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 158 blog entries about Park City Real Estate News.
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
For the first time ever, conventional loan limits have risen past $1 million. As home prices rise year-over-year, it forces buyers into larger mortgages. Therefore, the loan limits also need to increase to match inflation in the housing market.
For most of the U.S., the new conforming loan limits will increase to $726,200 - up from $647,200 in 2022. In Utah, Summit County and Wasatch County qualify as high-cost areas. The loan limits for high-cost areas is moving from $970,800 to just over $1 million at $1,089,300. For a buyer placing the standard 20% down on a purchase, they could now afford a home priced at $1,360,000 ($272,000 down and mortgage for $1,088,000).
Curious about loan limits in your area, view the interactive map at the Federal
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
Halloween on Park City's Historic Main Street was named one of the top Halloween celebrations in the country by Travel and Leisure magazine. This super popular annual event is not only for the moms, dads, and kids, but also a great time for your four-legged family members as well.
Main Street Trick-or-Treating runs from 3:00-5:00 p.m. with most Main Street merchants generously handing out candy and participating in the fun. This early time allows the kids to get out before dark, and before the fall season cold sets in. Every year, celebrating Halloween in the mountains, you never know if it will be a beautiful sunny warm day, or freezing wind and blowing snow. We have experienced many versions of both!
