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The Park City Multiple Listing Service (PCMLS) recently published its statistics for the third quarter of 2024, and the numbers indicate continued stability in our real estate market. The year-over-year numbers for the greater Park City area were highlighted by strong demand, modest price appreciation, and solid inventory.
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It is important to note that there was a good deal of variance across areas and product types, and we could use a smidge more inventory, but overall things are in good shape as we approach the busy winter season. Moving forward we will continue to keep a close eye on interest rates, as movement in that variable will continue to shape our market.
Please reach out if you have any questions or if you need any help interpreting the numbers for your areas of interest. Our market is very nuanced, and we are happy to lend our expertise! |
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MEDIAN PRICES | Greater Park City
Single-Family, Condos, and Land Properties
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| Since 2001 prices have appreciated 6.8% annually. Since the last major low point in 2012 prices are up 9.7% annually, and since the last peak of 2008 prices are up 5.8% annually. |
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SINGLE-FAMILY TRENDS
Sales activity for single-family homes was up year-over-year through the third quarter of 2024. Across our primary market area of Summit and Wasatch counties, the number of homes sold increased 18%, and total sales volume was up 21%. A healthy increase of 5.3% in the median sales price to $1.68 million in our primary market area demonstrates stability in the local market, and all indications are that this trend is set to continue through the remainder of 2024.
CONDOMINIUM TRENDS
Condominium sales activity across the primary market area followed a pattern similar to that of single-family homes, with unit sales up 12% year-over-year, volume up 6%, and the median sale price up 7% to $1.12 million.
VACANT LAND TRENDS
Vacant land sales volume in the primary market area was up 40% year-over-year, with a 16% increase to 426 total closed transactions during the twelve-month period ending in September. Median prices continued their upward trend, increasing 9% to $805,000. |
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Source: Rick Klein and Park City Multiple Listing Service Quarter 3 2024 Statistics Report.
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The Current Rate | October 31st
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Mortgage Rates Up
for 5th Consecutive Week
"Increasing for the fifth consecutive week, mortgage rates reached their highest level since the beginning of August. With several potential inflection points happening over the next week, including the jobs report, the 2024 election, and the Federal Reserve interest rate decision, we can expect mortgage rates to remain volatile. Although uncertainty will remain, it does appear mortgage rates are cresting, and are not expected to reach the highs seen earlier this year."
FreddieMac.com |
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| PARK CITY LIMITS | Market Overview |
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Average & Median Sale Prices
3rd Quarter 2024 Year-Over-Year Rolling Averages
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Neighborhood Highlights | Neighborhood Stats3rd Quarter 2024 Year-Over-Year Rolling Averages
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SINGLE-FAMILY HOMES
Within Park City limits, total unit sales were up 13% to 111 units. Sales volume remained robust, up 15%. The median price of a single-family home within Park City limits rose 11% to $3.96M. Only 34 homes sold in the popular Old Town area, with the median price ticking up a healthy 9% to $3.8M. Park Meadows closed sales were up 4% with 27 homes sold, the median price was up 5% to $3.4M, and the average price increased 19% to $4.13M. Thaynes Canyon had a 25% increase to 10 total sales, with a median price increase of 38% to $4.4M and an average price increase of 23% to $4.5M. Lower Deer Valley had 8 total sales and a median price increase of 10% to $4.75M. Prospector unit sales were up 33%, with 16 homes sold on a 6% increase in median price to $2.09M.
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CONDOMINIUMS
Condominium unit sales in Park City limits increased 4% with 243 closed sales, while the median sale price dipped 3% to $1.6M. Sales in Old Town were up 17% on 101 closings, accompanied by a 8% increase in median price to $1.2M. Lower Deer Valley had a 3% decline in sales to 32 units, but the median price soared 33% to $2.19M. In Upper Deer Valley unit sales were unchanged with 19 total closings, but median price dropped 28% to $2.53M. Empire Pass sales were down 43% on 21 total closings, with a slight dip in median price to 4.3M. Prospector's unit sales were up 15% on 39 closings, with the median price increasing 9% to $399K, and the average price increasing 18% to $520K. Park Meadows sales activity increased 37% on 26 total closings, with an 11% increase in median price to $1.97M. |
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| SNYDERVILLE BASIN | Market Overview |
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Average & Median Sale Prices
3rd Quarter 2024 Year-Over-Year Rolling Averages
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Neighborhood Highlights | Neighborhood Stats3rd Quarter 2024 Year-Over-Year Rolling Averages
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SINGLE-FAMILY HOMES
The Snyderville Basin epitomizes the variance to be found across neighborhoods around Park City, with substantial differences in housing stock, sale prices, and number of sales. During the 12 months ending in September, residential sales in Jeremy Ranch and Summit Park exploded, with unit sales up 65% and 77% respectively. Meanwhile, Promontory sales units were essentially flat, and Canyons Village dropped by 46%.
Promontory’s median price rose 16% to $4.35M, while Canyons Village held on to the crown of “most expensive area” with a median price of $10.85M, up 4% year-over-year. Jeremy Ranch's median price was up 6% to $1.85M, while Summit Park increased 23% to $1.39M.
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Silver Springs had a 23% increase in unit sales with 27 closings and a 5% median price decrease to $2.2M. Pinebrook unit sales were up 12% on 29 closings, with a 2% median price increase to $1.8M. Trailside Park had 19 closings with a median price increase of 13% to $1.59M, while Sun Peak/Bear Hollow had 13 closings and a median price increase of 9% to $1.85M.
Of the 301 sales in the Snyderville Basin, the highest price was $20M while the lowest was $800,000. Eleven sales were under $1M while twelve were above $10M. |
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CONDOMINIUMS
Condo unit sales in the Snyderville Basin were down 8% on 244 total closings, while the median sale price rose 13% to $1.05M. Canyons Village, which accounts for 61% of all sales volume in the Snyderville area, saw flattened sales numbers, with sales units up 3% on 122 closings, and a slight median price decrease of 1% to $1.28M.
Elsewhere, Kimball Junction had a 43% decrease in sales units, with 29 total closings, while median prices increased 7% to $643K. Silver Creek South had a 7% decrease in sales units with 26 total but had a 23% median price increase to $1.02M. Pinebrook had a 13% decrease in closings with 28 units sold, while the median price ticked up a slight 3% to $963K. Sun Peak and Bear Hollow had a 16% increase in units sold with 22 closings and a substantial 32% increase in median price to $1.1M. |
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| JORDANELLE | Market Overview |
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Average & Median Sale Prices
3rd Quarter 2024 Year-Over-Year Rolling Averages
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Neighborhood Highlights | Neighborhood Stats3rd 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 86 total closings, however, the median price jumped 23% year over year to $3.6M. Tuhaye saw a large jump in prices, with the median price up 45% to $4.65M and the average price up 40% to $5.23M. In doing so, Tuhaye edged out Promontory as the most expensive area west of Hwy 40/189. Hideout experienced a 120% increase in sales activity with 22 total sales, and a 17% increase in median price to $2.2M. Deer Mountain had 14 closings, which represented a 27% increase, and a 12% increase in median price to $2.5M.
CONDOMINIUMS
The Jordanelle area showed a 42% gain in sales volume on a 37% increase in unit sales. Despite the large gain in sales volume, the median sale price rose only 6%. That is because 41% of the condo sales in the Jordanelle were newly constructed units in the Pioche development, which sold in the $450,000 to $475,000 price range, less than half the overall area median. If we look only at resales of existing units, the median price is 28% higher than the previous year.
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| Sales units in Deer Mountain were down 44% with 36 closings, but median prices were up 11% to $1.1M. Hideout sales units were up 4% with 76 total, and the median price was up 9% to $1.4M. In Jordanlle Park closings were up 30% with 90 units sold, with a robust 51% increase in median price to $1.2M. |
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| HEBER VALLEY | Market Overview |
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Average & Median Sale Prices
3rd Quarter 2024 Year-Over-Year Rolling Averages
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Neighborhood Highlights | Neighborhood Stats3rd Quarter 2024 Year-Over-Year Rolling Averages
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SINGLE-FAMILY HOMES
Heber Valley was the busiest area with units sold up 39% on 318 total closings, and median prices were up 10% to $992,500. Midway sales quantity was up 44% with 85 closings, on a modest median price decrease of 4% to $1.1M. Red Ledges sales units increased 67% with 45 total closings, on a 7% median price increase to $2.9M. Heber saw 83 homes sold, representing a 7% decrease. Median sale prices per up 4% to $765k. Heber East sales units were up 100% on 28 total closings, and the median price soared 26% to $1.48M. Timber Lakes closings were up 81% with 38 total sales, and median prices dipped 12% to $737,500.
CONDOMINIUMS
Year-over-year condominium sales units in Heber Valley were up to 64 total, representing a 60% increase. The median price increased 11% to $550,602. Midway sales units were up 47% with 22 total closings, while the median price was flat at $473,500. The median price dipped 8% in Red Ledges to $1.65M, while prices in Heber proper were up 14% to $480,000. Unit sales in Heber were up 31% on 17 closings.
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| INVENTORY | Stable & Largely Recovered |
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There were 884 listings in Greater Park City as of October 1st of this year, compared to the 918 that were available through the same period the year prior. This represents a modest 3.7% decline. However, the decline is largely due to the lack of vacant land listings, which are down 17%. Single-family and condominium listings are actually up 3% each.
The current level of inventory has recovered well since the nadir of the pandemic years, but there is still room for improvement. During the “normal” years of 2013 to 2019 our market averaged around 1,130 active listings. So while our inventory has shown good stability over the last couple of years, it still has room for improvement.
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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 October.
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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) | Q2 2023 - Q2 2024
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LIVE PC GIVE PC | Get Ready to Give on November 15th!
Get ready to give! Live PC Give PC is Park City and Summit County’s amazing annual day of giving where EVERYONE is encouraged to help support the nonprofits that make our community vibrant and strong. The 24-hour day of giving hosted by Park City Community Foundation brings the community together and engages thousands of donors to support over 120 participating nonprofits and highlight the power of giving.
The participating nonprofits help support the residents of the Wasatch Back. It is a key fundraiser for our nonprofits. Whether it’s through the arts, education, health care, animal welfare, environmental efforts, or supporting cultural and recreational programs, the nonprofit community benefits everyone who lives, works, plays, or stays in the area.
More info here. |
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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 to hear from you soon!
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