A remarkable rise in the number of homes sold and sale prices that occurred shortly after the global pandemic of 2020 continued unabated through all of 2021. Sold prices for single-family homes in Summit and Wasatch Counties, as reported by the Park City Board of REALTORS® Multiple Listing Service, showed steady growth in both averages (Up 28%) and median (Up 24%).

A persistent lack of available inventory has helped drive price appreciation in many markets. The number of pending contracts was still greater than the number of new listings coming to market. In 2020, the PCMLS active listings peaked at 2,000. Since that time, they have been on a downward trend and by 2021, there were only 265 residential properties for sale. Most of these properties were still under construction.

Market Highlights:

Single-Family Homes

All but one (Kamas Valley) of the major areas that make up the greater Park City market showed drops in units sold in 2021 versus 2020. However, because of the historic rises in median prices, only two of the major areas (Park City limits and Jordanelle) showed declines in total sales volume.

Condo Sales

The Heber and Kamas valleys showed declines in total sales volume, primarily due to a lack of inventory to sell. Within Park City limits, condo sales volume was up 52% as median sale prices jumped 36%. In the Snyderville Basin, sales climbed 23% with average and median prices spiking 18% and 21% respectively.

Inventory

With Pendings running higher than New Listings, available inventory started to shrink even more dramatically. 541 residential properties were active at the end of 2020, compared to 265 at the end of 2021. 

12 Months Comparison: Jan 2021 - Dec 2021 | Jan 2020 - Dec 2020

In a nutshell:

  • Within Park City Limits, total unit sales were down 26% over 2020 to 225 units but sales volume declined just 2% from $868 million last year to $847 million this year. The median price of a single-family home across the city rose 32% to $3.3 million. 
  • In the popular Old Town area units were down 24% (101 to 77) but sales volume dipped only 7% (to $204 million) as the median price set a new record at $2.5 million. 
  • The Prospector and Thaynes Canyon neighborhoods bumped Aerie for the grand prize for the greatest increase in median price, with Thaynes up 71% to $2.3 million and Prospector up 87% to $2.4 million.
  • Snyderville residents saw a slight rise in sales volume (up 9%) on a strong increase in the overall median price up 21% to $1.9 million. Almost all the Snyderville neighborhoods saw declines in units sold with Glenwild dropping the most (53%) to 19 units. Silver Springs had the biggest gain with 46 homes sold, up 28%.
  • Promontory led the Snyderville neighborhoods in sales volume ($412 million, up 9%) while Canyons Village saw the biggest price increase with the median in that neighborhood passing $11.8M, up 73% year over year. 
  • The hotspots south and east of the metro area around the Heber and Kamas valleys showed substantial median price increases of 26% and 42%, respectively. Prices were particularly robust in the South Jordanelle area, where the median rose 22% to $3.4 million.
  • Heber Valley saw a slight dip in units sold, but 19% higher sales volume propelled by a median price that jumped 26% to $899,000.

In a nutshell:

  • The Condo market in Old Town Park City continued to be solid with sales up (23%) in units but 63% in volume on a gain in the median price of 18% to $805,000. 
  • Lower Deer Valley was the standout neighborhood performer with sales nearly doubling driving the median price to $1.48 million, up 49%.
  • Empire Pass sales were very strong. Units sold were up 49% and sales volume up 83%, as the median price jumped 24% to $3.3 million.
  • In the Snyderville area, outside of perennial volume leader Canyons Village, Pinebrook led in sales volume (up 70%) while most of the other Snyderville neighborhoods saw sales decline due to lack of inventory. 
  • In Wasatch County, (areas with 10 or more sales are reported) Jordanelle Park, Tuhaye and Hideout all saw gains of 70% to 100% or more in sales volume, with Jordanelle Park leading the price gain parade, up 111% to $28.4 million.

In a nutshell:

  • Land sales exploded in the fourth quarter as buyers who could not find an existing home to their liking elected instead to build their own.
  • All the major areas of the market saw a substantial increase in sales volume. Jordanelle led the way with $337.9 million in sales, 143% of the previous year’s total for the second year in a row.

Looking Ahead to Q1 2022 

What do ParkCityHomeSales see coming in the next three to six months? Here are a few observations about the important market results that point the way coming from those with their fingers on the pulse of the market.

With inventory levels at critical lows, now is an excellent time to sell your property. The market is also in favor of sellers with increasing mortgage rates and concerns over rising inflation on the horizon. The data below shows the median price relative to the drastic reduction of how quickly properties are being sold. 

Bottomline:

On selling:

  • Homes are selling so fast that buyers need to be able to make an offer the minute that a property comes on the market. So, if you're considering selling your home, now is the perfect time to do it. 
  • Even with the drop in units sold, the sales volume has stayed the same or increased because of the big increases in median prices. And this is not just happening locally; it is happening in markets across the country.
  • The northern neighborhoods that make up Snyderville Basin -- Pinebrook, Silver Springs, Summit Park, and Jeremy Ranch – continue to be the more popular areas, with 40 or more sales in each (exceeded by only Promontory in the total number of sales).

On buying:

  • Within the Park City Limits, the volume of sales fell 2% from last year, but prices climbed. It now costs more than $3.3 million (median sale price) to buy a single-family house in town in Park City.
  • The lowest median price for a condo in Park City continues to be in Prospector where the median price is up 37% but still hovers just under $300,000.
  • Deer Mountain, historically a more affordable area around the Jordanelle, has seen median prices double in the past four years.

Planning to buy or sell a home in Park City this year? 

As you can tell by the full market review on this page, Park City has enjoyed a strong, sustained market throughout 2021 because of its unique positioning as a resort and recreation market.

Whether you're in the market to buy or sell, we have the right tools and information you need to make the entire process fun and seamless. Contact ParkCityHomes directly at 435 640-0217 or you can simply browse for our available homes for sale here.