Park City Market Report / February 2022
Last Year Highlights
Park City and Deer Valley luxury real estate market has continued to be a gold rush of buyers seeking limited inventory. Buyers continue to compete for properties listed at premium prices, challenged by fewer choices that fit their needs. Property valuations are at historic highs and rental income on investment properties are expected to rise. Below are highlights of recent trends provided by the Park City Board of Realtors.
Single Family Homes
- New listing and listing inventory dropped to historic lows from 3,641 in 2020 to 3077 in 2021. However, total sales volume only declined a few percent due to the 26% jump in prices.
- Residential listings as of the end of 2020 were 541 compared to 265 at the end of 2021. As of today, dropping even lower to 230 listings.
- In Park City Limits, Thaynes Canyon and Prospector areas had the highest rise in median prices in 2021, Thaynes up 71% to $2.3M and Prospector up 87% to $2.4M.
- In Snyderville areas, Promontory led all other neighborhoods in sales volume, and Canyons Village felt the highest median price increase, up 73% from 2020.
- Single family homes in Wasatch and Summit Counties increased 28% on average.
- Continued drop in inventory has continued price appreciation in the market, new/updated properties selling for historic high prices per Sq. Ft.Condos
- Lower Deer Valley was the standout neighborhood, with sales doubling, and the median price to $1.48M, a 48% increase.
- Old Town Park City had 23% increase in unit sales, and 63% in increase in sales volume, and 18% increase in median price to $805,000.
- Empire Pass showed strong growth with unit sales up 49% and sale volume up 83%, and median price up 25% to $3.3M.
- Canyons Village and Pinebrook led the sales volume in Synderville area.
Land
- Land sales exploded in the fourth quarter as buyers who could not find an existing home to their liking elected instead to build their own.
- Jordanelle area showed the most activity selling 431 lots this year compared to 314 in 2020. Those lots sold for nearly twice the price of lots in 2020. The median sale price was $640,000, up 97% from $324,500 the year before.
- Overall land sales in Summit and Wasatch counties were up just 14%, however, the price increase expected when supply decreases and demand remains steady, pushed the median sales price for land up 80% to $586,000.
- All major areas of the market saw a substantial increase in sales volume. Jordanelle led the way with $337.9 million in sales, 143% of the previous year’s total for the second year in a row.
- Only 40 lots sold within the Park City Limits but that lack of available lots pushed the median sale price for the few that were purchased to $1.89 million, up 57% from the year before.
What is your property worth? Home Valuation | Park City Real Estate Team.
Thank you to all our friends and clients who continue to work with us and trust us to represent you here in Park City. We are fortunate to work in this town tucked in the mountains and have an opportunity to support a diverse group of people coming from all over the country. We appreciate the continued support and look forward to helping many more of you throughout the coming year!
