Park City Market Update - 8/19/2021

  • Lisa Ninow
  • 08/19/21

Here is a quick market update over the past 12 months.

Park City is alive and buzzing with summer activity. The fires in the West have brought hazy skies but that hasn’t stopped locals and visitors from enjoying all the outdoor activities Park City has to offer. The market is still moving quickly, and inventory is tightening.    

Park City Real Estate Market Trends

Residential home prices have continued to rise in the Park City market. On August 16, 2021, Park City single family home prices were up compared to last year, selling for an average price of $2.88M compared to $2.1M from the previous year - up 35%. Park City condos and townhouse prices were also up compared to last year, selling for an average price of $1.36M compared to $1.0M over the same period the year before.  There were 907 single family homes sold in the last 12 months, and 553 over the same period the year before.  

It is a competitive market, multiple offers are common, and the average days on market of a listing has got shorter by almost 50% from the year before.   The statistics below summarize the real estate trend in Park City for single family homes.

Year Over Year – Park City City

Aug 2020

Aug 2021

            % Change

   Average Sold Price

$2.13M

$2.88M

35%

   Average Days on Market

120

62

-48%

   Numbers of Properties Sold

553

910

27%

   Total Dollar Volume Sold

$1.18B

$2.63B

122%

 

 

 

 

Note: All market data was collected from Park City Multiple Listing Service.

Upcoming Events

There are events and activities coming up over the next couple of months at Snow Park Outdoor Amphitheater, at George S & Delores Eccles Center, Egyptian Theater, and Canyons Resort. Sheryl Crow is coming Sep 5 at Snow Park Outdoor Amphitheater.   You can check all of them out via www.visitparkcity.com.

Please reach out to me with any questions about your property, current market value, or anything else. I would be happy to help.

I appreciate being a part of your real estate journey! Thanks

Lisa Ninow

 

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