Derrik Carlson's Market Updates for Park City & Deer Valley Real Estate Trends - 2020 to 2022.
This Park City market trend report has been continually updated throughout COVID-19. Dates reflect 12/31/2019 to 12/31/2022
Key points: Update January 2023
Key Points: An in-depth recap of The Real Estate Market in Park City, Utah, 2020, 2021 & 2022. (Updated Jan 12, 2023)
The Review of the Park City Estate Market has been organized into three parts: A review of market trends for 2022, updated real estate data for 2021, and an in-depth study of the history since the COVID lockdown in early 2020.
We review what the typical buyer thinks to be a Park City - Park City property and Snyderville Basin (84060 & 84098). For a general discussion, we could begin to feel the market slow as interest rates increased. Buyers were pulling back, and sellers receiving up to ten offers were only receiving one or two.
The statistics in this article won't show the full story of what really took place with real estate in Park City. Up to the fall, inventory was still depleted, and well-priced homes sold well throughout the year.
By year's end, we could find properties for clients, but with the talk of a recession, buyers wanted the perfect property with a five percent discount off the listing price. At the time of this update, there are still only eight genuine ski-in-ski-out homes for sale in Park City.
Review of My 2022 Prediction
Below is the information I wrote reviewing what I thought would happen in 2022. I thought it would be fun to look back and see where I was right and where I was wrong:
Home prices only increased by about half of what I predicted on the low side, but that could be due to statistically skewed data. The prediction about condos was pretty much spot on for the high side of appreciation. Again, most likely, that's because of skewed data and some of the new construction projects closing at Canyons Valley and Deer Valley.
Going into 2023, I still believe we are boiled down to people that want to be here, and we have sellers that have a great interest rate they don't want to lose, or if they sell with a profit they don't know where else to put their money for the return they believe they will receive in the future.
Park City Real Estate Forecast for 2022
Coming out of the 2020 COVID lockdowns, buyers had their choice of what they wanted in a home if they decided to write an offer quickly. Unfortunately, 2021 was a race to the end to purchase the remaining properties with a bit of craziness in the market. Many winning buyers have been offering cash with a quick close and releasing earnest money upon mutual acceptance of the contract – speed and being aggressive have been the key to winning multiple offers.
What will 2022 bring to the Park City real estate market? My professional opinion is that we are past the peak of the market's craziness, but the demand is still extremely high, while inventory will remain low. Basic econ will tell you that prices continue to increase.
We are boiled down to people who love the Park City lifestyle and don't want to sell unless there's a significant life change. Many previous buyers wouldn't sell if you offered double their purchase price. The utility and enjoyment are too great to sell for a profit, and they'll need to pay more taxes.
I've told clients that Park City real estate has a huge upside when looking at Aspen and Jackson Hole for years. Our prices ran at 50% of other luxury ski towns that aren't convenient, but we've broken away from a half-price market. As a result, Park City is trying to find a new equilibrium for pricing. Barring any catastrophe, I expect pricing to settle 20% to 40% higher than today's pricing.
By clicking the link below, you can review graphs and additional detailed information about the happenings with real estate in Park City since 2020.
Top Real Estate in Park City Searches:
- Park City Golf Properties - Promontory, Glenwild, Tuhaye, Victory Ranch, etc.
- Ski-In-Ski-Out Homes and Condos - Search Deer Valley, Park City Mountain Resort, and Canyons Village.
- New Listings - Find the latest listings in the area!
- Search Luxury Properties - Homes and condos priced from $3million to $35million.
- Map Search for Park City Real Estate - Use the map tool to find every home from every broker on the MLS.
- Park City Neighborhoods - Which community of Park City works best for you?
- Real Estate Listings With Price Reductions - view homes and condos where the seller has dropped the price.
* Originally posted on Thursday, May 21, 2020. This page has been continually updated; the most recent update was in January 2023.