Park City Utah Real Estate Blog

bald eagle deer valley luxury ski home

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

In particular, 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 a decline 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

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conforming loan limits map 2023 high cost areas

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

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park city real estate trends october 2022

The current landscape of low inventory and higher interest rates is causing the pace of sales to slow in Park City, Utah. Although activity has slowed some, we still would not refer to the market as slow.

The pandemic-fueled seller's market continued this year through the end of our winter season. Then for the first time in the last two years, we saw a typical seasonal slowdown in the off-season resulting in fewer early summer closed sales. With the tapering off of the pandemic buying spree and a more typical off-season, the summer sales activity felt somewhat like a return to normal. For the town of Park City, closed sales prices have been relatively steady, with a slight dip in median price for the last three months, but a slight increase in

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skiing at park city ski resort

Utah's winter ski season is getting off to a great start. Another significant winter storm passed through the Wasatch Mountains earlier this week, bringing year-to-date snow totals (for the 22/23 season) up to 100" inches. Temperatures have been cold, allowing the resorts to blow artificial snow while receiving a blizzard of Utah's famous fresh powder.

Deer Valley and Park City are starting to accumulate a solid base, while the resorts in the Cottonwood Canyons got pummeled. Our early-season snowpack is way above normal, allowing most of Utah's ski resorts to open early. Looks as though it will be a great year!

 

Snow Report & Ski Resort Opening Dates

Alta
100" YTD snow total  -  Opens on November 18

Brighton
72" YTD snow

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Trick or Treat Halloween on Main Street Park City

Halloween on Park City's Historic Main Street was named one of the top Halloween celebrations in the country by Travel and Leisure magazine. This super popular annual event is not only for the moms, dads, and kids, but also a great time for your four-legged family members as well.

Main Street Trick-or-Treating runs from 3:00-5:00 p.m. with most Main Street merchants generously handing out candy and participating in the fun. This early time allows the kids to get out before dark, and before the fall season cold sets in. Every year, celebrating Halloween in the mountains, you never know if it will be a beautiful sunny warm day, or freezing wind and blowing snow. We have experienced many versions of both!

Getting to Main Street & parking can be

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st regis residences snow park deer valley

The Residences at The St. Regis Deer Valley Snow Park is an exclusive new offering of twelve private residences located at the base of Deer Valley® Resort.

Since 2009, The St. Regis Deer Valley has brought the world class, highly acclaimed luxury hotel brand and amenities to Park City, Utah. Just released is a new offering of twelve to be built, luxury Residences. The convenient Snow Park location enjoys private on-site amenities and all the extraordinary benefits and services of the St. Regis Deer Valley.

Residences at the St. Regis Snow Park Features List:

  • Adjacent to Deer Valley’s Snow Park Lodge and Ski School with direct shuttle access
  • Ownership includes Deer Crest Club privileges while in residence
  • Restaurant and bar in the
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park city real estate market trends september 2022

Nationally, mortgage applications have hit a 25-year low as higher rates and Hurricane Ian reduce demand. A weekly survey by the Mortgage Bankers Association showed requests for purchase loans were down a seasonally adjusted 13 percent last week compared to the week before, and 37 percent from a year ago. Demand for refinancing was hit even harder, falling 18 percent from the previous week and 86 percent from a year ago.

In Park City, Utah, we saw six consecutive months where the average for days on market (DOM) was under 40. September 2022 saw the DOM jump back up to 67. Although quite an increase from the busy spring and summer, it was below last September at 76 DOM. The increase is likely due to typical seasonality and current market conditions,

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park city real estate statistic trends august 2022

SIGNS OF A MORE BALANCED MARKET

Looking at real estate activity for August 2022, we see inventory leveling off at around 450 active residential listings in Park City (homes & condos). Although that is much higher than what we had last year, it is still well below the 800 listings we carried in 2019, before the pandemic. We saw a slight dip in August for the median sales price from the previous month, but we are still up in median sales price over the previous year by 21%. Sales activity has been trending slower throughout the year, although August was up compared to July. For five consecutive months, the average for days on market has been hovering just under 40 days. One of the more substantial changes, the sold-to-list price ratio has gone from

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deer valley ski resort utah

Last Week to Purchase a Season Pass Before Price Increase

The 22/23 Winter Ski Season is quickly approaching, and this is the last week to buy your season pass before prices increase in October. The ski season is scheduled to begin on December 3rd, and close on April 16, 2023.

A full season pass will cost you $2,675 or $1,465 for a midweek pass. Midweek Season Passes permit skiing, Monday through Friday only, excluding the holiday period of 12/26/22 – 12/31/22. Deer Valley offers lower rates for seniors, young adults, children, tots, college students, and members of the military.

Deer Valley Resort is part of the very popular Ikon family of ski passes. With your Deer Valley Full Season Pass, you can add a full or base Ikon Pass, allowing

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park city real estate statistics trends july 2022

Is the real estate market starting to cool down?

Are HOME prices declining in Park City and Deer Valley?

The real estate market in Park City remains relatively healthy and active, although at a slower pace compared to the frenzy of the past couple of years. Multiple offers are far less common but not non-existent. Inventory is building, but we still see a good amount of sales, whereas the sought-after properties are trading. Many buyers are out there, hovering; they seem to be in the watching and waiting phase - hoping prices will come down, which has not really happened.

We continue to see price reductions on existing listings. But these reductions so far have been overpriced listings coming back down to reality. When we look at the prices

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