Park City Real Estate Market Update
The third-quarter stats are in, showing a continued trend of strong demand and stable pricing.
Setting a New Sales Price Record for Park City Real Estate
This $65 million luxurious residence in Deer Crest went under contract in just 7 days. Spanning 21,378 square feet on 2.6 acres, the property offers prime ski access to Deer Valley Resort® via a private James-Bond-style gondola, a full-size basketball court, golf simulator, two-lane bowling alley, climbing wall, gym, private spa with steam room and sauna, and an outdoor infinity pool and jacuzzi. While this listing is not currently listed by our team or brokerage, it is a great example of how the real estate market is performing. The sale of this home will set a new sales record for homes in Park City, Utah.
Condominiums in Empire Pass also stand out, remaining highly sought-after with properties moving quickly. Recently, a 4-bedroom residence at Montage Deer Valley went under contract in just two days and closed within 14. At Sommet Blanc, interested buyers are making premium offers trying to secure one of the last residences. The demand for luxury residences in Empire Pass does not really show signs of slowing down.
MEDIAN PRICES | Greater Park City
Single-Family, Condos, and Land Properties
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.
Source: Rick Klein and Park City Multiple Listing Service Quarter 3 2024 Statistics Report.
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.
PARK CITY LIMITS I Market Overview
Average Median Sale Prices
3rd Quarter 2024 Year-Over-Year Rolling Averages
Neighborhood Highlights
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.
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.
SNYDERVILLE BASIN I Market Overview
Average Median Sale Prices
3rd Quarter 2024 Year-Over-Year Rolling Averages
Neighborhood Highlights
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.
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.
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.
JORDANELLE | Market Overview
Average & Median Sale Prices
3rd Quarter 2024 Year-Over-Year Rolling Averages
Neighborhood Highlights
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.
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.
INVENTORY | Stable & Largely Recovered
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.
# ACTIVE LISTINGS | Single-Family + Condos
For each year, the chart includes data from the beginning of the year through the end of October.
This report has been created in cooperation with KW Park City Keller Williams Real Estate with stats provided by Rick Klein and the Park City Multiple Listing Service Quarter 3 2024 Statistics Report.
