Park City Board of REALTORS® Announces Q1 2024 Real Estate Market Analysis

Park City Board of REALTORS® Announces Q1 2024 Real Estate Market Analysis

Park City Multiple Listing Service (PCMLS) and local real estate experts have released their comprehensive analysis for the first quarter of 2024, revealing nuanced insights and trends across various real estate sectors including single family homes, condominiums, and vacant land in Summit and Wasatch counties.

Market Overview The first quarter of 2024 continued to reflect a dynamic yet stabilizing real estate market. While there is a slight year-over-year decrease in overall transactions across the market, prices have generally increased. The median home sale price in the PCMLS primary service area rose by approximately 9% compared to the same period in the previous year.

Single Family Homes Sales of single-family homes saw a moderate increase, with a significant 11% rise in sales volume compared to the previous year. Notably, areas like Heber Valley demonstrated robust growth, reflecting a 32% increase in unit sales and a 24% increase in sales volume. Contrastingly, the Jordanelle and Kamas Valley areas experienced declines in unit sales.

Condominium Market The condominium sector displayed varied results across different areas. While Heber Valley reported a remarkable 61% increase in sales units and a 106% surge in sales volume, areas like Snyderville Basin and Park City witnessed downturns in both sales units and volume.

Vacant Land The market for vacant land also presented mixed outcomes, with significant sales in regions like Empire Pass and Upper Deer Valley Resort, illustrating the high demand for premium, undeveloped properties.

Key Observations and Future Outlook Experts note the market is navigating towards a "new normal" post-pandemic, marked by moderated price adjustments and gradual improvements in inventory levels. The current landscape suggests a balanced market heading into the rest of 2024, with potential for growth in less saturated areas.

Real Estate Professional Insights Jon Schumann, President of the Park City Board of REALTORS®, along with President-Elect Maverick Bolger, emphasized the importance of understanding local market nuances and consulting with knowledgeable local agents, especially in a diverse and complex market like Park City.

Conclusion As Park City and its surrounding regions continue to adapt to post-pandemic realities, the real estate market is characterized by both challenges and opportunities. The insights provided by this quarter's analysis are invaluable for both current and prospective homeowners, as well as investors looking to navigate this transitional period.

Contact Information: For further details, please contact:

  • Jon Schumann, President, Park City Board of REALTORS®: [email protected], (435) 565-1465
  • Maverick Bolger, President-Elect, Park City Board of REALTORS®: [email protected], 303-588-0568

About Park City Board of REALTORS®: The Park City Board of REALTORS® is a leading real estate association committed to providing accurate, comprehensive, and current real estate data to promote informed decision-making among buyers, sellers, and real estate professionals in the Park City region.

Copyright ©2024 Park City Multiple Listing Service, Inc. All rights reserved.

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