The 2021 year-end stats are hot off the press, providing a quick look at how last year stacked up to 2020. Simply put, it was another record year in most of our market area, with extremely low inventories and high demand fueling price increases. 

As you will see in the statistics below, the total number of transactions is down significantly in many areas, particularly for single family homes. This shortfall in inventory spurred incredible increases in median prices across all property types. Park City's single-family median sale price rose 32% and now sits at $3,300,000, while the Heber Valley's single-family median sale price increased 26% to $899,000.

Keep reading to see what's happening in your area or the area you're looking to move to. If you've ever considered selling, there's no better time. We're working on the full analysis and evaluation of the year-end stats, which will be available in the next week or two. If you would like any additional info about how your area(s) of interest performed during this past year, please reach out!

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12 Month Rolling Year-Over-Year  |  Jan 2020 - Dec 2020  vs  Jan 2021 - Dec 2021
CONDOMINIUMS by Neighborhood
VACANT LAND by Neighborhood or Area

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It is hard to say with certainty what will happen in the coming year, but at the moment, there are two things worth keeping an eye on - inventory and interest rates. These two key metrics have the greatest potential to shape the real estate market during the coming months. 
Residential Properties & Land - Park City MLS - as of December 31, 2021
The chart below illustrates that the Wasatch Back inventory for residential properties and land remains at record low levels.
INTEREST RATES  As of January 20, 2022

As expected, interest rates have started to move upward following an extended period of historically low levels. More rate hikes seem likely at this point, but we will of course keep an eye on this moving forward, as it could have implications for both pricing and inventory.

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While the above snapshot of the Year End 2021 Market Statistics gives a brief overview of activity, the more in-depth Market Pulse Report will be in your inbox in the next week or two. This report will provide more detailed evaluation and analysis of the Wasatch Back real estate market.

As usual, please don't hesitate to reach out if you have any questions about your specific real estate needs. Hope you are enjoying an outstanding start to the new year!
Look for the complete
Market Pulse Report: YEAR END 2021
in your inbox in a couple of weeks!