The Park City Multiple Listing Service recently published the 2022 year-end data, which shows that the real estate market is shifting from the high activity level of 2020-21 to a more normal state. The data shows that sales have decreased, but property prices have risen in many locations.

So whether you're a current homeowner, a prospective buyer, or simply curious about the local market, I hope you enjoy the following information on our fourth-quarter market statistics. If you have any follow-up questions, please reach out!

Something New

Interest Rates

Market Snapshot

12 Month Rolling Year-Over-Year | Jan - Dec 2021 vs Jan - Dec 2022

 

Single-Family Homes Neighborhoods:

Condominiums Neighborhoods:

Vacant Lots Neighborhoods:

Conclusion:

On Demand:

Demand has returned to pre-pandemic levels; has it stabilized? While YTD sales still exceed those of 2019, Q4 closed sales and especially Q4 pended sales are below 2019 levels.  

On Inventory:

Inventory has improved significantly but remains 25% less than pre-pandemic levels. Similarly, the absorption rate has increased dramatically from several quarters' lows; it remains 40% below levels before Covid. 

On Pricing:

Pricing is the big question. NAR announced home prices are 3.5% above last year and have decelerated most of the year. In Park City, price gains are also decelerating but are 13% higher than a year ago. Some of that gain "may" be due to enhanced new construction.

With any luck, the pandemic is behind us. We have a new normal, at least given recent price gains. The issue is whether our market stabilizes or continues to see a decrease in sales and possible pricing. 

While this may seem like a mixed picture for buyers and sellers, it's important to remember that real estate is a local market, and what's happening in one area may be different. It's also important to consider that this data is from the end of 2022, and the market may have changed. In any case, it's always a good idea to consult a local real estate professional to get the most accurate and up-to-date information on the Park City real estate market.