Housing and the Pandemic Effect
During the eight years leading up to the pandemic, Park City home prices were rising at an average rate of just over 8% per year. After Covid-19 started to impact the economy the Federal Reserve started on a massive buying spree of treasury and mortgage-backed securities, which ultimately caused mortgage rates to plunge and home prices to soar. From mid-2020 to mid-2022 Park City single family homes and townhomes experienced a staggering increase in value of about 65%.
Taming Inflation
In early 2022, however, things changed when Fed Chair Powell announced an end to this buying spree, and mortgage rates quickly began to rise. By June of that same year buyer traffic decreased dramatically. As of Jan 1, 2022, inventory levels were at incredibly low levels with only 80 homes and 5 townhomes available for sale in all of Park City. While inventories have since increased, they are still at lower than normal levels. This is especially true for the number of townhomes available for sale in Park City.
Townhome Trend
While we are affected by high interest rates, looking at townhome sales over the last 6 months – 51% have been cash purchases. Townhome sales in the 1st half of 2023 are 32% less than the last half of 2022. This is partially due to the continued low inventory.
The PARK CITY REAL ESTATE market is currently favoring Townhome Sellers
Mid-year Park City Townhome
stats as of 06/30/23
| Active Listings | # Sold 01/01/23 – 06/30/23 |
Absorption Rate |
| 45 | 77 | 3.5 month’s supply |
Townhomes that sold averaged 47 DOM (days on market)
and 40 % of sales pended in 10 days or less
Compare to
Single Family Homes
| Active Listings | # Sold 01/01/23 – 06/30/23 |
Absorption Rate |
| 250 | 154 | 10 month’s supply |
Single Family Homes that sold averaged 107 DOM
Is it time? With a townhome listing specialist, selling is a breeze.
Get started by contacting us today.
Townhome Market Update by Area
- Lower Deer Valley
- Old Town
- Prospector
- Park Meadows
- Silver Springs
- Sun Peak/Bear Hollow
- Pinebrook
- Kimball Junction
Lower Deer Valley |
# available for sale |
# sold/yr 10 year avg |
# sold 1st half 2022 |
# sold 2nd half 2022 |
# sold 1st half 2023 |
| Deer Lake Village | 0 | 3.2 | 1 | 2 | 0 |
| Pinnacle | 0 | 4.2 | 3 | 0 | 3 |
| Aspenwood | 0 | 2 | 2 | 0 | 1 |
| Boulder Creek | 1 | 1.7 | 0 | 0 | 0 |
| Daystar | 0 | 1.6 | 0 | 0 | 0 |
| In The Trees | 0 | < 1 | 1 | 0 | 0 |
| La Maconnerie | 0 | < 1 | 0 | 0 | 0 |
| Lakeside | 1 | 2.6 | 0 | 1 | 1 |
| Pine Inn | 0 | < 1 | 0 | 0 | 0 |
| Queen Esther | 0 | 1.9 | 0 | 1 | 0 |
| Stonebridge | 0 | 2.2 | 0 | 0 | 2 |
| Wildflower | 0 | < 1 | 0 | 1 | 0 |
Old Town |
# available for sale |
# sold/yr 10 year avg |
# sold 1st half 2022 |
# sold 2nd half 2022 |
# sold 1st half 2023 |
| 14th St Townhome | 0 | < 1 | 1 | 0 | 0 |
| Foxglove | 0 | 1 | 1 | 0 | 1 |
| Greyhawk | 0 | 2 | 2 | 2 | 0 |
| Kings Crown Townhome | 0 | < 1 | 0 | 0 | 0 |
| Park Ave Condos | 0 | 4.8 | 0 | 2 | 2 |
| Payday | 1 | 2.5 | 0 | 3 | 0 |
| Portico | 0 | 2.7 | 0 | 0 | 0 |
| Settlers Ridge | 2 | < 1 | 1 | 0 | 0 |
| Silver Pointe | 0 | < 1 | 0 | 0 | 0 |
| Silver Star Cottages |
0 | 1.4 | 1 | 0 | 2 |
| Silver Star Spiro |
0 | 3.5 | 2 | 3 | 0 |
| The Lofts on DV Drive | 0 | 1 | 0 | 0 | 0 |
| Three Kings | 1 | 5.5 | 4 | 2 | 3 |
| Victorian Village | 0 | < 1 | 1 | 0 | 0 |
| Wasatch Condominiums | 0 | < 1 | 1 | 0 | 0 |
Prospector |
# available for sale |
# sold 10 year avg |
# sold 1st half 2022 |
# sold 2nd half 2022 |
# sold 1st half 2023 |
| Chatham Crossing | 0 | 2.4 | 0 | 1 | 1 |
| Canyon Crossing | 0 | 3.8 | 1 | 3 | 0 |
Park Meadows |
# available for sale |
# sold 10 year avg |
# sold 1st half 2022 |
# sold 2nd half 2022 |
# sold 1st half 2023 |
| Lakeview | 0 | 1 | 0 | 0 | 0 |
| Last Sun at the Cove | 0 | 3.7 | 0 | 0 | 1 |
| Four Lakes | 0 | 4.4 | 2 | 1 | 1 |
| Racquet Club | 2 | 10 | 1 | 2 | 0 |
| Fairway Village | 0 | 3.1 | 1 | 3 | 0 |
| Cove at Eagle Mountain | 0 | 5.2 | 0 | 2 | 1 |
| Parkview | 0 | 1.3 | 2 | 2 | 0 |
| Saddle Condos | 0 | 1.1 | 0 | 0 | 0 |
Silver Springs |
# available for sale |
# sold 10 year avg |
# sold 1st half 2022 |
# sold 2nd half 2022 |
# sold 1st half 2023 |
| Ptarmigan | 0 | 1.5 | 1 | 1 | 0 |
| Meadow Wild | 1 | < 1 | 0 | 0 | 2 |
| Quail Meadows | 0 | 1.9 | 0 | 1 | 0 |
| Silver Meadows | 0 | < 1 | 0 | 1 | 0 |
| Willowbend East | 1 | 1 | 0 | 1 | 1 |
| Willowbend West | 0 | 1.3 | 1 | 1 | 1 |
Sun Peak
|
# available for sale |
# sold 10 year avg |
# sold 1st half 2022 |
# sold 2nd half 2022 |
# sold 1st half 2023 |
| Enclave | 0 | 4 | 1 | 1 | 2 |
| Bear Hollow Village | 1 | 10 | 3 | 1 | 1 |
| Cove at Sunpeak | 2 | 3.9 | 4 | 3 | 0 |
Pinebrook |
# available for sale |
# sold 10 year avg |
# sold 1st half 2022 |
# sold 2nd half 2022 |
# sold 1st half 2023 |
| Brook Hollow | 1 | 3.5 | 0 | 4 | 1 |
| Pinebrook Cottages | 0 | 5.8 | 1 | 1 | 2 |
| Cedar Ridge | 1 | 6 | 5 | 2 | 3 |
| Courtyards at Quarry Village | 0 | 5.2 | 1 | 2 | 2 |
| Elk Run | 1 | 6.3 | 5 | 4 | 0 |
| Quarry Springs | 2 | n/a | 1 | 2 | 0 |
| Discovery Ridge | no history yet |
Kimball Junction Area |
# available for sale |
# sold 10 year avg |
# sold 1st half 2022 |
# sold 2nd half 2022 |
# sold 1st half 2023 |
| Newpark Residences | 1 | 8.1 | 2 | 6 | 0 |
| Newpark Terrace | 2 | 5.4 | 2 | 1 | 2 |
| Nevis at Newpark | 1 | 2.5 | 3 | 1 | 0 |
| Fox Point | 1 | 8.5 | 7 | 5 | 2 |
| Fiddich Glen | 0 | 1 | 1 | 0 | 0 |
I consistently track townhome stats. Call me with any questions or to discuss your current market value.
Tom Ward, Realtor
CLA, CSA, CRS, e-Pro, GRI, SRS
Winderemere Real Estate – Utah
I’ve been a full-time agent in Park City since 1994. I have a passion for the art & science of home resales, and a track record of delivering results that “move you”. Don’t hesitate to contact me for information regarding the selling process. It’s never too early to start preparing for a sale! And if you’re next purchase is a right-sizing move, let me help you find a perfect fit.
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