In November, the Park City real estate market reflected trends consistent throughout 2024, showcasing a healthy balance between sales activity and price adjustments. Sales velocity remained strong, matching historical benchmarks for the month, while home prices saw a very slight lag compared to last year.

Year-to-date, the local market has achieved noteworthy milestones, surpassing the total residential sales and sales volume from 2023. This growth was particularly evident in the mid-tier luxury segment, with properties priced between $1,000,000 and $5,000,000 experiencing robust demand, indicating a solid appetite for high-quality homes in the area.

While luxury sales up to $7,000,000 remained strong, properties exceeding $10,000,000 showed a more significant decrease compared to previous years. This trend might point to high-end buyers exercising restraint, possibly waiting for improved economic conditions before committing to large investments.

In November specifically, the focus on luxury sales concentrated around Deer Valley, including a rare $12,000,000 closing, with particular focus in the Deer Crest and Empire Pass neighborhoods. Additionally, the Glenwild and Promontory closed out  golf season with six sales ranging from $4,000,000 to $7,000,000, underscoring the ongoing appeal of these prime locations.

November generally marks the beginning of a four-month lull in closing activity, a small bump in December closings notwithstanding. Buyers frequently return to the market at year’s end, leading to an increase in sales activity by March upon making a purchasing decision.

Inventory levels have fallen to four-months’ supply, mirroring the conditions of November 2023. This indicates a balanced market, though seasonal factors are at play. With the election passed and interest rates gradually trending downward, a sense of optimism for the 2025 market is beginning to take hold.

The arrival of early snow has set a positive tone for the winter season, likely attracting more prospective buyers seeking winter retreats. Considering these factors, the Park City real estate market appears poised for a strong future, supported by ongoing demand and the enchanting allure of life in this beautiful mountain region.