The Park City real estate market has shown promising signs of returning to „normal“ levels, according to a recent report from the Park City Board of Realtors. Sales across all categories are less than 8% short of pre-pandemic averages from 2013 to 2019, indicating a strong recovery. The market experienced steady growth during the third quarter of 2024, with single-family sales volume increasing by 21% year over year and average median sale prices growing by 3-5% across Summit and Wasatch counties.
In the primary market, both single-family and condominium sales were robust, with 12% more condominium units sold and a 7% increase in median price. The inventory of available homes has been steadily rising, providing buyers with more options and reducing concerns about limited housing availability. New construction, particularly in the Heber Valley area, has contributed to the variety of homes available to buyers.
Total sales volume for single-family homes in Summit and Wasatch counties for the full year ending Sept. 30 increased by 21% compared to the previous year. The median home sale price in the PCMLS primary market area rose by 5% to $1.7 million, reflecting a healthy market trend.
The report highlights the diversity in home sales across different neighborhoods, with varying sales volumes and price trends. For example, while unit sales in the Jordanelle area increased by 5%, the Heber Valley saw a significant 39% increase in homes sold. Condo sales followed a similar pattern, with varying sales volumes and price changes across different areas.
In the single-family home market, the number of homes sold in the primary market area increased by 18% compared to the previous year. The median sales price also saw a healthy increase of 5.3%, indicating a return to stability in the market. Neighborhoods like Park City and Snyderville Basin reported increases in sales units and prices, while areas like Jeremy Ranch and Summit Park saw substantial growth in sales volume.
Condominium prices across the Wasatch Back varied widely, with significant gains in sales volume in areas like the Jordanelle. The report emphasizes the importance of understanding the details of condo sales, particularly in newly developed areas like Pioche. The Old Town neighborhood saw a 17% increase in condo sales, with a median price of $1.2 million.
The report also includes insights and observations from Park City agents, highlighting the market trends and buyer preferences. Agents noted the return to normalcy in the market and the differences in sales performance between neighboring areas. The report also mentions upcoming developments like the Cormont project in Deer Valley East Village, which is expected to increase inventory and ease supply constraints.
Overall, the Park City real estate market is showing positive signs of recovery and stability, with varying trends across different neighborhoods and property types. The report provides valuable insights for both buyers and sellers in the market, emphasizing the importance of understanding local market dynamics and trends.