2024 Q1 Wasatch Back Real Estate Insights: Comprehensive Market Analysis

The latest stats for the greater Park City real estate market indicate a continuing return to more stable, moderate conditions following the hyperactive COVID years. Inventory has improved markedly from the historically low levels during the pandemic, though it remains about 25% below pre-COVID levels. While we would benefit from additional inventory, the good news is that this level is ample enough for our market to operate more normally than it has during the past few years.

On the sales activity front, the overall Park City market area saw slight year-over-year decreases in transactions for single-family homes and condominiums, down 1% and 6% respectively. Vacant land sales were down 32%, but that number is more reflective of a lack of inventory rather than an absence of demand. Interest in vacant land remains strong as evidenced by substantial median price increases.
In general, prices showed moderate growth across all property types in the primary market area, with year-over-year median price increases of 9% for single-family homes, 4% for condominiums, and 29% for vacant land. Looking at the larger trend, prices have appreciated by 6.8% annually (compounded monthly) since the beginning of 2001.
MEDIAN PRICES  |  Greater Park City
Single-Family, Condos, and Land Properties
Despite these overall increases, there is a notable degree of variance across our market's individual areas and neighborhoods. Such variance is not uncommon in our highly-segmented market area. This is one of the most compelling reasons for buyers and sellers to seek the advice of experienced, local real estate professionals. 

Read on to see how your area(s) of interest performed, and please reach out if you would like any additional stats or info!
Source: Rick Klein and Park City Multiple Listing Service Quarter 1 2024 Statistics Report.
MORTGAGE INTEREST RATES
The Current Rate   |   April 25th

“Mortgage rates continued rising this week. Despite rates increasing more than half a percent since the first week of the year, purchase demand remains steady. With rates staying higher for longer, many homebuyers are adjusting, as evidenced by this week’s report that sales of newly built homes saw the biggest increase since December 2022.” 

FreddieMac.com

Mortgage Rates & Local Sales
Greater Park City Single-Family & Condos
Our market is well known for a high percentage of all-cash transactions, however, we are not immune from the effects of high interest rates. The current dynamics for our market area are showing an inverse correlation between interest rates and transactions.
 

The current interest rate levels may be with us for the foreseeable future, so perhaps mortgage-seeking buyers will accept the higher rates, and we will see the number of transactions move upward. In the meantime, the percentage of all-cash sales for the 1st Quarter spiked to 67%, up from the usual rate of around 50%.
PARK CITY LIMITS  |  Market Overview
Average & Median Sale Prices
1st Quarter 2024 Year-Over-Year Rolling Averages
Neighborhood Highlights  |  Neighborhood Stats

SINGLE-FAMILY HOMES   Within Park City limits, total unit sales were up 16% to 111 units. Sales volume remained robust, up 23% for the year. The median price of a single-family home within Park City limits fell 6% to $3.67 million. Only 33 homes sold in Old Town in the past 12 months. The median price dipped slightly (5%) to $3.8 million. Promontory had the largest price gains up 35% year-over-year to $4.38 million. Canyons Village held on to the crown of the “most expensive area” with a median price of just over $10.6 million.

CONDOMINIUMS   Within Park City limits, condo sales were down 8% to 239 units, and sales volume dipped 2% for the year. The median price of a condominium within Park City limits fell 8% to $1.48 million. The condo market in Old Town remained stable with the number of transactions up 4% while the median price of a condominium dipped slightly to $1.18 million. 

SNYDERVILLE BASIN  |   Market Overview
Average & Median Sale Prices
1st Quarter 2024 Year-Over-Year Rolling Averages
Neighborhood Highlights  |  Neighborhood Stats

SINGLE-FAMILY HOMES   Snyderville Basin residences followed the prevailing market with sales volume up 21% on a modest 3% gain in unit sales. The median sales price rose 13% to $2.3 million. Of the 280 sales in Snyderville, the highest sold price was $27 million while the lowest was $800,000, with thirteen sales under $1 million and fourteen sales above $10 million. Promontory continued to be an active neighborhood, with a 10% increase in quantity sold, a 48% increase in volume, and a median price gain of 35% to $4.38 million.

CONDOMINIUMS   Canyons Village, which accounts for 65% of all sales volume in the Snyderville area, suffered a steep decline in sales, with sales transactions down 28%, volume down 22%, and the median price up 4% to $1.36 million. Silver Creek South experienced a 32% drop in sales transactions, but volume was only down 6% thanks to a robust 58% increase in the median sale price to $985,000.

JORDANELLE  |   Market Overview
Average & Median Sale Prices
1st Quarter 2024 Year-Over-Year Rolling Averages
Neighborhood Highlights  |  Neighborhood Stats

SINGLE-FAMILY HOMES    The number of single-family homes sold in Jordanelle was down a substantial 49%, but volume was only down 15% thanks to a large median price increase of 91% up to $3.29 million. Tuhaye units sold were down 21%, but volume was up 11%, and median price increased 35% to $4 million. Numbers in Hideout were up across the board with quantity and volume up 17% and 44% respectively and median price up 26% to $2.22 million. 

CONDOMINIUMS   Condominium sales around the Jordanelle continued a trend we expect to see more of in the future – new resort activity stimulating sales and raising prices. Condo unit sales were up 30%, on an 11% gain in median sale price. The median price for a condo around the Jordanelle rose to $1.1 million.

HEBER VALLEY  |  Market Overview
Average & Median Sale Prices
1st Quarter 2024 Year-Over-Year Rolling Averages
Neighborhood Highlights  |  Neighborhood Stats

SINGLE-FAMILY HOMES   Midway units sold were up 15% with a 6% increase in median sale price to $1.2 million. The number of Red Ledges units sold was up 50%, leading to a 38% increase in volume, although median prices were nearly flat (down 1%) at an even $3 million. The number of homes sold in Heber was up 25%, but median prices dipped 8% to $744,000. Timberlakes reported increases across the board, with unit sales up 32%, volume up 60%, and median price up 22% to $826,000.

CONDOMINIUMS   Red Ledges quantity sold increased to 14 units versus only 3 during the prior twelve-month period, with a healthy 7% increase in median price to $1.76 million. In Heber, the quantity sold was up 60%, with the median price flat (down 1%) at $416,000. Midway median prices were flat (down 1%) at $538,000.

INVENTORY  |   Room for Improvement
The inventory of available single-family homes and condominiums in our major areas is currently around 1,200 listings. That is still lower than the historic average but is sufficient for the market to function in a healthy manner. 
# ACTIVE Q1 LISTINGS  |  Single-Family + Condos
PRICE APPRECIATION  |  by State
What's the Health of Our Primary Market?
Purchase-Only Index (Seasonally Adjusted)  |  Q1 - Q4 2023
Data for All States

Whether you're buying, selling, or simply keeping an eye on the market, these updates are designed to help you make informed decisions. Please reach out for specifics on your neighborhood or areas of interest. Look for the Concert Lineup Newsletter coming out next!
 





KEYE TEAM 
David Horn, Nikki Keye, Jeff Keye
801-550-4022
www.keyeteam.com

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