As the market adjusts and corrects for the enormous upswings that have occurred since the beginning of the coronavirus pandemic, the Wasatch Back market has started to experience some shifts. Available inventory is finally rising after a long period of extreme scarcity, and prices are beginning to level off. 

It's worthwhile to monitor how larger economic forces, such as mortgage rates and stock market volatility, will shape our area as the local real estate market continues to recover.  I'll keep you updated in future market reports, and in the meantime, I hope you enjoy the following information on our second quarter market statistics. If you have any follow-up questions, please reach out!

Market Overview

12-Month Rolling: July 2021 - June 2022 | July 2020 - June 2021

Neighborhood Highlights

Unless otherwise noted, the statistics below were drawn on a rolling year-over-year basis for June 30, 2022.

The Park City single family home market showed declines in the number of sold transactions through the second quarter of 2022 versus 2021. The number of closings dropped 33%, but median prices rose 11%, keeping total sales volume 22% below the prior year.

Highlights:

  • Within Park City Limits, total transactions were down 55% over Q2-21 to 162 units, but sales volume declined just 40% from $1.17 billion last year to $706 million this year.
  • The median price of a single-family home across Park City rose 35% to $3.7 million.
  • In the famous Old Town area, transactions were down 68% (130 to 42), as the median price set a new record above $3.1 million.
  • The Prospector and Thaynes Canyon led all others for the greatest increase in median price, with Thaynes up 50% to $4.4 million and Prospector up 122% to $2.61 million.
  • Snyderville residents saw a decrease in sales volume (down 23%) despite a substantial increase in the overall median price, up 22% to $2.13 million. Almost all the Snyderville neighborhoods saw declines in closed transactions, with the Sun Peak/Bear Hollow area dropping (72%) to 10 sales. Summit Park had the biggest gain - up 20% with 42 homes sold.
  • Nearly one-third of the sales volume was in Promontory ($373 million). At the same time, Silver Creek Estates and Silver Springs areas saw the most significant price increases, with the median prices rising 74% and 64%, respectively. The median sale price in Old Ranch Road rose to $6.5 million, the second highest in the region behind Canyons Village ($9.8 million).
  • The hotspots south and east of the metro area around the Heber and Kamas valleys showed substantial median price increases of 40% and 48%, respectively.

Check the statistics by neighborhood here.

Condominium sales prices remained strong across the market. However, in Park City and the Heber and Kamas valleys, total sales volume declined, primarily due to a lack of inventory.

Highlights:

  • Condominium sales volume in Park City Limits was down 23%. The median sale price rose 15%.
  • Old Town continued to be solid. Total transactions were down slightly (11%), sales volume increased 36%, and the median price rose 42% to $1 million.
  • Park Meadows and Prospector were the standout neighborhood performers, with sales volume up 11% and 9%, respectively. The median price of a condominium in Prospector was up 84% to $411,000.
  • Lower Deer Valley and Aerie showed strong appreciation, with median price gains of 42%+.
  • In the Snyderville Basin, total sales volume climbed 42%, and average and median prices rose 50% or more. Kimball and Silver Creek South led in sales volume increases (19% and 27%, respectively), while other Snyderville neighborhoods saw sales decline due to lack of inventory.
  • In Wasatch County (areas with ten or more sales reported),  Jordanelle Park doubled its sales volume over the prior year, and the median price was up 58% to $970,000.

Check the statistics by neighborhood here.

After explosive growth in 2021, land sales declined across the region, with every major area showing drops in the total number of transactions. Total sales volume remained steady or dropped in all regions except Jordanelle, where sales volume was up 70% on prices that more than doubled from the year prior. 

Highlights:

  • Jordanelle showed the most activity, with 390 lots sold this past year. Those lots sold nearly twice the price of lots in the year ending 6/30/21. The median sale price was $800,000, up from $397,000 the year prior.
  • Overall land sales in Summit and Wasatch counties were down 35%, while median land region-wide sales were up 74% to $704,000.
  • All the major areas of the market saw a drop in transactions. Snyderville and Wanship/Hoytsville were hit the hardest, dropping by half from the previous year's total.
  • Only 34 lots sold within the Park City Limits, but the lack of available lots coupled with high demand pushed the median sale price to $1.97 million, up 65% from the year before.

Check the statistics by neighborhood here.

Current Mortgage Rates

Time on Market Relative to Price

When deciding to sell your property, it's important to review comparable sales data and put your home on the market in the best possible condition. Professional staging, curb appeal, quality of photography, and ease of showing are all critical to success in this shifting market. The data below suggests we are still considered a seller's market; however, buyers are aware of the marketplace changes and expect significant repairs to be made if needed.

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.