Park City Utah Real Estate News - Sean Matyja

PARK CITY REAL ESTATE MARKET TRENDS THROUGH 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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DEER VALLEY RESORT'S INAUGURAL MOUNTAIN BEER FESTIVAL

Deer Valley Resort is hosting its inaugural Mountain Beer Festival on September 17 and 18, from 11 am to 4 pm. Utah has a celebrated brewing culture, including smaller producers such as Offset Bier and Park City Brewing to more nationally recognized breweries including Squatters and Uinta. The beer festival is an excellent opportunity to sample a wide range of flavors and styles from over a dozen Utah brewers.

For many locals, the fall season is the best time to be in Park City, and there could not be a better location for a beer festival than Silver Lake Village, with a backdrop of the resort's surrounding peaks. Festival goers will begin their day with free parking at the Snow Park base. Check-in is located on the Main Plaza at Snow Park Lodge. A…

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The Back Alley Bash Returns for August 2022

The KPCW/Cole Sport Back Alley Bash is back!

In recent years, this locals' favorite event has been held at the Town Lift Plaza on Main Street. This year, for the event's return, the new location is now at City Park. Scheduled for Friday, August 19th from 5pm to 9pm. The Bash event is FREE and includes live music by Mudpuddle & Sin City Soul and kid’s activities including face painting, a balloon twister and more. Local's Tip: The kids LOVE the face painting, and the line can be really long, so get to that spot early!

Normally, the Bash would host a beer garden, but this year at City park it will be BYOB.

No food or beverage will be available for purchase at this event. Bring your own food and drinks and KPCW/Cole Sport will provide the…

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Park City Real Estate Market Trends through June 2022

The national real estate market seems to be shifting, and in Park City, we also see some change. Depending on who you talk with or the news you subscribe to, you may hear varying predictions regarding the future of the real estate market. While it is difficult to predict the future, we can look at recent trends to get a sense of where things are currently headed.

Overall, the market for Park City does feel a little slower, perhaps a healthy change from the red hot market of the last two years. Inventory has been low but is building, which is encouraging for buyers. Mortgage rates have been moving up and are expected to increase further. Home selling prices do not seem to be declining, although we are starting to see price reductions on active…

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Recommended Mountain Bike Trail - Charlie's 9k

If you are visiting Park City and only have time to do one mountain bike ride, a trail we would recommend is Charlie's 9K Trail. As the name implies, the 9K Trail meanders up and down at an elevation of around 9000 feet. This trail is similar to the very popular Mid-Mountain Trail at 8000 feet. Charlie's 9K is easy to get to and can be biked (or hiked) as an out-and-back, enabling you to determine how far out you want to go and simply turn around and ride back. In the hot summer months, this is an ideal trail to ride as it is at a high elevation which is naturally cooler. Additionally, much of the ride is under the canopy of a mix of aspens and fir trees, providing a nice amount of shade from the sun.

The 9K Trail is relatively easy to get to, and…

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Float the Scenic Provo River near Park City Utah

Are you looking for some outdoor fun for the entire family? Floating Utah's beautiful Provo River is a great way to beat the heat. The river meanders down a stunning canyon with Mount Timpanogos as a backdrop. It's one of the closest places to river rafting near Park City. The season typically runs from May through September.

There are numerous ways to float the river; you can raft, kayak, paddleboard, or tube your way down. High school and college-age kids tend to enjoy tubing more than other age groups. With tubing, you are more exposed to the chilly water and scratches from twigs and branches that line the shores. The inflatable raft is a better option if you have a group with older grandparents or younger kids.

A float trip down the…

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Park City July 4th Celebration 2022

There is no better place to celebrate the 4th of July than Park City, Utah.

Enjoy a full day of activities with fun for the entire family. The Pancake Breakfast at City Park starts at 7am - a long-time tradition and a great way to start the day.

The Cole Sport 5k Fun Run starts at 8 am and benefits the athletes of Park City Ski & Snowboard. This race has a wonderful history, going back to the early 80's! Each year there are roughly 900 to 1300 runners, ranging in ages and abilities! This summer marks the 38th year for the 4th of July 5K Fun Run in our community and PCSS.

The July 4th Parade on Main Street starts at 11 am. This is a major attraction in Park City, so be sure to arrive early to find a good place to watch. The parade route begins…

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Are we seeing a shift in the Park City real estate market?

This last week marked the official start of Summer. The snow has melted, the mountains are green, and visitors are back in town. With record inflation and increasing interest rates, many wonder what the real estate market will look like this summer? Will we see a market shift or downturn for real estate in Park City? Will prices continue to rise, plateau, or possibly dip? These are great questions that are hard to answer with an accurate prediction of what will come.

Most real estate professionals do not foresee a housing market crash. Many believe that we may be seeing a shift in mindset, but it is too early to say if we are truly experiencing a shift in the market. Inventory does seem to be increasing, but will that lead to lower prices, or will…

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Park City Real Estate Market Update for December 2021

As we near the end of 2021, Utah real estate sales continue at a strong pace, and inventory continues at historically low levels. At Summit Sotheby's International Realty, our team has prepared market updates through the end of November 2021 with data aggregated from three different MLS systems – for the Wasatch Back (Park City), Wasatch Front, and Southern Utah.

Focusing on the Wasatch Back numbers, including Summit and Wasatch Counties, the number of properties sold hit historical highs from July 2020 through December 2020. During that time, the Park City real estate market experienced a range of about 300-400 sales each month.

Simultaneously, the available inventory dropped from 1,668 units in July 2020 to only 782 in April 2021. Inventory…

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Founder's Place - New Deer Valley Development Coming Soon

The next Deer Valley project by East West Partners will soon be announced. Founder's Place is located within the private gated community of Deer Crest, at the base of the Mountaineer chairlift at Deer Valley® Resort. Other East West Projects in Deer Valley include; Argent, One Empire Pass, Flagstaff, Arrowleaf, Shooting Star, Larkspur, and Paintbrush – all located in Empire Pass.

Founder Place offers direct ski-in and ski-out in the Deer Crest community at Deer Valley Resort. This private and secluded location is just below the St Regis Deer Valley hotel, with almost no sense of neighboring properties or homes.

Sparano & Mooney of Salt Lake City created the modern mountain contemporary architectural design, featuring big window walls, clean…

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