Q3 Monthly Market Report 2024

Oct 21

Quarterly Statistics

3rd Quarter 2024 Provided by the Park City Board of Realtors and the PCMLS

October 2024-The Park City real estate market continued to experience steady growth during the third quarter of 2024. In the primary market, which included Summit and Wasatch counties, single family sales volume increased 21% year over year as average and median sale prices grew at a respectable 3% to 5% across the region. Condominium sales were also strong as 12% more sales units were reported with the median price up 7%.

The inventory of available single family and condominium homes continues to rise. As of September 30, there were 1,144 homes (both types) for sale, up 9% year over year, and up 30% since January. The steady inventory level has reduced the worry of some buyers fearful of missing out on the fewer available housing options. New listings and contracts written on existing housing have remained at parity across the region from mid-summer through early fall. The increase in new construction, particularly in the Heber Valley, has also added to the variety of homes available to buyers.

Total sales volume for single-family homes in Summit and Wasatch counties for the full year ending 9/30/24 were up 21% from the same period a year earlier. Prices rose at a modest rate with the median home sale price in the PCMLS primary market area increased 5% to $1.7 million for the year through the third 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 7% to $1.12 million.

For the full market report please visit:

Parkcityrealtors.com