About the Canyons Village Real Estate Market

Ranking among the top housing markets in the United States, Utah’s hot and relatively competitive real estate is largely attributable to strong job growth, low unemployment, mortgage rates, and delinquencies. The pandemic supercharged Utah’s housing market which was only further driven down by historically low-interest and unemployment rates.

 

To better contextualize current real estate market trends in Utah, and specifically, Park City, it is important to consider and analyze a variety of data points. Utah’s diverse and healthy economy continues to position the state in an advantageous and attractive position with residents old, new, and prospective.

 

Regional Economic Overview

The center of Summit County’s tourism economy, Park City has an array of impressive amenities for a town of a minor, full-time population. Tourism plays a significant role in the economic base of Summit County. As of Q4 2022, the sector provided 5,700 jobs, 40 perfect of the larger countywide job pool of 14,300.

 

Park City Unemployment Rate: Park City has an unemployment rate of 2.6% which is astoundingly lower than the 6% United States average.

 

Park City Job Growth: Park City has experienced a job market increase of 0.4% over the last year. Future job growth over the next 10 years is projected to be 39.6%. 

 

A ski resort community like Park City has a unique economic relationship with the larger regional area. The composition of Park City’s local economy and the character of the revenues are unique from traditional patterns found across Utah and the rest of the country, including other resort towns. 

 

Housing Market

As of November 2022, Park City home prices were down 3.3 percent compared to the same time the year prior. Park City’s real estate market continues to hold its competitive edge, holding a median home price of $1,465,000 as of December 2022.

 

Utah’s housing prices continue to climb at a rapid pace, however, it has yet to be known if this is sustainable in view of rising mortgage rates. In 2022, we can see a decrease in the speed of price growth compared to 2021. Rapidly rising inventory levels and mortgage rates have put the brakes on the Utah housing market. However, prices are expected to climb in all the counties in single digits.

 

Housing Market Statistics

In the third quarter of 2022, 7,134 homes were sold, representing a 31.6 percent decrease year-over-year in home sales.

 

Home Sales: Decreased by 16.1 percent compared to the previous quarter (Q2 2022)

Residency Sales: The average number of residences for sale in the quarter was up by 149 percent compared to the same time a year ago (2021).

Home Prices: Decreased by 5.7 percent compared to the second quarter of 2022.

 

Utah’s rapid population growth and job growth are the two driving factors of booming housing demand.