The first quarter of 2025 was the most explosive period for Park City real estate since the frenzied days of the pandemic. In the first 90 days of the year, an extraordinary quantity of elite real estate changed hands driving regional pricing through the roof.

The delivery of premium new product around Deer Valley combined with an exceptional run of prestigious sales in Promontory and The Colony delivered a remarkable 53 transactions at prices greater than $5,000,000. These elite sales represent 20% of all transactions in the market; doubling the highest ever total for this metric. Similarly, twelve transactions above $10,000,000 is, by far, the most in any Q1 on record and exceeds the 12-month total of all but the most recent four years.

The quantity of very high-priced transactions has pulled average and median prices up by a staggering 37% and 47% respectively. These figures will inevitably revert closer to the mean throughout the year as a greater quantity of mid-range properties come to market and ultimately sell. Nevertheless, 294 residential transactions are not a paltry sum, undiluted by lesser priced transactions. Rather it is a 20% growth over the same period in 2024 and even greater than 2023. Not since the frenzied period of 2022 were more sales transacted in the first quarter of the year.

The outlook for the rest of 2025 will likely show some moderation. The inventory of available listings is likely to grow higher than it has been since 2019 as the typical wave of post-winter listings is compounded by the cohort of sellers that opted to come off the market last fall upon falling into an election-year malaise.

Nevertheless, demand for Park City real estate is surging upon the delivery of exceptional new product that is redefining the region’s luxury segment and undeniably boosted by some number of Southern Californians relocating from January’s fires.

Interestingly, a slow start to winter may have boosted activity as high-elevation properties that often become invisible during heavy snowfall have been more accessible. Winter had its say with late-season storms delivering some of the best conditions of the season.

We look forward to keeping you informed of unique and dynamic conditions unfolding throughout the year.