Q1 Monthly Market Report 2023
Quarterly Statistics
1st Quarter 2023 Provided by the Park City Board of Realtors and the PCMLS
Single Family Homes
Condos/Townhomes
January 1-March 30, 2023 Market Report
April, 2023 – As we approach the three-year anniversary of the outbreak of Covid-19, which sent the real estate market into contortions never seen before, the market in general is getting closer to “normal” – that is as “normal” has been redefined. Sales numbers are returning to pre-pandemic averages. Q1-23 sales totals were 5% higher than the average from 2013 to 2020. Sales prices are not. Total sales volume is 63% higher than the average from 2013 to 2020 because the lower number of units sold units were more than offset by ever increasing sales prices.
The market volatility experienced during, and immediately following, the Covid restrictions mirrors that seen leading up to the market crash and great recession in 2007-08-09. The Park City real estate market is reflecting trends seen elsewhere in the country, as business returns to a more “normal” seasonal pattern.
Listing inventory is rising – At the end of Q1-2022 only 329 residential properties were for sale. By 4/1/23, that number rose to 746 (which was still only 65% of pre-pandemic average).
Prices are starting to level off – One year ago, the overall median sale price of all properties (residential and land) was just under 1.1 million. Now, the median has risen to $1.3 million, 14% higher than 2022, but a whopping 50% higher than the same period in 2021.
Mortgage interest rates are inching upward (again) – In late October, the average 30-year fixed rate was 7.08%. By the end of December, it had dropped to 6.48%. As of April 2023, it was 7.2%.
Buyers are becoming more hesitant to make instant offers above the asking price and sellers are reacting by lowering those asking prices at a faster pace, but not by as many dollars. In Q4-22, 391 active listings (out of 1,100) or 35.5% saw at least one price reduction. In Q1-23 that number rose to 427 (out of 1,063) or 40%. Price reductions in Q4 averaged 5.7%, while in Q1-23, the average reduction was only 4.9%.
Sale prices for single-family homes in the primary market area of Summit and Wasatch Counties as reported by the Park City Board of REALTORS® Multiple Listing Service for the 12-month period ending March 31 showed mixed results, with the average up 0.7% and median down 2.2%. For the year earlier, both increased 20% and 15% respectively.
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