Stein Eriksen Realty Group November 2023 Update
The Olympic Games are Returning to Utah!
HOW’S THE PARK CITY REAL ESTATE MARKET – November 2023
If you are thinking of listing your home for sale in Park City UT, you need the latest housing market data & trends! Our Park City Real Estate Market Update for November 2023 includes Stats for Single Family Homes, Condos & Townhomes.
In Summit and Wasatch Counties, the rate of sales (number of units sold) dropped 25% for single-family homes and 36% for condominiums from the full year prior. Sales declines across the region were attributed to continuing high mortgage interest rates and low available inventory, with the latter being the prime driver. Agents noted that the large majority of homeowners still carrying a mortgage financed their purchases at rates from one-third to one-half below the current prevailing market rates, making them extremely reluctant to sell if they have to finance a replacement home elsewhere.
Park City neighborhoods vary widely in price comparison and the Q3 year-over-year results continued that pattern.
For single family homes, all five of the major areas that make up the greater Park City market showed drops in units sold through the third quarter of 2023 vs. 2022. The exceptions were in neighborhoods where new construction is booming. Sales in the Silver Creek Village area nearly doubled over the previous year. A majority of the sales were newly completed or construction in progress on average prices just over $1.2 million. In Tuhaye, on the east side of the Jordanelle Reservoir, Talisker Club sales continued strong with units up 16% on volume of $108 million (up 42%) making for an average sale price over $3.7 million, up 22%.
Condo sales across the primary market range followed a pattern similar to single family homes. Year-over-year sales volume declined in all areas by 31%, primarily due to a lack of inventory to sell. Also, owners of those few properties who were willing to sell were holding out for much higher offer prices. Within the Park City limits, condo sales volume was down 32% but the median sale price rose 10% to $1.65 million. In the Snyderville Basin, the average sale price only rose by 1% to $1.25 million.
Real estate in the Wasatch back consists of highly segmented markets with nuances that vary significantly from one neighborhood to another and 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. Are you interested in a custom report for a specific property or area? Contact me today for a personalized report based on your needs.
View October 2023 Statistics for Single Family Homes/Condo-Townhouse
Single Family Homes in Park City (84060)
Condo/townhomes in Park City (84060)
Want more? Check out our monthly Park City Real Estate Market Updates here!
The Park City area is crucial to the Games, as was the case during the Winter Olympics in 2002. Park City Mountain, Deer Valley Resort and the Utah Olympic Park are identified as key competition venues. Soldier Hollow in nearby Wasatch County is also on the concept map of venues. Park City and the Summit County Snyderville Basin-area would be critical to the transportation, security and celebration planning.
Their choices to host the 2030 and 2034 Winter Games will go to the full membership for a final ratification vote next year, likely in July just before the start of the 2024 Summer Games in Paris.
To understand how the Olympic Games affect the local propert market, you should first understand the property market in general. The housing market is affected by factors such as interest rates, and the economic state of a host city, as well as hcanges in population and demand. Major events like the Olympics provide an influx of tourism and demand that will have an effect. We can look to the market trends leading up to and following the 2002 games on our area.
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#1 DEER VALLEY REALTOR 2021
Kristen Barber Principal Broker for the Stein Collection Brokerage, Stein Eriksen Realty Group. She specializes in providing sophisticated service to buyers and sellers throughout the Park City area and the surrounding luxury communities.
She has a successful track record dominating the real estate sales at Stein Eriksen Lodge and Stein Eriksen Residences; listing and representing the vast majority of Stein’s condos bought and sold.
