The key metric of real estate is sales volume, which is the total amount of money earned from selling real estate over a set period of time. It's what real estate agents and brokerages use to gauge their success.
While the final quarter of 2024 showed a 5% drop in sales volume, for the year overall more than $4.5 billion of real estate traded hands – a 19% increase from 2023. That includes all single family, condominium and vacant land sales.
In 2024, 2,407 sales were recorded. That’s up from 1,986 sales in 2023.
In terms of median price for the fourth-quarter, prices were up 7%, but for 2024 overall, the median price dropped by 4%. However, that’s due to decreases in both the condo and vacant land sales, both of which were down, year-over-year by 3%. Single family homes in 2024 saw a slight 2% increase in the median price.
While the inventory levels are still below pre-pandemic levels, Park City Real Estate President Maverick Bolger said prices are stabilizing.
“We're seeing a stabilization in some of the median pricing across segments,” Bolger said. “The party line has always been historically, we're hyper segmented, so it's tough to draw big conclusions about the market at large, but even within segments, we're seeing that stabilizing effect.”
Even so, prices are out of reach for many, with the median home in Park City hovering at $4 million. And while condo prices are traditionally lower, they’re still expensive, with the median price at $1.1 million.
Bolger said new and recently remodeled properties are selling the fastest and commanding the highest prices.
“What's selling quickest and what's garnering the highest premium on a price per square foot basis, is the new, polished inventory is or recently remodeled, I’ll include within that category that is definitely taking the top spot,” Bulger said. “People that have more money than time are willing to pay for the ready to go stuff.”
While Park City has consistently been seen as providing more value than other resort towns, like Aspen, Jackson Hole and Sun Valley, MLS President Todd Anderson said prices here are approaching those more exclusive areas, because of the area’s accessibility.
“As I look and we talk with potential buyers coming in that want that generational home, they can look and say wherever it's easy to get here from anywhere in the country, and that's something we have that those other areas just don't.”
With increasing tariffs and the potential loss of construction workers as mass deportations continue, they said it remains to be seen how this could affect the area’s real estate market.
