T
he Park City Board of Realtors' report highlights the steady growth of the local real estate market in Q3 2024. Compared to pre-pandemic averages from 2013-2019, sales are within 8% of returning to normal. The primary market, including Summit and Wasatch counties, saw a 21% increase in single-family sales volume year-over-year, with average and median sale prices growing by 3-5%. Condominium sales also surged, with a 12% increase in units sold and a 7% rise in median price.

    Inventory levels continue to rise, with 1,144 homes available for sale as of September 30, up 9% year-over-year. This has alleviated concerns among buyers about missing out on limited housing options. New listings and contracts written have remained steady across the region since mid-summer.

    Total sales volume for single-family homes in Summit and Wasatch counties increased by 21% from the same period a year earlier, with prices rising modestly. The median home sale price in the PCMLS primary market area reached $1.7 million through Q3 2024.

    Market activity varied widely between neighborhoods and areas, with Heber Valley experiencing a 39% increase in sales, driven by a relatively low median price of under $1 million. Promontory saw the largest price gains, up 16%, while Tuhaye's median price jumped to $4.65 million, making it the most expensive area west of Hwy 40/189.

    Condominium prices also varied widely, with the Jordanelle area showing a 42% gain in sales volume and a 6% rise in median sale price. However, a significant portion of these sales were newly constructed units at lower price points, which skewed the overall median price.

    Agents' observations suggest that the market is "most of the way back to normal," with fluctuations between neighborhoods. The report notes that new inventory will be coming to market in the next quarter, including the Deer Valley East Village and Cormont development, which should ease supply constraints. Some buyers are turning their attention to Midway and Heber City due to higher prices in Park City and Snyderville areas.