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The statistics for the first quarter of 2022 have arrived, and they show a continued trend of low inventory and high demand across all property types in the greater Park City market area. As a result, closings were down, and the strong price appreciation we've seen over the past years has continued, with average and median prices increasing 23% and 29% respectively.*
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So how low is our inventory? At the end of 2020, there were 541 residential properties for sale across the entire marketplace. By the end of 2021, that number was 265, with many of those still under construction. In the past few months we have seen a slight increase in inventory, closing the first quarter of 2022 with 317 homes for sale.
The increase in inventory could be part of the typical upswing that we experience in spring and summer, but it could also be that sellers are sensing a potential market shift in light of rising interest rates and inflation, as well as possible trepidation surrounding the war in Ukraine.
Fortunately, our local market is very resilient, and the current supply-demand imbalance in the greater Park City area is likely to continue to drive an appreciating market for the foreseeable future.
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| GREATER PARK CITY Total Active Listings from 2007-2022 |
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*Source: PCBOR Q1 2022 Quarterly Market Summary, 12 month rolling year over year for all property types across the PCMLS service areas in Summit and Wasatch Counties.
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12 Month Rolling: April 2021 - March 2022 | April 2020 - March 2021
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AVG SALE PRICE UP 39%
$4,255,130 |
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AVG SALE PRICE UP 17%
$1,803,249 |
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AVG SALE PRICE UP 44%
$2,322,641 |
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MED SALE PRICE UP 35%
$3,540,000 |
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MED SALE PRICE UP 20%
$1,325,000 |
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MED SALE PRICE UP 59%
$2,150,000 |
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AVG SALE PRICE UP 21%
$2,853,758 |
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AVG SALE PRICE UP 50%
$1,081,141 |
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AVG SALE PRICE UP 37%
$1,356,089 |
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MED SALE PRICE UP 23%
$2,000,000 |
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MED SALE PRICE UP 53%
$850,000 |
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MED SALE PRICE UP 42%
$910,000 |
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AVG SALE PRICE UP 44%
$1,368,718 |
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AVG SALE PRICE UP 17%
$522,603 |
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AVG SALE PRICE UP 73%
$632,652 |
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MED SALE PRICE UP 30%
$975,000 |
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MED SALE PRICE UP 21%
$429,000 |
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MED SALE PRICE UP 81%
$417,500 |
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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 ©2022 Park City Multiple Listing Service, Inc
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"The combination of swift home price growth and the fastest mortgage rate increase in over forty years is finally affecting purchase demand. Homebuyers navigating the current environment are coping in a variety of ways, including switching to adjustable-rate mortgages, moving away from expensive coastal cities, and looking to more affordable suburbs. We expect the decline in demand to soften home price growth to a more sustainable pace later this year."
- FreddieMac.com, April 28, 2022
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The statistics below were drawn on a rolling year-over-year basis for the period ending March 31, 2022, unless otherwise noted.
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Within Park City Limits, total homes sold were down 45% to 181 homes, but sales volume declined just 24% from $1.2 billion million last year to $770 million this year. The median price of a single-family home across the city rose 35% to $3.5 million. In the popular Old Town area, homes sold were down 58% (119 to 50). However, the median price set a new record above $2.9 million. The Prospector and Thaynes Canyon neighborhoods led all others for greatest increase in median price, with Thaynes up 75% to $4.6 million and Prospector up 85% to $2.4 million.
Snyderville residents experienced a strong increase in the overall median price, up 23% to $2 million. Almost all the Snyderville neighborhoods saw declines in homes sold, with Sun Peak/Bear Hollow area dropping the most, down 70% to just 10 homes sold. Summit Park had the biggest gain, with 41 homes sold, up 24%. Nearly one-third of overall sales volume was in Promontory, while Silver Springs and Old Ranch Road areas saw the biggest price increases, with median prices rising 75% and 99% respectively. The median sale price in Old Ranch Road rose to $6.5 million, nearly double the year before.
The hotspots of the Heber and Kamas Valleys showed substantial median price increases of 30% and 35% respectively.
Single-Family Stats by Neighborhood
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The condominium market in Old Town Park City continued to be solid, with the number of homes sold remaining level but with a 32% increase in median price to $890,000. Park Meadows was the standout neighborhood performer, with sales volume up 74% on a steady median price of $1.36 million, up 4%. Lower Deer Valley, Deer Crest, and Prospector all showed strong appreciation with median price gains of 36% or more.
In the Snyderville area, the Canyons median price showed a significant increase, but this was the result of previous low prices set by the dominance of Yotelpad, with price points around $368k. The first quarter to 2022 saw 118 sales of Pendry Residences at a much higher price point of $1.4M. Thus, the 95% increase in median sales price in Canyons Village. That said, the other Snyderville neighborhoods experienced strong median price appreciation as well: Kimball (31%), Silver Springs (30%), Pinebrook (26%), and Jeremy Ranch (32%).
In Wasatch County (areas with 10 or more sales are reported), Jordanelle Park doubled its sales volume over the prior year on a huge gain in median price, up 85% to $973,000. Deer Mountain and Tuhaye/Hideout both increased sales volume by nearly 60%.
Condominium Stats by Neighborhood
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After explosive growth in 2021, land sales declined across the region with every major area showing drops in sold transactions, but volume remained steady or grew substantially.
Jordanelle showed the most activity, selling 396 lots this year, just 6 units shy of the prior year. However, these lots sold for nearly twice the price of lots in the year ending 3/31/21. The median sale price was $699,400, up 97% from $355,000 the year before. Overall land sales in Summit and Wasatch Counties were up 31%, and the median sales price increased 78% to $650,000. All the major areas of the market, except Snyderville Basin, saw a substantial increase in sales volume. Jordanelle led the way with $363.6 million in sales, almost double the previous year’s total. Only 39 lots sold within the Park City Limits, but that lack of available lots coupled with high demand pushed the median sale price to $2.15 million, up 59% from the year before.
Vacant Land Stats by Area
All data, information, and interpretation ©2022 Park City Multiple Listing Service, Inc
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If you are contemplating selling your property, there is likely no better time than right now. Inventories are critically low, and with expected increases in mortgage rates and concerns over rising inflation on the horizon, this strong seller's market could shift. The data below weighs the time on market against the median price. Take note of how quickly properties are being absorbed, especially condominiums.
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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.
The stats below compare year over year averages for
April 2020 - March 2021 VS. April 2021 - March 2022.
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PARK CITY LIMITS
(Areas 1-9) Includes Old Town, Thaynes Canyon, Lower Deer Valley Resort, Deer Crest, Upper Deer Valley Resort, Empire Pass, Aerie, Prospector, and Park Meadows.
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2021 | 2022
MEDIAN HOME PRICE
$2,620,000 | $3,540,000
ABSORPTION RATE
if home was listed at median price
1.9 months | 1.9 months
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MEDIAN HOME PRICE
$1,100,000 | $1,327,500
ABSORPTION RATE
if home was listed at median price
1.9 months | 0.6 months
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SNYDERVILLE BASIN & JORDANELLE
(Areas 10-28) Includes The Canyons, Sun Peak/Bear Hollow, Silver Springs, Old Ranch Road, Kimball, Pinebrook,
Summit Park, Jeremy Ranch, Glenwild/Silver Creek, Trailside Park, Promontory, Quinn's Junction, Deer Mountain, Tuhaye/Hideout, Jordanelle, and South Jordanelle. |
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2021 | 2022
MEDIAN HOME PRICE
$1,725,000 | $2,195,000
ABSORPTION RATE
if home was listed at median price
1.4 months | 1.7 months
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MEDIAN HOME PRICE
$600,000 | $845,137
ABSORPTION RATE
if home was listed at median price
1.7 months | 0.8 months
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MEDIAN HOME PRICE
$750,000 | $975,000
ABSORPTION RATE
if home was listed at median price
1 month | 1.4 months
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While there are some concerns that steadily rising mortgage rates and increased inflation may lead to a slowing in the national real estate market, the indicators for our market here in the Park City area remain strong. Our local market tends to be less affected by national trends than other areas. At the moment, the high demand, matched with scant inventory, suggests that we will likely experience another year or two of strong price appreciation.
I look forward to keeping you posted on any shifts that may occur in our local real estate market, and in the meantime, if you have any questions about any of your area(s) of interest, please don’t hesitate to reach out. |
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Coming Soon! Keep An Eye Out in Your Inbox for
Our 2022 Summer Events Newsletter. |
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