Park City 4u Real Estate Blog

The 2021 story of real estate in Park City and most of the country is inventory!

The notable rise in homes sold and sales prices that were experienced in the latter half of 2020 continued unabated through all of 2021.  At the end of 2020, we had 539 properties listed on the Park City Multiple Listing Service; a 50% reduction from the previous year and a new historical low level.  At the end of the year 2021, we had 280 properties listed; representing another 50% drop. Unite the low inventory levels with the avid buyer demand and you find the driving force behind price appreciation and multiple offers.

An example of the magnitude of the changing market, at the end of 2019, the median price of a single-family home in Park City (zip codes 84060 & 84098) was just over $1.9 million and the average market time was 8.2 months. Fast forward two years. At the end of 2021, the median price of a single-family home in Park City was just over $3.3 million and the average market time was 1.1 months.

I will break down the 2021 statistical numbers for three primary areas of Park City.  These areas are: “Park City Limits”, “Snyderville Basin”,  and the “Jordanelle District”.  See the below map as a reference. By looking at the average home price on an annualized basis, we can get a better idea of the average price point in each area and compare that to the previous year.

Park City Limits:
There was a surge in pricing for single-family homes in Park City limits in 2021. The sales data illustrates that buyer demand is strong at all price points. The average price of homes sold in Park City Limits in 2021 was $3,887m which represents an increase of 34% from $2,911m in 2020. The sales volume in 2021 was 225 homes sold in Park City Limits; a 26% decrease over 2020.  Although the number of homes sold in 2021 decreased by 26% the sales volume for 2021 was only 2% below 2020.

Synderville Basin:
Some neighborhoods within the Synderville Basin can skew the numbers and push the overall average and median numbers up.  For Example, the sin-in/ski-out community at Canyons Village called The Colony at White Pines had an average sales price of $15m in 2021. When working with a client, I prefer to break down the individual neighborhoods to give them a real sense of what is happening with pricing in each neighborhood. $2,827m was the average price in 2021, an increase of 28% from $2,377m in 2020. The sales volume in 2021 was 445 homes sold in Synderville Basin; a 15% decrease over 2020. The sales volume for 2021 for single-family homes in the Synderville Basin was up 9% from 2020 at 1,256,955,811.

Jordanelle District:
The story of this area is more about new construction and homesites. The number of homesites sold in the Jordanelle area is truly astounding. 314 homesites sold in 2020 and increased to 431 homesites sold in 2021.  The other important number in the Jordanelle District is the increase in sales volume of the condo/townhomes sold in 2021. There were 292 townhomes sold in 2021 which is an increase of 28% compared to the 229 units sold in 2020 yet the sales volume increased 64% in 2021 compared to that of 2020. Many buyers undeniably feel the wait for a newer townhome and/or new construction is worth it.

According to the US Census, from 2010-2020, Utah was the fastest-growing state in the country. Some projections suggest 30,000-40,000 people will be migrating to Utah annually over the next decade. Utah has a diversified job market, ranging from medical and high-tech to construction. Utah is not only one of the greatest outdoor states in the nation but it ranks high for its state’s economy, employment, business environment, education, culture, and quality of life. We live in a world of “Pre-Covid” and “Post-Covid,” and the fundamental shift in American lifestyles is going to continue to have an enormous impact on the housing market here in Utah and especially in Park City.