Park City real estate experienced a seasonal tapering in May as residential closings fell behind the previous month by 15%. A slight ebb in activity is typical for the weeks immediately following the end of ski season as consumers exit the market until summer.

Correspondingly, the reduced quantity of sales are typically clustered at the lower end of the market as full-time owners become the preponderance of the buying public at subpremium prices. The average transaction in May was just over $2,000,000 versus $2,500,000 in April.

By comparison, the same period in 2023 experienced fewer transactions by 15% but an average price nearly 10% higher. Year-to-date, average and median prices are both within 1% of 2023, indicative of a stable market.

Also consistent with the season is the composition of sales. Spring brings a shift at the highest reaches of the market away from ski focused properties toward golf communities. Each of the five priciest transactions in May were in either Tuhaye or Promontory ranging from $5,743,000 to $8,100,000.

The period between end of winter and Memorial Day is when most of the year’s supply is introduced. The event of ski lifts closing is a common moment for homeowners to evaluate the remaining useful life of a second home relative to evolving life circumstances. Similarly, this is when the deferred maintenance from winter’s heavy hand becomes apparent. This period is slightly misaligned to the rhythm of buyers in the region who typically don’t return with purchasing intent until after July 4^th. As such, standing inventory can swell by as much as double during the month of May, peaking by the end of June, only to wane in July with increased buyer activity. Bookending summer, the weeks ahead of Memorial Day for listing activity, closing activity is most prolific in the weeks following Labor Day.

Currently inventory stands just over 600 residential units throughout the region; approximately 6 months of supply at the current rate of absorption. This is a nearly perfectly balanced picture and one that is likely to promote stable pricing as supply is unlocked throughout spring and summer.