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Following the past few years of low inventory and rapid price escalation, our local real estate market is returning to a more familiar, less volatile pattern. And while high interest rates are creating some headwinds for our market much like elsewhere, the overall picture is one of resilience.
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Key Market Trends
- Inventory is Climbing: As of September 2023, we had 1,054 residential properties listed, showing a promising recovery toward pre-pandemic levels. The year prior, there were only 826 residential listings.
- Prices Stabilizing: The median sale price of single-family properties in the primary market area was $1.6 million, marking less than a 1% increase from last year. Median prices for Condos were flat at $1.05 million, and median land prices increased 8% to $750,000
- Changed Buyer Behavior: Buyers are becoming more cautious, leading to more frequent price adjustments in listings.
- Sales Numbers Returning to Normal: The overall number of sales is down markedly compared to the super-heated years of 2021 and 2022, but compared to the "normal" period of 2013-2019, the numbers are only slightly lower.
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Our market is very segmented, with activity often varying greatly across property type and neighborhood. See below to learn how your area(s) of interest fared during the third quarter of 2023. And if you have any questions please reach out!
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Sale Prices shown are Average and Median Pricing from Oct 2022 - Sept 2023
% Changes are based on 12 Month Rolling: Oct 2021 - Sept 2022 | Oct 2022 - Sept 2023
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| Source: PCBOR Q3 2023 Quarterly Market Summary. |
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AVG SALE PRICE 0% CHANGE
$4,610,434 |
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AVG SALE PRICE UP 13%
$2,261,920 |
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AVG SALE PRICE UP 4%
$2,473,900 |
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MED SALE PRICE DOWN 8%
$3,570,000 |
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MED SALE PRICE UP 10%
$1,650,000 |
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MED SALE PRICE DOWN 21%
$1,664,500 |
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SINGLE-FAMILY HOMES Within Park City limits, total unit sales were down 26% to 98 units. Sales volume declined 26% to $451 million in the past 12 months. The median price of a single-family home within Park City limits fell 8% to $3.57 million. Only 27 homes have sold in the popular Old Town area in the past 12 months. The median price dipped slightly (-3%) to $3.5 million.
CONDOMINIUMS & TOWNHOMES The Condo market in the Old Town neighborhood paralleled the single-family numbers, with unit sales and volume down. The median price of a condominium sold in Old Town was $1.1 million. Price gains were evident in all neighborhoods, with Upper Deer Valley leading the gainers with a 41% median increase to more than $3.5 million.
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AVG SALE PRICE UP 4%
$3,094,036 |
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AVG SALE PRICE UP 1%
$1,249,378 |
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AVG SALE PRICE DOWN 12%
$1,185,398 |
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MED SALE PRICE UP 5%
$2,107,500 |
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MED SALE PRICE DOWN 11%
$927,000 |
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MED SALE PRICE UP 6%
$987,500 |
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SINGLE-FAMILY HOMES Snyderville Basin residences followed the prevailing market with sales volume (down 11%) on a modest gain in the overall median price up 5% to $2.1 million. All but two Snyderville neighborhoods (Silver Creek South and Canyons Village) saw declines in units sold, with Silver Creek Estates dropping the most (41%) to just 10 units. Canyons Village saw a slight increase of 18% to 13 units sold at a median price point over $10 million. Silver Creek South showed a gain with 41 homes sold, nearly double the previous year, thanks to their second lowest price point in the Basin ($1.16 million) as well as many new construction units happening in Silver Creek Village. One-third of overall sales volume in the Basin was in Promontory ($333 million). Silver Creek South also had the biggest price increase in the Park City Metro area with the median rising 38% to $1.25 million.
CONDOMINIUMS & TOWNHOMES In the Snyderville area, outside of perennial volume leader Canyons Village, Pinebrook and Kimball Junction led in sales volume ($29M and $33M respectively).
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AVG SALE PRICE UP 46%
$3,155,631 |
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AVG SALE PRICE UP 5%
$1,106,431 |
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AVG SALE PRICE UP 53%
$1,462,832 |
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MED SALE PRICE UP 65%
$2,897,782 |
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MED SALE PRICE UP 7%
$1,034,006 |
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MED SALE PRICE UP 71%
$1,242,900 |
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SINGLE-FAMILY HOMES Among the outlying areas, the Jordanelle area showed the greatest median price increase of 65% as more and more luxury homes are coming to market in anticipation of the opening of the new Mayflower ski resort.
CONDOMINIUMS & TOWNHOMES In Wasatch County, in areas where 10 or more sales were reported, Jordanelle Park showed the largest gains in sales volume over the prior year (up 46%) despite a decline in median price, down 18% to $805,000.
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AVG SALE PRICE DOWN 10%
$1,286,062 |
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AVG SALE PRICE UP 36%
$829,081 |
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AVG SALE PRICE UP 14%
$794,386 |
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MED SALE PRICE DOWN 14%
$899,990 |
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MED SALE PRICE 0% CHANGE
$495,000 |
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MED SALE PRICE DOWN 7%
$466,355 |
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SINGLE-FAMILY HOMES In the Heber Valley area, only two areas saw a median sale price increase compared to the previous year, Red Ledges with a 10% increase to $2.9M and Timberlakes up 20% to $835,000.
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Not all sold data in the Heber Valley is included in the Park City Multiple Listing Service data; please call for more specific details. All data, information, and interpretation ©2023 Park City Multiple Listing Service, Inc
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"The 30-year fixed-rate mortgage paused its multi-week climb but continues to hover under eight percent. The Federal Reserve again decided not to raise interest rates but have not ruled out a hike before year-end. Coupled with geopolitical uncertainty, this ambiguity around monetary policy will likely have an impact on the overall economic landscape and may continue to stall improvements in the housing market.”
Freddiemac.Com | November 2, 2023
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Absorption Rate: the number of months it would take to sell the
currently listed properties on the market factoring in median list price.
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MEDIAN DAYS ON MARKET | 42 days
Median Cumulative DOM
ABSORPTION RATE | 8.3 months
if home was listed at median price
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MEDIAN DAYS ON MARKET | 45 days
Median Cumulative DOM
ABSORPTION RATE | 9.5 months
if home was listed at median price
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MEDIAN DAYS ON MARKET | 40 days
Median Cumulative DOM
ABSORPTION RATE | 9.9 months
if home was listed at median price
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MEDIAN DAYS ON MARKET | 39 days
Median Cumulative DOM
ABSORPTION RATE | 7.4 months
if home was listed at median price
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MEDIAN DAYS ON MARKET | 37 days
Median Cumulative DOM
ABSORPTION RATE | 11.1 months
if home was listed at median price
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Additional Notes & Observations
With the expansion of Deer Valley Resort through its management deal with Mayflower Mountain, Heber City and Midway are transforming from rural outskirts to burgeoning "ski country". This trend is evident in home prices, as properties under $1 million have become scarce in Midway.
Areas of new construction such as Silver Creek Village and Talisker Club in Tuhaye experienced robust activity. Sales in the Silver Creek Village area nearly doubled over the previous year, with average prices just over $1.2 million. Talisker Club sales volume was up 42% to $108 million, with an average sale price of $3.7 million.
There's a shift in preference within luxury private club communities, with buyers favoring move-in-ready homes over the prospect of building new. Some buyers, thwarted by the scarcity of building resources, are choosing to sell their previously purchased vacant land to instead acquire completed homes.
The surge in interest rates has particularly impacted condo sales due to their reliance on mortgage financing, unlike the single-family home market where all cash sales are more common. Over half of all single-family residences sold in our area during the past year were all-cash sales.
Despite the upward trend in inventory, it still remains a quarter less than pre-pandemic levels, largely because of the high-interest rate environment. Many potential sellers are remaining on the sidelines until the mortgage rate environment becomes more favorable.
With the approaching election year, a potential dip in housing activity is anticipated amid economic uncertainties and concerns about future governmental policies.
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Looking Forward
For the forseeable future all eyes will be on interest rates, as this remains the most potent variable in the nationwide real estate market and larger economy. Our local market is quite resilient, but it would nonetheless benefit from an improved interest rate environment.
In the meantime, winter is on our doorstep and we can look forward to the lifts turning in another week or two. We will have lots of info coming soon on the upcoming winter season, so stay tuned.
Think snow!
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