Q2 Monthly Market Report 2024

Aug 13

Quarterly Statistics

2nd Quarter 2024 Provided by the Park City Board of Realtors and the PCMLS

April 1-June 30, 2024

The Park City real estate market continued to experience steady growth during the second quarter of 2024. Single Family sales increased 15% year over year as Average and median sale prices grew between 8% and 13% across the region. Condominium sales were also strong as 12% more sales units were reported on similar price appreciation.

The inventory of available single family and condominium homes continues to rise. As of June 30, there were 1,175 homes (both types) for sale, up 14% year over year. The increased inventory gave buyers a wider variety of housing to choose from and at the same time eased the pressure on buyers to act quickly with higher offer prices hoping to capture their new home before someone else did.

Sales totals for single-family homes in Summit and Wasatch counties for the full year ending 6/30/24 were up 15% from the same period a year earlier. Prices continued a steady climb with the median home sale price in the PCMLS primary market area increased 8% to $1.7 million for the year through the second quarter of 2024.

Condominium sales mirrored those of single family homes. Sales unit were up 12% year over year and the median sale price rose 10% to $1.15 million.

The Wasatch Back is very much a community of neighborhoods. Prices and availability vary widely from one area to the next. Nothing demonstrates this maxim better than the comparison of the major areas that comprise the greater Park City market. Unit sales in the Jordanelle area were down 34% while Kamas Valley was flat and Heber Valley was up 42%.

Condo sales across the primary market range followed a pattern similar to single-family homes. Year-over-year sales units increased in Heber Valley and around the Jordanelle by 79% and 41% respectively. Closer in, condo unit sales in Park City and Snyderville dropped, down 1% and 7% respectively. Condo prices, however, were mixed across these two areas. Within the Park City limits, the median sale price fell 10% to $1.52 million. In the Snyderville Basin, the median sale price rose to just over $1 million, up 21%.

Single Family Homes

The number of single family homes sold in the 12 months through second quarter 2024 across the primary market area (Summit & Wasatch Counties) was 15% higher than in the same period of 2023.

A healthy increase (7.6%) in the median sales price to $1.68 million confirmed that a great deal more stability has returned to the market than we have seen in quite some time. All indications are that stability will continue throughout 2024.

Highlights of the single-family home market:

Within Park City limits, total unit sales were up 13% to 103 units. Sales volume remained robust, up 27% for the year.
The median price of a single-family home within Park City limits rose 15% to $3.99 million.
Only 31 homes have sold in the popular Old Town area in the past 12 months. The median price ticked up slightly (5%) to $3.95 million.
Snyderville Basin was the exception that proved the rule. In the most recent 12 months, residential sales exploded with sales volume (up 48%) on a strong gain (+22%) in unit sales. Both the average and median sale prices went up, 22% and 15% respectively. Of the 306 sales (up 22% from the 251 in the year prior), 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 widely between neighborhoods and major areas. Heber Valley was the busiest area with sales up 42% fueled by lower than expected price gains (just 7% for the median).
Promontory had the largest price gains, up 38% year over year. The median price of a Promontory home is now above $4.6 million.
Canyons Village held on to crown of “most expensive area” with a median price once again now more than $11 million.
Among the outlying areas, the Jordanelle and Kamas Valley areas nearly tied for the lowest number of sales (only 80 and 83 this year). The median price of a Jordanelle home jumped 60% year over year.

The wide disparities within the regional market tended to cancel each other out resulting in just a 4% median price gain. The extremes were a drop of 28% in Kamas Valley to a rise of 60% in the Jordanelle area.

For the full market report please visit:

Parkcityrealtors.com