Park City, Utah is a desirable location that is constantly evolving. With numerous new developments underway, there are plenty of options for buyers and investors to choose from. Here are some of the latest talks of the town's new developments in 2023:

Discovery Ridge: 

Discovery Ridge is a stunning 72-acre mountain residential development located in an ideal spot between Park City and the Salt Lake Valley, surrounded by 1,000 acres of Toll Canyon open space. This beautiful development is a harmonious combination of modern architecture and an outdoor lifestyle, perfectly nestled into a wooded setting that provides direct access to hiking and biking trails. Additionally, Discovery Ridge is conveniently located adjacent to Woodward Park City, which is a year-round action sports resort park that is part of the POWDR adventure lifestyle portfolio.

Single-family homes, townhomes, and plots of land are currently available for purchase, with prices beginning at $280,000 for the vacant plots, and $1.6 million for homes that are already built. The residences come with top-notch features such as Wolf/Sub-zero appliances, zoned heating and air systems, bedrooms that each have their own private bathroom, hardwood floors, luxury master suites with a fireplace, a generously sized shower and a free-standing bathtub, a hook-up for a hot tub, Pella architectural series windows, a whole-house humidifier, two oversized garages that are equipped with a 220V charger, granite countertops, and pre-wiring for a fully automated smart home.

Discovery Ridge allows short-term rentals, with a minimum stay of seven days, which makes it a great investment opportunity. You can enjoy these newly constructed homes in Park City at some of the most competitive starting prices available in today's real estate market.

Price Range: $280K – $2.65M

Time Frame: Pre-construction purchase

The Ascent Hotel at Canyons Village:

The Ascent Hotel, which is one of the latest additions to the Park City area, is a modern and opulent hotel that boasts 120 rooms and is part of the Tapestry Collection under the Hilton brand. Designed by Sarah Sherman Samuel, an LA-based designer, this new hotel contributes to the growing condo-hotel market in the Park City area. Situated beside the Frostwood Gondola, it offers one of the finest locations in the development, providing year-round access to skiing, golf, biking, and other outdoor activities throughout the seasons.

Price Range: $639K – $935K

Type: Condo Hotel

Time Frame: End of 2023

Goldener Hirsch:

Goldener Hirsch is an exclusive ski community located in the Silver Lake Village area of Upper Deer Valley, famous for its top-notch skiing and breathtaking mountain vistas. The development comprises 40 contemporary residences that were designed by Tom Kundig of Olson Kundig, who expertly combined modern architecture with sophisticated design.

The condos range in size from approximately 570 to 3,270 square feet and feature two to five bedrooms, with spacious floor plans, high-end finishes, and exceptional attention to detail. Some of the residences are professionally decorated, sold furnished, and have a lock-off to maximize rental revenue.

Residents of Goldener Hirsch have access to a variety of amenities, including a heated outdoor pool, hot tub, fitness center, ski lockers, and underground parking. The community also provides 24-hour concierge service, ensuring that residents have a hassle-free living experience. Detailed floor plans for the condos in Goldener Hirsch are available upon request, giving potential buyers a comprehensive look at each unit's design and layout.

Price Range: $4.6M – $5.7M

Type: Luxury Condo

Time Frame: Complete

Wohali:

Wohali is a community that emphasizes wellness, quality, and a family-oriented healthy lifestyle filled with adventure and fun. The initial phase of this development comprises 25 plots of land, ranging in size from .76 to 6.64 acres. There will be a total of 434 residences in this golf community, which will consist of 131 ranchettes and estate lots, as well as 303 semi-custom residences. The semi-custom residences are located in two villages and feature a range of housing types, including twin and townhomes, penthouses, golf cabins, cottages, and condos.

Price Range: $850K – $1.6M

Type: Vacant Land and Resident

Time Frame: Summer 2022 and Summer 2023

Deer Waters Resort:

Situated on the eastern side of the Jordanelle Reservoir, this townhome community is positioned near the shoreline, offering magnificent views of Mount Timpanogos, Deer Valley Resort, and the upcoming Mayflower development. It comprises 112 twin homes designed with contemporary mountain finishes and reasonably priced for the Park City region, located just five minutes outside of Park City. Buyers can choose from three distinct floor plans, and the units in the front row provide the best views and proximity to the water. The development is a desirable location for long-term residents since it doesn't allow short-term rentals within the community. The townhomes are mainly purchased by full-time and part-time residents for their excellent location and breathtaking views, with easy access to all the amenities the Park City area has to offer.

Price Range: $1.3M – $1.9M

Type: Duplex Townhome

Time Frame: End of 2022-Mid 2023

Velvaere:

The Velvaere is a new real estate community that consists of 115 custom residences including cabins, single-family homes, and custom estates. These residences range from 2,000 to 8,500 square feet and have been designed with a focus on promoting wellness of the mind, body, and soul. The location of this community is on the back side of the Deer Valley Resort, covering 60 acres and overlooking the Jordanelle Reservoir. The floorplans prioritize multi-functional total health and wellness spaces, providing options for yoga, Peloton, and home massages. Buyers can also customize wellness features based on their preferences. The first residences are expected to be completed in 2024. The community is part of Extell Utah's new ski resort at Mayflower Mountain Resort, which offers 4,300 acres of year-round activities like skiing and over 50 miles of hiking and biking trails. The Velvaere aims to promote a holistic and active lifestyle with access to amenities like the 20,000-square-foot Wellness Center with features like Cryotherapy, steam rooms, saunas, therapy plunge pools, home light therapy, and Fitness. Additionally, a 15,000-square-foot Adventure Center provides further amenities like an outdoor pool, hot tub, market, restaurant, rooftop bar, and gear storage.

Price Range: $4M+

Type: Cabins, Twin Homes, SFR

Time Frame: Amenities ready by 2024-2025 ski season

Sommet Blanc:

Empire Pass Deer Valley is the ultimate ski-in, ski-out destination in the renowned Deer Valley® Resort, offering exceptional mountain views and unparalleled snow quality. The final parcel of this exclusive enclave will soon be home to a new addition, Sommet Blanc, featuring easy ski access, a peaceful mountain atmosphere, impressive ski slope views, state-of-the-art amenities, and modern mountain design. Designed by world-renowned architect Tom Kundig of Olson Kundig, Sommet Blanc will boast stunning floor-to-ceiling windows, cantilevered structures, and large patios to maximize indoor/outdoor living for both residences and communal areas. The property includes three slopeside lodges with amenities spread throughout all buildings, located in a secluded area at the top of Empire Pass, offering breathtaking views of the surrounding ski runs and peaks. Each residence features amazing views, and residents can enjoy year-round fun with the extensive amenities on offer.

Price Range: $3.5M – $15.2M

Type: Single Level Residences

Time Frame: Fall/Winter 2024

Marcella: 

Marcella Mountain is a gated community located on the slopeside of the new Mayflower Resort, featuring 150 ski accessible homesites ranging from 0.25 to 8 acres in size. Even the smaller lots allow for a home between 3,500 and 8,000 square feet, with residences up to three stories tall, and owners can use their own builders and architects. 29 lots have already been sold in a pre-release to developer affiliates, priced from $2.3 to $3.75 million, making them some of the best lots in the whole base area development of Mayflower Resort. However, Marcella does not allow nightly rentals, and properties will not be available until late 2024.

Marcella Club is teaming up with Tiger Woods to design a new championship golf course for the private golf community in Park City, which will be the first TRG Design in the mountain west. The 18-hole course is set to be more than 8,000 yards long, making it one of the longest in Utah. Marcella Club plans to offer just 500 full golf memberships for the 36-hole facility, making it one of the most exclusive golf clubs in Utah. Marcella will ultimately feature two courses, which will only be available to property owners. Marcella at Jordanelle Ridge is anticipated to open for play by the 2025 season, and the membership does offer access to a private skier club in the resort village. There will not be any equity memberships, and the developer will own the golf club. HOA and annual club dues will apply.

Price Range: $2.2M+

Type: Vacant land

Time Frame: TBA

These are just a few of the new developments in Park City that are worth considering in 2023. As the real estate market continues to grow, there are always new opportunities for buyers and investors to explore. Working with Tom White of ParkCityHomeSales can help you navigate the market and find the perfect property to meet your needs. Contact us or view the other available homes for sale in Park City. 

The most recent data for the first three months of 2023 has just been released by the Park City Multiple Listing Service, and the figures indicate a continued moderation of activity in our market. While there has been a general decrease in sales volumes, prices have continued to rise in several regions. Check out this Snapshot for a brief overview of the first quarter stats in our area. I hope you're enjoying the lovely spring weather, and if you have any questions, don't hesitate to contact us.

Interest Rates

Market Snapshot

12-Month Rolling Year-Over-Year | April 2021 - March 2022 vs April 2022 - March 2023

Single-Family Homes Neighborhoods:

Condominiums Neighborhoods:

Vacant Land by Neighborhood or Area:

Please reach out with any questions you may have about your specific real estate needs. Wishing you a wonderful start to the Spring season!

Savor The Summit - Don't Forget to Book Early! 

Get ready for the return of Savor The Summit on June 24th, taking place on Park City's Main Street! This is an event we love during the summer, but to ensure your attendance, it's important to plan ahead. Be sure to review the list of restaurants participating and secure your tickets promptly. We can't wait to see you there!

Park City, Utah, is a beautiful place to live, with a thriving economy, excellent schools, and a wide range of outdoor recreational activities. For those looking to buy a home in Park City, one of the key factors to consider is the location. If you are looking for a home with easy access to the slopes, here are the top 6 best neighborhoods in Park City for ski-in/ski-out access:

The Colony at White Pine Canyon

The Colony at White Pine Canyon is a high-end residential area in Park City with large ski-in/ski-out properties averaging around 6 acres. It has earned a reputation for redefining the concept of mountain living, offering a unique skiing experience that is unmatched anywhere else. The Colony is conveniently located just a few minutes from Park City, a world-class resort town, and only a half-hour drive from Salt Lake International Airport. If you are seeking a luxurious ski-in, ski-out residence, a visit to this exceptional community is a must.

Red Cloud at Empire Pass, Deer Valley® Resort

Red Cloud is a prestigious real estate development located in Park City's Empire Pass area, featuring gated entry for added security. It is renowned for being among the most elite ski-in and ski-out communities within the Deer Valley Resort region. With only 30 homes available, this subdivision offers stunning vistas of Jupiter Peak, Park City Mountain Resort, and Empire Canyon. The properties are surrounded by trees, ensuring ample privacy for homeowners. Additionally, Red Cloud is situated on the Summit County line and boasts exceptional ski runs that are meticulously groomed, making it a popular destination for skiers.

Waldorf Astoria Park City

This condo-hotel enjoys a prime location just a short stroll from the Frostwood Gondola, providing effortless ski access to The Canyons Village. The property is also very close to being ski-in, ski-out and has received acclaim for its outstanding amenities, including a highly regarded spa, dining options, heated outdoor swimming pool, gym, ski valet and lockers, concierge services, heated underground valet parking, and picturesque mountain vistas!

Old Town

Old Town is the historic district of Park City and is located at the base of Park City Mountain Resort. With its charming Main Street lined with boutiques, art galleries, and restaurants, Old Town is a great neighborhood for those who want to be close to the slopes and the town's vibrant nightlife.

Snow Flower

Snow Flower is a rare real estate condo development that provides ski-in, ski-out access at the Park City ski resort. It is considered one of the most economical options for ski-in, ski-out properties available in both Park City and Deer Valley. Positioned at the northern end of the resort, these slope side condos offer effortless ski access and are surprisingly affordable. The interior of each unit can differ from one another, as many of the owners have recently undergone significant or minor renovations. Furthermore, this location is enjoyable during the summer as it is near many renowned hiking and biking trails, such as the Spiro and Armstrong trails.

Empire Pass

The development encompasses 3,500 acres and comprises 550 condos that offer the luxurious ski-in-ski-out experience for single-family homes and condominiums. Moreover, 90% of the open space has been set aside to protect the area's breathtaking views and cultural heritage.

In conclusion, whether you are a skier or not, living in a neighborhood with ski-in/ski-out access is a major advantage in Park City. The areas listed above offer a range of options, from luxurious gated communities to more affordable condominiums. No matter what your budget or lifestyle is, there is a neighborhood in Park City that will suit your needs. Contact us to learn more about these neighborhoods and find the perfect home for you.

Building a home in Park City, Utah is a dream for many people. The area's stunning natural beauty, world-class ski resorts, and vibrant community make it a highly desirable location for homeowners. If you're considering building a home in Park City, here's some information to guide you through the process.

Choosing a Lot

The first step in building a home in Park City is choosing a lot. There are a variety of lots available, ranging from small parcels to large, multi-acre properties. Some lots offer ski-in/ski-out access to the slopes, while others offer breathtaking mountain views.

When choosing a lot, it's important to consider factors such as location, views, and accessibility. A local real estate agent can help you find a lot that meets your needs and fits your budget.

Financing

Financing the construction of a new home can be a significant investment, and it's important to choose the right type of loan. Lot loans typically require a larger down payment, around 50%. In contrast, construction loans can be configured to convert to permanent financing after the completion of construction – called one time close construction loans. It's worth noting that interest rates for construction loans tend to be higher than for traditional mortgages. To find the best financing options for your needs, consider working with a lender who has experience in the local market. I can refer you to reputable lenders to help secure the funding you need to build your dream home in Park City.

Designing Your Home

Once you've chosen a lot, it's time to design your home. This is where you can really let your creativity shine. Working with an architect or designer, you can create a home that perfectly fits your lifestyle and meets your unique needs.

Some things to consider when designing your home include:

• The size and layout of the home
• The number of bedrooms and bathrooms
• The style and materials of the home
• Energy-efficient features and sustainability

Working with a builder, you can bring your vision to life and create a home that you'll love for years to come.

Navigating the Permitting Process

Before construction can begin, you'll need to obtain the necessary permits from the city or county. The permitting process can be complex and time-consuming, but it's an essential part of building a home in Park City.

Working with a local builder who has experience in the area can help you navigate the permitting process more smoothly. They'll know which permits are required and can help ensure that all paperwork is submitted correctly and on time.

Construction and Estimated Cost

Once you've obtained the necessary permits, construction can begin. The construction process can take several months or even years, depending on the size and complexity of the home.

During construction, it's important to stay in communication with your builder and make regular site visits to ensure that the project is progressing according to plan. This is also a good time to make any changes or modifications to the design, if necessary.

The cost of building a home in Park City, Utah typically starts around $550 per square foot, excluding the price of land and landscaping. For a "Park City" style of finishes, you can expect to pay around $625 per square foot, while a luxury level of finishes can cost $750 or more per square foot. Ultra-luxury homes with exotic materials can cost over $1,300 per square foot. However, the real estate market in Park City may be affected by inflation and fluctuating interest rates.

It's worth noting that while labor costs have adjusted in 2023, the prices of items like windows have increased due to inflation. This can impact the cost of building a home in Park City. Ultimately, working with a local builder and real estate agent can help you navigate the market and find the best options for your needs and budget.

Completion and Move-In

After months of planning and construction, your new home in Park City is finally complete. Before moving in, it's important to do a final walkthrough with your builder to ensure that everything is in order.

Once you've moved in, you can begin enjoying all that Park City has to offer, from skiing and snowboarding to hiking and mountain biking. With your dream home as your base, you can explore all the natural beauty and adventure that this area has to offer.

Popular Areas for Custom Homes and Lots for Sale

Promontory and Jordanelle are popular areas for building new homes, with Tuhaye, Glenwild, and Victory Ranch being other desirable golf course communities. For those interested in ski-in-ski-out communities, The Colony at White Pine at The Canyons ski resort and Deer Crest & Empire Pass (specifically Red Cloud) in Deer Valley are popular options. For those looking for more budget-friendly options with an excellent quality of life, the golf community of Red Ledges in Heber and the town of Midway are worth considering.

Thinking of Building a Home in Park City?

Please don't hesitate to contact us if you have any questions about building your dream home in Park City or want to learn more about the local real estate market. As your trusted Park City realtor, we are committed to providing you with outstanding service and building a long-term relationship. With our years of experience in representing luxury land buyers and sellers in Park City and surrounding areas, we possess the knowledge and expertise to assist you in achieving your real estate goals.

Unfortunately, fraud has become a concerning topic in the Park City real estate market lately. Scammers are targeting unrepresented buyers by listing properties on Zillow as "For Sale by Owner," even though the owners have no intention of selling. This fraudulent activity has affected multiple property owners in the area, primarily landowners, as the fraudsters tend to focus on vacant lands.

The scammers are listing the properties well below market value, making it tempting for buyers to make a quick purchase without proper due diligence. Buyers can drive by and walk the property without anyone having to provide access to the home, which adds to the allure of a quick and easy transaction.

To prevent these fraudulent transactions, it's essential to take note of the following tips while looking for properties:

1. Use a licensed Park City Realtor and Utah title companies. These professionals perform proper documents and background checks to ensure that the transaction is legitimate. Additionally, buyers should be aware that there is no cost to them to use a real estate agent, as they are compensated by the seller upon the sale of the property.
2. Property owners can protect themselves by signing up for Fraud Guard, which is a tool available through the Summit County Recorder's Office. This system will notify property owners about any changes to their title and give them an early warning if fraud is being committed in their name.
3. If you notice a listing for vacant land that appears to be underpriced, be skeptical.

It's crucial to remember that even small mistakes can be costly when it comes to real estate transactions. By choosing a real estate agent you trust, you can help protect yourself from fraudulent activity in the Park City real estate market.

If you're a lover of adventure and luxury living, then The Helen, the next condominium offering in the second phase of Founders Place, is the perfect place for you. Featuring 19 residences that range from two to four-bedroom and penthouses, The Helen offers an incredible living experience in the heart of the stunning Deer Valley Resort.

Located directly across from the Mountaineer Express lift in Deer Valley Resort, The Helen is the ideal ski-in ski-out condominium come winter. But every season at The Helen offers something unique, whether it's a hiking, mountain biking, or simply enjoying the breathtaking scenery that surrounds the development.

As reservations for The Helen begin, interest is expected to be high. With its unparalleled location, luxurious amenities, and focus on sustainability, this new development is sure to appeal to a wide range of buyers and investors. So if you're looking for a luxurious new home or an investment opportunity that offers the best of adventure and luxury living, The Helen is a development that should not be missed.

Don't miss your chance for this incredible opportunity, and reserve your unit today. Contact us today to know more!

Utah's golf scene is about to get a major upgrade with the new Marcella Club at Mayflower Resort. This private ski and golf community is set to be one of the most exclusive golf clubs in Utah. But what sets this community apart from the rest is the collaboration with none other than Tiger Woods himself.

World-Class Golf Experience to pair with Marcella Club’s Vision for Modern Luxury Living

Tiger Woods, the 15-time major champion, has agreed to design the new championship golf course for Marcella Club. This will be the first TRG Design in the mountain west and is set to be more than 8,000 yards long, making it one of the longest golf courses in Utah. The course is expected to open for play by the 2025 season.

The Marcella Club plans to offer only 500 full golf memberships for the 36-hole facility. This exclusivity means that members will have an opportunity to play on one of the most challenging and sought-after golf courses in the area. In addition, the club will have two courses, available only to property owners.

Ski lots are currently for sale at the Marcella, but properties at Marcella at Jordanelle Ridge won't be available until late 2024. The development of the Marcella Ski & Golf Community is set to transform the landscape of Park City, and the partnership with Tiger Woods only adds to the excitement.

Explore The Ski Lots for Sale

This new community offers an opportunity for both avid golfers and skiing enthusiasts to experience the best of both worlds. It's a testament to the natural beauty of Utah and the passion of the Marcella Club founders, who are dedicated to creating an exclusive community that offers top-notch amenities, including a world-class golf course designed by one of the most legendary golfers of all time.

For those seeking the ultimate ski and golf lifestyle, explore the stunning ski lots available for sale. Reserve now as the BEST homesites ALWAYS go first. Contact us for more information!

If you're looking for a community that caters to your love of horseback riding, look no further than Park City, Utah. Nestled in the heart of the Wasatch Mountains, this charming town boasts several equestrian neighborhoods offering stunning views, spacious properties, and easy-ride trails. Park City has everything, from luxurious gated communities to quiet ranches. This blog will explore the best equestrian neighborhoods in Park City and what makes them the perfect place to call home.

Glenwild 

Known for its world-class golf course and equestrian center, Glenwild offers unparalleled luxury living in a breathtaking alpine setting. The neighborhood features stunning mountain views, spacious properties, and a wide range of amenities, including hiking trails, a fitness center, and a clubhouse. Real estate properties in Glenwild typically range from $1 million to $15 million, with some exceeding $20 million.

Willow Creek

Known for its large lots, open spaces, and equestrian trails, Willow Creek offers easy access to the surrounding mountains and valleys. The neighborhood is perfect for those seeking a quiet, rural lifestyle while still being only a short drive away from the amenities of Park City. Real estate properties in Willow Creek typically range from $1 million to $3 million, with some exceeding $4 million.

Stagecoach Estates

Located just outside Park City, Stagecoach Estates offers residents plenty of space and privacy, along with easy access to the nearby Round Valley trail system. The neighborhood features panoramic views of the surrounding mountains and is famous for those seeking a peaceful retreat. Real estate properties in Stagecoach Estates typically range from $1 million to $3 million, with some properties exceeding $5 million.

Silver Creek

The neighborhood features a blend of spacious estates, charming ranches, and quiet country homes and is known for its stunning mountain views, tranquil surroundings, and easy access to outdoor activities. Residents of Silver Creek enjoy an abundance of open space, parks, and trail systems, making it the perfect retreat for those who love the outdoors. Real estate properties in Silver Creek typically range from $500,000 to $3 million, with some properties exceeding $5 million.

Maple Ridge Ranches

Maple Ridge Ranches is a gated community in Oakley, Utah, just a short drive from Park City. The neighborhood features spacious properties ranging from 2 to 15 acres and offers stunning views of the surrounding mountains and valleys. Maple Ridge Ranches is known for its tranquil and secluded setting, perfect for those seeking a peaceful mountain retreat. Residents can enjoy the nearby Weber River, fishing ponds, and extensive trail systems. Real estate properties in Maple Ridge Ranches typically range from $500,000 to $4 million, with some exceeding $6 million.

If you're searching for a community that celebrates your passion for horses and the outdoors, you're sure to find the perfect home in one of Park City's many equestrian neighborhoods. Contact ParkCityHomeSales today to schedule a showing and discover the ideal home for you.

Park City is known for its stunning natural beauty and outdoor recreation opportunities. With its proximity to the Wasatch Mountain Range and many miles of hiking trails, it's no wonder many people are drawn to this scenic mountain town. 

For those looking to live close to the action, many neighborhoods in Park City are situated near some of the best hiking trails. Here are just a few of the many communities to consider if you're looking to be close to the trails:

Thaynes Canyon

This neighborhood is situated near some of the most popular trails in the area, including the Mid Mountain Trail, which runs through the heart of the canyon. In addition, the Thaynes Canyon trailhead is just a short walk from many of the homes in this area, making it easy for residents to enjoy a morning hike before starting their day.

See homes for sale in Thaynes Canyon here. 

Old Town

This historic neighborhood is just a short walk from the Park City Mountain Resort and offers easy access to many of the trails in the area. So whether you're looking for a scenic hike or a more strenuous workout, there are trails for all skill levels in this part of town.

See homes for sale in Old Town here. 

Deer Valley

Hiking the trails at Deer Valley offers a fantastic opportunity to enjoy stunning views and stay active. However, if you incorporate a chairlift ride at the resort into your hike, you enhance the experience and make the most of your time in the mountains.

See homes for sale in Deer Valley here. 

Park Meadows

Several trailheads are located around the edges of Park Meadows, offering scenic hikes, including the steep but picturesque ascent up PC Hill and the lovely, less demanding Cove trail, which leads to Round Valley, a designated off-leash area for dogs. During winter, these trails can be explored with snowshoes or nordic skis, but regular shoes with good traction will do when the snow is packed down. A paved trail also borders park Meadows on the east side along a stream where moose and deer often visit. If you travel south along this trail, you will reach a playground called Creekside Park.

See homes for sale in Park Meadows here. 

Aerie

The terrain in Aerie can range from a gentle incline to a moderately steep incline. The beautiful trails provide easy access for quick hikes or bike rides. Its location near the Park City ski resort offers stunning views.

See homes for sale in Aerie here.

Silver Springs

The park is connected to Silver Springs through a well-maintained trail system suitable for biking and jogging in the summer and cross-country skiing and snowshoeing in the winter. Like many other neighborhoods in Park City, the trails linking Silver Springs to the parks also lead to other communities and trails, including Kimball Junction and the lengthy, paved McCloud Creek Trail, which goes all the way into Old Town for those who are up for the challenge.

See homes for sale in Silver Springs here. 

To sum up, Park City is a premier destination for outdoor enthusiasts and those seeking a connection with nature. The city's diverse range of neighborhoods, including the top 6 mentioned in this blog, provide ample opportunities for residents to immerse themselves in the natural beauty of the surrounding mountains. With easy access to hiking trails, stunning scenic views, and a vibrant community, Park City is the perfect place to call home for those who love the great outdoors. For a complete list of neighborhoods and more information, contact ParkCityHomeSales at 435 640-0217 or start your neighborhood search here. 

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.