Park City & Wasatch Back Market Report - Q2 2023

Park City Real Estate
2023 | Q2

In 2023, second quarter sales totals for single family homes in Summit and Wasatch counties were 13% higher than in first quarter, with unit sales climbing 22%. Sales prices are a different story. The median home sale price in the PCMLS primary market area dropped from $1.66 million in Q1 to $1.59 million, a decline of 4%.

The market volatility experienced during, and immediately following, the Covid crisis has abated considerably. The Park City real estate market is reflecting trends seen elsewhere in the country, as business returns to a more “normal” seasonal pattern.

• Listing inventory is rising - At the end of Q2 - 2022 only 858 residential properties were for sale. By Q2 -2023, that number rose to 1,030. That’s still short of the 1,100 active listings in pre-pandemic time (January 2020) but moving in the right direction.
  
  
• Prices are starting to level off – For the 12 months ending 6/30/22, the overall median sale price of all residential properties was 1.6 million. For the same period ending 6/30/23, that price was $1.57 million, a drop of just 2%. 

  
  
• Buyers are becoming more hesitant to make instant offers above the asking price and sellers are reacting by lowering those asking prices at a faster pace. In Q2-22, 519 active listings saw at least one price reduction. In Q2- 23 that number rose to 608. Some listings reported multiple price adjustments.

Sale prices for single family homes in the primary market area of Summit and Wasatch Counties, as reported by the Park City Board of REALTORS® Multiple Listing Service for the 12-month period ending June 30, showed mixed results, with the average down 3.0% and median down 2.1%. For the year earlier, both increased 15% and 11% respectively.

The rate of sales (number of units sold) dropped 33% for single family homes and 43% for condominiums from the year prior. Sales declines across the region were attributed to continuing high mortgage interest rates and low available inventory, with the latter being the prime driver. Agents noted that the large majority of homeowners still carrying a mortgage financed their purchases at rates from one-third to one-half below the current prevailing market rates, making them extremely reluctant to sell if they have to finance a replacement home elsewhere.

Park City neighborhoods vary widely in price comparison and the Q2-year over year results continued that pattern. For single family homes, all but two of the major areas that make up the greater Park City market showed drops in units sold through the 2nd quarter of 2023 versus 2022.

The exceptions were in the Jordanelle area, where interest is growing in anticipation of the Mayflower Mountain Resort project opening for the 2024-25 ski season. Sales in the Tuhaye area more than doubled over the previous year, on average prices just over $3 million. The other boom happened in Silver Creek South, where the Silver Creek Village continued to be a beehive of activity. Sales units nearly quadrupled (from 12 to 47) on pricing that climbed from the high six-figures to about $1.1 million.

Narrative by Rick Klein, PCMLS

Data sourced from PCMLS for the period of 4/01/2023 to 6/30/2023. All information provided is deemed reliable but is not guaranteed and should be independently verified.

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