Park City, Utah Real Estate Market Trends

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Q4

2020

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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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Q4 2020 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 agent.

 

Regional Economic Overview

The recovery in employment following the very significant job losses in Utah from COVID-19 continues to impress. Of the over 144,000 jobs that were lost in the state, all but 7,800 have returned. With the recovery clearly in place, the unemployment rate, which peaked at 10.4% in April, has dropped as jobs have been recovered and now stands at a very respectable 4.3%.

In the third quarter Gardner Report, I mentioned I was a little concerned that rising COVID-19 infection rates might curtail the economic recovery, but the impact thus far has been minimal. I am pleased to see new infection rates starting to drop again and hope this trend will continue.

park city, utah Home Sales

❱ There were 484 home sales in the final quarter of 2020, an increase of 81% compared to the fourth quarter of 2019, and up 38.7% compared to the third quarter of 2020.

❱ Sales rose in all markets other than Summit Park, where they dropped modestly. The Tuhaye/Hideout neighborhood saw a remarkable 471% increase in sales, but that meant that sales only rose from 7 to 40.

❱ The growth in sales was even more impressive given that there were almost 27% fewer listings than in the third quarter of the year.

❱ Pending home sales were 139% higher year over year but were 15.1% lower than in the third quarter. This is likely a function of inventory limitations and seasonality.

A bar graph showing the annual change in home sales for various areas of Park City, Utah.

park city, utah Home Prices

❱ The average home sale price in the Park City neighborhoods contained in this report rose 24.1% year-over-year to $1.543 million. Home prices were 5.1% higher than in the third quarter of 2020.

❱ The most affordable neighborhoods—relative to average sale prices—were in the Kimball, Wanship/Hoytsville/ Coalville/Rockport, and Midway neighborhoods. The most expensive areas were the Upper Deer Valley Resort & Empire Pass, where average sale prices exceeded $3 million.

❱ Prices rose in all but one neighborhood, with double-digit increases in all but three of the markets contained in this report.

❱ The Park City market is relatively small but is home to some very expensive real estate. It is clear that the pandemic has not impacted demand for homes in the area, as limited supply and significant demand continue to push prices higher.

A bar graph showing the annual change in home sale prices for various areas of Park City, Utah.

Days on Market

❱ The average time it took to sell a home in the Park City area dropped 30 days compared to the final quarter of 2019.

❱ The amount of time it took to sell a home dropped in all but four neighborhoods—Old Town, Kamas & Marion, Trailside Park, and Tuhaye/Hideout—relative to the fourth quarter of 2019.

❱ In the final quarter of 2020, it took an average of 31 days to sell a home. Homes sold fastest in the Summit Park, Thaynes Canyon, and Canyon Village areas, and slowest in the Kamas & Marion neighborhood.

❱ The significant drop in market time was primarily due to the local multiple 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 Park City, Utah.

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.

Even as mortgage rates start to increase, I do not believe this will have much of a slowing effect on the Park City market. In fact, jumbo mortgage rates, which spiked significantly when COVID-19 hit but have since dropped, have encouraged buyers to resume taking advantage of relatively cheap money.

Given all these factors, sellers still have the upper hand, and 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

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.