Looking historically, the Park City real estate market has been impacted by numerous events:
- The 2002 Winter Olympics put Park City on the map driving development and purchases through 2005
- The Financial Crisis of 2007-2008 resulted in a decreased number of transactions in 2008/2009 as well as average price per square foot declines ranging from -30% to -40% from peak levels until the rebound in 2012/2013
The COVID-19 Pandemic has driven Park City real estate to all-time highs with the lowest levels of inventory seen in over 20 years.
- Contracts are being listed faster than they can be replaced.
- We have written twice as many contracts this year as we did in the same time period last year (YTD).
- The inventory shortage is more severe in some places than in others.
Let’s take a look at how the Park City market has faired compared to some other popular mountain town destinations.
For a more in-depth review of the market or to get a better understanding of how much your home might be worth in this strong market please don’t hesitate to reach out.
| Park City: | 2019 | 2020 | % Change |
| Average Sold Price: | $1,207,418 | $1,536,913 | 27.3% |
| Average Sold Price per Sq Foot: | $341 | $481 | 41.1% |
| Average Days on Market: | 100 | 94 | -6.0% |
| Highest Sold Price: | $32,500,000 | $20,000,000 | -38.5% |
| Lowest Sold Price: | $100,000 | $98,500 | -1.5% |
| Number of Properties Sold: | 1825 | 2426 | 32.9% |
| % Sold Price to Original List Price: | 96.2% | 97.2 | 1.0% |
| Total Dollar Volume Sold: | $2,203,537,006 | $3,728,551,137 | 69.2% |
| Big Sky: | 2019 | 2020 | % Change |
| Average Sold Price: | $1,118,809 | $1,628,542 | 45.6% |
| Average Sold Price per Sq Foot: | $449 | $565 | 25.9% |
| Average Days on Market: | 113 | 142 | 25.7% |
| Highest Sold Price: | $7,100,000 | $9,350,000 | 31.7% |
| Lowest Sold Price: | $72,500 | $180,000 | 148.3% |
| Number of Properties Sold: | 269 | 376 | 39.8% |
| % Sold Price to Original List Price: | 97.6 | 96.2 | -1.5% |
| Total Dollar Volume Sold: | $300,959,629 | $612,331,718 | 103.5% |
| Vail: | 2019 | 2020 | % Change |
| Average Sold Price: | $1,300,483 | $1,572,335 | 20.9% |
| Average Sold Price per Sq Foot: | $541 | $602 | 11.3% |
| Average Days on Market: | 121 | 114 | -5.8% |
| Highest Sold Price: | $20,750,000 | $29,750,000 | 43.4% |
| Lowest Sold Price: | $80,000 | $139,500 | 74.4% |
| Number of Properties Sold: | 1351 | 1682 | 24.5% |
| % Sold Price to Original List Price: | 96.6 | 97.1 | 0.6% |
| Total Dollar Volume Sold: | $1,756,953,363 | $2,644,668,179 | 50.5% |
Reach Out
Julie Snyder, INHABIT Park City Summit Sotheby's
TEL. 339-222-0935
EMAIL. julie@inhabitparkcity.com
