Park City Real Estate
Demand has returned to pre-covid levels and has remained relatively stable since Q2 2022 Even excluding newconstruction, the level of sales of existing propertiesisabove"normal"levels Albeit, our market isnot as impacted by interest rates as the national market, yet rates do have an influence on our market With rates declining and new inventory arriving thisyear,theoutlookfor demandispositive
Inventory remains depressed and is down over 14% from the end of last year. With inventory down and sales stable, the absorption rate has dropped to ~4 months. Inventory is seasonal so expect the number of listings and the level of inventory to improve as temperatures rise this spring
Pricing appearsflat for our overall market.Yet,thisdependsgreatly upon the specific market area. For example, condo pricing in town suggests values fell by 0 2% while just over the hill, Jordanelle condo prices increasedover 17%
A quick look at the impact of new construction further complicates the overall pricing scenario. Returning to condos in town, excluding new construction, prices actually increased close to 10% Typically, new construction drives up the overall pricing for an area, but clearly, not always. About the only generalization one can make about our market is don't makegeneralizations
Our market isnuanced,complicated, and the impact of newconstruction only makes this more true Buyers and sellers are fortunate to work with well-informedagents.
Narrative
by Rick Klein, Park City Board of REALTORS®
Data sourced from Park City MLS for the period of 10/01/2024 to 12/31/2024 All information provided is deemed reliable but is not guaranteed and should be independently verified
Major AreasSummary
MedianDaysonMarket
65
MedianSoldPrice
$2,125,000
SINGLE-FAMILY HOMES
269 Number of SoldProperties
MedianSoldPrice | 2020 -2024 Q4 | AllMajor Areas
Park City Limits
SINGLE-FAMILY HOME - CONDO - LAND
SINGLE-FAMILY HOMES
Condo/ Townhome
TotalProperties Sold 96
Q4 2024
Condo/ Townhome
TotalProperties Sold 96
Q4 2023
MedianDaysonMarket
MedianSoldPrice
$2,587,500
SINGLE-FAMILY HOMES
Condo/ Townhome
Q4 2024
TotalProperties Sold 205
Condo/ Townhome
Q4 2023
TotalProperties Sold 152
SINGLE-FAMILY HOME - CONDO - LAND
MedianDaysonMarket
$4,150,000 MedianSoldPrice
SINGLE-FAMILY HOMES
Q4 2024
TotalProperties Sold
Q342023
TotalProperties Sold 121
Condo/ Townhome
Condo/ Townhome
Heber Valley
SINGLE-FAMILY HOMES
Condo/ Townhome
Q4 2024
TotalProperties
Condo/ Townhome
Q4 2023
TotalProperties Sold
KamasValley
SINGLE-FAMILY
SINGLE-FAMILY HOMES
Q4 2024
TotalProperties
Q4 2023
TotalProperties
