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.
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!
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
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,
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
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
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
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
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
