Park City Utah Real Estate Blog

luxury home in midway utah

We often get questions from out-of-state buyers that have heard about Summit County's Primary Residence Tax Exemption. Many potential buyers ask questions regarding how the exemption works with investment property. The below information can be used as a general guide, but be sure to verify any important information (or rule changes) with the Summit County Assessor's office.

The Primary Residence Exemption is an exemption for property owners living in their property full time, or that have rented their property to a single tenant year round. A property that is granted a primary residence exemption is only taxed at 55% of the market value of the home and up to one acre of land. Vacation rentals and second homes do not qualify for the primary

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A Market like never before

Residential real estate inventory in Utah is now half of what it was in 2019. The buyer profile has also dramatically changed. The work-from-home and distance learning lifestyle has allowed families more flexibility to live where they choose. For many, the lure of vacation destination towns has always been attractive, but now finally achievable. Out-of-state buyers from larger city markets have been influencing Park City market prices by what they are willing to pay, rather than more traditional methods of pricing being determined by analysis of recently sold comparable properties. The average and median home prices have been rising at a rapid pace.

Utah property available inventory

AVAILABLE INVENTORY

Looking at the total amount of properties for

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park city kimball arts festival

The Kimball Arts Festival is back for 2021, after being canceled due to the pandemic in 2020. The "Arts Fest" has been a long-time favorite event for Park City's summer tourism season. Parkites especially love this event, with free access on Friday evening for locals. The Festival runs from Friday evening through Sunday. Adult tickets are $10 per day, kids at $5, and five and under are free. VIP passes are also available.

In addition to Park City's numerous bars and restaurants up and down Main Street, Kimball Arts Festival partners with local restaurants and food trucks to host featured culinary artisans. Mountain Town Music will provide local and regional music guests on two outdoor stages.

We highly recommend using Park City's FREE Public

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Park City July 4th Celebration Parade

For 2021, Park City is changing up the schedule for one of our most popular holidays. Independence Day in Park City is widely regarded as one of the best times to visit. Over the years, this holiday has seen packed crowds, throughout the day, with many family-friendly activities. Park City has decided to space the holiday celebration over three days to space out the crowd levels as we emerge from the COVID pandemic. This year, the 4th of July falls on a Sunday. The famous Park City Parade will be on Friday the 2nd. For Saturday the 3rd, we'll have the Air Force Flyover and outdoor concerts at Park City's Canyons Village. Sunday will feature the Park Silly Sunday Market and a car-free Main Street.

We also want to remind the community that under the

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empire pass deer valley resort utah summer

Summer is back, and we are starting to see visitors return and the town filling up again. So many people are back out at the Silly Market, Deer Valley concerts, hiking, biking, boating, fishing and golfing; life seems to be reasonably well back to normal. As people continue to make dramatic lifestyle-focused changes, real estate remains very active throughout the country, with mountain towns such as Park City seeing robust sales. The COVID pandemic is winding down, and the rebounding economy and opening of travel continue to fuel buyers' decisions to purchase a second home in their favorite vacation destinations.

If we compare the last 12 months to the previous 12 months for the Park City MLS (all product types), the trend continues with low

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Heli skiing at Diamond Peaks
Photo Credit: Luke Kupersmith

Heli Yeah!

Accessing Utah’s backcountry via an aerial elevator is the ultimate lift.

The dream: heli-skiing in Alaska.

The reality: sitting around in a drafty lodge, playing games on your phone, and waiting for the conditions to improve or the storm to clear so the choppers can fly.

When you [hope to] heli-ski up north, it’s not uncommon to spend several days (sometimes your entire vacation) doing everything you can to take your mind off the fact that you’re not skiing.

So how do you fulfill the quintessential skier’s dream without taking out a second mortgage and pledging personal sacrifices to Mother Nature’s collection of heli gods? The answer is Utah’s Diamond Peaks Heli-Ski Adventures.

Located in the

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New salt lake city airport

Image courtesy of slcairport.com

Whether you’re visiting Park City for Spring Break, or planning a vacation after the resorts close, you’re cleared for takeoff at the new SLC International Airport.

Stunning architecture, museum-quality artwork, couture shopping, and five-star dining. These amenities likely conjure thoughts of London, Paris, or New York City — not commercial air travel. But believe it or not, they’re also fitting ways to describe the new Salt Lake City International Airport.

Lauded as a “cathedral to transportation,” Phase I of the country’s newest airport opened in September of 2020 after 25 years of planning and over three years of construction. Topping out at over four million square feet and a $4 billion price tag, it’s

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upper deer valley ski resort homes

For many reasons, 2020 has been a crazy year that we will surely never forget. As we reflect on this past year, progressing through another busy holiday season, we feel very fortunate to live in a place as wonderful as Park City, Utah. When the pandemic started and the ski resorts closed earlier this year in March, we anticipated the real estate market would essentially shut down. In contrast, real estate in Park City has thrived.

As of December 22, comparing year-to-date of 2020 to 2019, we see some significant numbers. Interestingly, we see almost the exact amount of total listings of 7,001 in 2019 to 7,021 in 2020. However, the number of listings under contract grew dramatically from 3,005 to 4,577 - a massive 52% increase. In closed sales, we

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luxury home in park meadows in park city utah

When people ask, "What is the real estate market like right now?" our answer is, "Remember back in March when you were trying to buy toilet paper... Well, it's kinda like that."

What a crazy summer it has been here in Park City. With Coronavirus concerns throughout the country and the world, we have so many people relocating to our normally quiet little mountain town. Everyone who has a second home or vacation condo in Park City has been staying here all summer. Many of these residents have been buying larger properties to upgrade to living in Park City full-time. We also have many new visitors in town, buying property, making Park City their new home. Never has our market seen so many luxury home purchases, with so many record sales and new

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Pending Listings By Week In Park City Utah

Facts and Observations on the Real Estate Market in Park City, Utah.

Hard to believe it's the last day of June, and we are almost at the 4th of July weekend. You would think a pandemic would cause the time to drag along; instead, the days have been rushing by. It's hard to keep track as to what day it is. The July 4th holiday is typically the unofficial start to the busy selling summer season. With activity so high already, we wanted to review statistical data for the year.

The Facts

For the entire Park City MLS, year-to-date for all product types, and all categories, comparing last year to this year.

Total Active Listings
4,782 last year compared to 4,269 this year - Down by 11%

New Listings
2,507 last year compared to 2,157 this year -

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