Park City Real Estate Statistics / Trends
Carol is Chair of the Park City Board of Realtors Statistics Committee. Statistics are issued quarterly. To receive Statistics Committee updates – Click Here to Sign Up (Email)
We have reached valuations similar to before the 2008 recession. The Park City market has been stable, showing mild valuation increases, over the past five years.
- • Third quarter mkt data shows a continuing stability in our prices and sales.
- • Gated communities, such as Promontory, show continued robust sales in number of homes sold.
- • Over past 7 years closed sale transactions show a leveling in number of sales.
- • Homes priced below median typically sell in a quarter of the time of a house priced above median.
- • Median prices in city limits are stable, compared to other areas.
- •To be within the city limits of PC, the median price of a single-family home is stable from last year, at $1.2m.
- • In the entire market, median prices are up 6.6% from last year. Whole market impacted by Jordanelle / Wasatch.
- • The market below 1M is on fire.
The number of sales continued to climb in 2018 accompanied by general price increases of 6.6%.
Inventory has recently increased very slightly. This has not depressed valuations; prices continue to trend steady to slightly upward.
The median price for all property types is rising, but the point to make on current market valuations is that they are highly segmented. Some areas are continuing to see price declines. By price point, there is greater strength at the lower valuations, showing a fairly strong variation at a "break point" around $950,000-$1,000,000. Median and average prices are trending up in most neighborhoods. A significant trend is an increase in the premium paid for new construction. I attribute this to a reluctance of buyers to purchase based on significant remodeling workload. The new-construction premium on a price-per-square-foot basis is around 35%.
Valuations vary widely across property types and locations. The Park City / Deer Valley market remains unusually complex and segmented. I expect this complexity to continue, in an otherwise basic upward trend. An additional emerging trend which I expect to continue is robust interest in areas outside Park City proper, such as Kimball Junction, Kamas, Heber City, and Midway.
Park City Real Estate Statistics / Data
Latest Graphs of the three primary statistical indices of market trend. These provide an overview of the entire Park City region. For a complete, detailed set of statistics graphs, Click Here. (Opens a readable/downloadable PDF in a separate window.)
Total Number of Sales - Includes ALL properties (Homes, Condos, Lots) in the Park City Area
Total Dollar Volume - Aggregate Real Estate Transactions, Entire Park City Region
Average Price - The Whole Enchilada! -- Average of Every Transaction in the Park City Region