The Park City Board of Realtors report says a summary of annual closed sales figures shows how close to “normal” the market is. For the nine months to Q3 2024, sales across all three categories combined are less than 8% back to their pre-pandemic averages from 2013 to 2019. (Graphs and observations provided by Rick Klein).
The Park City real estate market continued to experience steady growth in the third quarter of 2024, according to a report from the Park City Board of Realtors.
He said the market may even be returning to “normality” compared to 2020-21.
In major markets, including Summit and Wasatch counties, single-family home sales volume increased by an average of 21% year-over-year, and median sales prices increased by a significant 3% to 5% across the region, the report said. . Condominium sales were also strong, with unit sales up 12% and median prices up 7%.
According to the report, the inventory of available single-family homes and apartments continues to grow. As of September 30, there were 1,144 homes (both types) for sale, up 9% from the same period last year and 30% since January.
The report suggests that stable inventory levels have eased fears among some buyers who fear fewer housing options will be available. From midsummer to early fall, the number of contracts for new properties and existing homes remained similar across the region. The increase in new construction, especially in the Heber Valley, has increased the types of homes available to buyers.
Total sales of single-family homes in Summit and Wasatch Counties for the year ending Sept. 30 increased 21% from the same period last year. Prices rose modestly, with the median home sale price in the PCMLS primary market area rising 5% to $1.7 million for the year to Q3 2024.
“Nothing better illustrates the wide disparity in home sales values among Wasatchback’s major market segments than the sometimes marked differences between adjacent neighborhoods,” the report states. “For example, the number of homes sold in the Jordanelle area is up 5%, while Heber Valley, just a few miles down the highway, has seen a 39% increase in home sales.”
Condominium sales across the major market ranges followed a similar pattern to single-family homes. The Heber Valley and Jordanelle neighborhoods saw year-over-year sales increases of 60% and 37%, respectively, according to the report. Condo sales in Snyderville were down 8%. However, the sales prices of the condominiums varied. Within Park City, the median sales price fell 3% to $1.6 million. In the Snyderville Basin, the median sales price rose 13% to just over $1 million.
detached house
The number of single-family homes sold across major market regions (Summit and Wasatch Counties) during the 12 months ending in the third quarter of 2024 increased by 18% compared to the same period in 2023.
“The steady increase (5.3%) in the median sales price to $1.68 million confirmed that stability has returned to the market like never before,” the report said. “All signs point to continued stability through 2024.”
This report highlights the single-family housing market as follows:
Within Park City, total sales increased 13% to 113 units. Sales volumes remained strong, increasing by 15%. The median price of a single-family home on the Park City lot increased 11% to $3.96 million. Only 34 homes have sold in the last 12 months in the popular Old Town area. Median price rose 9% to $3.8 million. The Snyderville Basin epitomizes the diversity found within and between neighborhoods around Park City. From the Cape in the east to Jeremy Ranch and Summit Park in the west and south to Canyons Village, we (the Board of Realtors) are noticing significant differences in housing inventory, sales prices, and number of units sold. Over the past 12 months, Jeremy/Summit home sales have exploded, with sales volume and units sold both increasing 65-85%. During the same period, sales at Promontory remained roughly flat, while the number of units sold at Canyons Village fell by half. Both the average selling price and the median selling price had a significant impact on demand. Promontory’s median price rose 16% to $4.3 million, while Canyons’ median price was flat at just over $10 million. Jeremy and Summit Park rose 6% and 23%, respectively, but remained relative bargains at just under $2 million each. Of the 301 sales in the basin, the highest price was $20 million and the lowest price was $800,000. Eleven sales were less than $1 million, while 12 were more than $10 million. Market activity across the Wasatchback varied widely between neighboring regions and major regions. Heber Valley was the busiest area, with sales increasing 39% with a relatively modest median price of just under $1 million. Promontory had the biggest price increase, rising 16% year-on-year. Currently, the median home price in Promontory is over $4.3 million. Tuhaye saw a significant increase in average/median prices of 40-45%. In doing so, Tuhay offered a median price of $4.65 million, edging out Promontory as the most expensive area west of Highway 40/189. Canyons Village once again holds the title of “Most Expensive Area” with a median price of just under $11 million. Among the suburban areas, the Jordanelle and Camas Valley areas had the lowest number of sales with a similar number (only 86 and 98 last year). The median home price in Jordanelle has increased 23% year over year. condominium
Prices in the condominium market across Wasatchback fluctuated widely, as did single-family homes, according to the report.
The Jordanelle region saw a 20% increase in volume and a 42% increase in volume. Park City’s volume declined, but Heber Valley and Jordanelle “exploded.”
“To fully understand the condominium market around Jordanelle, we need to dig deeper into the details,” the report said. “Jordanelle sales volume increased 42% year-over-year, but the median sales price increased by only 6%. That’s because the majority of Jordanelle condo sales (41%) were new construction in Pioche developments. This is because, if we focus only on resales of existing units, the median price is 28% lower than the previous year, with prices ranging from $450,000 to $475,000, less than half of the area’s median price. % is increasing.
Highlights of the condominium market include:
The Old Town area saw 17% more condo sales (101 units) close in the past 12 months. Currently, the median price of condos for sale in Old Town is $1.2 million. Canyons Village, which accounts for 61% of all sales in the Snyderville area, has seen unit sales, volume and median price flat. Wasatch County (where 10 or more sales have been reported) is expected to see more in the future, with new resort activity stimulating sales and driving up prices in the Jordanelle area. The trend continues. The number of condominium sales increased by 37%, and the median sales price increased slightly (6%). The median condo price in the Jordanelle neighborhood is currently $1.1 million. opinion, observation
The report provided room for interpretation of the data by the Board.
“What do Park City officials think will happen in the coming months? Here are some observations from agents on the front lines on key market results that provide direction. I will.”
While there are fluctuations in each neighborhood, some small and some large, the overall impression of the market is, as one member pointed out, that it feels like it’s “almost returning to normal.” A look at Jeremy Ranch and Pinebrook illustrates the stark differences between adjacent neighborhoods. Both have similarly priced homes (median price $1.8 million). Both are established areas with good infrastructure. However, Pine Brook’s sales increased by just 14%, while Jeremy Ranch’s sales decreased by 87%. Explaining why two nearby regions performed so differently is one of the main tasks of real estate agents. In the adjacent areas surrounding Park City and the Snyderville Basin, 15 of 22 areas reported increases in home sales. Only 6 cases decreased and 2 cases remained unchanged. There is a different story when it comes to condominium sales. At market closes in Park City and Snyderville, sales in both regions were flat (up 4% in PC) to slightly down (down 8% in SB), but there was a wide disparity in prices. In the Park City metro, median sales prices fell 3%. But in the Snyderville Basin, it rose 13% to more than $1 million. Many buyers do not understand or are unaware of the significant differences between developments within the same area around Park City Resort. Pendry condos are a different value proposition than Apex condos. New inventory will be coming to market in Deer Valley East Village next quarter. The Cormont development plans to open reservations for more than 350 units by the end of the year. This will ease the supply constraints we have seen recently. Many people who want to stay close to a resort but find Park City, Snyderville, or even the Jordanelle area a little too expensive look south to Midway or Heber City. Across Heber Valley, unit sales increased 39% year-over-year, primarily due to median sales prices below $1 million. Most agents had mixed reactions to the quarterly summary, with the theme: “There’s nothing earth-shaking or disheartening about the overall market report.” In real estate, a good market is one without crisis points or surprising trends.
To see the full report with more key points and even more data, see below.
