Park City 3Q 2019 Market Update

The Park City real estate market showed continued strength and stability as of the third quarter of 2019. The report below generated from Park City MLS data for the greater Park City area (zip codes 84060 and 84098) shows that over the past year inventory has continued to decline, absorption rates have increased, sale to list price ratios have improved, and prices - overall - have remained steady.

Notably, the under $2 million price point has been very active and is often inventory constrained for homes that do not need substantial renovation. Sales in the $1.5-$2.0 million range increased 44.7% over the past year. Sales in the over $3 million category are slightly slower, and inventory is somewhat higher in that category; however, pending activity in that price range increased in 2019 over 2018 indicating buyers are still actively bidding on properties in that price range.

While this report represents the overall Park City market, the data varies widely by neighborhood, asset type and price point. If you are curious how the market has performed in your specific neighborhood, please reach out to me, and I would be happy to provide you with a detailed market update for your neighborhood.