Navigating Stability: Park City Real Estate Market Update - January 2024

Navigating Stability: Park City Real Estate Market Update January 2024

As we step into the new year, the pulse of Park City's real estate market beats with a sense of stability, a welcome shift from the tumultuous ride of the past couple of years. The roller coaster induced by the pandemic seems to have subsided, giving way to what many in the industry describe as a return to normalcy. Let's delve into the insights of the January 2024 Park City real estate market report.

Moving Beyond the Pandemic

Gone are the days of post-Covid recovery dominating conversations among Park City Realtors. Instead, attention now turns towards a market characterized by moderate price appreciation and a notable uptick in inventory. While the echoes of the pandemic still reverberate, it's the dynamics of higher interest rates and a slight reduction in inventory that seem to shape the current landscape more prominently.

Highlights of the Park City Property single-family home market:

  • Total unit sales were down 11% to 102 units.
  • Sales volume declined 10%. 
  • The median price of a single-family home within Park City limits fell 5% to $3.69 million.
  • Promontory had the largest median price gains, 34% in each area. The median price of a Promontory home is now above $4 million.
  • Canyons Village is Park City's “most expensive area” with a median price once again topping $10 million.
  • Jordanelle area median price nearly doubled from last year most likely due to the anticipation of the Deer Valley East Village expansion, pushing the median sale price above $3 million.

A significant marker of this shift is the trajectory of available homes. After peaking in late summer at nearly 1,800 properties for sale, the inventory is now edging towards a healthier level. To put things in perspective, the pre-pandemic average hovered around 2,100 listings monthly. This resurgence in inventory breathes a sigh of relief, offering buyers more options and potentially mitigating the intense competition witnessed in recent times.

Highlights of the Park City Property Condominium market:

We have a bifurcated real estate market, its a bit complicated across the entire Wasatch back area.

  • The Park City and Jordanelle areas showed price increases of 8 to 9%, while condo prices in Snyderville fell 8%
  • A relatively flat market with a median price of $1.06 million.
  • Old Town stats show the median price of a condominium sold in Old Town was flat at $1.2 million.
  • Park City's well-known renowned area of Upper Deer Valley leads the gainers with a 45% median increase to more than $3.6 million.
  • One of Parkites favorite neighborhoods, the Snyderville area, had a steep decline in sales, with units and volume both down over 50%.
  • The Canyons Village accounted for more than 65% of all sales in the Snyderville Basin area.  Why? There are several new developments perfect for the second homeowner or investor offering ski-in ski-out amenities with turnkey options. 
  • The upcoming area of Jordanelle Park and Deer Valley East Village, Mayflower Resort, Four Seasons hotel, Hilton residences, Velvare, and Tiger Woods golf course has brought new buyers to the area, demonstrating a trend we expect to see more of in the future – new resort activity stimulating sales and raising prices. Condo unit sales were up 63%, pushing sales volume to more than double 2022’s excellent performance.

Price Stability

Stability also extends to sales prices, with single-family homes within Park City limits experiencing a slight dip compared to the previous year. In contrast, median prices in the Snyderville Basin exhibit modest single-digit growth year over year. This balanced growth reflects a market finding its footing amidst changing economic tides.

Market Dynamics

Despite the normalization, the competitive fervor persists, evidenced by consistent market times and absorption rates. The steady pace indicates a market in equilibrium, where supply meets demand without significant fluctuations.

A significant marker of this shift is the trajectory of available homes. After peaking in late summer at nearly 1,800 properties for sale, the inventory is now edging towards a healthier level. To put things in perspective, the pre-pandemic average hovered around 2,100 listings monthly. This resurgence in inventory breathes a sigh of relief, offering buyers more options and potentially mitigating the intense competition witnessed in recent times.

Reflections on 2023

Looking back, 2023 paints a picture of resilience. Sales totals for single-family homes in Summit and Wasatch counties dipped only 2% compared to 2022, with prices holding steady or showing slight appreciation. The modest 3% increase in median home sale prices within the PCMLS primary market area underscores the market's measured growth trajectory.

Predicting the Future

As we gaze into the crystal ball of 2024, the quarterly median price increases offer glimpses of what lies ahead. However, seasoned observers caution against drawing hasty conclusions from short-term fluctuations. Park City's seasonal market nuances remind us that comparing one quarter to the next might not always be a reliable predictor of future trends.

It's January 2024, and as the Park City real estate market maneuvers through an ever-changing residential real estate landscape, the optimism brings a sense of equilibrium with hope for a rebound. 

Phone(435) 565-0797

Email[email protected]

Address Kathyn Vallee
8425073-SA00
Summit Sotheby's International Realty
1750 N. Park Avenue
Park City, UT 84060

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