The Park City real estate market finally pumped the brakes the slightest bit in February after a gravity defying period that defied national trends. 83 residential transactions would have outperformed February a year ago but lagged behind January by about 10%.

While various headwinds are undoubtedly present, the primary culprit seems to be the availability of quality inventory. The modest number of properties to sell represented among the most premium in the local marketplace thrusting the month’s average price to a near record $2,500,000.

Consumers are not seeking diminished quality in return for discounted pricing. Rather, they are willing to pay peak values for product that otherwise meets their needs from a lifestyle and programming perspective.

Two of every three sales has transacted above $1,000,000 while a third have settled above $2,000,000 equaling the share of sales in each of the last several years. Through just two months, the quantity of 8-figure sales is nearly 50% of 2023’s 12-month total.

Top movers in February include a $15,000,000 on a rare acreage parcel at the base of Canyons Village, a $13,000,000 masterpiece in Empire Pass, a striking ranch property in Ranch Creek for $11,900,000, and $11,500,000 in Promontory.

Available supply dropped a bit from January and is likely to wane through mid-April before gathering the typical post-ski season listing load. Savvy winter buyers are recognizing that this may represent the moment when they are competing with the fewest competitors in the marketplace giving the best shot at securing a property without getting into a multiple bid situation. Sellers who come to market ahead of winter’s end are rewarded by having few competing listings vying for the attention of active buyers.