Following a month in which sales activity was overwhelmingly weighted toward ultra-premium properties driving average and median prices to all-time highs, February showed activity consistent with much of the previous 12 months.

90 residential transactions outperformed February 2024 by 15% while the average sale price of $2,530,000 is exactly equal. Year-to-date median price remains above $2,300,000; nearly 50% higher than the annualized total from 2024.

These figures are certain to normalize as more rank-and-file properties mix-in throughout the year. To date, more modest priced properties have shown greater sensitivity to stubbornly high interest rates and doldrums of a modest winter. Conversely, confidence in the highest reaches of the market has been bolstered by the completion of several new development projects around Deer Valley that have established new pricing benchmarks. Among them are Founders Place in Deer Hollow and the residences in the newly opened Grand Hyatt in the Deer Valley East Village.

Augmenting the stellar month are sales of $9,400,000 in Deer Crest, $7,175,000 in Thaynes Canyon plus five additional sales above $5,000,000 throughout Deer Valley.

Inventory has remained stable for several months complimented by strong pending sales activity, all of which indicates that current conditions are likely to remain for the foreseeable future. A jump in supply will likely follow the end of ski season which could balance out demand and slow the market’s momentum heading into summer. Sellers willing to defy seasonal consideration and come to market now may be rewarded with the year’s highest yields when competing with such modest competition.

Though winter has been lackluster by quantity, recent snowfall has ensured a quality experience that is likely to give way to Utah’s best spring skiing.