March 2022: Monthly Market Recap

BREAKING DOWN the Numbers:

• New Listings: Increased by 21% from the month before (February 2022) and down 5% from the year-earlier (March 2021). This is the second month of increased inventory in 2022.
• Pending Listings: Increased by 11% month over month and were down 39% year over year.
• Closed Sales: Decreased 5% from February but were down 23% from last year.
• Inventory: New record low at the end of January with only 486 residential and land listings. In February 39 units were added to inventory. March added 117 listings; The 117 net inventory gain is the fourth highest in the past four years, exceeded by only May (2019 and 2020) and June 2019). As we head into the spring market, inventory numbers are looking very optimistic for the first time in two years.

PRICING:

Single-Family Home:

• $3.17 million median sale price in Park City and Snyderville in March 2022.
• An increase of 4.1% from February and 51.1% over the past 365 days.

Condos:

• $1.255 million median sale price in Park City and Snyderville in March 2022.
• An increase of 0.4% from February and 43% over the past 365 days.

Stay tuned for the 2022 Quarter 1 Statistics coming later this month.

April Activities around Park City