Jan. 30, 2023

What's Happening in Park City Real Estate? Here's the 4th Quarter 2022 Market Report!

The Park City Multiple Listing Service recently published the 2022 year-end data, which shows that the real estate market is shifting from the high activity level of 2020-21 to a more normal state. The data shows that sales have decreased, but property prices have risen in many locations.

So whether you're a current homeowner, a prospective buyer, or simply curious about the local market, I hope you enjoy the following information on our fourth-quarter market statistics. If you have any follow-up questions, please reach out!

Something New

Interest Rates

Market Snapshot

12 Month Rolling Year-Over-Year | Jan - Dec 2021 vs Jan - Dec 2022

 

Single-Family Homes Neighborhoods:

Condominiums Neighborhoods:

Vacant Lots Neighborhoods:

Conclusion:

On Demand:

Demand has returned to pre-pandemic levels; has it stabilized? While YTD sales still exceed those of 2019, Q4 closed sales and especially Q4 pended sales are below 2019 levels.  

On Inventory:

Inventory has improved significantly but remains 25% less than pre-pandemic levels. Similarly, the absorption rate has increased dramatically from several quarters' lows; it remains 40% below levels before Covid. 

On Pricing:

Pricing is the big question. NAR announced home prices are 3.5% above last year and have decelerated most of the year. In Park City, price gains are also decelerating but are 13% higher than a year ago. Some of that gain "may" be due to enhanced new construction.

With any luck, the pandemic is behind us. We have a new normal, at least given recent price gains. The issue is whether our market stabilizes or continues to see a decrease in sales and possible pricing. 

While this may seem like a mixed picture for buyers and sellers, it's important to remember that real estate is a local market, and what's happening in one area may be different. It's also important to consider that this data is from the end of 2022, and the market may have changed. In any case, it's always a good idea to consult a local real estate professional to get the most accurate and up-to-date information on the Park City real estate market. 

Posted in Market Updates
Jan. 19, 2023

Global Survey Reveals: High-End Properties Remain in High Demand

A recent global survey, which surveyed real estate professionals in the high-end property market, revealed that the appeal for luxury properties continues to persist despite economic uncertainty caused by the COVID-19 pandemic, fluctuations in the market, and interest rate hikes. The survey indicates that the high-end property market will likely remain stable, with continued interest from buyers.

Luxury properties valued at over $10 million continue to be sought after by buyers looking for upscale living spaces, investment opportunities, and second homes. The survey also found that many buyers are looking for properties with exceptional amenities, such as private pools, spas, gyms, concierge services, and access to exclusive clubs and golf courses.

As global wealth is expected to increase in the coming years, this could increase demand for luxury properties and an upward trend in prices in high-end housing markets worldwide.      

If you're in the market for a luxury property in the Park City area, ParkCityHomeSales is the perfect partner to help you find your dream home. We can help you navigate the complex process of buying or selling a high-end property. Don't hesitate to contact us for more information.

Posted in Current events
Jan. 10, 2023

7 Reasons to Love Summit Park

If you're considering a move to Summit Park, you're in for a treat. This stunning community offers a convenient location, beautiful homes, plenty of outdoor recreation opportunities, a tight-knit community feel, and proximity to amenities. In this blog, we'll delve into these reasons in more detail and show you why Summit Park is an excellent place for a vacation or permanent residence. 

Convenient Location

Summit Park is situated along the ridge lines at the top of Parley's Summit (7,000 feet). It provides easy access to both Park City and the Salt Lake Valley, which means that all of the city's best attractions and amenities are just a short distance away. Whether you want to hit the slopes at one of the nearby ski resorts, go hiking or mountain biking, or enjoy the local shops and restaurants, everything is just a short drive or a walk away.

Community Feel

The community is friendly and welcoming. Summit Park is a tight-knit community, and the residents here are always eager to make new friends and help each other out. Whether you're looking for a casual chat over coffee or need advice on the best places to go in town, you'll find plenty of friendly faces in the neighborhood. 

Beautiful Homes

The houses are spacious and well-maintained, with plenty of room to spread out and relax. Many homes also have outdoor spaces like balconies or patios, perfect for enjoying the fresh mountain air. The community is a relaxed, forested area with various reasonably priced homes. No two properties are alike; you can find anything from luxury homes to cozy cabins.

True Alpine Lifestyle

It is one of the few neighborhoods in Park City offering a true alpine lifestyle. It has mature evergreen trees, abundant wildlife, and offers trails for walking or biking. Many of the heavily treed, hillside lots provide seclusion for year-round homeowners who enjoy the peacefulness of the mountains.

Proximity to Schools and Amenities

The proximity to Interstate 80 provides a simple commute to Salt Lake while being located near Woodward Park City, Weilemann School of Discovery, Canyons Village, and Kimball Junction. Summit Park is popular for families because it includes some of the most affordable properties in the Park City School District.

You can also explore nearby schools such as Jeremy Ranch Elementary, Ecker Hill Middle School, and Weilenmann School of Discovery. It is also close to Woodward Park City, Jeremy Ranch Golf and Country Club, Ecker Hill Aquatics Center, Canyons Resort, and year-round shopping at Quarry Village. 

Four Seasons of Fun

No matter what time of year, there's always something to do in Summit Park. In the winter, hit the slopes at one of the nearby ski resorts. In the summer, enjoy hiking, biking, and other outdoor activities. Fall brings stunning foliage; spring is a great time to hit the trails and enjoy the warmer weather.

Strong Property Values

The Summit Park neighborhood has a reputation for well-maintained homes and strong property values, making it a great place to invest in real estate.

Interested To Know More?

To wrap up, Summit Park is a prime location for homeowners and property investors. Its beautiful natural surroundings and outdoor activities enhance its appeal to live or own a vacation property. If you're interested to learn more about the available homes or vacant land in Summit Park, contact me at 435 640-0217 or start a property search here. 

Posted in Lifestyle
Dec. 23, 2022

6 Park City Winter Events You Won't Want To Miss!

It's time to get your skates on and hit the ice! Though there is a multitude of reasons you might be visiting Park City, the real deal is often found in the winter months. Those who reside here will tell you there's no better time to see what Park City offers than during its winter festival season. So if you're planning an upcoming trip to this magical place, here are six events you won't want to miss.

1) 2022 Snow Globe Stroll

November 25, 2022 - January 9, 2023

Nine life-sized snow globes will be placed throughout Park City's Historic Main Street, representing everything there is to love about the town. Each globe highlights a Christmas carol.

2) North Pole Express

November 21 - December 23

Spend a magical 90 minutes aboard the Heber Valley Railroad, where elves serve hot drinks and treat while sharing holiday carols and entertainment. Check out their website here for more info.

3) Clydesdale Wagon Rides

December 8, 2022 - January 6, 2023

Enjoy a fantastic wagon ride around the beautiful High Star Ranch with enormous Clydesdale horses. Bring your family and friends for a fun experience you'll never forget. Hot cocoa will be waiting for you before and after the ride. 

To purchase your ticket, go to this link. 

4) Silver Sky Nights

December 16, 2022 | 4:00 pm - February 4, 2023 | 4:00 pm

Come to Canyons Village at Park City Mountain for Silver Sky Nights, a spectacular fire-and-ice event. Live music, family activities, and spectacular fire shows will take place all winter!

5) 'Twas Christmas Eve at Snowbasin

December 24

Experience a Christmas Eve tradition in the Wasatch Mountains, with an appearance by Santa Claus, a skier torchlight parade, and fireworks on the plaza. You can participate in this event by booking a private buffet dinner or attending for free on December 24. Learn more about this event at snowbasin.com. 

6) Last Friday Gallery Stroll

December 30 | 6:00 pm - 9:00 pm 

The Park City Gallery Association hosts a showcase on the last Friday of each month, featuring artists, special exhibits, and art events at local galleries. This takes place in Historic Main Street, and you can check out more info at parkcitygalleryassociation.com.

As you can see, there are many great Winter events to enjoy in Park City. Take your pick, or go to all of them for the ultimate Park City experience. And if you want to explore real estate while you're here, please get in touch with me at 435 640-0217 or start your property search here.

Posted in Current events
Dec. 12, 2022

Buying A Home During The Holidays: Is It Worth It?

It can be tempting to put off buying a home until the New Year because you've got holiday feasts, family gatherings, gifts, and vacations on your mind, but there are several reasons you should take advantage of the holidays to look for your dream home. Here are five of them:

Less Competition

The same factors that make it challenging to relocate during the holidays also make it less likely that people will be looking to buy homes at that time. With fewer homes on the market and fewer buyers, you may have an easier time finding a home that meets your needs.

Sellers Are Motivated During The Holidays

When buying your new home, the holidays are often an excellent time because people selling their homes over the holidays probably have a strong motivation to do so. They may need to move for a new career, or they may need to sell their house before the year is over since it has been on the market for a while. The fewer competitors you have during this time of year, the better your chances of negotiating a lower price for your property.

Quick Closings

In the same way sellers are motivated to get a deal done before the end of the year, mortgage and title companies are motivated to close deals and determined to reach their goals. As a result, all parties will bend backward to get your deal done quickly. With fewer client demands, your real estate agent will help you speed through closing.

Lower Prices

December is historically known as the month with the lowest property prices. Although no one can predict what will happen this year, it is still worth considering buying a home if it fits your budget.

Motivated Real Estate Professionals

Since the housing market is less active, real estate agents have fewer clients. That means they'll be able to give your transaction the attention it deserves and work with you closely to make your sale as smooth as possible.

To purchase your dream home or investment property is a process of education, thoroughness, and patience. The most important aspect of finding the perfect home is working with a real estate professional who is highly skilled in negotiation and understanding your expectations!

For more information or assistance to help you find a home in the Park City area, please call us at 435 640-0217 or start your property search here.

Posted in Current events
Dec. 6, 2022

Coming Soon: Affordable Housing in Heber City

Four New Developments in Heber City

The Heber City Council approved the North Village Annexation bringing five Wasatch County properties and four developments to the city.

The recently approved 60-acre annexation will include 80,000 square feet of commercial space, townhomes, and an assisted living facility up to three stories tall. These new developments are expected to add to Wasatch County's exponential growth over the next few years.

Nearly 350 homes will be built in the new development, and 17 will be designated affordable housing. The developers have changed their proposal to ensure that 5 percent of the dwellings will be affordable to those earning 60 percent or less of the Average Median Income (AMI). 

If you want to know more about the new developments in and around the city, feel free to contact me at 435 640-0217 or start your property search here. 

Posted in Current events
Nov. 29, 2022

Here's How to Decide Whether Relocating to Park City Is Right For You

My wife and I have wanted to move out of the city and into the mountains for a long time, which we discussed over many dinners. We made a plan, and then we made it happen: After years of subtle suggestions and outright machinations, we moved from Long Beach, California, to Park City, Utah.

Of course, moving your family to the mountains and uprooting them from their urban center is not an easy decision. But if you value the mountain lifestyle, exploring this idea is well worth the effort.

Here are some ideas to get you started on making a move:

Buy a vacation home

Vacation properties are a great way to get a taste of a new place without fully committing to moving. When you spend several weeks or months at a vacation home each year, you eventually spend enough time there to make it your permanent residence. In our case, we stayed in the house we bought in Old Town before fully settling down. 

These three communities are worth considering if you're also into skiing and want easy access to Deer Valley resort. Deer Crest offers a mix of ultra-luxurious single-family homes, condominiums, and homesites overlooking the Jordanelle Reservoir. Most properties provide ski access via private or public ski trails, with breathtaking views of the surrounding mountains. 

Many magnificent luxury condominiums and single-family homes are clustered in Empire Pass with superb ski access and are considered the most prestigious in Deer Valley. Residents in Empire Pass can opt to become a member of the famed Talisker Club, which features unparalleled amenities at the Tower Club and golf at the Mark O'Meara-designed Tuhaye Golf Course & Club.

Currently under construction, the Mayflower Mountain Resort is Park City's newest resort development. It will feature a luxury village and numerous ski lifts providing winter and summer access to extensive terrain.

Plan a vacation

If you're planning to move to Park City, make sure you spend some time there before settling down. Plan a couple of vacations first, and go during the winter and summer seasons. See if you like it. My approach included both winter and summer trips. 

You can try your hand at fly-fishing, soar above the mountains in a hot air balloon, explore the mountain on foot, a bike, or horseback, test your balance with stand-up paddle board yoga, or tackle one of our golf courses. No matter which activity you choose, it's an unforgettable summer experience.

During winter, whatever activity your heart desires, you can find it in Park City. Its reputation for the best skiing in the United States couldn't be more true. When not skiing, go après-ski with a glass of champagne or dine at an Umbrella Bar for dinner.

Live in Park City for a year 

SKI SEASON rentals typically run Nov. - April, etc. Regular year-round rentals can begin in almost any month.  Renting a place is a great option to see what the area offers. Leases typically run from June through September and again from November until April.

After several years of going back and forth, my wife and I were sold. We eventually bought a house in Park Meadows and can't imagine living full-time elsewhere. Park City, Utah, is home.

If you have any questions, please contact me at 435 640-0217 or start your property search here. I would be glad to provide you with more information about your areas of interest. Or better yet, let's set up a time to meet and take a neighborhood tour with me, your local expert!

Posted in Lifestyle
Nov. 11, 2022

What's Happening in Park City Real Estate? Here's the 3rd Quarter 2022 Market Report!

Winter has arrived here in Park City and the Wasatch Back, with a recent series of robust winter storms blanketing our mountains with snow. A healthy 'atmospheric river' is forecast for mid-November, and the snow appears set to keep coming. We hope we are on track for an epic La Nina winter! 

Much like the changing weather, a shift is underway in our real estate market. After two years of pandemic-induced hyperactivity, the market returned to a more balanced state. Listing inventory is rising, and prices are starting to level off in many sectors. Consequently, buyers are taking this opportunity to be more thoughtful in their purchase decisions, dramatically decreasing the instant offers that were prevalent during the past few years.

It's worth keeping an eye on how large-scale economic forces will affect the local real estate market as it continues to recover. In the meantime, I hope you enjoy the following information on our third-quarter market statistics. If you have any follow-up questions, please reach out!

Market Overview

12 Month Rolling: Oct 2021 - Sept 2022 | Oct 2020 - Sept 2021

Inventory on the Rise

Inventory has increased significantly but is still 25% below pre-pandemic levels. As listing inventory rises and mortgage interest rates climb, prices are leveling off. Buyers have begun hesitating to make instant offers, and sellers are responding by lowering their asking prices at a much higher rate than before, bringing the market into balance.

Current Mortgage Rates

Neighborhood Highlights

The statistics below were drawn on a rolling year-over-year basis for September 30, 2022, unless otherwise noted.

Despite fluctuations in the regional markets, single-family sales activity along the Wasatch Back was markedly down compared to the prior year, with sales volume off 25% and median prices up 3% year over year.

It's important not to utilize the broader market trends to paint the picture for every local neighborhood. The market is highly segmented, and each neighborhood in Park City has unique values and pricing trends. See below for some noteworthy stats for single-family areas during the 3rd Quarter of 2022.

Highlights:

  • Within Park City Limits, total transactions were down 54% to 133 units, yet sales volume declined just 37% to $613 million year to date. The median price of a single-family home rose 33% to $3.9 million.
  • In the popular Old Town area, transaction numbers were down 71% (110 to 32), as the median price set a new record above $3.6 million (+63%).
  • The Prospector neighborhood led all others for the greatest increase in median price at 54% year-over-year to $2.6 million.
  • In the Snyderville Basin, sales volume is down 33%, yet there was a modest gain in the median price, up 5% to $2.0 million. All but two Snyderville neighborhoods (Kimball Junction and Silver Creek South) saw declines in the number of transactions, with Jeremy Ranch dropping the most, down 60% to 31 units. Silver Creek South had the biggest gain, with 22 homes sold, up 69%.
  • Jeremy Ranch and Old Ranch Road areas saw the most significant price increases, with the median prices rising 53% and 44%, respectively. The median sale price in Old Ranch Road rose to $6.9 million, making it the second highest in the region behind Canyons Village, where the median price came in at $9.6 million.
  • The Heber and Kamas valleys showed substantial median price increases of 25% and 31%, respectively.

Condominium sales prices were strong across the entire market area, while total sales volume declined due to a lack of inventory. Median price increases were greater than in the single-family market, with every major area across the region reporting increases of 20% or more.

Highlights:

  • The condominium market in Park City saw a 40% decrease in transactions while median sale prices increased by 20% to the current $1.5 million.
  • Price gains were nearly uniform across all neighborhoods, with only Upper Deer Valley declining (4%). Old Town and Prospector led the gainers, up 68% and 62%, respectively.
  • In Wasatch County, Jordanelle Park doubled its sales volume over the prior year on a substantial gain in median price, up 48% to $976,000.

After explosive growth in 2021, land sales declined across the region, with every major area showing drops in units sold. Total sales volume dropped in all areas except Jordanelle, where sales volume was up 48%, and prices were up 61% from the year prior.

Highlights:

Jordanelle showed the most activity, selling 431 lots this past year with a median sale price of $726,000, up from $450,000 the prior year.

Overall, land sales in Summit and Wasatch counties were down 35%. However, price increases pushed the median sales price for lots region-wide up 42% to $695,000.

All the major areas of the market saw a drop in transaction volume. Snyderville, Heber Valley, and Wanship/Hoytsville saw the greatest drops, with volume dropping by half from the previous year's total.

Only 35 lots were sold within the Park City Limits, but the lack of available lots coupled with high demand pushed the median sale price for the few that sold to $2.1 million, up 45% from the previous year.

Time on Market Relative to Price

The current Absorption Rate for residences in greater Park City is 4.2 months. Six months ago, it was just 1.5 months. The average from 2013 to 2019 was 7.2 months over the seven years, so we are still selling homes much faster than in recent history. Still, the timeframe is more than twice what it was six months ago.

Posted in Market Updates
Nov. 7, 2022

Start Your Luxury Living in Tuhaye, Utah

Tuhaye's spectacular views of Jordanelle Reservoir and the Wasatch Mountain Range make it a highly sought-after area for relocation. This beautiful gated golf community has become a popular place to invest in real estate. So, whether you are looking to move to Utah or purchase a second home or vacation property, Tuhaye should be your top consideration!

Amenities at Tuhaye include a championship golf course, a full-service restaurant, a spa, a fitness center, an outdoor pool with a water slide, hot tubs, hiking trails, tennis courts, and cross-country ski trails in the winter. Coming soon to Tuhaye are new opportunities for ownership and two new amenities: an adventure park with zip lines and other activities, along with a short course for beginners.

In addition to the incredible views and opportunities for outdoor recreation, living here will also give you a chance to be part of the Talisker Club. Learn more about this by visiting their website here. 

Where is Tuhaye located?

Located 40 miles from the Salt Lake International Airport and 22 miles from Heber City Private Airport, Tuhaye provides easy access to get in and out of town. Park City limits are a ten-minute drive away, offering excellent shopping, restaurants, and more for your pleasure.

Why would residents choose to live here?

Tuhaye living is a Resort living at its finest. The custom homes boast magnificent views, and residents can feel like they're staying at a five-star resort no matter what season it is. It also appeals to investors because of its proximity to Park City.

How close is it to Ski Resorts and Main Street, Park City?

Deer Valley Gondola and Main Street, Park City, can be reached via car in 15 minutes or less.

What schools will my child attend?

If you move to Tuhaye, your child will attend JR Smith Elementary, Rocky Mountain Middle School, and Wasatch High School.

You may also want to consider the Park City School District, Silver Summit Academy, Weilenmann School of Discovery, Park City Day School, or one of the many private schools in the Salt Lake Valley, such as Rowland Hall or Waterford School as possible educational options for your children.

If you are single, a couple, or a family, looking for a new home, a home away from home, or a vacation property in Utah, this neighborhood is exactly what you are looking for. The lifestyle here is an all-access pass to an all-season remarkable life. Check the available properties here or contact us at 435 640-0217 for more in-depth and up-to-date information.

Posted in Lifestyle
Oct. 20, 2022

Mayflower Mountain Resort plans to open in skiing in late 2024

The Mayflower Mountain Resort will be North America's newest alpine Village. It is being developed by Extell and will be located in northern Wasatch County, Utah. This is right next to the esteemed Deer Valley Resort.

The Village will include skiing and mountain biking facilities, with up to five new lifts providing access to the extensive terrain overlooking the stunning Jordanelle Reservoir. It will also consist of three new luxury and lifestyle-branded hotels, more than 1,000 private residences ranging from estate lots to luxury condominiums, and a walkable commercial zone comparable in length to Park City's Historic Main Street.

Construction of lift runs, snowmaking infrastructure, and lodging buildings is underway, with the first lifts expected to be operational by the 2023-24 ski season.

Mayflower Park City Properties Are Now Accepting Reservations for Marcella Real Estate!

The Marcella Ski and Golf Community is the first neighborhood available for purchase in Mayflower Mountain. This community comprises approximately 151 single-family estate parcels, allowing for ski-in-ski-out custom homes. The lots sit on the hillside adjoining Deer Valley Resort. The resort will offer the largest ski beach in North America and be one of the best ski destinations in the world.

The parcels of land offer views of the Jordanelle Reservoir, the Uinta Mountains, and the Deer Valley Resort. Skiing is accessible to residents throughout the community via private and public trails. Summer months at Jordanelle are spent hiking, biking, or enjoying water sports. 

Marcella's land prices start at $2.35 million and range from .22 to 8.48 acres. Sixty percent of the first phase of Marcella's land has been reserved or sold. Rentals are allowed within the community, but the minimum rental period is 30 days.

Marcella's Amenities

Mayflower Mountain Resort will provide skiers with world-class services, including valet parking, dining, spa, and a member's lounge. Members will also have private access to boating on the Jordanelle State Park and Reservoir. A private shuttle service will transport you to amenities, including private ski and golf excursions and the Salt Lake City International Airport.

Marcella's HOA Dues

The HOA has not yet determined the dues for 2023, but current estimates put them at $2,000 per lot. This fee assumes snowmaking and maintenance on private trails. The HOA will determine the 2023 HOA fees at a future meeting.

Interested in Marcella's newest listings?

Don't hesitate to contact me at 435 640-0217 to discuss the process of helping you find a lot that suits your needs. You may also check our recently published article to know more about the other real estate opportunities in Mayflower Mountain Resort. 

If you want to check other Park City's newest homes for sale, you may visit this page. 

Posted in Lifestyle