The data supporting sales activity in the Park City real estate market during the month of February belies the meaningful uptick in activity felt on the ground amid a historically abundant winter snowfall.
78 residential transactions closed during February, a slight drop from the 84 in January and a nearly 50% reduction from the same, frothy period in 2022. The shortest month of the year often warehouses the year’s fewest transactions and the meaningful year-over-year decline might be misunderstood as an indicator of diminished interest. To the contrary, showing activity and general expressions of interest are on a steady rise while sales activity is being reined in by very limited supply.
No shortage of premium home sales offer proof of robust interest in luxury properties. In February, properties within The Colony at White Pine sold for $13,980,000 and $10,400,000; $1540 and $1270 per square foot respectively, and each within 6% of the asking price. Additional premiere sales were distributed throughout the most prestigious communities in the region including Summit Mountain Realty’s $9,200,000 transaction in Promontory, $7,800,000 in Victory Ranch, $6,200,000 and $6,300,000 in Glenwild and $5,900,000 in Tuhaye.
The current group of available listings represents just 4 months of inventory at current rates of absorption, a factor still slightly favoring sellers.
Spring often delivers more listing choices but also brings more buyers into the market. The savviest of consumers on either side of a transaction will recognize that the best opportunities exist when competition is minimal. While counterintuitive, this contrarian perspective often delivers results that may not be available during the more active periods later in the year.
Limited inventory aside, some notable new projects in the area are promising indicators of a strong market ahead. Marcella at Mayflower just announced an affiliated golf community, Marcella at Jordanelle Ridge, with a Tiger Woods designed course expanding the already robust amenity package. Velvaere at Mayflower is touting new custom home offerings in their wellness-focused community with a myriad of options for those seeking an escape from the daily grind. Founders Place at Deer Valley is releasing Phase 2 “The Jenny” after a very successful Phase 1 sell out. These are just a few of the exciting projects underway supporting the reputation that the Park City area already has as a premier four-season destination. And it isn’t just about the skiing anymore, it is about the lifestyle and convenient access to activities, shopping, dining, and a quick commute from a major international airport.
