The first quarter of 2022 has brought the same trend we saw in the first quarter of 2021: low inventory and high demand. As a result, closings were down, and price appreciation grew. The average price for a home in Park City was 23% higher than last year, and the median price was 29% higher than last year's prices.
The increase in inventory could be part of the typical upswing that we experience in spring and summer. Still, it could also be that sellers are sensing a potential market shift in light of rising interest rates and inflation and possible trepidation surrounding the war in Ukraine.
Market Overview
12 Month Rolling: April 2021 - March 2022 | April 2020 - March 2021
Neighborhood Highlights
Within Park City Limits, total homes sold were down 45% to 181 homes, but sales volume declined just 24% from $1.2 billion million last year to $770 million this year. The median price of a single-family home across the city rose 35% to $3.5 million. In the famous Old Town area, homes sold were down 58% (119 to 50). However, the median price set a new record above $2.9 million. The Prospector and Thaynes Canyon neighborhoods led all others for the most significant increase in median price, with Thaynes up 75% to $4.6 million and Prospector up 85% to $2.4 million.
Snyderville home prices increased by a whopping 23%. The Sun Peak/Bear Hollow area saw the biggest drop in homes sold, with just ten sales—down 70% from the previous year. The Promontory neighborhood saw the biggest gains in sales volume, while homes in Old Ranch Road saw the biggest price increases, jumping to $6.5 million—that's nearly double what they sold for last year.
In Old Town Park City, Condos continued to sell at a strong pace, with 32% more homes sold and an $890,000 median price. Park Meadows outshone the rest of Park City with an increase in sales volume of 74% and sales prices up 4%, to $1.36 million. Lower Deer Valley, Deer Crest, and Prospector all saw median prices rise by 36%.
In the Snyderville area, the Canyons median price showed a significant increase, but this was the result of previous low prices set by the dominance of Yotelpad, with price points around $368k. The first quarter to 2022 saw 118 sales of Pendry Residences at a much higher price point of $1.4M. Thus, the 95% increase in median sales price in Canyons Village. That said, the other Snyderville neighborhoods experienced strong median price appreciation as well: Kimball (31%), Silver Springs (30%), Pinebrook (26%), and Jeremy Ranch (32%).
In Wasatch County, Jordanelle Park saw a vast increase in median sales price, up 85% to $973,000. Deer Mountain and Tuhaye/Hideout also saw 58% and 59% increases in sales volume, respectively.
After explosive growth in 2021, land sales declined across the region, with every major area showing drops in sold transactions, but volume remained steady or grew substantially.
Time on Market
To get the most accurate information, be sure to consult with ParkCityHomeSales. With a bit of time and effort, you'll be on your way to finding the perfect vacation home for you and your family in Park City.