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…