The news surrounding changes to the methodology of selling residential real estate has dominated news cycles in recent weeks. While this information is topical and will likely create enduring changes to the practice of agency, it has obscured news around a return to normalcy measured by the simple factors of supply and demand.

For Park City real estate, the first quarter of 2024 can be defined as either a very strong, bad market or a lackluster, strong market. Results have lagged behind the previous year in both transaction quantity and pricing however the transactions that have occurred represent some of the most premium within the region and prices not far from the 2022 apex of the market.

Park City outperformed most other premiere resort markets in 2024 as values continued to rise amid interest rate spikes and other economic headwinds. While the market has given back a fraction of these gains in 2024, pricing remains exceptionally robust in a historical context.

A general acceptance around the trajectory of interest rates and a less exceptional winter have opened channels for new expressions of interest that seem to indicate a very strong year to come. The local market typically sees about 1300 residential transactions per year, averaged out through markets good and bad over nearly 20 years. 2023 lagged this average by about 15% leaving 200 consumers on the sidelines. Experience indicates that these sales are typically deferred, not forfeited, creating even greater demand in subsequent years.

The outset of Q2, should deliver a jump of nearly 10% that will carry forward into fall when activity will surge ahead of the winter-to-come.

For more information, on Tahoe Mountain Realty’s position on the National Association of Realtors settlement agreement around antitrust litigation, please see below: