Park City Market Stats Year Over Year

Park City, Utah – January 26, 2024 – The Park City Board of REALTORS® unveiled its comprehensive analysis of the Park City and Snyderville Basin real estate market for 2023, revealing pivotal trends and statistics that underscore the region's dynamic and evolving property landscape.

Key Highlights from the 2023 Single Family Homes - Park City Real Estate Market:

  • Robust Growth in Average Sales Prices: The average sales price for single-family homes in Park City and the Snyderville Basin witnessed a notable increase of 5.8% in 2023, reaching an impressive $3,659,382. This growth highlights the enduring appeal and value of properties in these sought-after locations.
  • Steady Market Activity: Despite a slight decrease of 1.2% in closed sales, the market remained active with 397 properties sold, reflecting the high demand and robust market conditions prevalent in the area.
  • Median Sold Price per Square Foot: The median sold price per square foot saw a minor adjustment, settling at $711 in 2023. This 4.5% decrease from the previous year provides insights into the market's pricing dynamics and property valuation trends.
  • Percentage of List Price Received: Sellers in 2023 received an average of 96.7% of their listing price, indicating a competitive market environment where properties continue to fetch near their asking prices.
  • Year in Review: The year-end review highlighted a 7.7% increase in the median sales price to $2,100,000, alongside a significant 163.3% increase in days on the market. The number of closed sales and new listings experienced declines of 11.8% and 8.2%, respectively, pointing towards a market that is adjusting to various external factors.

Expert Insights:

Laura Willis, a leading realtor at Summit Sotheby’s International Realty and a member of the Park City Board of REALTORS®, commented on the findings: "The 2023 market data reflects Park City's resilience and desirability as a prime location for real estate investment. Despite global economic uncertainties, our local market has shown remarkable strength, particularly in the luxury segment, where we continue to see significant interest from buyers."

About Park City Board of REALTORS®:

The Park City Board of REALTORS® is a professional organization dedicated to promoting excellence and integrity within the real estate industry. With a commitment to providing the latest market data and insights, the Board serves as a vital resource for real estate professionals, investors, and homeowners in the Park City region.

For more detailed insights into the Park City and Snyderville Basin real estate market, visit Park City Board of REALTORS®.

Sourced information: Data provided by the Park City MLS and updated 01/25/24. By using this dashboard, you agree to the End User License Agreement. ©2024 Domus Analytics

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