The third quarter of 2023 was one of remarkable stability for Park City real estate. After a relatively slow start to summer, results for August and September were nearly identical for both the quantity of sales and overall values. 344 residential sales transpired in this 90-day period, a 13% increase over the same period during a supply starved Q3 in 2022.

Despite an active summer, year-to-date sales lag the same period in 2022 by more than 7%; an indication of just how quiet the first half of 2023 was as the combination of tight supply, rising interest rates and overly abundant winter stifled activity. When looked at over a 24-month horizon, January 2022 through December 2023 may resemble a perfect U-shape.

Through the ebbs and flows of transaction volume, prices have remained largely stable over the preceding 21 months.

In fact year-to-date average price currently stands 7% higher than 2022 pulled higher by a quantity of sales greater than $10,000,000 that now exceeds the 12-month total for the prior year.

Median price, often the greater indicator of the overall market performance, is within 2% of last year despite greater headwinds.