I think it’s finally safe to say that Fall is upon us in Park City. After a long, hot, and very busy summer, town feels a little bit quieter these days. Don’t get me wrong, people are still in town and coming to visit, but after what felt an absolute whirlwind and arguably Park City’s busiest summer we’ve ever seen, it feels good to be able to catch our breath. Coupled with markedly cooler temperatures and the need for a puffy jacket in the early morning hours, it almost feels like shoulder season again.
The Park City housing market seems like it is following suit in just the last week or two. While many properties are still selling, and selling quickly, the pace feels like it is leveling off slightly, and isn’t quite as rapid as the selling and firestorm firestorm of August and September 2020. We’ll break it all down below, including a specific look at land sales, and how prices and market activity have progressed as of late.
Park City Single Family Homes
It’s safe to say that the Park City housing market has recovered in a big way from the very short lived slowdown in the spring and early summer. Looking at the year to date from January 1st through September 30th 2020 for all single family home sales in Park City and the Snyderville Basin, the total number of active listings is surprisingly almost exactly the same as compared to the same time frame in 2019. However, the notable increases are in the increased number of new, pending, and closed listings.
New listings are up by 13% year over year, while properties under contract have increased by a whopping 49%. The number of sold homes is up by 25%, however I would expect that number to rise with how many properties have been going under contract. Nearly everyday when checking the hot sheets on the MLS, newly pending homes out number newly listed homes, thus continuing the decrease in available inventory for buyers. The average sale price is up by 12% year over year, and with price and number of units sold both increasing, the associated sales volume is up by 41%
Now that we have spoke on the overall single family market year to date, we will take a closer look at the month of September, and a break down of the different price segments in the market below.
Single family home sales, all price points, for September 2020 in the Park City area as
compared to August 2020 and September 2019; courtesy PCBOR
Park City Single Family Homes Below $1,000,000
- Median sold price decreased 8.1% from August and increased 2.0% from
September 2019 to a current price of $755,000 - Average number of days on the market for September are 41, down 23.9% from August 2020, and way down from 71 days on market in September 2019
- Active inventory decreased 25% from August 2020, and is down 47.8% from September 2019
Park City Single Family Homes Between $1,000,000 and $2,500,000
- Median sold price actually decreased slightly from August 2020 down 4.5%, but overall is up 20.9% from September 2019
April 2019 to a current price of $1,537,500 - Average number of days on the market for September are 82, slightly down 8% from 89 days on market in August, and down 36.8% from 130 days on market in September 2019
- Inventory is down 35.9% from August 2020, and is down a massive 57.2% from September 2019
Park City Single Family Homes Above $2,500,000
- The higher end market in Park City has been on fire this summer, and September was no exception
- Median sold price increased 7.4% from August 2020 and is up 23.5% from September 2019 to a current median sold price of $3,037,500
- Average number of days on market for September are 138, up 10.7% from 124 days on market in August, and down 37.3% from 220 days in September 2019
- Inventory for September 2020 is 113, down 21% from August, and has decreased by 41.5% from September 2019
Park City Land for Sale
It’s no secret that homes have been selling quickly in and around Park City this summer, but how about land? These days it seems everyone wants to have more room to roam, so is the desire for more space equating to an increase in land sales and purchases? In a word, YES. In two words, BIG TIME. Remember, building more houses or condos is one thing, but you can’t build or create more land.
Just as we did with single family homes above, we will look at year to date (Jan 1st – Sept 30th) sales for all land in the Park City limits and Snyderville Basin area, and then add a little more color by touching on the different price brackets. One thing to keep in mind is that compared to homes and condos, the speed at which the land market moves tends to be a little bit slower.
Somewhat surprisingly, new listings for land are down by 27% year over year. Perhaps more people are sitting tight on the land they have, or are now making a move to build on it. Despite the decrease in new listings, the number of land parcels that are under contract and have sold has seen a massive uptick with increases of 116% and 85% respectively. The average sale price overall is up by 16%, while the demand for acreage specifically is evident by the average sale price increase of 66%
Land sales, all price points, for September 2020 in the Park City area as
compared to August 2020 and September 2019; courtesy PCBOR
Park City Land Listed Under $500,000
- Median sold price decreased 7.8% from August 2020 but has more than doubled since September 2019, increasing by 106% to a current price of $309,000
- Average number of days on the market for September 2020 are 131, down 8.2% from August 2020, and down 28.1% from 183 DOM in September 2019
- With a lot of land selling, active inventory decreased to 44 parcels, down 24.1% from August 2020, and down by 53.7% from September 2019
Park City Land Listed Between $500,000 – $1,000,000
- Median sold price actually decreased slightly from August 2020 down 1.9%, but overall is up 9.1% from September 2019 to a current sold price of $660,000
April 2019 to a current price of $1,537,500 - Average number of days on the market for September 2020 are 425, up 91.6% and nearly doubling the 222 days on market in August 2020, and up a massive 651.8% from only 57 days on market in September 2019
- Active inventory is currently 49 parcels, down 22.2% from August 2020, and is down 45.6% from 90 listings in September 2019
Park City Land Listed Above $1,000,000
- Just as with homes, the higher end land market in Park City has been on fire this summer, and the Colony is certainly contributing its fair share of home and land sales with less than 20 home sites remaining
- Median sold price increased 19% from August 2020 and is up 41.2% from September 2019 to a current median sold price of $2,400,000
- Average number of days on market for September 2020 are 538, down 28% from 747 days on market in August, but up from by 400.8% from September 2019
- Inventory for September 2020 is 40, which is down 14.9% from August, and has decreased 49.4% from September 2019 which saw 79 such listings on market
Thanks for reading this months market update, and as always, reach out to us if you have questions on how these numbers will affect you and your situation. Whether you are a possible home buyer, potential home seller, or interested land investor, we can put the stats and our market knowledge to work for you no matter what your needs and interests are. Everyones situations are different, so knowing how to apply the data is integral to making wise real estate decisions.
-Brendan Trieb, Choose Park City