Our local real estate market began an incredible upswing during last year’s third quarter, with sales shattering previous records. The remarkable activity extended throughout the latter half of 2020 and has continued unabated through the third quarter of 2021.

The housing market appears to be strong, despite the fears that it might be overheating. At the end of September 2021, there were only 394 residential properties for sale across the entire marketplace, an 80% decline in inventory from the previous year.

Despite fluctuations in the regional markets, single family sales activity on a region-wide basis was markedly up compared to the year prior, with unit sales up 16% and median prices up 50%.

Some neighborhoods always fare better than others, and the results for third quarter were no exception. However, it is noteworthy that none of the major market areas had any negative single-family sales results to report when comparing the 12-month rolling averages with the same period the year before. Within Park City limits, sales were up 30%, and average sale prices increased 22%. In the Snyderville Basin, sales climbed 23%, with average and median prices spiking 44% and 34% respectively.

How did the rest of the local market fare? Below are the total year-long results, reported on a rolling year-over-year basis, for the period ending September 30, 2021. If you’d like to learn how these trends affect the value of your home, don’t hesitate to reach out.

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Market Overview

12 Month Rolling: Oct 2021 – Sept 2021 / Oct 2020 – Sept 2020

Not all sold data in the Heber Valley is included in the Park City Multiple Listing Service data; please call for more specific details.

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Mortgage Rates Tick Up

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Neighborhood Highlights

The statistics below were drawn from a rolling year-over-year basis for the period ending September 30, 2021, unless otherwise noted.

Single Family Homes

Park City Limits
Within Park City Limits, total unit sales were up 30% over 2020 to 297 transactions, while sales volume climbed 58% from $622 million last year to almost $1 billion this year. The median price of a single-family home across the city rose 28% to $2.93 million. In the popular Old Town area, the number of sales transactions jumped 67% (67 to 112), the sales volume nearly doubled to $267 million, and the median price topped $2.2 million. The Thaynes Canyon neighborhood bumped The Aerie for the grand prize for greatest increase in median price, nearly doubling over the previous year to $4.1 million.

Snyderville Basin
Snyderville Basin residents experienced a spike in sales volume (up 23%), while the median price tracked equally well, up 34% to $1.9 million. Promontory led the Snyderville neighborhoods in sales transactions (145 total, up 42%) and dollar volume ($487M, up 91%), while Canyons Village saw the biggest price increase, with the median in that neighborhood passing $11.7M, up 89% year over year. Keep in mind that The Colony is part of Canyons Village, contributing to the high median prices in this area.

The hotspots around the Jordanelle reservoir continued to be popular. Deer Mountain nearly doubled its sales volume, with a 55% increase in median sale price of $1.8 million. Prices were particularly robust in the Tuhaye/Hideout area, where the median rose 36% to $2.6 million.

Heber Valley
Heber Valley saw a slight dip in sales transactions but 39% higher sales volume propelled by a median price that jumped 39% to $835,000.

Condominiums & Townhomes

Park City Limits
The Condominium market in Old Town Park City continued to be solid, with sales transactions up 45% and with a modest gain in median price of 7% to $729,000. Empire Pass was the standout, with sales nearly tripling to drive the median price up 34% to over $3 million. Lower Deer Valley sales were very strong, with sold transactions more than double the previous year, and sales volume more than tripled as the median price jumped 28% to $1.4 million.

Snyderville Basin
In the Snyderville Basin, outside of perennial volume leader Canyons Village, Pinebrook led in sales transaction totals (96, up 118%), while Sun Peak/Bear Hollow and Kimball tied for the sales volume lead at $50 million.

Wasatch County
In Wasatch County, Jordanelle Park, Tuhaye, Hideout, and South Jordanelle all saw gains of 100% or more in sales volume, with Jordanelle Park leading with pricing up 97% to $660,000.

Vacant Land

Land sales exploded in the third quarter, as buyers who could not find an existing home to their liking elected instead to buy land to build their own. While the summer spike in lumber prices abated somewhat, many land buyers intending to build homes had to defer groundbreaking because of the backlog of pending orders with most architects and home builders. Sales transactions and dollar volume were both up triple digit percentages in almost all primary service areas, including Snyderville Basin and Jordanelle. Overall land sales in Summit and Wasatch counties were up 76%.

The price increase expected when supply decreases pushed the median sales price for land region-wide up 71% to $490,000. Snyderville Basin and Jordanelle areas both saw sales transactions doubling over the previous year. Jordanelle led the way with 466 lots sold and a median price increase to $450,000 (up 57%). Jordanelle, Park City Limits, Snyderville, and Heber Valley all saw a substantial increases in sales volume and transactions sold for 2021.

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Time on Market Relative to Price

If you are contemplating selling your property, there may be no better time than right now. Inventories are critically low, and with expected increases in mortgage rates and concerns over rising inflation on the horizon, this strong seller’s market could shift. The data below weighs the time on market against the median price (2020 vs 2021). Take note of the drastic reductions in time on market, demonstrating how quickly properties are being absorbed. Frankly, we’ve never seen such low absorption rates in our market.

Absorption Rate: the number of months it would take to sell the currently listed properties on the market factoring in median list price.

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Price Appreciation by State

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The Season Ahead

We anticipate a busy ski season and continued interest in our amazing Wasatch Back community. Real estate here consists of highly segmented markets with nuances that vary significantly from one neighborhood to another and even from one house to another. Comparisons are hard to read on paper due to the unique features of individual properties, such as amenities, condition, style, location, age, view, and inventory. For a full, professional valuation of your property, reach out.

Ski season will be starting soon! We are hoping for plentiful snowfall and look forward to seeing you out on the slopes and around town soon.