Following
the
past few
years
of low inventory
and
rapid
price
escalation,
our
local
real
estate
market
is
returning
to a
more
familiar,
less
volatile pattern.
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Key
Market
Trends
-
Inventory
is Climbing:
As of
September 2023,
we
had 1,054
residential
properties
listed, showing
a promising
recovery toward
pre-pandemic
levels. The year
prior, there
were only 826
residential
listings.
-
Prices
Stabilizing:
The median sale
price of
single-family
properties in
the
primary market
area was
$1.6 million,
marking less
than a 1%
increase from
last year.
Median prices
for Condos were
flat at $1.05
million, and
median land
prices increased
8% to
$750,000
-
Changed
Buyer
Behavior:
Buyers
are becoming
more cautious,
leading to more
frequent price
adjustments in
listings.
-
Sales
Numbers
Returning to
Normal:
The overall
number of sales
is down markedly
compared to the
super-heated
years of 2021
and
2022 but
compared to the
"normal" period
of 2013-2019,
the numbers are
only slightly
lower.
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Our
market is very
segmented, with activity
often varying greatly
across property type and
neighborhood. See below
to learn how your
area(s) of interest
fared during the third
quarter of
2023.
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Sale
Prices shown are
Average and Median
Pricing from
Oct 2022 -
Sept 2023
% Changes are based
on 12 Month Rolling:
Oct 2021 -
Sept 2022
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Oct 2022 -
Sept 2023
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Source:
PCBOR Q3 2023
Quarterly Market
Summary.
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AVG
SALE
PRICE
0%
CHANGE
$4,610,434
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AVG
SALE
PRICE
UP
13%
$2,261,920
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AVG
SALE
PRICE
UP
4%
$2,473,900
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MED
SALE
PRICE
DOWN
8%
$3,570,000
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MED
SALE
PRICE
UP
10%
$1,650,000
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MED
SALE
PRICE
DOWN
21%
$1,664,500
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SINGLE-FAMILY
HOMES
Within
Park City limits, total
unit sales were down 26%
to 98 units. Sales
volume declined 26% to
$451 million in the past
12 months. The
median price of a
single-family home
within Park City limits
fell 8% to $3.57
million. Only 27
homes have sold in the
popular Old Town area in
the past 12 months. The
median price dipped
slightly (-3%) to $3.5
million.
CONDOMINIUMS
&
TOWNHOMES
The Condo market
in the Old Town
neighborhood paralleled
the single-family
numbers, with unit sales
and volume down. The
median price of a
condominium sold in Old
Town was $1.1 million.
Price gains were evident
in all neighborhoods,
with Upper Deer Valley
leading the gainers with
a 41% median increase to
more than $3.5
million.
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AVG
SALE
PRICE
UP
4%
$3,094,036
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AVG
SALE
PRICE
UP
1%
$1,249,378
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AVG
SALE
PRICE
DOWN
12%
$1,185,398
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MED
SALE
PRICE
UP
5%
$2,107,500
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MED
SALE
PRICE
DOWN
11%
$927,000
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MED
SALE
PRICE
UP
6%
$987,500
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SINGLE-FAMILY
HOMES
Snyderville
Basin residences
followed the prevailing
market with sales volume
(down 11%) on a modest
gain in the overall
median price up 5% to
$2.1 million. All but
two Snyderville
neighborhoods (Silver
Creek South and Canyons
Village) saw declines in
units sold, with Silver
Creek Estates dropping
the most (41%) to just
10 units. Canyons
Village saw a slight
increase of 18% to 13
units sold at a median
price point over $10
million. Silver Creek
South showed a gain with
41 homes sold, nearly
double the previous
year, thanks to their
second lowest price
point in the Basin
($1.16 million) as well
as many new construction
units happening in
Silver Creek Village.
One-third of overall
sales volume in the
Basin was in Promontory
($333 million). Silver
Creek South also had the
biggest price increase
in the Park City Metro
area with the median
rising 38% to $1.25
million.
CONDOMINIUMS
&
TOWNHOMES
In the Snyderville
area, outside of
perennial volume leader
Canyons Village,
Pinebrook and
Kimball Junction
led in sales volume
($29M and $33M
respectively).
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AVG
SALE
PRICE
UP
46%
$3,155,631
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AVG
SALE
PRICE
UP
5%
$1,106,431
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AVG
SALE
PRICE
UP
53%
$1,462,832
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MED
SALE
PRICE
UP
65%
$2,897,782
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MED
SALE
PRICE
UP
7%
$1,034,006
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MED
SALE
PRICE
UP
71%
$1,242,900
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SINGLE-FAMILY
HOMES
Among
the outlying areas, the
Jordanelle area showed
the greatest median
price increase of 65% as
more and more luxury
homes are coming to
market in anticipation
of the opening of the
new Mayflower ski
resort.
CONDOMINIUMS
&
TOWNHOMES
In Wasatch County,
in areas where 10 or
more sales were
reported, Jordanelle
Park showed the largest
gains in sales volume
over the prior year (up
46%) despite a decline
in median price, down
18% to
$805,000.
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AVG
SALE
PRICE
DOWN
10%
$1,286,062
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AVG
SALE
PRICE
UP
36%
$829,081
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AVG
SALE
PRICE
UP
14%
$794,386
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MED
SALE
PRICE
DOWN
14%
$899,990
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MED
SALE
PRICE
0%
CHANGE
$495,000
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MED
SALE
PRICE
DOWN
7%
$466,355
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SINGLE-FAMILY
HOMES
In
the Heber Valley area,
only two areas saw a
median sale price
increase compared to the
previous year, Red
Ledges with a 10%
increase to $2.9M and
Timberlakes up 20% to
$835,000.
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Not
all sold data in
the Heber Valley
is included in
the Park City
Multiple Listing
Service data;
please call for
more specific
details. All
data,
information, and
interpretation
©2023 Park
City Multiple
Listing Service,
Inc
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"The
30-year
fixed-rate
mortgage
paused
its
multi-week
climb
but
continues
to
hover
under
eight
percent.
The
Federal
Reserve
again
decided
not
to
raise
interest
rates
but
have
not
ruled
out
a
hike
before
year-end.
Coupled
with
geopolitical
uncertainty,
this
ambiguity
around
monetary
policy
will
likely
have
an
impact
on
the
overall
economic
landscape
and
may
continue
to
stall
improvements
in
the
housing
market.”
Freddiemac.Com
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November 2,
2023
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Absorption
Rate: the
number
of
months
it
would
take
to
sell
the
currently listed
properties
on
the
market
factoring
in
median
list
price.
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MEDIAN
DAYS
ON
MARKET
| 42
days
Median
Cumulative
DOM
ABSORPTION
RATE
| 8.3
months
if
home
was
listed
at
median
price
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MEDIAN
DAYS
ON
MARKET
|
45
days
Median
Cumulative
DOM
ABSORPTION
RATE
| 9.5
months
if
home
was
listed
at
median
price
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MEDIAN
DAYS
ON
MARKET
| 40 days
Median
Cumulative
DOM
ABSORPTION
RATE
| 9.9
months
if
home
was
listed
at
median
price
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MEDIAN
DAYS
ON
MARKET
|
39 days
Median
Cumulative
DOM
ABSORPTION
RATE
| 7.4
months
if
home
was
listed
at
median
price
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MEDIAN
DAYS
ON
MARKET
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37 days
Median
Cumulative
DOM
ABSORPTION
RATE
| 11.1
months
if
home
was
listed
at
median
price
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Additional
Notes &
Observations
With
the expansion of
Deer Valley Resort
through its
management deal with
Mayflower Mountain,
Heber City and
Midway are
transforming from
rural outskirts to
burgeoning "ski
country".
This trend is
evident in home
prices, as
properties under $1
million have become
scarce in
Midway.
Areas of new
construction such
as Silver Creek
Village and Talisker
Club in Tuhaye
experienced robust
activity. Sales
in the Silver Creek
Village area nearly
doubled over the
previous year, with
average prices just
over $1.2 million.
Talisker Club sales
volume was up 42% to
$108 million, with
an average sale
price of $3.7
million.
There's a shift in
preference within
luxury private club
communities, with
buyers favoring
move-in-ready homes
over the prospect of
building new. Some
buyers, thwarted by
the scarcity of
building resources,
are choosing to sell
their previously
purchased vacant
land to instead
acquire completed
homes.
The surge in
interest rates has
particularly
impacted condo sales
due to their
reliance on mortgage
financing, unlike
the single-family
home market where
all cash sales are
more common. Over
half of all
single-family
residences sold in
our area during the
past year were
all-cash sales.
Despite the upward
trend in
inventory,
it remains a
quarter less than
pre-pandemic levels,
largely because of
the high-interest
rate
environment. Many
potential sellers
are remaining on the
sidelines until the
mortgage rate
environment becomes
more
favorable.
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Looking
Forward
For
the forseeable
future all eyes will
be on interest
rates, as this
remains the most
potent variable in
the nationwide real
estate market and
larger economy. Our
local market is
quite resilient, but
it would
nonetheless benefit
from an improved
interest rate
environment.
In the meantime,
winter is on our
doorstep and we can
look forward to the
lifts turning in
another week or two.
We will have lots of
info coming soon on
the upcoming winter
season, so stay
tuned.
Think
snow!
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