Park City real estate began 2024 with an above-average volume of transactions continuing momentum built over the last 6 months. 90 residential transactions is a 7% uptick from the first month of 2023 and outperforms the historical average for January by 5%.  In what is typically the slowest month for real estate activity, this is a fortuitous beginning to the year.

For those still reeling from last year’s overabundant winter, the Goldilocks beginning to the current season is a boon for lifestyle and commerce.

The narrative around 2023 was one of reduced transaction volume but resilient pricing. This reveals a consumer that was exceptionally picky about the quality of the product but willing to pay premium pricing for when the exact right product became available. This resulted in a market snapshot that showed prices rising however the absence of transaction flow within sub-premium inventory may have overlooked an element of unrealized depreciation.

As such, increased deal activity in January was clustered around mid-tier homes resulting in a lower median price.

Should demand continue on an upswing, an element of supply may unlock from would-be sellers that were disincentivized from accepting anything less than peak pricing because they face a challenging purchasing environment wherever they intend to go next. With interest rates abating from recent highs, sufficient supply may unlock across the pricing realm. This may appear to show prices trending lower when the reality is a broader spectrum of properties selling.

Nevertheless, January’s performance included two sales north of $10 million in Park Meadows and Promontory respectively, and seven above $5 million.

All signs at the outset of 2024 point toward a healthy and active year for real estate within a region unlikely to fall out of demand for its incredible landscape, scenery, and quality of community.