Park City real estate saw a surge in activity typical of the season in March 2023. 96 residential transactions continue to lag behind recent the same month in recent years but is a jump of 15% over the first two months of the year. As well, pricing held steady while inventory declined by 5% all of which is indicative of improving market conditions despite economic headwinds.
The total number of residential sales in the first quarter was only slightly more than half of Q1 2022; considered to have been the peak of the post-COVID real estate boom. However, the figure outperforms Q4 by more than 10%; a very atypical rhythm that may foretell momentum rebuilding in the local market.
Despite fewer transactions pricing held steady on a month-over-month and year-over-year basis. The average sale price in March was $2,171,000 as compared to $2,112,000 a year ago.
Unsurprising amid a remarkable winter is emphasis on ski-in property. This is particularly the case around Deer Valley including transactions for $7,425,000 in Empire Pass, $6,925,000 in Stein Eriksen, $5,800,000 within the Inn at Silver Lake, and a $5,246,000 developer closing within Argent. Canyons Village similarly saw premium closings of $4 and $6 million. Not to be outdone, Promontory, Victory Ranch and Glenwild all posted transactions in excess of $4,000,000.
With sales activity on the upswing, inventory has dropped to a paltry 478 residential listings; the lowest figure in over 5 months. This inventory drought is likely to only last for another month as the seasonal listing cycle kicks in upon lifts closing. While distress remains almost entirely absent from the market, some number of consumers are likely to move away from mountain specific real estate and toward golf/resort centric communities after a historically heavy winter.
The groundswell of activity may combine with this loosening of available options to create an exciting spring and summer for Park City real estate.
