Q1 Monthly Market Report 2024
Quarterly Statistics
1st Quarter 2024 Provided by the Park City Board of Realtors and the PCMLS
Single Family Homes
Condos/Townhomes
January 1-March 30, 2024 Market Report
April, 2024 – After a two-plus yearlong real estate roller coaster, Park City Realtors are acknowledging a market they describe as “closer to normal” than could be said anytime in the past year or two. Comparing the current market to the earlier post-Covid recovery period is no longer applicable. Stability and moderation are the words used most often to describe the current real estate environment along the Wasatch Back.
The inventory of available single family and condominium homes continues to vary in a narrow range around 1,400 listings. That is still lower than the historic average by about 20 to 30% but is sufficient for the market to function in a healthy manner. Sales prices have stabilized with single-family homes within Park City limits selling for slightly less than they did a year earlier.
Within Park City limits, total unit sales were up 16% to 111 units. Sales volume remained robust, up 23% for the year.
The median price of a single-family home within Park City limits fell just 6% to $3.67 million.
Only 33 homes have sold in the popular Old Town area in the past 12 months. The median price dipped slightly (5%) to $3.8 million.
Snyderville Basin residences followed the prevailing market with sales volume (up 21%) on a modest gain in unit sales. The widespread between the average and median sale prices (+ or – 17%) demonstrates the diversity of our housing stock, even within the same general area. Of the 280 sales, the highest price was $27 million while the lowest was $800,000. Thirteen sales were under $1 million while fourteen were above $10 million.
Market activity across the Wasatch Back varied considerably between neighborhoods and major areas. Heber valley reported the strongest sales gains, confirming the booming activity in that area driven by the lack of inventory in the older infilled areas and the attractiveness of the expansion of the Deer Valley ski resort around the Jordanelle.
Promontory had the largest price gains, up 48% quarter over quarter and 35% year over year. The median price of a Promontory home is now above $5 million.
Canyons Village held on to crown of “most expensive area” with a median price once again topping $10 million.
Among the outlying areas, the Jordanelle and Kamas Valley areas nearly tied for the lowest number of sales (only 76 and 71 this year). The median price of a Jordanelle home doubled year over year.
Sales totals for single-family homes in Summit and Wasatch counties for the full year ending 3/31/24 were up 11% from the same period a year earlier. Prices continued a steady climb, up about 10% for the year. The median home sale price in the PCMLS primary market area increased 9% for the year through the first quarter of 2024. The short term measure of quarterly median price decreases (3%) follows a traditionally slower winter selling season. But Park City is a highly seasonal market and many agents point out that comparing one quarter to the next is not a valid predictor of a future trend.
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