaranteed and should be independently verified
Deer Valley Resort®
Park City Resort®
Snyderville Basin Single-FamilyHomes | Condos/Townhomes| Land Median Sold Price for Q4 | Snyderville Basin | Single-FamilyHomes 38 Median Days on Market 62 Number of Sold Properties $2,160,000 2022 Q4 Median Sold Price Data sourced from PCMLS for the period of 10/01/2022 to 12/31/2022 All information provided is deemed reliable but is not guaranteed and should be independently verified
Heber Valley
Deer Valley Resort®
Jordanelle Single-FamilyHomes | Condos/Townhomes| Land Median Sold Price for Q4 | Jordanelle | Single-Family Homes 7 Median Days on Market 25 Number of Sold Properties $2,317,714 2022 Q4 Median Sold Price Data sourced from PCMLS for the period of 10/01/2022 to 12/31/2022 All information provided is deemed reliable but is not guaranteed and should be independently verified
Kamas Valley
Heber Valley Single-FamilyHomes | Condos/Townhomes| Land Median Sold Price for Q4 | Heber Valley | Single-FamilyHomes 38 Median Days on Market 41 Number of Sold Properties $809,700 2022 Q4 Median Sold Price Data sourced from PCMLS for the period of 10/01/2022 to 12/31/2022 All information provided is deemed reliable but is not guaranteed and should be independently verified
Heber Valley
Kamas Valley Single-FamilyHomes | Condos/Townhomes| Land Median Sold Price for Q4 | Kamas Valley | Single-FamilyHomes 37 Median Days on Market 16 Number of Sold Properties $1,295,000 2022 Q4 Median Sold Price Data sourced from PCMLS for the period of 10/01/2022 to 12/31/2022 All information provided is deemed reliable but is not guaranteed and should be independently verified
& Völkers Park City
890 Main Street STE 5101 Park City, UT 84060 (435) 850 7000 parkcity.evrealestate.com
©2023 Engel & Völkers Al rights reserved Information prov ded
of
Numbers are approximate All data, including all measurements and calculations of area, is obtained from various sources and has not been, and will not be, verified by broker or MLS Al 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 fu ly support the principals of the Fair Housing Act All information provided is deemed reliable but is not guaranteed and should be independently verif ed If your property is currently represented by a real estate broker, this s not an attempt to solicit your listing
by Park City Board
Realtors
Engel
@evparkcity
