With March often comes the first preemptive pangs of Spring. These brief respites from mid-winter snow and cold are just enough to get a taste of spring skiing and après t-shirt weather, only for snow and mid-winter conditions to quickly return. Based on annual averages March is the snowiest month each season, and while the jury is still out on this season (fingers crossed for some BIG spring storms!) there is no mistaking that March in the real estate world is as busy as ever. Just the other week our Summit Sotheby’s Park City offices placed over $114,000,000 in real estate under contract, while another $75,000,000 in transactions closed. Despite record low inventory, we’re still finding ways to get deals done. A powerful and connected network, proactive prospecting, and localized marketing are the lynchpins to servicing our clients in such a competitive market.
And believe me, it’s not just Park City. The Salt Lake market has been even hotter with massive buyer demand and just not enough listings to go around. Nearly everything is selling in multiple offers, with 15-20 offers becoming borderline routine in coveted areas of the valley. The Heber Valley housing market – where we will focus attention today – has also been very active, so much so that many of the areas new developments are pausing sales so that they can catch up to the construction demand. Enough with the intro, let’s dive into this month’s numbers.
Park City Real Estate
In order to get to our primary focus in this month’s update which is looking at stats in the Heber Valley housing market, I will keep the Park City portion of the update fairly general and brief. Lumping together single family homes and condos, it’s no surprise that active inventory continues to decrease, down 19% from January, and decreasing a whopping 62% from February 2020. New contracts in February were down 11% from January – not surprising due to a steadily decreasing inventory – but more than doubled up 132% from February 2020. This is due in large part to the fact that pretty much everything being listed (and even homes not listed) is going under contract as soon as it is listed. Average sales prices continue upwards with a 28% increase from January, and a 56% increase from February 2020 to a current average sold price of $2,200,000. More details below.
- Median sold price increased 16.1% from January 2021 and decreased by 17.1% from February 2020 to a current price of $612,450
- Median number of days on the market for February improved to a more “normal” sellers market at 28 days, surprisingly up from 11 DOM in February 2020, and up from 1 day on market in January 2021
- Active inventory decreased 29.3% from January 2021, and is down 62.7% from February 2020, finishing the month of February 2021 with only 106 Park City condos and homes on the market, only 2 of which are single family homes
- Median sales price ticked up slightly from January 2021 up 3.6%, and is down 9.5% from February 2020 to a current price of $1,607,150.
- Median number of days on the market for February 2021 are down to 6, a 14.3% decrease from January 2021, and down by 90.8% from 65 days on market in February 2020
- Inventory is down 19.4% from 93 active listings in January 2021, and is down a massive 72.7% from February 2020 a year ago, finishing January 2021 with 75 homes and condos on the market
- Median sold price dropped 12.9% from January 2021, and is down 5.1% from February 2020 to a current median sold price of $3,700,000
- Median number of days on market for February 2021 are 11 which is down 70.3% from 37 days on market in January 2021, and down substantially by 94.8% from 213 days in February 2020
- Active inventory continues to drop even at the higher prices, with February 2021 registering 114 actives, down 8.1% from January 2021, and decreased by 49.3% from February 2020 a year ago
Heber Valley Real Estate
Drawing many parallels to the Park City real estate market over the last year, the Heber Valley area (including Heber, Midway, and surrounding areas) has also seen large increases in average price with large decreases in homes for sale. In May of 2020, active inventory for single family homes at at 156 units, well within the average range for spring time inventory over the previous 5-6 years. June 2020 began the slide into a steadily decreasing amount of inventory, to what is currently only 34 actively listed single family homes in the entire area.
While inventory has drastically decreased, median sales prices for single family homes have drastically increased. From $459,000 in April 2020, to a $1,071,601 median sales price in February 2021, the Heber Valley housing market has seen a massive shift. While the area is still considered an “affordable” alternative to Park City, there is no doubt the pricing accessibility is shifting dramatically. The same can be said for new construction developments in the area, of which there are many. As construction costs increase, so do the prices of new home builds. Some developers are even halting sales and adding monthly sales limits, as opposed to ordinarily trying to hit sales goals, so that they have an opportunity to catch up on construction for new builds that are already under contract. More details on this months pricing below.
- Median sold price stayed about even from January 2021 and increased by 18.7% from February 2020 to a current price of $626,484
- Median number of days on the market for February is down by 89.3% from January 2021 to a current DOM of 7, and down by 23.5% from February 2020
- Active inventory is unchanged from January 2021 at 8 active listings, and is down 82.2% from 45 listings in February 2020
- Interestingly enough, median sales price dropped 15.4% from January 2021, and is down 21.3% from February 2020 to a current price of $938,671
- Median number of days on the market for February 2021 are down to 36, a 48.6% decrease from January 2021, and down by 15.3% from 43 days on market in February 2020
- Inventory is down 33.3% from 12 active listings in January 2021 to just 8 in February 2021, and unsurprisingly is down a massive 86.2% from February 2020 a year ago
- Median sold price is unchanged from January 2021, and is up 51.0% from February 2020 to a current median sold price of $2,295,000
- Median number of days on market for February 2021 are 53 which is down 37.1% from 84 days on market in January 2021, and down by 9.5% from February 2020
- Active inventory bumped up slightly month over month, with February 2021 registering 20 actives, up 11.1% from January 2021, however still down by a margin of 51.2% from February 2020 a year ago
Choose Park City Real Estate Sales for February 2021
- We put 5 properties under contract and have $7,800,000 in pending sales
- 3 transaction were finalized and we closed $6,400,000 in sales volume
- 3 of our buyers had their offers accepted despite competing against multiple offers
- 2 properties went under contract before coming to market, making a total of 6 pre-market sales that we have been a part of so far in 2021
- We have 27 properties and over $39 million in sales volume pending and closed year to date in 2021
Thanks for reading this months market update, and as always, reach out to us if you have questions on how these numbers will affect you and your situation. Whether you are a possible Park Meadows home buyer, potential Deer Valley home seller, or an interested property investor, we can put the stats and our Park City and Heber Valley housing market knowledge to work for you no matter what your needs and interests are. Everyone’s situations are different, so knowing how to apply the data is integral to making wise real estate decisions.
-Brendan Trieb, Choose Park City