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The Park City Multiple Listing Service (PCMLS) recently released the stats for the second quarter of 2024. As a whole, our primary market area’s numbers indicate a continued trend away from the hyperactive seller’s market of 2020-22, returning to conditions that more closely resemble the “normal” pre-COVID period of 2013-2019. Compared to the prior year's numbers, the past quarter delivered solid sales totals, moderate price growth, and improved inventory.
The stats did exhibit a fair bit of variance across areas and product types, and we could still use some additional inventory, but overall, our local market is in good shape as we close out the summer season. Going forward, we will be keeping a close eye on any upcoming interest rate changes, as any significant downward adjustment could ignite pent-up activity on both the buying and selling sides of our market. We will keep you posted on any major shifts in the coming weeks and months. In the meantime, please read on to see how your areas of interest fared during the most recent quarter.
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SINGLE-FAMILY TRENDS
For the twelve-month period ending June 30th of this year, closed sales for single-family homes across the primary market area of Summit and Wasatch counties were up 15% compared to the prior year. Prices continued a steady climb, with the median home sale price in the primary market area increasing 8% to $1.68 million during the same period.
CONDOMINIUM TRENDS
Condominium closed sales across the primary market area followed a pattern similar to single-family homes, up 12% over the year prior, and median prices were up 10% to $1.15 million. |
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VACANT LAND TRENDS
Vacant land sales in the primary market area were up 1% year-over-year, with a total of 425 closed transactions during the same period. Median prices continued a trend of very strong appreciation, up 29%.
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MEDIAN PRICES | Greater Park City
Single-Family, Condos, and Land Properties
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| Since the beginning of 2001, prices have appreciated 6.9% annually, and since the low point of 2012 prices are up 9.8% annually. |
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Source: Rick Klein and Park City Multiple Listing Service Quarter 2 2024 Statistics Report.
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The Current Rate | August 8th
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Mortgage Rates Down to
Lowest Level in Over a Year
Mortgage rates plunged this week to their lowest level in over a year following the likely overreaction to a less-than-favorable employment report and financial market turbulence for an economy that remains on solid footing. The decline in mortgage rates does increase prospective homebuyers’ purchasing power and should begin to pique their interest in making a move. |
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| Additionally, this drop in rates is already providing some existing homeowners the opportunity to refinance, with the refinance share of market mortgage applications reaching nearly 42 percent, the highest since March 2022.
FreddieMac.com
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| PARK CITY LIMITS | Market Overview |
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Average & Median Sale Prices
2nd Quarter 2024 Year-Over-Year Rolling Averages
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Neighborhood Highlights | Neighborhood Stats2nd Quarter 2024 Year-Over-Year Rolling Averages
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SINGLE-FAMILY HOMES Within Park City limits, total unit sales were up 13% with 103 closed sales. 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, and the average price was up 13% to $4.88 million. In the popular Old Town area, 31 homes sold during the 12-month period ending June 30th, with the median price ticking up 5% to $3.95 million. Park Meadows closed sales were up 27% with 28 homes sold, the median price was down 3% to $3.13 million, but average prices were up 17% to $3.69 million. Deer Crest and Empire Pass had some big sales during the second quarter, with an eye-popping median price of $10.38 million and $13 million respectively. Unit sales and median price in Prospector were flat year-over-year, with 13 homes sold on a median price of $2 million.
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| CONDOMINIUMS Condominium unit sales in Park City limits dropped slightly, down 1% with 242 closed sales. The median sale price also fell 10% to $1.53 million. Sales in Old Town were up 17% on 103 closings, spurred by a highly unusual decline in median price of 13% to $1.18 million. Lower Deer Valley had a 9% decline in sales to 30 units, but the median price soared 33% to $2.19 million. Prospector saw declines across the board, with unit sales down 15% on 34 closings, median price down 14% to $374K, and average price down 16% to $460K. Park Meadows had a boom in unit sales activity, up 87% on 28 total closings, with a 2% increase in median price to $1.74 million. |
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| SNYDERVILLE BASIN | Market Overview |
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Average & Median Sale Prices
2nd Quarter 2024 Year-Over-Year Rolling Averages
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Neighborhood Highlights | Neighborhood Stats2nd Quarter 2024 Year-Over-Year Rolling Averages
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SINGLE-FAMILY HOMES Snyderville Basin sales volume exploded, soaring 48% on a strong gain 22% increase in unit sales. Both the average and median sale prices across the Basin were up, 22% and 15% respectively. Of the 306 sales, the highest price was $27 million while the lowest was $800,000. Thirteen sales were under $1 million while fourteen were above $10 million.
Promontory had the largest price gains, up 38% year-over-year to $4.625 million, while unit sales were up 18% on 84 closings. Canyons Village held on to crown of “most expensive area” with a median price of $11.375 million. Silver Springs had a 29% increase in unit sales with 27 closings, and a 9% median price increase to $2.24 million. Pinebrook unit sales were up 33% on 28 closings, with a 2% median price increase to $1.88 million. Jeremy Ranch had a whopping 159% increase in unit sales with 44 closed listings. This activity was perhaps spurred by the price drops in this area, where median prices were down 20% to $1.84 million.
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| CONDOMINIUMS Condo unit sales in the Snyderville Basin were down 7% on 251 total closings, while the median sale price rose 21% to just over $1.1 million. Canyons Village saw slight increases in sales units and volume, up 11% and 14% respectively. Prices experienced a slight gain, up 4% from the previous year to $1.35 million. Elsewhere, Kimball Junction had a 35% decrease in sales units, with 33 total closings, while median prices increased 30% to $780K. Silver Creek South had a 6% decrease in sales units with 29 total, but had a 35% median price increase to $1.03 million. |
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| JORDANELLE | Market Overview |
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Average & Median Sale Prices
2nd Quarter 2024 Year-Over-Year Rolling Averages
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Neighborhood Highlights | Neighborhood Stats2nd Quarter 2024 Year-Over-Year Rolling Averages
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SINGLE-FAMILY HOMES Among the outlying areas Jordanelle had the lowest number of sales units with 80 total closings, which represents a 34% drop compared to the year prior. The median price jumped 60% year over year to $3.71 million. Tuhaye led the way with the highest median price in Jordanelle, up 38% to $4.175 million. Mayflower wasn't behind Tuhaye by much, coming in with a 30% increase in median price to $3.6 million. Hideout experienced a 75% increase in sales activity with 21 total sales, and a 45% increase in median price to $2.3 million.
CONDOMINIUMS Jordanelle continued a trend we expect to see more of in the future – new resort activity stimulating sales and raising prices. Year-over-year units sold increased around the Jordanelle by 41%, with 283 closed sales. Median prices increased a modest 9% to $1.1 million. Mayflower was the busiest individual area with 96 sales, representing a 75% increase over the prior twelve-month period. The median price in Mayflower was up 56% to $1.18 million. Sales units in Deer Mountain were down 33% with 44 closings, but median prices were up 13% to $1.1 million. Hideout sales units were down 5% to 70 total, with median price ticking up 7% to $1.36 million.
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| HEBER VALLEY | Market Overview |
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Average & Median Sale Prices
2nd Quarter 2024 Year-Over-Year Rolling Averages
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Neighborhood Highlights | Neighborhood Stats2nd Quarter 2024 Year-Over-Year Rolling Averages
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SINGLE-FAMILY HOMES Heber Valley was the busiest area with sales units up 42% on 308 total closings, fueled by lower-than-expected price gains. Median prices were up 7% to $975,000. Midway sales quantity was up 36% with 80 closings, on a modest median price increase of 3% to $1.17 million. Red Ledges sales units increased 74% with 40 total closings, on a 13% median price increase to $2.95 million. Heber proper had an even 100 homes sold, representing a 23% increase. The median home price was almost flat, increasing 1% to $757,500. Timber Lakes closings were up 23% with 27 total sales, and median prices rose 19% to $826,000.
CONDOMINIUMS Year-over-year condominium sales units in Heber Valley were up to 50 total, representing a 79% increase. The median price increased 37% to $604,950. Midway sales units were up 45% with 16 total closings, while median price was up 8% to $535,500. The median price remained flat in Red Ledges, sitting at $1.73 million, while prices in Heber proper ticked down a slight 2% to $412,000.
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| INVENTORY | Continued Recovery |
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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.
While the current inventory levels represent a significant recovery from the rock bottom levels of the covid years, there is still room for further improvement as we remain roughly 20% below the levels of our "normal" market years of 2013-2019.
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# ACTIVE LISTINGS | Single-Family + Condos
For each year, the chart includes data from the beginning of the year through the end of July.
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| PRICE APPRECIATION | by State |
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What's the Health of Our Primary Market?
Purchase-Only Index (Seasonally Adjusted) | Q4 2023 - Q1 2024
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Whether you are buying, selling, or simply keeping an eye on the market, these updates are designed to help you make informed decisions. Please reach out for specifics on your neighborhood or areas of interest. Hope you are having a great summer in the meantime!
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