2024 Q4 Market Report - Park City

2024 | Q4

Park City Real Estate

Demand has returned to pre-covid levels and has remained relatively stable since Q2 2022 Even excluding newconstruction, the level of sales of existing propertiesisabove"normal"levels Albeit, our market isnot as impacted by interest rates as the national market, yet rates do have an influence on our market With rates declining and new inventory arriving thisyear,theoutlookfor demandispositive

Inventory remains depressed and is down over 14% from the end of last year. With inventory down and sales stable, the absorption rate has dropped to ~4 months. Inventory is seasonal so expect the number of listings and the level of inventory to improve as temperatures rise this spring

Pricing appearsflat for our overall market.Yet,thisdependsgreatly upon the specific market area. For example, condo pricing in town suggests values fell by 0 2% while just over the hill, Jordanelle condo prices increasedover 17%

A quick look at the impact of new construction further complicates the overall pricing scenario. Returning to condos in town, excluding new construction, prices actually increased close to 10% Typically, new construction drives up the overall pricing for an area, but clearly, not always. About the only generalization one can make about our market is don't makegeneralizations

Our market isnuanced,complicated, and the impact of newconstruction only makes this more true Buyers and sellers are fortunate to work with well-informedagents.

Narrative

by Rick Klein, Park City Board of REALTORS®

Data sourced from Park City MLS for the period of 10/01/2024 to 12/31/2024 All information provided is deemed reliable but is not guaranteed and should be independently verified