Market Pulse 2023
Newsletters - 1 Minute Read
1/30/2024
This newsletter reviews the 2023 market stats. The overarching theme is a return to pre-Covid "normal".
The statistical highlights are:
- Overall Median Sales Price: increased 3% with single family homes reaching $1,650,000 and condos achieving $1.136,000
- Overall Sales Volume: decreased by 2% for single family homes and 19% for condos
- Pending Sales: In the seven months from June through December of 2023, PCMLS members signed 1,260 residential purchase contracts, 20% more than the previous year (1,054).
- Variation Across Market: pricing was variable across the broader market, dependent on property type and neighborhood. For example, median prices for condominiums in Park City proper were up 8%, while most other areas were either flat or showed a slight decrease.
- Park City Limits: single family homes experienced a 5% decrease in median price yet registers an eye popping $3,690,000
- Snyderville Basin: single family home median price increased in value by 7% to $2,260,000
- Jordanelle: single family home increased 94% to $3,180,000 due to higher end new developments