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For further information, contact the Park City Board of REALTORS®

Jon Schumann                                                                                                      Maverick Bolger

President, Park City Board of REALTORS®                                       President-Elect, Park City Board of REALTORS®

(435) 565-1465                                                                                                    303-588-0568

Jon@LookoutPC.com                                                                                         maverick@utahluxurygroup.com

JULY 2024 – The Park City real estate market continued to experience steady growth during the second quarter of 2024. Single Family sales increased 15% year over year as Average and median sale prices grew between 8% and 13% across the region. Condominium sales were also strong as 12% more sales units were reported on similar price appreciation.

The inventory of available single family and condominium homes continues to rise. As of June 30, there were 1,175 homes (both types) for sale, up 14% year over year. The increased inventory gave buyers a wider variety of housing to choose from and at the same time eased the pressure on buyers to act quickly with higher offer prices hoping to capture their new home before someone else did.

Sales totals for single-family homes in Summit and Wasatch counties for the full year ending 6/30/24 were up 15% from the same period a year earlier. Prices continued a steady climb with the median home sale price in the PCMLS primary market area increased 8% to $1.7 million for the year through the second quarter of 2024.

Condominium sales mirrored those of single family homes. Sales unit were up 12% year over year and the median sale price rose 10% to $1.15 million.

The Wasatch Back is very much a community of neighborhoods. Prices and availability vary widely from one area to the next. Nothing demonstrates this maxim better than the comparison of the major areas that comprise the greater Park City market. Unit sales in the Jordanelle area were down 34% while Kamas Valley was flat and Heber Valley was up 42%.

Condo sales across the primary market range followed a pattern similar to single-family homes. Year-over-year sales units increased in Heber Valley and around the Jordanelle by 79% and 41% respectively. Closer in, condo unit sales in Park City and Snyderville dropped, down 1% and 7% respectively. Condo prices, however, were mixed across these two areas. Within the Park City limits, the median sale price fell 10% to $1.52 million. In the Snyderville Basin, the median sale price rose to just over $1 million, up 21%. 

Single Family Homes

The number of single family homes sold in the 12 months through second quarter 2024 across the primary market area (Summit & Wasatch Counties) was 15% higher than in the same period of 2023. 

A healthy increase (7.6%) in the median sales price to $1.68 million confirmed that a great deal more stability has returned to the market than we have seen in quite some time. All indications are that stability will continue throughout 2024. 

Highlights of the single-family home market:

• Within Park City limits, total unit sales were up 13% to 103 units. Sales volume remained robust, up 27% for the year.
• The median price of a single-family home within Park City limits rose 15% to $3.99 million.
• Only 31 homes have sold in the popular Old Town area in the past 12 months. The median price ticked up slightly (5%) to $3.95 million.
• Snyderville Basin was the exception that proved the rule. In the most recent 12 months, residential sales exploded with sales volume (up 48%) on a strong gain (+22%) in unit sales. Both the average and median sale prices went up, 22% and 15% respectively. Of the 306 sales (up 22% from the 251 in the year prior), the highest price was $27 million while the lowest was $800,000. Thirteen sales were under $1 million while fourteen were above $10 million.
• Market activity across the Wasatch Back varied widely between neighborhoods and major areas. Heber Valley was the busiest area with sales up 42% fueled by lower than expected price gains (just 7% for the median).
• Promontory had the largest price gains, up 38% year over year. The median price of a Promontory home is now above $4.6 million.
• Canyons Village held on to crown of “most expensive area” with a median price once again now more than $11 million.
• Among the outlying areas, the Jordanelle and Kamas Valley areas nearly tied for the lowest number of sales (only 80 and 83 this year). The median price of a Jordanelle home jumped 60% year over year.

The wide disparities within the regional market tended to cancel each other out resulting in just a 4% median price gain. The extremes were a drop of 28% in Kamas Valley to a rise of 60% in the Jordanelle area.

* Primary Market totals include only Summit and Wasatch Counties.

Condominiums

Prices in the condominium market across the entire Wasatch Back varied as widely as did the single-family homes. The Jordanelle area showed a 46% gain in sales volume while Snyderville sales volume remained relatively flat. Price gains in Snyderville (21%) deterred buyers, while the modest 9% increase in Jordanelle attracted more buyers. Park City volume dropped while Heber Valley exploded. 

• Seventeen percent more Condo sales (103) closed in the past twelve months in the Old Town neighborhood spurred by a highly unusual decline in median price of 13%. The median price of a condominium sold in Old Town is now $1.18 million.
• Canyons Village, which accounts for 63% of all sales volume in the Snyderville area, suffered a slight decline (11%) in sales units and volume (down 14%) while prices varied little (up only 4%) from the previous year.
• In Wasatch County, (areas where 10 or more sales are reported) areas around the Jordanelle continued a trend we expect to see more of in the future – new resort activity stimulating sales and raising prices. Condo unit sales were up 41%, on a modest (9%) gain in median sale price. The median price for a condo around the Jordanelle is now $1.1 million.

* Primary Market totals include only Summit and Wasatch Counties. 

Opinions and Observations

What do Park City agents see coming in the next few months? Here are a few observations about the important market results that point the way, coming from those agents on the front lines. 

• While there are fluctuations from neighborhood to neighborhood, some small, some larger, the overall impression of the market feels, as was noted by one of our members, like it’s “halfway back to normal.”
• For the close-in neighborhoods around Park City and Snyderville Basin, 15 of 22 neighborhoods reported increases in sales units; Only four decreased, and three stayed the same.
• Perhaps no better example of how a low number of transactions can skew the statistics is in Empire Pass. Last year (ending 6/30/23) only three homes sold, all in the $7 to $9 million range. This year, three more sold, but only one was in the same price range as before. The other two sold for $13 and $23 million, which made it look like Empire Pass was on fire with a 92% jump in the average sales price, caused by a small sample size and two outlier sales.
• Jeremy Ranch illustrates skewing the other direction. Single family sales went from 17 last year to 44 this year. That generated nearly twice the total sales volume from the previous year due in no small part by the 20% decline in average and median sales prices.
• There’s a different story being told about condominium sales. The close in markets of Park City and Snyderville showed flat to slightly down sales numbers in both areas, while prices diverged greatly: In Park City metro median sales prices were down 10% but in Snyderville Basin they were up over 20% to more than $1 million.
• Of those who want to be near the resorts, but who find prices in Park City, Snyderville, and even the Jordanelle areas a bit too high-priced, many are turning their sights southward to Midway and Heber City. In the Heber Valley overall, sales units jumped up 42% year over year, due primarily to keeping the median sale price under $1 million, just a 7% increase over the same period.
• Overall, the micro-level fluctuations and differences at the neighborhood level tend to balance each other out over the wider market. Most agents reacted to this quarterly summary with variations on a theme of “No news is good news.” There is nothing earth shattering or confidence damaging in the market report overall. In real estate, a market without any crisis points or surprising trends is a good market.

Comparing Market Segments year over year:

A high level look at annual closed sales shows how close the market is to returning to “normal.” For the 12 months ending Q2-2024, sales of all three categories combined is less than 1% short of a return to the pre-pandemic average from 2013 to 2019. (Charts and observations courtesy of Rick Klein.) 

On the supply side, the number of new listings has grown steadily over the past year and continues to approach the average inventory (1,130 listings). 

What are the key takeaways from this quarter’s numbers?

• Demand returned to pre-covid “normal levels.” The six month comparison for pended sales is actually 3% above pre-covid and closed sales are almost exactly the same at less than 1% of normal.
• However, each of our market segments has responded somewhat differently. This is clearly evidenced by comparing the number of sales between say Heber and Kamas.
• Inventory levels, however, for the past several years continues to struggle to be 80% of pre-covid levels. Overall, with demand returning to normal levels while inventory lags, one would assume we are still in a seller’s market.
• Overall, prices continue to rise with median prices for Single Family and Condos for greater Park City increasing 13% (compared to NAR at 5.4%). However, this is not true for all market segments in part due to product mix and new construction. Prices for SFR in town and in the basin increased by double digits.  While median prices for condos in town are down 10%.  On the other hand, Vacant Land increased a staggering 30%.
• To state that the Park City housing market is very nuanced is an understatement. Each of our market segments requires knowledgeable agents with a depth of local experience in order to assist buyers and sellers.
  

Real estate in the Wasatch back consists of highly segmented markets with nuances that vary significantly from one neighborhood to another and one house to another. Comparisons are hard to read on paper due to the unique features of individual properties, such as amenities, condition, style, location, age, view, and inventory. Buyers and Sellers are advised to contact a local Park City Board of REALTORS® Professional for the most accurate, detailed, and current information. 

Overall, how did the local market fare? The tables above and those that follow show two ways of looking at the market: For each area. The first two lines (white) compare the results of the 2nd Quarter 2024 to 1st Quarter 2024.
The two lines in Blue compare the total year-long results on a rolling year-over-year basis for the period ending June 30, 2023 and 2024. (Note: only areas with 10 or more sales are considered in the reporting.)