“Mortgage rates continued rising this week. Despite rates increasing more than half a percent since the first week of the year, purchase demand remains steady. With rates staying higher for longer, many homebuyers are adjusting, as evidenced by this week’s report that sales of newly built homes saw the biggest increase since December 2022.” 

FreddieMac.com

SINGLE-FAMILY HOMES   Within Park City limits, total unit sales were up 16% to 111 units. Sales volume remained robust, up 23% for the year. The median price of a single-family home within Park City limits fell 6% to $3.67 million. 33 homes sold in Old Town in the past 12 months. The median price dipped slightly (5%) to $3.8 million. Promontory had the largest price gains, up 35% year-over-year to $4.38 million. Canyons Village held on to the crown of the “most expensive area” with a median price of just over $10.6 million.

CONDOMINIUMS   Within Park City limits, condominium sales were down 8% to 239 units, and sales volume dipped 2% for the year. The median price of a condominium within Park City limits fell 8% to $1.48 million. The condominium market in Old Town remained stable with the number of transactions up 4% while the median price of a condominium dipped slightly to $1.18 million. 

SINGLE-FAMILY HOMES   Snyderville Basin residences followed the prevailing market with sales volume up 21% on a modest 3% gain in unit sales. The median sales price rose 13% to $2.3 million. Of the 280 sales in Snyderville, the highest sold price was $27 million while the lowest was $800,000, with thirteen sales under $1 million and fourteen sales above $10 million. Promontory continued to be an active neighborhood, with a 10% increase in quantity sold, a 48% increase in volume, and a median price gain of 35% to $4.38 million.

CONDOMINIUMS   Canyons Village, which accounts for 65% of all sales volume in the Snyderville area, suffered a steep decline in sales, with sales transactions down 28%, volume down 22%, and the median price up 4% to $1.36 million. Silver Creek South experienced a 32% drop in sales transactions, but volume was only down 6% thanks to a robust 58% increase in the median sale price to $985,000.

SINGLE-FAMILY HOMES    The number of single-family homes sold in Jordanelle was down a substantial 49%, but volume was only down 15% thanks to a large median price increase of 91% up to $3.29 million. Tuhaye units sold were down 21%, but volume was up 11%, and median price increased 35% to $4 million. Numbers in Hideout were up across the board with quantity and volume up 17% and 44% respectively and median price up 26% to $2.22 million. 

CONDOMINIUMS   Condominium sales around the Jordanelle continued a trend we expect to see more of in the future – new resort activity stimulating sales and raising prices. Condominium unit sales were up 30%, on an 11% gain in median sale price. The median price for a condominium around the Jordanelle rose to $1.1 million.

SINGLE-FAMILY HOMES   Midway units sold were up 15% with a 6% increase in median sale price to $1.2 million. The number of Red Ledges units sold was up 50%, leading to a 38% increase in volume, although median prices were nearly flat (down 1%) at an even $3 million. The number of homes sold in Heber was up 25%, but median prices dipped 8% to $744,000. Timberlakes reported increases across the board, with unit sales up 32%, volume up 60%, and median price up 22% to $826,000.

CONDOMINIUMS   Red Ledges quantity sold increased to 14 units versus 3 during the prior twelve-month period, with a healthy 7% increase in median price to $1.76 million. In Heber, the quantity sold was up 60%, with the median price flat (down 1%) at $416,000. Midway median prices were flat (down 1%) at $538,000.