News and Market Updates

Deer Valley’s Expanded Excellence initiative is well underway, with construction progressing on 10 new chairlifts, over 100 ski runs, and the East Village Gondola. This historic expansion will double the resort’s size—making it the largest ski resort expansion in North American history.

Park City Market Surges with Record-Breaking Luxury Sales
The Park City real estate market continues its remarkable trajectory, with May marking the third consecutive month where average sale prices topped $3 million—a milestone never reached prior to this year. Year-to-date pricing metrics show average and median prices up 36% and 40%, driven largely by an influx of ultra-premium sales.

Sales over $10 million have already surpassed last year’s total, and over half of all transactions in 2025 have closed above $2 million. This surge has been led by new offerings in Deer Valley and significant activity in luxury golf communities like Tuhaye, Promontory, and Glenwild.

With summer approaching, a slight rise in inventory and renewed seller confidence suggests a dynamic season ahead. Yet, despite more listings, seller patience remains high, buoyed by favorable mortgage terms and strong buyer demand.

Construction is officially underway at The Otto, marking the beginning of the final phase in the development of this thoughtfully planned community. The development team is excited to announce this major milestone and thrilled to begin work on what will be the final chapter of the neighborhood. This past winter brought a strong sales release, with 17 families joining the community. Currently, 7 beautiful homes remain available in this final phase, offering a limited opportunity to become part of this vibrant and growing neighborhood.

Ogden Valley saw a standout April, with total sales volume doubling year over year to $32M. The market also posted a sharp month-over-month surge, with 27 homes sold—triple March’s total—signaling growing momentum heading into summer.

The waning days of ski season offer an opportunity to evaluate the first chapter of 2025 for Park City real estate. While the greater economy was defined by wild swings, the market for elite resort property saw largely unprecedented growth. As high interest rates and other forms of headwind slowed entry and mid-level price categories, the premium segments drew outsized weight, fueling growth across all metrics.

The first quarter of 2025 was the most explosive period for Park City real estate since the frenzied days of the pandemic. In the first 90 days of the year, an extraordinary quantity of elite real estate changed hands driving regional pricing through the roof.

Mark Your Calendars: 24/25 Ski Season Closing Dates for Park City Mountain Resort & Deer Valley Resort.

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.

Ogden Valley real estate has entered 2025 with strong momentum. Transaction volume surged nearly 70% year-over-year, setting the stage for an active start to the year. Sellers remained confident in pricing, though accepted offers hovered around 86% of asking. Even so, values continued their upward trajectory, with the median sales price climbing 14% to surpass $1M.

Park City real estate has begun 2025 with a seismic boost. While the total number of transactions is among the lowest for any January on record, the composition of these transactions is so heavily skewed the high end of the market as to skew median price upward by 52% over 2024.

Introducing the Four Seasons Resort & Private Residences Deer Valley, the newest development announced for Deer Valley East

The resilience of the Park City real estate market was ever apparent through 2024. The year was characterized by increased sales and a remarkable finish in December that has drawn attention and set a positive tone for the upcoming year.

Progress on Deer Valley East Village is moving quickly. A key part of the development is the opening of Grand Hyatt Deer Valley in late 2024.

The highly anticipated Phase III of Founders Place—known as Otto—is now available for reservations.

In November, the Park City real estate market reflected trends consistent throughout 2024, showcasing a healthy balance between sales activity and price adjustments.

In October 2024, the Park City real estate market experienced a remarkable resurgence, marking a significant shift from the sluggish activity observed over the summer months. For the first time since July, the total number of real estate transactions surpassed the previous year’s figures, indicating a revitalization in buyer interest and market momentum.

Fall has arrived in Deer Valley, bringing with it the first snow of the season! It has been a busy couple of months at Founders Place.

In the third quarter of 2024, Park City’s real estate market experienced notable shifts, with increased inventory and some fluctuations in pricing and transaction volumes. Despite these variations, the luxury segment remained a focal point, showing continued resilience and demand.

In August 2024, the Park City, UT real estate market exhibited a performance nearly identical to that of July 2024, with transaction totals, dollar volume, and average sale prices reflecting minimal variation from the previous month. While this consistency typically indicates market stability, the absence of anticipated growth during a period that usually marks the beginning of an annual upswing in activity is cause for concern.

Progress on Deer Valley East Village is moving quickly. A key part of the development is the opening of Grand Hyatt Deer Valley in late 2024.

As of July 2024, the real estate landscape in Park City, Utah, not only reflects strong demand but also showcases some remarkable high-value transactions. Among the highest-priced homes sold this period, a stunning luxury property located in the exclusive Deer Valley area fetched an impressive $6.5 million. This 6-bedroom, 8-bathroom custom-built home offered panoramic views, expansive living spaces, and direct access to ski trails, making it a prime investment for affluent buyers seeking the ultimate mountain retreat.

The Winter Olympics are officially returning to Utah. On July 24th, the President of the International Olympic Committee, Thomas Bach, announced that Salt Lake City will host the 2034 Winter Olympics and Paralympics.

Progress on Deer Valley East Village is moving quickly. A key part of the development is the opening of Grand Hyatt Deer Valley in late 2024.

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.

April 2024 represented an interesting period for the performance of Park City real estate. The month recorded the highest quantity of residential transactions in 9 months and equaled the greatest productivity since June, 2022. The average sale price of just over $2,500,000 surpassed any month year-to-date and offered the highest total dollar volume in 24 months.

April 2024 represented an interesting period for the performance of Park City real estate. The month recorded the highest quantity of residential transactions in 9 months and equaled the greatest productivity since June, 2022. The average sale price of just over $2,500,000 surpassed any month year-to-date and offered the highest total dollar volume in 24 months.

The news surrounding changes to the methodology of selling residential real estate has dominated news cycles in recent weeks. While this information is topical and will likely create enduring changes to the practice of agency, it has obscured news around a return to normalcy measured by the simple factors of supply and demand.

Can Deer Valley become more popular than it already is? Apparently so. One of Utah’s most beloved ski resorts is poised to more than double in size in the next few years by adding 3,700 acres of new skiable terrain.

The Park City real estate market finally pumped the brakes the slightest bit in February after a gravity defying period that defied national trends.

Deer Valley Resort has announced the new name and plans for the base village and ski portal on its newly acquired terrain, Mayflower Resort.

Park City real estate began 2024 with an above-average volume of transactions continuing momentum built over the last 6 months.

Park City real estate exits 2023 in substantially better condition than it entered based upon nearly every quantifiable metric. To have equaled the previous year’s total number of transactions while achieving modest growth in average and median price amid a year in which interest rates spiked.

Real estate activity in the Park City area began its seasonal taper in November posting 99 residential transactions. This represents a 20% decline month-over-month, a trend that is very typical for this time of year.

The International Olympic Committee on Wednesday invited Salt Lake City into another phase of the discussions about hosting a second Winter Olympics.

Historically, October is the apex month for residential real estate sales in the Park City market. The opening month of Q4 is typically when summer’s window shoppers merge with pre-winter consumers to create peak deal flow.

Fall has arrived in Deer Valley, bringing with it the first snow of the season! It has been a busy couple of months at Founders Place.

The third quarter of 2023 was one of remarkable stability for Park City real estate. After a relatively slow start to summer, results for August and September were nearly identical for both the quantity of sales and overall values.

Park City real estate offered a study in contradictions in August. In a year during which the quantity of home sales has dramatically fallen, prices have continued to rise, albeit modestly, while inventory remains modest. August provided the year’s highest quantity of sales, typical of the season, while inventory surged by 10%.

Alterra Mountain Company has announced a major terrain expansion of Deer Valley Resort that will add 3,700 acres of terrain to its world-renowned, ski-only destination.

The descriptive journey of Park City real estate over the last several years has gone from strong to frenzied to exhausted to sluggish and is now emerging into a steady and consistent market.

Through midyear, the Park City real estate market has followed a unique trajectory that ultimately leads to a familiar outcome. The scarcity of available listings and the absence of homeowner distress have effectively maintained prices at or above all-time highs.

Experience a delightful day packed with a variety of activities that will keep you entertained from morning till evening.

May brought an energy uptick to the Park City real estate market delivering the most prolific month for closings year-to-date. 94 residential transactions continues to lag historic averages but represents the greatest quantity of sales since September 2022.

Park City real estate saw a surge in activity typical of the season in March 2023. 96 residential transactions continue to lag behind recent the same month in recent years but is a jump of 15% over the first two months of the year.

Park City real estate saw a surge in activity typical of the season in March 2023. 96 residential transactions continue to lag behind recent the same month in recent years but is a jump of 15% over the first two months of the year.

It has been a busy month with so many good things happening at Founders Place. A beautiful penthouse was sold at The Edgar, bringing it down to the final home in this phase, residence 2601. The next phase of homes at, The Helen, has launched, with 19 wonderful residences. Interest has been tremendous and reservations ... Read more

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.

Construction is well underway for the next condominium offering in the second phase of Founders Place. The Helen will feature 19 residences that range from two to four-bedroom residences and penthouses and is situated directly across from the Mountaineer Express lift in Deer Valley Resort, with views of the mountain and the Jordanelle reservoir. It ... Read more

2023 has begun on an optimistic note for snowfall and real estate activity in Park City. While transaction activity was average, even in comparison to the typical lackluster beginning to any given year, pricing continued to hold steady so as to undermine any theories of major market regression. 84 residential transactions are nearly identical to ... Read more

Article Authored by Bob Bemis Original Article Featured in PCMLS Monthly After two of the most volatile years in real estate, triggered by the global pandemic that was COVID-19, sales numbers are returning to pre-pandemic levels. Sales prices are not. The past two years caused huge swings in market reports as the mandated isolation to ... Read more

Construction continues at Founders Place amidst the consistent snowfall. A few construction highlights include: Foundation walls at Edgar West with structural columns awaiting the post-tension concrete deck pour. Great news is that the materials for this critical step are already onsite. General routing of the future primary driveway along Deer Hollow Road. First level of ... Read more

Park City real estate experienced an interesting and somewhat insulated journey during 2022. The first half of the year was marked by a continuation of the surging demand experienced over the last several years that has defined this and other elite resort communities. The second half experienced a return of rationality to the consumer but ... Read more

Tahoe Mountain Realty is proud to announce our newest brokerage MTN UTAH Extending our resort market expertise from Sierra Nevada's to the Wasatch Mountains of Park City “After decades of helping clients buy and sell properties in the Tahoe region, we have noticed a trend toward cross-destination ownership. The combination of flexible work schedules and ... Read more

Article Authored by Bob Bemis Original Article Featured in PCMLS Monthly Mortgage rates dropped at the fastest clip in 40 years last week, falling from 7.08 percent to 6.61 percent on recent positive news about inflation, according to a survey released earlier this month by mortgage giant Freddie Mac. This dip in rates boosted buyer ... Read more

[FILE - May, 2022] The Mayflower Mountain Resort construction site in Wasatch County is located near Deer Valley's Jordanelle Gondola and the Jordanelle State Park. Article Authored by Ben Lasseter Original Article Featured in KPCW Parker Malatesta By early September, construction crews at the Mayflower Mountain Resort reported significant progress at its base area, including ... Read more

Article Authored by Bob Bemis Original Article Featured in PCMLS Monthly Fannie Mae predicts drop in prices in 2023 In their most pessimistic forecast of the year to date, economists at Fannie Mae say they now expect national home prices to decline by 1.5 percent in 2023, with home sales predicted to fall by 21 ... Read more

Article Authored by Bob Bemis Original Article Featured in PCMLS Monthly The gray (2019) chart line shows the traditional historic decline from Summer into the holiday period. 2020 (orange) was the exception as the pandemic had its initial effect at mid-year. 2021 (yellow) has followed a more “normal” path with but a few deviations. 2022 ... Read more

Article Authored by Bob Bemis Original Article Featured in PCMLS Monthly Our Month-to-Month change in inventory turned sharply negative in July but at the end of August was again starting to rise. The gray (2019) chart line shows the traditional historic decline from Summer into the holiday period. 2020 (orange) was the exception as the ... Read more