Park City, Utah Real Estate Market Trends

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Q1

2021

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Our Park City, Utah real estate market data is updated quarterly to aid in your real estate forecasts. Historical Park City, UT real estate data and trends are included below the latest update. We break down our data by the different Park City neighborhoods including Canyons Village, Old Town, and Deer Valley.

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Q1 2021 Gardner Report

Park City, Utah
Real Estate Market Update

by Matthew Gardner

Below is the latest Park City, Utah housing market trends analysis. Additional links:

Historical Park City UT Data
Utah State Data
Idaho Data
Other Regional Data

 

The following analysis of select neighborhoods in the Park City real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you with making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere Real Estate agent.

 

Regional Economic Overview

Much like the rest of the nation, COVID-19 had a very significant impact on employment levels in Utah; the state shed 140,000 jobs in only two months. However, I am delighted to report that—as of the end of the first quarter—the region has not only recovered all of the jobs that were lost, but employment levels are now 11,300 jobs higher than the pre-pandemic peak in February 2020.

With the recovery complete, at least for the time being, the unemployment rate continues to drop and is currently only 2.9%. At this level, Utah—along with Nebraska, South Dakota, and Vermont—now has the lowest jobless rates of any states in the Union.

park city, utah Home Sales

❱ Only 87 homes sold in Park City in the first quarter of 2021. This was 38.1% higher than in the first quarter of last year, but 82% lower than in the fourth quarter of 2020.

❱ Sales rose in six markets, remained static in three, and dropped in nine.

❱ Inventory levels remain well below the levels I would like to see, with the average number of homes for sale down 49.8% from a year ago and 77.5% compared to the prior quarter.

❱ Pending home sales were 96.3% higher than a year ago but were down 75.7% from the fourth quarter of 2020 as the lack of inventory continues to limit sales activity.

A bar graph showing the annual change in home sales in the Park City, Utah area.

park city, utah Home Prices

❱ The average home price in the Park City neighborhoods contained in this report jumped 70.4% year over year to $2.673 million. Sale prices were 73.2% higher than in the fourth quarter of 2020.

❱ The most affordable neighborhoods relative to average sale prices were in the Wanship/ Hoytsville/Coalville/Rockport and Kimball neighborhoods. The most expensive home sales occurred in Canyons Village, where the average sale price hit $13 million.

❱ Prices rose in all but two neighborhoods, with double-digit increases in 13 markets.

❱ Of note is that all but four neighborhoods saw sale prices in the quarter exceed $1 million.

A bar graph showing the annual change in home sale prices in the Park City, Utah area.

Days on Market

❱ The average time it took to sell a home in the Park City area dropped 100 days compared to the first quarter of 2020.

❱ The amount of time it took to sell a home dropped in all but four neighborhoods compared to the first quarter of last year.

❱ In the first quarter, it took an average of only 21 days to sell a home, with homes selling fastest in the Summit Park and Promontory areas, and slowest in the Thaynes Canyon neighborhood.

❱ The significant decline in market time can again be attributed in part to the local listing service instituting a rule that led new construction developments to add sales “en-masse.” This lowered market time dramatically.

A bar graph showing the average days on market for homes in the Park City, Utah area.

Conclusions

A speedometer graph indicating a seller's market in the Park City, Utah area.

This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Although mortgage rates have risen recently, they remain very competitive compared to historic averages, and buyers are taking advantage of this. I would like to see far more homes for sale, but do not anticipate that this will occur in the near term. The lack of housing inventory is not only frustrating buyers, but owners who are thinking about selling are unlikely to come to market unless they have found a home to buy. If there is nothing to buy, there is no compelling reason to sell! Given all these factors, sellers still have the upper hand. I am therefore moving the needle a little more in their favor.

 

About Matthew Gardner

Matthew Gardner - Chief Economist for Windermere Real Estate

As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.

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Major Park City areas covered in this report:

Summit Park

Thaynes Canyon

Canyons Village

Park Meadows

Kimball

Deer Mountain

Deer Valley

Pinebrook

Jeremy Ranch

Heber N & E

Promontory

Trailside Park

Midway

Wanship

Old Town

Tuhaye

Park City counties covered in this report:

Summit

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Gardner Report Archive

Park City, Utah
Historical Reports

2021
Q1 2021 Park City Utah Market Trends

Q1 2021
POST | (PDF)

2020
                    Park City Real Estate Market Update

Q1 2020
POST | (PDF)

                    Park City Real Estate Market Update

Q2 2020
POST | (PDF)

Market Trends Report Park City Utah Q3 2020. Click to view full report.

Q3 2020
POST | (PDF)

Q4 2020 Park City, Utah Market Trends

Q4 2020
POST | (PDF)

These Park City Utah real estate reports, data, forecasts, and market trends are provided for informational use. If you find it useful, please properly attribute this resource with a link.