Current news and market updates for Park City real estate and Deer Valley real estate. Updated often, a great resource to keep up to date on all happenings in real estate in the Park City and Deer Valley communities.
Found 161 blog entries about Park City Real Estate News.
Halloween is a tricky holiday for mountain town living. When October 31st comes around, good weather is not guaranteed. We have seen sunny, blue-sky, 80-degree days and freezing, blowing snowstorms. Starting trick-or-treat activities early in the day can be valuable, especially in colder years. Once the sun sets over the ridgeline, it can get quite cold quickly.
A long-time local's favorite tradition is the annual Halloween celebration on Park City's historic Main Street. Closed for pedestrian traffic only from 3 pm to 6 pm, this is a great way to get a start on the trick-or-treat fun before dark. Dressed-up kids, parents, and even dogs travel up to Main Street, where most shops and merchants are kind enough to host PC residents and hand out bag
Deer Valley Resort® has just released news of a long-awaited announcement of a major ski terrain expansion and a new base village. Their "Expanded Excellence" will be a multi-year project expanding skiable terrain, skier services, and construction of a world-class, highly amenitized ski village at the base of Mayflower Mountain.
Deer Valley Resort® includes 2,026 acres, 103 runs, and 21 chairlifts over six mountains. The expansion will eventually add 3,700 acres, 135 runs, 16 chairlifts, and four mountains. The combined total is a whopping 5,726 acres, 238 runs, 37 chairlifts, spread over ten mountains in Utah's acclaimed Wasatch back.
The development of the new Mayflower Mountain ski village and portal, in partnership with Extell Development
Reviewing real estate statistical data through May 2023, the amount of listing inventory has not increased, and the selling price of closed sales has not decreased. Sales have been steady, with selling prices at about 93-96% off the active list price. The days-on-market has continued to increase all year, now up to just over 100 days on average. The market feels active and somewhat balanced, with no clear direction favoring buyers or sellers. Now that we are into mid-June, we are seeing some good options coming to market, and we seem to see continued activity in sales. For buyers waiting for a significant slowdown leading to discounted buys, we just are not seeing signs of that type of market.
Utah is again in the headlines with another high ranking - this time as the #1 Best State. The Best States rankings by U.S. News & World Report compile thousands of data points into 71 metrics across eight categories to measure how well states perform for their citizens. Some categories have more weight than others, based on surveys of what people value the most. The eight categories, in order of importance, are; Health Care, Education, Economy, Infrastructure, Opportunity, Fiscal Stability, Crime and Corrections, and Natural Environment.
The 2023 list of Best States by U.S. News has Utah at #1, Washington (a previous winner) at #2, and Idaho at #3. For the individual categories, Utah ranked #1 for Economy, #1 for Fiscal Stability, #4 for
For eight consecutive months, the number of active listings for residential properties in Park City has been on the decline. Last year, March had 197 listings for sale, then climbed to over double at 460 listings in July 2022. Since July of last year, the number of properties available to buyers has decreased to 345 listings for sale in March 2023. The number of closed sales in March 2022 was 119, with only 86 in March 2023, a decrease of 28%. Last spring seemed to be the start of the slowdown from the rapid-fire activity fueled by the pandemic, so, logically, we would see a decrease in unit sales year over year. Year-to-date, the slowdown is more apparent, with Q1 2022 having 364 sales and Q1 2023 only at 177 sales, a decrease
The Mason is the newest resort development in Park City - launching 33 new to-be-built residences. Located by the Jordanelle Reservoir in the Mayflower Jordanelle community, The Mason is surrounded by the lake to the east, and Deer Valley and Park City ski resorts to the west, with mountain trails in all directions. The Mason units include fully-furnished, 1-3 bedroom residences, within an amenity rich building. Starting from the original Lodge at Stillwater, The Mason adds two new building additions and a complete remodel of the current building common areas. The Mason's refined designs, features and spaces raise the standard for mountain living.
The Mason offers turn-key, ready to enjoy furnished homes. The kitchens include semi-custom cabinetry
Marcella Club in Park City, Utah, has recently announced its newest amenity project, an 18-hole golf course designed by Tiger Wood's design firm, TGR. Marcella Club will be Tiger's fourth 18-hole original design and his first routed through the mountains. An early concept rendering shows a par-72 layout at over 8,000 yards from the back tees. The course will be part of 36 holes shared by Marcella Mountain and Marcella at Jordanelle Ridge, with private homesites available for purchase at each.
This exclusive new Tiger Woods course in Utah will offer membership accessible through property ownership only through two Marcella Club communities - custom homesites available now for the private ski community of Marcella Mountain on the slopes of Mayflower
For the fifth month in a row, we continue to see a decline in overall listings for sale in Park City. This past summer, July and August had 460 listings, with a steady decline down to January at 359. The median list price has gone up for eight consecutive months, however the median sold price has been declining slightly from August to October, but saw a bump back up in November, December and January. The price that a property sells for compared to it's asking price has been on the decline. Last year, in February, March and April we were seeing properties sell at numbers above their asking prices, but that has been coming down with January closed sales averaging at only 92% of their list price - showing that buyers and sellers are negotiating to get
The peak for listing inventory in 2022 occurred in July and August, each with 460 homes or condos for sale in Park City. The number of new listings coming to the market has decreased through the year's second half, reducing options for prospective buyers. For sold properties, 2022 saw 1,163 properties close, down 30% from 1,712 sold properties in 2021. Of course, 2021 was an anomaly resulting from the frantic pace fueled by the pandemic. The sales totals of 2022 were more on par with the pre-pandemic years of 2019 and 2018. As for prices, we saw the median asking price slide down by about 15% in December 2022 compared to December 2021. In contrast, we saw the median sold price increase by 6%. Buyers we talk with still seem to be watching and waiting
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
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 losses 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 both seem to have
