Utah is again in the headlines with another high ranking - this time as the #1 Best State. The Best States rankings by U.S. News & World Report compile thousands of data points into 71 metrics across eight categories to measure how well states perform for their citizens. Some categories have more weight than others, based on surveys of what people value the most. The eight categories, in order of importance, are; Health Care, Education, Economy, Infrastructure, Opportunity, Fiscal Stability, Crime and Corrections, and Natural Environment.
The 2023 list of Best States by U.S. News has Utah at #1, Washington (a previous winner) at #2, and Idaho at #3. For the individual categories, Utah ranked #1 for Economy, #1 for Fiscal Stability, #4 for
For eight consecutive months, the number of active listings for residential properties in Park City has been on the decline. Last year, March had 197 listings for sale, then climbed to over double at 460 listings in July 2022. Since July of last year, the number of properties available to buyers has decreased to 345 listings for sale in March 2023. The number of closed sales in March 2022 was 119, with only 86 in March 2023, a decrease of 28%. Last spring seemed to be the start of the slowdown from the rapid-fire activity fueled by the pandemic, so, logically, we would see a decrease in unit sales year over year. Year-to-date, the slowdown is more apparent, with Q1 2022 having 364 sales and Q1 2023 only at 177 sales, a decrease
skiing in Utah well into the month of May, possibly June?
Below is a list of the current scheduled closing days at Utah's most popular ski resorts. Many resorts have extended their seasons with the substantial snowpack. Snowbird just hit 785 inches, Alta is at 843, and Brighton is at 836! It has been an insane year that will provide for amazing spring skiing. Each year Snowbird typically runs lifts until they run out of snow, and this year they should easily get to, and maybe past the Memorial Day holiday weekend. New this year, Brighton ski resort will be running the Millicent Chair Meltdown, with plans to run the popular Milly lift until May 29th. This will be a fun year of slushy, soft spring skiing - if we ever stop getting new storms and epic
Deer Valley Resort just announced plans to stay open for an extra week this ski season. The resort was scheduled to close on Sunday, April 16, but will now stay open until Sunday, April 23rd. The plan is to keep lifts open on Bald Mountain and Bald Eagle Mountain.
With 485 inches of snowfall this season, this ranks as the best year on record for the resort, breaking the 484-inch record set in the 2016-2017 winter. We should soon see Deer Valley hit 500 inches of snow, which is an amount typically only seen in Utah's ski resorts in Big Cottonwood Canyon and Little Cottonwood Canyon.
The Cottonwood Canyon ski resorts are only an hour's drive from Park City. These resorts (Alta, Snowbird,
The Mason is the newest resort development in Park City - launching 33 new to-be-built residences. Located by the Jordanelle Reservoir in the Mayflower Jordanelle community, The Mason is surrounded by the lake to the east, and Deer Valley and Park City ski resorts to the west, with mountain trails in all directions. The Mason units include fully-furnished, 1-3 bedroom residences, within an amenity rich building. Starting from the original Lodge at Stillwater, The Mason adds two new building additions and a complete remodel of the current building common areas. The Mason's refined designs, features and spaces raise the standard for mountain living.
The Mason offers turn-key, ready to enjoy furnished homes. The kitchens include semi-custom cabinetry
Marcella Club in Park City, Utah, has recently announced its newest amenity project, an 18-hole golf course designed by Tiger Wood's design firm, TGR. Marcella Club will be Tiger's fourth 18-hole original design and his first routed through the mountains. An early concept rendering shows a par-72 layout at over 8,000 yards from the back tees. The course will be part of 36 holes shared by Marcella Mountain and Marcella at Jordanelle Ridge, with private homesites available for purchase at each.
This exclusive new Tiger Woods course in Utah will offer membership accessible through property ownership only through two Marcella Club communities - custom homesites available now for the private ski community of Marcella Mountain on the slopes of Mayflower
For the fifth month in a row, we continue to see a decline in overall listings for sale in Park City. This past summer, July and August had 460 listings, with a steady decline down to January at 359. The median list price has gone up for eight consecutive months, however the median sold price has been declining slightly from August to October, but saw a bump back up in November, December and January. The price that a property sells for compared to it's asking price has been on the decline. Last year, in February, March and April we were seeing properties sell at numbers above their asking prices, but that has been coming down with January closed sales averaging at only 92% of their list price - showing that buyers and sellers are negotiating to get
The peak for listing inventory in 2022 occurred in July and August, each with 460 homes or condos for sale in Park City. The number of new listings coming to the market has decreased through the year's second half, reducing options for prospective buyers. For sold properties, 2022 saw 1,163 properties close, down 30% from 1,712 sold properties in 2021. Of course, 2021 was an anomaly resulting from the frantic pace fueled by the pandemic. The sales totals of 2022 were more on par with the pre-pandemic years of 2019 and 2018. As for prices, we saw the median asking price slide down by about 15% in December 2022 compared to December 2021. In contrast, we saw the median sold price increase by 6%. Buyers we talk with still seem to be watching and waiting
Sotheby's International Realty has released its Luxury Outlook Report for 2023. A few notable thoughts on trends in the article reflect what we have seen here locally in Park City and Deer Valley.
See the link below for the Sotheby's 2023 Luxury Outlook Report
We see a divide growing between buyers and sellers. Sellers expect a pace of sales activity consistent with the last two years, while buyers are seeing losses in the stock market and expect those results to translate into reductions in real estate prices. Neither is quite the right outlook.
We recently heard a quote calling our current market a "Nobody's Market," meaning we're not in a Buyer's Market or a Seller's Market. Neither side has favorable terms, and both seem to have
For the first time ever, conventional loan limits have risen past $1 million. As home prices rise year-over-year, it forces buyers into larger mortgages. Therefore, the loan limits also need to increase to match inflation in the housing market.
For most of the U.S., the new conforming loan limits will increase to $726,200 - up from $647,200 in 2022. In Utah, Summit County and Wasatch County qualify as high-cost areas. The loan limits for high-cost areas is moving from $970,800 to just over $1 million at $1,089,300. For a buyer placing the standard 20% down on a purchase, they could now afford a home priced at $1,360,000 ($272,000 down and mortgage for $1,088,000).
Curious about loan limits in your area, view the interactive map at the Federal