Park City MLS Monthly Activity Report - November 2023
Above numbers compared to the same period prior year.
Park City MLS Activity Report
New Listings: New listings, which were being added to the system at a rate of around 200 per month for the first four months of 2023, jumped to over 300 in May and remained steady at over 300 each month until the annual fall slowdown started in September. As the inventory graph below shows, active inventory was 1,736 at the end of August, the highest since July 2020. It has been slipping each month since, which is totally expected as we roll into the holidays.
Pending Listings: One of the reasons that inventory grew through the summer is because agents were writing fewer contracts than they are listing agreements. That trend usually changes at year end. 144 New listings were added in November, while only 121 contracts were written, making for a net gain in inventory of 23 homes. Not strong, but steady.
Closed Sales: 2022 showed a return to almost the same sales pace as we saw in pre-Covid 2019. 2,098 sales closed in 2022, just 255 fewer than sold in 2019 but 27% below 2021’s total (2,876). January 2023 retained its title as the slowest sales month in the past five years with just 83 sales. February and March posted month-over-month increases but still tallied 29-40% lower than a year earlier. From April through July, sales have fluctuated between 120 and 150. The 196 August closings were the highest monthly tally this year and the most in any month since May of 2022. From September through November, monthly sales declined, not unusual for this time of year.
Inventory: Active inventory for Residential and Land listings has hovered at around 1,250 listings during the first four months. The spring (summer?) market arrived in May and inventory climbed steadily through August, when we tallied 1,736 active home listings, the highest count in three years. September marked the start of the year-end slow-down. There are over 1,000 residential (single family and condo) listings between Independence Day and Thanksgiving. When the turkey was gone, so were some 10% of our Actives. As of 11/30, only 904 residential listings were active in PCMLS.
Data for this report was collected on the fourth of the current month and may not reflect all transactions for the latest measured Month. PCMLS participants have five business days in which to report status changes, so the deadline for changes through the end of the month would be by close of business the 7th of this month. The numbers for earlier months may change from previous reports as late changes are entered into the MLS despite the five-business day requirement.
Produced by the Park City Multiple Listing Service, Inc. © 2022-23
Park City Active Listing Inventory Report
Before August 2020 Inventory had dropped below 1,800 units only five times in the past eight years (highlighted in blue), from December 2017 through April 2018. The nadir in that five-month stretch was 1,715 in December 2017. At the end of the year 2021, active listing inventory was down to 539 listings. This was the lowest number of listings at the end of a month in the last nine years. Inventory has been on the rise since then. 2022 finished the year with 1,263 active listings, the highest year-end inventory in the past three years. In 2023 inventory was flat for the first four months. That changed in May when inventory jumped 12.1% to 1,415, fully 43.8% higher than in May 2022. The trend continued in June, July, and August, hitting a three-year high of 1,736. In September the fall decline began but inventory at the end of November was still higher than it has been on that date in the past four years. 2023 continues to be a very good year.
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