Park City Utah Real Estate News - Park City Real Estate News

12 New Units Released for Sale at the St. Regis 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 through 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 Market Trends through 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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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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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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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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Summit Sotheby's Collections Magazine for Winter 2022

We are proud to announce our 25th Edition of Collections Magazine, Art at Elevation. In our Winter 2022 Issue, we explore the duality of art and home and their history, both within our lives and the Sotheby's International Realty brand. Join us and the principle dancers of Ballet West as we explore the homes, estates and lifestyles of Utah throughout Collections Magazine, the signature, award-winning publication from the in-house creative team at Summit Sotheby's International Realty. With national distribution, editorial content including market data, current properties on the market and a glimpse of new construction communities throughout the state, Collections Magazine is just one piece of the most comprehensive marketing strategy offered by Summit…

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Increased Conforming Loan Limits for 2022

The Federal Housing Finance Agency (FHFA) has recently announced increased conforming loan limits for 2022. For most Utah counties, the 2022 CLL for one-unit properties will be $647,200, increasing $98,950 from $548,250 in 2021. Both Summit and Wasatch County classify as High-Cost Areas in Utah. The high balance conforming loan limit for these counties is $970,800, compared to 2021 of $817,650. The updated loan limits offer more opportunities for buyers to obtain higher loan amounts, easier guidelines, and better rates without moving to a jumbo loan.

The Housing and Economic Recovery Act (HERA) requires that the baseline CLL for the Enterprises be adjusted each year to reflect the change in the average U.S. home price. The Housing and Economic…

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