2023 A Year In Review

Jan 31

Statistics

Statistics Provided by the Park City Board of Realtors and the PCMLS

After a two-plus yearlong real estate roller coaster, Park City Realtors are experiencing a market that many characterize as “closer to normal” than we have seen in recent quarters. Instead of focusing on post-Covid recovery, agents are more inclined to talk about a stable market with continuing moderate price appreciation and growing inventory.

The current market is probably being affected by higher interest rates and somewhat reduced inventory more than by any Covid hangover.

The inventory of available homes is approaching a healthy level having peaked in late summer at nearly 1,800 properties for sale. In the last full year before the Covid-crash, PCMLS averaged 2,100 listings each month. Sales prices have stabilized with single-family homes within Park City limits selling for slightly less than they did a year earlier and median prices in the Snyderville Basin are up just single digits year over year.

With inventories returning to a more normal level, and competition for available properties still running strong, market times and absorption rates (the length of time it would take to sell all current inventory based on the current rate of sales) are also remained steady.

Sales totals for single-family homes in Summit and Wasatch counties for all of 2023 were down just 2% from 2022. Prices remained steady to up slightly. The median home sale price in the PCMLS primary market area increased just 3% for the year ending 12/31/23 vs. the same period ending 12/31/22. The short term measure of quarterly median price increases presages to some the direction consumers might see for both sales prices and volume in the year ahead. But Park City is a highly seasonal market and many others point out that comparing one quarter to the next is not a valid predictor of a future trend.

For the full market report please visit:

Parkcityrealtors.com