Q3 Monthly Market Report 2023
Quarterly Statistics
3rd Quarter 2023 Provided by the Park City Board of Realtors and the PCMLS
Single Family
Condo/Townhomes
October 2023-The Park City Realtors continue to see fewer sales, but at higher prices, as the local market continues to recover more than two years after the roller coaster ride called the Covid-19 pandemic.
When Covid-19 hit with a vengeance in spring 2020, the real estate world went into a tailspin. Active listings fell from over 2,000 to only 600, with barely half of those being residential listings. With limited supply and soaring demand driven at least in part by remote workers seeking to relocate to the pastoral settings exemplified by Park City, sale prices climbed by 50% over the next two years.
With inventories returning to a more normal pre-Covid level, and competition for available properties still running strong despite record high mortgage interest rates, third quarter sales totals for single family homes in Summit and Wasatch counties were 46% higher than in second quarter, but the longer lens of year-over-year change showed sales dropped 25% while prices remained steady to up slightly. The median home sale price in the PCMLS primary market area increased just $10,000 for the year ending 9/30/23 vs. the same period ending 9/30/22. The quarterly increase in sales volume presages the direction consumers should expect to see in both prices and sales volume in the year ahead.
This decrease in local market price volatility reflects trends seen elsewhere in the country, as business returns to a more “normal” seasonal pattern.
Listing inventory is rising – In January 2022, only 235 residential properties were for sale. By the end of 2022, that number had nearly tripled to 738. At the end of September 2023, residential inventory was up 43% to 1,054 homes. Inventory continues to recover to pre-pandemic levels.
Prices are starting to level off – For the 12 months ending 9/30/22, the overall median sale price of all single-family properties was $1.59 million. For the same period ending 9/30/23, that price was $1.6 million, a change of less than 1%.
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 In Q3-22, 763 active listings saw at least one price reduction. In Q3-23 that number rose to 817. Many listings reported multiple price adjustments.
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