Both the number of sales and median home prices increased year over year, driven by demand from out-of-state buyers and a limited supply of inventory.
Park City Board of Realtors President Jon Schumann said the numbers show steady growth.
“Everything continues to increase slightly,” Schumann said. “As you've seen, the number of units sold quarter over quarter was 20% higher than 2023. If we look back at what normal conditions are, we're coming back to that kind of pseudo-normal range.”
That pseudo-normal range he says was between 2103 and 2019 before the pandemic radically skewed the market.
Bronson Calder, the president of the Park City Multiple Listing Service (MLS), notes that the dynamics of the market are changing. Whereas Park City and the Snyderville Basin used to represent the bulk of sales, it’s now the newer product in Wasatch County that is making a difference.
“The Heber Valley and the Jordanelle area have added significantly to our dollar volume in those statistics, and I think that trend is going to continue to change,” Calder said. “A lot of growth in those areas, a lot of new inventory, a lot of really high-priced inventory. And so, I suspect as we move into the future, that those areas are going to continue to have a significant impact on our statistics.”
However, the numbers show that Park City and the Snyderville Basin together still make up 66% of the sales volume in 2024. That’s down from 75% of the volume pre-pandemic.
Today, the Jordanelle and Heber Valley make up about 29% of the overall sales volume.
Promontory and The Colony now represent the area’s most expensive home prices.
The median home price within Park City limits is just under $4 million.
The median price of a Promontory home is now above $4.6 million, and the Canyons Village, which includes The Colony, held on to crown of “most expensive area” with a median price now more than $11 million.
A home in Promontory’s Pinnacle neighborhood, Calder said, recently sold for $27 million. It had all of the bells and whistles including an internal oxygen system that pumps oxygen into the house.
Some good news for entry level buyers is that the mortgage rates have come down a bit.
“I talked to a lender yesterday, and they had product available in the low 6% for adjustable-rate mortgages,” Calder said. “And I think 30-year fixes run right about 6.5% right now, and so that's down significantly. And there’s no question it will continue to bring buyers off the fence and back into our market. We're starting to see that.”
Still, Schumann said it’s important to note that 60% of the buyers in this market pay for their real estate with cash.
