The Park City Realtors continue to see fewer sales, but at higher prices, as the local market continues to recover more than two years after the roller coaster ride called the Covid-19 pandemic.
When Covid-19 hit with a vengeance in spring 2020, the real estate world went into a tailspin. Active listings fell from over 2,000 to only 600, with barely half of those being residential listings. With limited supply and soaring demand driven at least in part by remote workers seeking to relocate to the pastoral settings exemplified by Park City Real Estate, sale prices climbed by 50% over the next two years.
With inventories returning to a more normal pre-Covid level, and competition for available properties still running strong despite record high mortgage interest rates, third quarter sales totals for single family homes in Summit and Wasatch counties were 46% higher than in second quarter, but the longer lens of year-over-year change showed sales dropped 25% while prices remained steady to up slightly. The median home sale price in the PCMLS primary market area increased just $10,000 for the year ending 9/30/23 vs. the same period ending 9/30/22. The quarterly increase in sales volume presages the direction consumers should expect to see in both prices and sales volume in the year ahead.
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