July | Park City Real Estate Market Update

Through the first half of 2024, Park City real estate has been the picture of consistency. After a year in which national trends showed sluggish results, demand for the extraordinary offerings of Park City continued to push pricing to record highs through 2023. Year-to-date, transaction volume and prices have been almost identical to the prior year.

To date, 591 residential properties have transacted. This is 51% of 12-month total for 2023 slightly outperforming last year with the peak selling season yet to come. Similarly, both median and average price are within 1% of last year’s record results and well above the surging values established from 2020-2022. This, despite meaningful headwinds in the form of stubbornly high interest rates and escalating prices for homeowner’s policies, are indicative of resilient demand. A more reasonable winter snow load compared with 2023 aided in consumer’s ability to reach the region and inventory grew to a level offering reasonable choices without overloading the market aided in creating a healthy market environment.

The composition of sales in the first half of 2024 has been similarly consistent. The share of transactions and prices greater than $1,000,000 exactly equaled the previous year at 73% while the those above $2,000,000 grew from 37% to 39%. Higher thresholds are proportionate to last year including 8 transactions greater than $10,000,000.

These ultra-elite transactions were predictably distributed among slopeside ski properties and premiere golf settings. A $15,000,000 estate property in The Colony set the first half mark followed closely by sales of $14,800,000 in Promontory, $13,000,000 and $12,750,000 around Deer Valley and $11,900,000 in Ranch Creek.

The second half of any given year will typically deliver about 15% higher sales volume than the first. July represents the kickoff as consumers return to the area and begin the process of searching for a suitable home. August through October typically represent the busiest 90 days for closings before a taper into the early days of winter. With inventory sitting just over 700 residential listings, the most since the early days of 2020, the market is a general state of balance. Such signals indicate a typically busy period for sales activity while prices are likely to remain steady.