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
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!