Brendan Trieb

Park City Housing Market Update – November 2022

Posted by Christine Grenney & filed under Home Buying in Park City, Home Selling in Park City, Park City Real Estate Updates.

Winter has made its arrival known in Park City, with 8-10″ received in town yesterday, and the Deer Valley Snow Stake topping out around 15″ on the day! For anyone who was clinging to the last remnants of fall, there is now no denying that bike season is behind us and we’re moving full steam towards skiing as the blazing snow guns at the resorts would indicate. With more snow in the forecast, the excitement and hope for a deep winter are palpable among us locals.

Deer Valley Resort Snow Stake Webcam on 11/2/22

But alas, you’re reading this for a real estate market update, not for my anecdotal snow reporting which is what we have Evan at OpenSnow and The Powder Buoy for!

Many of the talking points of the last six month remain the same:

  • Rising rates affecting financed buyers and their purchasing power
  • Inflation and equity markets affecting the portfolios and purchasing power of cash buyers
  • A lack of good quality inventory remains, and overall inventory remains below historical averages
  • Premium properties in sought after locations are still selling quickly
  • Investors are continuing to purchase real estate to diversify their holdings, and many still believe in the long term market outlook for Park City and surrounding areas

What We Are Seeing in the Marketplace

Inventory

  • Compared to historical averages, residential inventory on the Park City MLS is still 30-35% below where it is “normally” for September and October
  • Since a seasonal high on July 30th, residential inventory has been dropping every week except for two when the market gained six and three listings respectively – hardly an increase and one that was negated by decreasing inventory in the follow weeks
  • From the peak at the end of July, residential inventory has since dropped by 14%, and it appears that trend will continue at least until Q1 of 2023
  • Inventory for raw land hit its yearly peak almost two months later, topping out at 593 parcels for sale the week of September 24th
  • Despite land sales having seen the largest slow-down in sales pace, the active inventory is still down, dropping 7% over the last five weeks since its peak
  • The lack of inventory, especially of quality properties that are priced appropriately, remains an issue that isn’t going away anytime soon. When rates invariably drop as the Fed corrects course – whether that’s in 6, 12, or 24+ months, the inventory issue is likely to once again rear its ugly head, potentially further driving prices up as buyers who’ve been sitting on the sidelines rush back in.
Weekly Residential Inventory for the Park City MLS

Pricing

  • The overly frothy list and sales prices have all but left the marketplace, though some sellers are still fixated on records set 12 months ago and remain steadfast in hoping to garner a premium price that just simply may not be achieved as buyers realize that time and demand is now on their side
  • Last months sales to list price ratio of 99% for residential properties shows that most homes and condos continue to sell very close asking price – no signs of deep discounts at this time
  • Land sales have seen more of an impact with October garnering a 94% sales to list price ratio, down from 95.1% in September – this will be something to keep an eye on and see if this is a continued trend, or just an outlier during shoulder season
  • The median residential sales price for all areas is down 4% from September, but still up 3.6% year over year, again demonstrating that while we’ve come off of the all time high prices from April of 2022, broader values remain stable – we’ll keep tabs on the trend line through Q4 and into Q1 and Q2 of 2023
  • Don’t believe the news headlines that may reference other markets, there are still zero distressed sales in the Park City market, down from an average of 0.9% – 0.3% of sales from 2015 through 2021 – so no, it’s not time to go pre-foreclosure shopping (I’m looking at you metro market multifamily investors)
  • It’s important to note that our market remains segmented by price and location, as it always has. The broader averages speak of a market that is stabilizing and gaining its footing after a wild couple of years, but within that there are outliers in terms of sales pace and pricing. As always, it’s important to gather data for the property type, price, and location that specifically applies to your situation
Monthly Residential Sales Price for the Park City MLS

Days On Market

  • From September to October the average residential days on market remained flat at 40 days
  • While this feels like a massive increase from the single digit days on market earlier this year, 40 DOM is still well within the margins of a sellers market, though much healthier and more sustainable for both buyers and sellers from the previous record lows
  • These numbers also coincide much closer with the more balanced market we witnessed between 2013-2019, if anything running slightly below the days on market of those years
  • It will be interesting to see if the days on market continues to remain relatively flat over the coming months – if so it will be another indicator demonstrating stability in the broader market and sales pace

Advice and Observations for Buyers

  • Put Pen to Paper
    • For most property types, buyers can afford to be patient and find the right place. That said, if a property checks 80+% of a buyers boxes, it should be in serious consideration. There is no such thing as a perfect house, and that will always be the case regardless of market conditions, so right the offer and start the conversation.
  • Get the Price You Want Now
    • If you find a great property and your only objection is price, don’t wait and write the offer at the price that makes sense to you. Given the choice between securing a great property that you can use today, versus waiting for a discount that may or may not come in the future, our preference is asking for the discount now to secure your place in Park City and start building equity.
  • Substantiate Your Offer With Data
    • Making large life and financial decisions based on emotion and economic turmoil of the last few months is not a wise course of action. Stepping back, looking at your goals for 5, 10, and 20 years down the line, and leaning into the data provided by your trusted team of a top performing realtor, financial advisor, and/or lender is how you make good choices for the long term. If you choose to “ask for the discount” in todays market, sellers will want justification for your position. “I don’t like the market” and “I’m scared of what the future hold” are emotional responses, whereas understanding recent sales data, quantifying remodel costs with local, reputable contractors, and providing background on purchasing power relative to mortgage rates is how you may be able to justify your position to a seller and get a deal done.

Advice and Observations for Sellers

  • If It Seems Too Good to Be True, It Probably Is
    • If you’re interviewing agents to list your home and the broad opinion are like-minded on value, be wary of the overly enthusiastic outlier with the price that is too good to be true. Just as with buyers above, getting overly emotional may cause sellers to act aspirationally on their list price only to then have to reduce their price one or multiple times before selling. One record setting comp does not a market average make.
  • Be Patient
    • With a residential average of 40 days on market, sellers should be prepared for their property to take a few months to sell, even if it is a good home priced accurately. Being aware of these timelines and setting these expectations up front will help keep nerves calm when there have only been a handful of showings and no offers in the first 10 days on market.
  • Work With Agents Who Know Your Market
    • With 1,500 agents in Park City, there are a lot of choices of who to work with, and many exceptional realtors. That said, you want to work with an agent who has sold numerous properties in your area and price range, and has a thorough grasp on the nuances of your property type, development, and buyer pool. And of course, it’s not just what you sell, but how you sell it. Working with agents who have a proven track record and systems will set you up for success.

Choose Park City Real Estate Sales for September and October 2022

  • We put 2 properties under contract for our buyer clients for a total of just over $1,915,000 in pending contract volume
  • 7 transactions closed for just under $6,000,000 in sales volume
  • One buyer secured a dream building lot off market due to our agent and peer network
  • We brought two listings to market at prices of $1,150,000 and $3,400,000

Thanks for reading this month’s market update, and as always, reach out to us if you have questions on how these numbers will affect you and your situation. Whether you are a possible Park Meadows home buyer, potential Deer Valley home seller, or an interested property investor, we can put the stats and our Park City housing market knowledge to work for you no matter what your needs and budget are. Everyone’s situations are different, so knowing how to apply the data is integral to making wise real estate decisions.

-Brendan Trieb, Choose Park City

Park City Housing Market Update – Summer 2022 in Review

Posted by Christine Grenney & filed under Home Buying in Park City, Home Selling in Park City, Park City Real Estate Updates.

As summer comes to a close and hot sunny days give way to moody clouds and rain indicating fall has arrived in Park City, chatter surrounding the local real estate market remains steady. It’s never a dull moment in the housing and mortgage industries of late, with seemingly all eyes on pricing, inventory, and rates, and what it all means now and in the future.

As we like to say, if we could predict the future we’d already be retired, but that doesn’t mean we can’t look at historical data and trends, and how it relates to the current market activity. Just as in the springtime, the phrase we are using for the state of the Park City housing market, and that of the greater Wasatch Back area, is back to normal. Instead of homes selling over asking in 24-48 hours, they may be selling for 97-98% of the list price, in 24-48 days. By all accounts this is still a sellers market, but the days of slapping a price on a property for 10% above the previous record and then watching the offers roll in is behind us.

All in all, we feel that this is good news across the board. Values largely have remained strong with owners retaining their equity and forecasts touting single digit annual appreciation going forward instead of the incredible 20% and 30% jumps we’ve seen over the last few years. Buyers have more choices, and usually a bit more time to view property and make a decision, helping ensure that their purchase is a good decision and the right fit, and not just the latest case of FOMO. Trend lines continue to point towards a market that resembles what we experienced between 2013-2019, a more stable, gradually appreciating market with opportunity for all.

What We Are Seeing in the Marketplace

Inventory

  • After residential inventory in the Park City MLS hit its all time low (since the Park City Board of Realtors started tracking this data in 2007) of 290 units in the week ending February 5th 2022, it has been rising steadily before likely hitting its peak for 2022 at 924 units for the week ending July 30th.
  • Since July 30th, inventory has been steadily decreasing each week, down to 841 residential units in the week ending September 10th, a 3.1% decline from the previous week.
  • Historically between 2013-2019, residential inventory on the PCMLS peaks in the summer months, and averages 1,414 units at its annual peak, which means even at our inventory peak of 924 units in July 2022 we were still 35% below where inventory would “normally” be.
  • While a bit anecdotal and not derived from a particular statistic, it is worth noting that we have had discussions with a wide array of fellow, high performing agents who have remarked that while inventory numbers are largely up from their record lows earlier in the year, the quality of inventory – meaning good, well finished, well located, and accurately priced homes – is still lacking as many buyers continue to search for their perfect place.

Pricing

  • As stated in the opening paragraph, the overly ambitious, frothy list prices and offers well over asking have largely left the marketplace. Regardless of how you look at the numbers, most areas in the greater Park City market appear to have hit their all time high median sales prices sometime between March and July of 2022, and have come slightly off those prices since.
  • With that said, many areas including neighborhoods within Park City limits and those around the Jordanelle have seen large double digit price increases both on a monthly and year-over-year basis.
  • The sales to list price ratio for residential units on the PC MLS hit its all-time high in March of 2022, with listings selling, on average, for 2.1% over the asking price. That metric has been on the decline since then, yet homes are still selling at nearly full price with a current sales to list price ratio of 99.4%, which is still up from the average historical sales to list price ratio for 2013-2019 which was 97.0%.
  • When looking at the data, it’s apparent that areas with more moderate prices and a larger percentage of financed buyers have seen more downward pressure on pricing due to mortgage rates, while those at higher average prices and with a larger percentage of cash buyers have seen less of a drop, and in some cases even continued appreciation.
  • One added note, it’s important to look at pricing data with a sense of nuance, and realize that every property is different. We are speaking in averages using large data sets, and in our observations a large portion of downward movement in pricing has resulted from prices being reduced on properties that were priced too ambitiously in the first place.

Days On Market

  • After hovering in the single digits for the entire first half of 2022, the average days on market for residential properties (doesn’t include land) on the PC MLS saw a jump up to 31 days in July, and dropped slightly to 29 days in August.
  • Year-to-date, these numbers average out to an incredibly low 9 days on market for 2022, though we expect that number to rise for the year as we receive data for the 3rd and 4th quarters.
  • To put these numbers in perspective, the average days on market for residential properties between 2013-2019 was 40 days, which still represents a solid sellers market, and at this point we are still about 25% below that number for 2022.

Advice and Observations for Buyers

  • Make an Offer
    • We said the exact same thing earlier this year, but it bears repeating. Most properties aren’t flying off the shelves anymore. If a property checks 80% of a buyers criteria, but they feel the price is too high and there aren’t competing offers, we would encourage them to make an offer even if it’s not at asking price, and then negotiate from there. To modify a famous Wayne Gretzky quote, “You don’t buy 100% of the properties that you don’t write offers on.”
  • Don’t Expect a Big Discount
    • Based on the inventory and days on market data above, this is still a sellers market at this time, and we would not advise any buyers to go in expecting a substantial discount. That said, the advice in the bullet point above still applies, so writing an offer at 5% off asking may be a good starting point.
  • How Long Do You Plan to Hold Your Property?
    • Whether you’re an investor, a second home owner, or looking to purchase your first home, knowing the length of time you intend to hold the property is very important. While we don’t see a large price correction in the forecast, even if there were to be substantial downward pressure on values, most historical downward market cycles – in housing, the economy, or the stock market – have lasted less than 5 years. Purchasing now enables you to lock in an interest rate at a time when we expect rates to continue upwards, further depleting purchasing power due to increased monthly payments. Marry the house and date the rate, then refinance when rates decline.

Advice and Observations for Sellers

  • Be Realistic
    • Pricing a property today means knowing which comparables and data points to use, and which ones are statistical outliers. Gone are the days of pricing your home at or above the previous record just because you can. Pricing today needs match up with the functionality, features, finish level, and location of your property (much as it always has, except for mid 2020 through early 2022) and present it as a competitive value when compared to other listings in your price range and section of the market.
  • Be Patient
    • Good properties are still selling, some in less than a week, but others may require a few months and that is okay! Prior to the last few years, a $4,000,000 that took 75 days to sell was deemed perfectly acceptable and a realistic timeline. Even when presented and priced well, some patience is still required to find the right buyer who is a good match with the home, especially with many buyers sitting on the sidelines due in large part to watching too much news and reading fear inducing headlines.
  • Who You Work With Matters
    • Real estate is a largely a relationship based business, and the best agents will market your property publicly online, and also through their brokerage and peer networks. While the pandemonium of 2020-2021 may have allowed some to get away with poor ethical decisions or sub par negotiating tactics, now more than ever it matters that you work with an agent that other agents want to work with. When agents on both sides of the deal can vouch for the legitimacy and professionalism of their fellow broker on the other side of the table, it does a lot to build confidence in the deal and keep buyers and sellers focused on the closing table.

Choose Park City Real Estate Sales for June – August 2022

  • We put 8 properties under contract for our clients for a total of just over $15,000,000 in pending contract volume
  • 11 transactions closed for just over $22,500,000 in sales volume
  • Of our buyers competing against multiple offers, 100% of them had their offers accepted
  • 2 of our listings went under contract before coming to market due to networking efforts with our agent peers

Thanks for reading this months market update, and as always, reach out to us if you have questions on how these numbers will affect you and your situation. Whether you are a possible Park Meadows home buyer, potential Deer Valley home seller, or an interested property investor, we can put the stats and our Park City housing market knowledge to work for you no matter what your needs and budget are. Everyone’s situations are different, so knowing how to apply the data is integral to making wise real estate decisions.

-Brendan Trieb, Choose Park City

Park City Summer Event Schedule 2022

Posted by Christine Grenney & filed under Great reasons to buy real estate in Park City, Park City Community, Park City Lifestyle.

Summer 2022 has arrived with our usual dizzying array of festivals, events, and activities. So much to enjoy, so little time! Peruse our offerings in this years Park City Summer Event Schedule and reach out for any local insight on anything that piques your interest.

The Hills Are Alive… With the Sound of Music

It seems as though there’s music around every corner here when the mercury heats up in the amphitheaters, pocket parks and outdoor venues throughout the Wasatch Back. Check out the entire Summer Concert lineup in Park City, the Heber Valley, and beyond!

All Summer Long Activities in Park City

Park Silly Sunday Market

Every Sunday through Sept 25 from 10 am – 5 pm on Lower Historic Main Street, Park City

The Silly Market epitomizes all that makes Park City unique. This incredibly popular, open-air market and
street festival celebrates funky “Park Sillians” in the best of ways. Main St. is closed to vehicles, allowing
patrons to wander through booths with fanciful goods and services, live music and of course, the ever-popular Bloody Mary bar!

Last Friday Gallery Stroll

July 29, August 26, Sept 30 6 – 9 pm, Main St, Park City

A great way to combine your love of food and art, the Last Friday Gallery Stroll is ideal for pre-or post-dining enjoyment on Historic Main St. This enjoyable, free event highlights local, national, and international artists and special exhibits at up to 20 art galleries throughout town. Enjoy light refreshments, meet the artists, and admire the latest art installations.

Park City Farmers Market

Every Wednesday from 11 am – 5 pm thru October Canyons Village – Cabriolet Parking Lot

This year’s Farmer’s Market has gone back to its roots at the base of Canyons Village, offering a diverse
assortment of fresh local produce from Utah farmers and a great selection of unique vendors and food booths, all accompanied by live music and our usual array of leashed doggies.

Goldener Hirsch Summer Market

Saturdays 1 – 4 pm  through Sept 8, Silver Lake Village at Deer Valley 

Inspired by the Parisian open-air drinking establishments that sprung up in summer in the 18th century, the Goldener Hirsch Summer Market features inspired light bites by Chef Nicolas, a unique menu of drinks, fun outdoor games, and live music. Ride the Deer Valley® Resort chairlift to enjoy breathtaking views of the Kamas Valley and the Uinta Mountain foothills or haul your mountain bike up the lift and enjoy a thrilling ride down to the Market.

Friday Recess Wine Classes

Fox School of Wine July 22 – August 26 J Go Gallery, 268 Main St Park City

Enrich your understanding and appreciation of wines in this fun “study” of different vintages, from Rose’s to Burgundy’s with sommeliers and wine experts as your guides.

Swaner Nature Preserve’s Sunday Craft

Sundays through August 28, 1258 Center Drive, Park City

Bring your nature-loving kids to the Preserve’s Eco Center at 1258 Center Drive for a free craft day every
Sunday for an upcycled nature-themed crafting event from 11 am – 1 pm.

Flying Ace All-Star Aerial Show

Every Weekend at the Utah Olympic Park, 3419 Olympic Pkwy, Park City

Catch the high-flying action every weekend with the thrilling Flying Ace All-Stars Freestyle Show. See
Olympians and National Team skiers and snowboarders perform acrobatic feats as they soar up to 60 feet in the air before landing in the Park’s Spence Eccles Olympic Freestyle Pool. 

Heber Market on Main

Thursdays from 5 – 9 pm through August 18, Main Street Park, Heber City 

Main Street Park in the heart of Heber City is enlivened with concerts by a variety of regional musicians with food booths, food trucks, crafts, and fresh produce. For the first time this year, Heber Valley Brewing is offering a beer garden for patrons 21+.

Midway Farmers Market

Saturdays through October from 10 am – 2 pm, Midway Town Square, Midway

This quaint small-town market operates from a new location in Midway’s Town Square, between the Town Hall and Community Center at Main St & 1 st North. every Saturday. This intimate market features abundant local produce, delicious fresh bread and sweets, fresh eggs, flower bouquets, and more. 

Heber Valley Artisan Cheese Dairy Farm Tours

920 River Road, Midway

Happy Cows make “udderly delicious cheese!” These tours are offered Mondays – Saturdays throughout
summer and allow you and the kiddos to meet the fabulous “ladies” who provide the milk for their award-
winning cheese. During this fun and educational dairy tour, patrons get to witness their high-tech robotic
milking system – one of the first installed in the Western USA. Tours are offered daily, reservations required.

Park City Summer Events

Oakley’s Summit Arts Showcase

July 15 (4 – 8 pm) & July 16 (10 am – 5 pm) The Red Barn, 4300 North UT 32 (Oakley Fairgrounds)

While many of you might have ventured to Oakley for their infamous Rodeo as part of your annual July 4
festivities, a new tradition has emerged in Oakley with their annual Summit Arts Showcase, so giddy-up and enjoy a wonderful display of art is various mediums by local and regional artists.

Heber Valley Railroad (“The Creeper”)

450 South 600 West, Heber City

The Heber Valley Railroad offers scenic, historic train rides around the beautiful Wasatch Mountains past Deer Creek reservoir and Mt. Timpanogos.

Rock-n-Roll Train:  July 15
Fiddlers and Fireworks:  July 23
Wizard’s Train:  July 28, 29, 30
Wild West Days:  June 3, 4, 5
Kids Train Days:  June 10, 11, 12
Summer Solstice:  June 18, 19, 21
Princesses & Pirates:  Jun 25, Jul 9, Aug 20

Swaner Nature Preserve Demonstration Cleanup

July 16 8:30 am – 10 am, 1258 Center Drive, Park City

Help bees, butterflies, and other pollinators by assisting with the Preserve with their demonstration garden cleanup, including weeding and pruning of the pollinator garden in front of the EcoCenter to keep it healthy through the growing season and learn about water wise practices.

First Annual Prospector Square Neighborhood Appreciation Party

July 16 Noon – 6 pm, Berrett Lane between Gold Dust and Poison Creek

Prospector Square is showing off recent neighborhood improvements with an old-fashioned block party, with live music by Telluride Meltdown from 3 – 6 pm.

Kamas Valley Fiesta Days

July 21 – 23

Events take place at locations throughout Kamas in a celebration that has been a yearly tradition for over 70 years! Included are the rodeo, kids’ night, Bull Wars., Parade. Demolition Derby, Car Show and Auction.

Movies in the Park

Library Field – 1265 Park Ave, Park City

Basin Recreation, in partnership with Park City Library and Park City Film, will be offering movies in the park at the Park City Library Field starting at dusk. When the sun goes behind the ridgeline, temps always cool off by at least 10 degrees so definitely don’t forget your blanket (remember, this is an off-leash dog park too!), low chairs, popcorn, and Milk Duds!
Friday, July 22    Encanto (in Spanish)
Friday, August 5    Ron’s Gone Wrong

Summer Grilling with Mindful Cuisine

July 22 6 – 9 pm 352 Aspen Lane (Silver Creek)

Cooking classes with Mindful Cuisine are a wonderful way to expand your culinary repertoire in a professional chef’s kitchen with outstanding views of the Wasatch Mountains. Gather up a group of family or friends and enjoy some “kitchen fun”.

Twilight Drive-in at Utah Olympic Park

Utah Olympic Park, 3419 Olympic Pkwy, Park City

We applaud Park City Film for continuing to offer this “holdover event” from the social distancing, pandemic summers. This is a great way to enjoy an outdoor flick from the comfort of your vehicle, reminiscent of the old drive-in days. Pack a picnic or enjoy local catering.

July 28 Spiderman: No Way Home
August 5 Sundance Institute’s 2 nd Chance & Emily the Criminal
August 11 Encanto (en espanol) & Dora and the Lost City of Gold
August 12 Wolfwalkers
August 13 The Big Lebowski

Charleston Town Pioneer Day Celebration

July 24 3527 W 3600 S, Charleston

Flag raising ceremony, community breakfast, live entertainment, parade & fireworks display at dusk.

Wasatch County Fair Days

July 29 – August 6 415 Southfield Road, Heber City

If you missed the Oakley rodeo, here’s a chance to enjoy another great rodeo as well as a full week of fun for the little cowboys and cowgirls in your world. Wasatch County Fair Days kicks off with the enormously popular Demolition Derby on July 29th, followed by a party in Southfield Park, Carnival, BBQ, parade, exhibits, talent show, rodeo, and much more:
July 29 – 30    Demolition Derby
Aug 1  Party in the Park and Talent Find
Aug 3 BBQ Dinner, Movie in the Park
Aug 3 – 6 Carnival 
Aug 4    Charley Jenkins concert
Aug 4 – 6 Country Market, Mtn Valley Stampede Rodeo
Aug 6 Wasatch County Fair Parade, Wasatch County Fair Jr Livestock Sale

Kimball Arts Festival

August 5 – 7, Park City’s Main Street

Billed as one of the top-ranked art festivals in the country, the annual Arts Festival, a tradition for 53 years, is actually our beloved Kimball Art Center’s largest fundraiser and so vital to their year-round programming. The three-day event includes live music, gourmet food and beverages and a host of creative and collaborative activities.

6th Annual Victory Hangar Dance

August 6, Russ McDonald Field/Heber Airport, 2265 Airport Road, Heber City

Every once in a while, we get the random question “Is there anywhere to swing dance around here?” and we can finally answer in the affirmative. Enjoy this celebration of World War II at the Victory Hangar Dance, where patrons are known to don vintage attire for the 50’s and dance the night away. If you missed the June hangar dance or just want to swing dance again, enjoy this celebration of victory in World War II at the Victory Hangar Dance!

Summit County Fair

August 6 – August 13, Summit County Fairgrounds, 202 Park Rd., Coalville, UT

Enjoy this traditional small town county fair with cowboys and bucking broncos, a carnival midway, beauty queens, home canned goods, flowers, vegetables, and more.

Anti-Gala 2022

August 18 6:30 – 10 pm, Utah Olympic Park, 3419 Olympic Parkway, Park City

Join fellow friends of the Utah Olympic Park for a casual, dressed-down evening of activities, delicious
food, drinks, and live music at the base of the Nordic Ski jumps.

Soldier Hollow Classic Sheepdog Festival

September 2 – 5 , 2002 Soldier Hollow Lane, Midway

Enjoy four days of family fun and exciting competition at the Soldier Hollow Nordic Center, featuring the
world’s top sheepdogs and handlers. Since 2003, the Classic has been an exciting showcase of the human-canine bond – luring thousands of spectators annually to Midway to catch these dogs and handlers in action.

Midway Swiss Days

September 2 & 3, Midway Town Square, Midway

Since the 1940s, the popular festival has been a Midway tradition. The festival celebrates the Swiss pioneers who settled Midway and the Heber Valley. Swiss Days offers a lively experience in honor of these forebears with the sounds of yodeling and alp horns, folks sporting dirndls, flower hair wreaths, and alpine hats, as the festival sweeps you back to the Olde World. Children’s toys, home decor, artwork, and crafts are offered by the 180 or so vendors chosen via juried selection. And don’t miss the food smorgasbord, which scones, Navajo tacos, and Swiss cheese sandwiches as well as live entertainment. The Saturday parade is possibly the most anticipated part of the two-day event.

Miner’s Day Parade

September 5 Historic Main St & City Park, Park City

Definitely our favorite way to close out summer, Miner’s Day is “our” local celebration paying homage to the rugged silver miners who put Park City on the map.. The Running of the Balls, the Rotary Club’s big annual fundraiser, is an absolute hoot to watch, as thousands upon thousands of sponsored golf balls are unloaded at the top of Main St, awarded the fastest balls and other silliness, all part of a fundraiser that will likely generate more than $50k for our many local charities. The parade is more intimate than our enormously popular July 4 parade and is truly about locals. In the afternoon, rugby in City Park and the Mucking and Drilling competition fill out this fun (and sometimes exhausting!) summer celebration.

Park City Song Summit

September 7 – 10, Various venues, Park City

This highly-regarded event is back on the docket after a COVID hiatus, and the organizers have several treats in store. Variety magazine described it best, saying “If you ever yearned to hear concerts by your favorite artists one night and listen to their TED talks the next, then Park City Song Summit may be for you.” 

Heber Valley Artisan Cheeses Farmstead Burrata Class

September 16, 10:30 AM – 12:30 PM, 920 River Road, Midway

If you’re like us, you crave bruschetta when the late summer tomatoes finally arrive. Learn how to make your own silky-smooth, farm fresh Burrata, an Italian recipe for mozzarella. Reservations are a must for these wildly popular classes.

Heber Valley Artisan Cheese Tractor Days

September 16 & 17 10 AM – 5 PM, 920 River Road, Midway

Experience all the BIG WHEELS during Tractor Days at Kohler Creamery where kids and adults alike will love getting to explore the world of tractors and implements as well as learn about their different roles on the farm.

Volksmarch Fall Festival

September 17 10 am – 2 pm, Midway Town Square, Main Street, Midway

Presented by Preserve Midway, this Festival and Volksmarch celebrates the unique history of Midway with an optional historic walk through the center of town to several of the properties that have been saved via conservation easements. Festival activities in Town Square include live music, opportunity drawings, bounce house, food trucks and educational booths.

Park City Summer Competitions

Moose on the Loose

July 16, Trailside Park, Park City 

Moose on the Loose offers fun, kid-friendly races of varying lengths for 3 to 13 years old, organized under the premise that kids can do hard things and have fun doing it! The organizers believe that doing your best, pushing yourself, and helping others is fun. Running is fun; running on dirt is more fun.

National Ability Center’s Summit Challenge

August 27

If you prefer to ride rather than watch others do so, cycle this summer in the name of outdoor recreation for all in this annual road race through Summit and Wasatch Counties. If you’re in it more for the fun and to support the NAC, opt for the easier of 16 miles ride while the overachievers among us can shoot for the century (that’s 100 miles). This race is a great excuse to get out and ride in support of adaptive sports.

Wasatch All-Road Bicycle Race

August 27 7 am – 9 pm

High gravel bike racing – grueling 100-mile race with 12,000 ft of climbing on 80% gravel with a $10,000 purse. Starts at Ventum Bikes at 2775 S. Highway 40, Heber City


Point 2 Point Bike Race

September 3, Park City

Join the country’s strongest endurance mountain bike racers and drop in on some of the best trails Park City has to offer for this heart pumper of a challenge. Ride almost 78 miles on 90% single track with approximately 11,000 elevation gain (is that all????) The average finish time for this Round Valley based competition is nine hours, so it’s not for the faint of heart!

Fun and festive community celebrations are one of the many reasons so many people Choose Park City. Connect with Christine Grenney at 435-640-4238, or visiting her website by clicking here to learn about the many mountain properties providing easy access to each of the state’s resort communities.

Park City Housing Market Update – May 2022 

Posted by Christine Grenney & filed under Home Buying in Park City, Home Selling in Park City, Homeowner Info, Park City Real Estate Updates.

Do you hear that? It’s the winds of change. Is it simply a change in the weather as Park City begins to fully embrace springtime temperatures and mountains shifting from white to green, or is there a real estate market shift taking place?

With the value of Bitcoin being cut in half in the last six months, and the stock market reeling, all while interest rates tick up, talk of the economy and the housing market seems to be the most popular topic at the trail head. So how is the market? What should buyers expect in the marketplace? How should sellers look for a great agent? How should properties be priced right now?

As much as everyone wants to know our opinion on what may or may not happen in the future, we are not fortune tellers, and do not predict the future. Our business has been built on observing and interpreting the facts and measurable metrics of the Park City real estate market, not speculating on things that are outside of our control. We dive into an assortment of common questions and observations along with some fast stats in this months market update.

What We Are Seeing in the Marketplace

  • New listings and active inventory have increased in the Wasatch Back over the last 2 months, just as they have historically in the months of April through June
  • Active inventory for all property types (single family, condo, land) on the Park City MLS in April 2022 was 700 properties, well below the average of 2,041 properties for April between 2013-2019, and 809 in April of 2021
  • Between 2013-2019, inventory has typically been the highest for the given year in June, July, or August, so it’s certainly possible to see a continued increase in inventory over the next few months
  • This year is Park City’s first “real” spring or fall shoulder season since 2019. Many seem to have forgotten that the natural rhythm of our ski town leaves it feeling sleepy and with few visitors – and consequently less home shoppers – from mid-April through late May
  • The average days on market for residential property (condo, townhome, single family) in Park City and the Snyderville Basin held steady at 7 DOM for April; flat from 7 days in March
  • The percent of list price received for residential property in Park City and the Snyderville Basin for April was 101.1%, down from 101.9% in March, but on average properties are still selling above their list price
  • The market remains segmented, with sought-after properties still selling quickly, and at times before being publicly listed, like our most recent listings in Canyon Creek and Blackhawk Station
  • Compared to historical interest rates, current mortgage rates are still quite reasonable, however they feel high do to the speed of the increase and having such historically low rates the last 2 years

Advice and Observations for Buyers

  • Make an Offer
    • Not every property is flying off the shelves instantaneously. If a property checks 80% of a buyers criteria, but they feel the price is too high and there aren’t competing offers, we would encourage them to make an offer even if it’s not at asking price, and then negotiate
  • Don’t Expect a Deal
    • Based on the inventory and days on market data above, this is still very much a sellers market at this time, and we would not advise any buyers to go in expecting a substantial discount
  • Real Estate is a Good Investment and Hedge Against Inflation
    • Real estate has historically been used by investors as a hedge against inflation, and an alternative to the stock market. With inflation forecasted to continue and stocks underperforming, we are seeing some clients diversifying their portfolio into more real estate
  • Utah Still Has a Strong Outlook
    • Park City and Northern Utah still remain a great place to live and work, with strong forecasts for job and population growth, low property and corporate tax rates, and a favorable lifestyle

Advice and Observations for Sellers

  • Don’t Be a Victim to FOMO
    • We don’t want to get ahead of ourselves, but May’s Park City real estate market numbers will be very interesting to observe, and as rates are having an impact on some buyers, sellers who have a Fear of Missing Out on the recent record sales prices may be in danger of overpricing their property and then having to backpedal and reduce their price in order to sell
  • Good Properties Priced Right Still Selling Fast
    • Taking into account the the tangible and intangible aspects of each property before deciding on a final list price has never been more important. Are you building the list price based on market data and demand, or are you trying to justify the sales price based on active listings and having room to negotiate? We would advise the former strategy
  • Work with the Right Agent
    • We are seeing some agents listing homes at exorbitant prices in order to get the listing. We would advise extreme caution with this strategy. Agents that do a higher number of transactions and sell properties specific to your neighborhood, size, and price point will have the best feel for the current market dynamics that affect your home. Hire based on expertise and proven systems even if you don’t love their advised list price, and the market will give you what the property is worth.
  • Pricing is an Art
    • Now more than ever, forming a relationship with a real estate advisor you can trust with a proven track record is paramount. Experience and expertise is what will set the best agents apart who can price your property accurately and confidently, and be honest upfront in the process to set expectations

Choose Park City Real Estate Sales for March and April 2022

  • We put 7 properties under contract for our clients for a total of nearly $9,345,000 in pending sales
  • 8 transactions closed for just over $12,900,000 in sales volume
  • Of our buyers competing against multiple offers, 100% of them had their offers accepted
  • 2 buyers went under contract on properties not publicly listed on the MLS
  • We referred our clients to top performing agents in other markets resulting in 1 successful purchase and 4 other properties under contract

Thanks for reading this months market update, and as always, reach out to us if you have questions on how these numbers will affect you and your situation. Whether you are a possible Park Meadows home buyer, potential Deer Valley home seller, or an interested property investor, we can put the stats and our Park City housing market knowledge to work for you no matter what your needs and interests are. Everyone’s situations are different, so knowing how to apply the data is integral to making wise real estate decisions.

-Brendan Trieb, Choose Park City

Park City’s Running With Ed 2022

Posted by Christine Grenney & filed under Great reasons to buy real estate in Park City, Park City Community, Park City Lifestyle.

It’s May and we hope you know what that means… our favorite event is on the horizon and the stoke factor is high. Park City’s most popular fundraiser & sporting event for the past eight years, “Running With Ed,”  is scheduled for May 21 (rain or shine or snow!) from 8 a.m. – 4 p.m. and promises to be another day full of fun and frolic benefitting special programs within our schools. Now in its 13th year, our goal is to raise $320,000 which is a moderate 6.3% increase over last year’s record breaking tally of $300,000. Park City, we can do this!!!

The Grenney clan/Team Average Joe’s in 2021

Little known fact: 96% of our Summit County tax dollars leave our school district. PCEF funds eight key initiatives which are Preschool, EVA Elementary Visual Art program, after school, STEM, PCCAPS (Park City Center for Advanced Professional Studies), Bright Futures, The Educator Innovation Lab, and Classroom/Express Grants. The Classroom Grants program covers at least 30 different educator ideas every year. As an example, two long-term Classroom Grants programs are PCHS Robotics and Debate.

Last year all Debate competitions were done online, and Robotics was in person, which was super tricky given all the COVID restrictions, yet both programs flourished. The top PCHS Robotics team won Worlds with a record-breaking score, and Debate sent six students to Nationals last summer. Five of those students received Academic All-America awards. For PCHS Debate, this was unprecedented and extremely rare for a public high school. I’m encouraging my two daughters to pursue the STEM track in school, focusing on Science, Technology, Engineering and Math so these huge results warm my heart.

Mad Scientists teachers honored funding for STEM programs. STEM is the nationwide acronym for Science, Technology, Engineering & Math programs.

While we all know Park City residents are arguably the worst when it comes to RSVP’s (any dinner party host would agree) as well as early registrations,  we’re very optimistic that as of this week, we have nearly 1,000 registrants of our total expected participants size of 1,200. Please consider creating a team and registering before the race on May 21st. Register and learn more deets here.  

The Basin Fieldhouse is headquarters again for this celebratory relay race.  The event is structured to appeal to runners and non-runners alike, with varying relay lengths and associated degree of challenge. It’s one of two of Park City Education Foundation’s fundraisers of the year and thanks to the generous support of the event’s sponsors, your donation dollars are stretched even further. Huge thanks to both Intermountain Healthcare and Park City Mountain Resort for their significant 2022 sponsorships as well as all the other local supporters. I even jumped into the sponsorship mix!  

RWE is not about the speed of the race but rather a fun, full day of fundraising embracing the importance our community places on education, with open arms for participants of all skill levels. I love that my whole family can participate, and whether you choose siblings, neighbors, co-workers or hobby groups, you’re encouraged to form a team, have some fun, and support our kids, teachers and schools.

As the co-chair again this year for the 4th year running (no pun intended), I am always so amazed to see this generous community come out in droves to support education. The creativity of costumes floors me every year. Whether it’s stripes and tutus, a play on words, or running robots, PC knows how to get it done in style. And who doesn’t get a kick out of the silliness of the fans lining the course who are sometimes known to break out the silly string or water guns to cheer on the participants?  

Community collaboration and contributions is what it’s all about.

The 26.4-mile relay course offers everything from trail to gravel to pavement, challenging climbs to fast downhills, easy legs for beginners and tough ones for experts. Winding past Olympic venues, iconic landmarks, and neighborhood schools, this is Park City’s best! Here’s this year’s relay breakdown with our notations:

Leg 1 – 3.0 Miles – Basin Recreation Field house to Jeremy Ranch Elementary (flat & easy)

Leg 2 – 1.6 Miles – Jeremy Ranch Elementary to Ecker Hill Middle School (perfect for skippers and walkers, easy peasy)

Leg 3 – 3.5 Miles – Ecker Hill Middle School to the Base of the Utah Olympic Park Ski Jumps (a bit more challenging)

Leg 4 – 5.7 Miles – Base of the UOP Ski Jumps to Parley’s Park Elementary School (the MONSTER leg, which includes running UP the ski jump steps! Save this one for your most serious, hard-core athlete team member)

Leg 5 – 4.5 Miles – Parley’s Park Elementary School to McPolin Elementary School (perfect for your endurance participant)

Leg 6 – 1.3 Miles – McPolin Elementary School to Treasure Mountain Jr High School (nice & flat & easy)

Leg 7 – 4.4 Miles – Treasure Mountain Jr High School to Trailside Elementary School (an endurance leg with some trail running)

Leg 8 – 2.4 Miles – Trailside Elementary School to Basin Recreation Fieldhouse – (The most scenic leg, capturing that BIG VIEW!)

Top fundraisers will be rewarded with tickets, swag, and unique Park City gifts, all donated in support of this great cause.

Hope to see you and your costumed-clad team out on the course this year!

Park City Summer Concert Calendar 2022

Posted by Christine Grenney & filed under Great reasons to buy real estate in Park City, Park City Community, Park City Lifestyle.

Now that the ski resorts have closed in Park City, we’re all transitioning to the warm weather mindset, which means it’s time to make summer social plans – especially with concerts and events back in full force! One of my favorite things to do in the summer months is take time to enjoy all the amazing music around the Wasatch—from big name acts at Red Butte Gardens for a grown up night out, to kid-friendly, free outdoor concerts at Deer Valley Resort.

I’ve rounded up all the concerts that will come to Park City, along with concert venues in the surrounding areas. Here’s the ultimate, highly anticipated 2022 Park City Summer Concert Calendar so you can start making plans and buying tickets.

Click here for the printable PDF to hang on your bulletin board or refrigerator.

Park City Summer Concert Guide 2022
Park City Summer Concert Guide 2022

Jordanelle Area Real Estate Developments – March 2022

Posted by Christine Grenney & filed under Great reasons to buy real estate in Park City, Home Buying in Park City, Park City Real Estate Updates.

Jordanelle Reservoir and the Mayflower side of Deer Valley Resort with a fresh coat of snow

Located just 10 minutes from Park City’s east entry on Highway 248, the Jordanelle area is a hotspot for new development; the entire area was master planned when the Jordanelle Reservoir was created in the 1990’s. This overview focuses on new developments where there is still “developer inventory” as several are under construction with pre-sold inventory.

While it might be simple to lump all the communities sprouting up around the Jordanelle Reservoir together, there are unique nuances we’ll explore to help you find the ideal spot. Ask yourself which is more important – the “Big View” that encompasses the lake and the slopes of Deer Valley® Resort, or is proximity to the water’s edge more appealing? Worthy of note is that because the shoreline is all part of Federal BLM lands, there are no actual “waterfront” properties, though some come closer than others.

Parents with young kiddos need to know one critical fact, which is that the Jordanelle area is outside the coveted Park City School District, and while the majority of kids residing in this area are bussed to Heber, there are a few communities lying within the South Summit school district in Kamas. While it’s possible to get the kids into the highly ranked Park City School District when waivers are available, you certainly can’t consistently rely on this option. So, my recommendation is to consider the private or charter school options that are available, several of which might be a good fit. Ask us for more details on these options.

If your interest is more investment focused, you’ll want to consider which communities allow nightly rentals to expand your revenue potential. Where new construction homes or townhomes are offered, you should plan on a build cycle of 12 – 18 months as supply chain issues have extended build times. Further, numerous builder contracts include provisions for materials cost increases, so be mindful of that verbiage. We will guide you through this process.

An overview of the varied and ever-growing variety of new developments surrounding the Jordanelle Reservoir

The Big View is offered from most of the properties on the north, east and south sides of the lake, while Deer Valley and freeway access are the key reasons to select properties along the western shore of Jordanelle.

The Big View

Black Rock Mountain Resort

Opening just in time for the 21/22 ski season, Black Rock Mountain Resort has also emerged as a much-needed gathering spot for the previously “entertainment starved” Jordanelle area, offering the quite tasty Overlook Restaurant and On the Rocks bar, with live entertainment on weekends. There’s also The Market offering Hugo’s Coffee, bagels, and muffins as well as fruit and snacks.

Options within Black Rock Mountain Resort include two bedroom stacked flats, some with lockouts, with a few three bedroom offerings, and all can be rented nightly with incentives to use the onsite property management group. Current pricing for the limited 2 bed/2 bath developer inventory ranges from $849,900 – $1,600,000.

Consider the perks of membership at Club Black Rock which offers several levels, including access to the outdoor pool, hot tub, and fire tables, as well as a weight room, steam room, sauna, members lounge and business center. There’s also a membership option that includes area Shuttle Service, so keep this Club membership option in mind if your chosen Jordanelle property does not offer amenities.

Town of Hideout

Hideout is a township of 2,500 acres along the north end of Jordanelle, on the “water side” of Hwy. 248. In addition to terrific views of the water, the primary amenity is their 9-hole executive golf course called “Outlaw.”  All the communities listed below are part of Hideout.

Homesites

Golden Eagle

This new 328 lot subdivision within the town of Hideout is perched high on the north side of the Jordanelle, offering commanding vistas across the Jordanelle Reservoir. Most of the homesites are at least ½ acre with varying slopes, allowing you to position your future home to maximize views. Current pricing ranges from $410,000 – $756,000 with allowable home sizing ranging from 3,200 to 7,000 sq. feet. Future amenities include a small clubhouse/gathering space with indoor and outdoor areas and 4 miles of hiking trails. About a third of the sites have sold, and road paving will resume late this spring or early summer, weather dependent.

Deer Vista

Deer Vista is a gated 103 lot subdivision of estate homesites on the north end of Jordanelle. Their strategy shifted last spring after the pandemic market surge, and all remaining homesites were shifted into the developer’s current homebuilding program. We anticipate seeing inventory listed this spring in the $3M – $4.5M range for homes ranging in size from 5,300 – 7,000 sq. ft.

Hideout Condominiums & Townhomes

Shoreline

Shoreline is a very successful community of high-quality townhomes on the northeast section of Hideout.  There is a new phase of contemporary 4- and 5-bedroom twin homes being released this spring which are now under construction, with 15 offered in this next release.  These larger townhomes will offer 4 & 5 bedroom options.  While pricing has not been finalized, it is anticipated they will start around the $2M mark. Their final phase will consist of somewhere between 42 and 49 twin homes.

Wasatch Springs

Wasatch Springs is Holmes Homes’ first foray into the Jordanelle area and was enormously successful. This community is located just south of the traffic light at Brown’s Canyon. Though now sold out and recently completed, resales pop up with some regularity. A variety of floor plans are offered with most being 4 bedrooms, and some 3 bedrooms. Sizing ranges from 1,880 to just under 3,000 sf, with recent pricing from the mid $800,000’s to just over $1M. Nightly rentals are allowed, which helped drive this community’s enormous popularity.

Deer Springs

Deer Springs at Hideout is a new community offered by Holmes Homes, who recently completed the successful Wasatch Springs community. The current phase under construction offers 15 single family homes and 30 duplexes. While subject to change due to market demand, the future phases could include 46 single family homes and 138 duplexes. This community straddles the Jordanelle trail system and will offer a playground, dog park and paved biking/walking trail. The community is within walking distance to the Ross Creek ramp at Jordanelle, offering easy non-motorized boating access for paddle boarding or kayaking. The next phase should be released this spring, let us know if you want to be alerted when available.

Deer Waters at Hideout

Another Holmes Homes community, Deer Waters offers mountain contemporary duplex townhomes which allow for extensive customization through their in-house designer. Three different plans are offered with 3 -4 bedrooms, 3 – 4 baths and two car garages. Current inventory is priced from $1,500,000 to over $1,900,000.   

Klaim

The Klaim community of mountain-modern three bedroom. three bath townhomes are on the uphill side of Hwy 224 with lake views. Their final phase IV will be released this spring, with building clusters of three and four townhomes, with the uphill plans backing up to 40 acres of open space. Interest in the next phase is quite strong, so if this property peaks your interest, let’s get you registered so you’ll be in the queue for the next release. Pricing has not been released but we anticipate pricing in the range of $1.4M+.

Private Clubs

Tuhaye

Tuhaye is a high-end, private golf community on the northern slopes of Jordanelle being developed by Storied Development, which acquired the existing Tuhaye assets in 2018. We’ve been quite impressed with their accomplishments in just four years. Storied Development is a very well capitalized and seasoned club community developer with successful communities throughout the continental U.S, Hawaii, the Caribbean, and Mexico.

Tuhaye is part of the broader Talisker Club, which includes the slopeside Talisker Club at Empire Pass at Deer Valley® Resort, the Outpost at Bonanza Flat beyond Deer Valley and access to the Courchevel Bistro on Main St. Park City. Within Tuhaye, the centerpiece is the Mark O’Meara designed Signature Championship golf course which is consistently ranked among the best in Utah – it’s challenging! Currently there is no developer inventory listed for either homesites or homes, but with the advent of spring we anticipate seeing some new inventory. The Golf Club membership is included with all developer lot purchases and when offered with home sale purchases is priced at $125,000. Tip – in today’s market we advise you to strongly consider acquiring the membership whether it’s your preference or not as they are in extremely high demand. Contact us for more of the backstory.

Victory Ranch

Victory Ranch a private, four-season community amidst 6,700 pristine acres along four miles of the coveted Upper Provo River in Francis, on the quieter, south end of Jordanelle. Amenities include an 18-hole Rees Jones golf course, world-class fly-fishing, miles of mountain biking and hiking trails, backcountry yurts, fishing ponds, restaurants, a ski-in/ski-out lodge in Park City at the Town Lift on Main St. and more than 4,000 acres of untouched backcountry. Additional amenities include their kid-oriented Barn, with a Pizza Parlor, Art Studio, Game Room, Indoor Basketball Court as well as a Fitness Center, Spa, and Platform Tennis Courts. Outdoors there’s a swimming pool, waterslide, and tennis courts. Owners enjoy a plethora of backcountry opportunities, from skeet shooting to yurt camping to snowmobiling and 4 X 4 tours. The development is nearing build out, with just one developer owned 7+ acre homesite currently available priced at $1.795M. At present, there are just a handful of resale single family homes available, priced from $5.65M to $7M+. 

The new Residence Club Cabins are fully furnished and offer 1/8 fractional ownership in three floorplans offering thoughtfully designed three to five bedrooms from approximately 2,015 to 4,700 sq ft. priced from $340,000 – $490,000.

West Side

Mayflower Resort

The most significant development on the west side of Jordanelle is the new Mayflower Resort being built by Extell Development on the west side of Hwy. 40, directly south of the Deer Crest community. North America’s newest ski resort since 1980, Mayflower Mountain Resort boasts 4,300-acres of skiable terrain, 3,200-foot vertical, 15 lifts and incredible terrain variety. This new luxurious ski village and resort will consist of stacked condominium hotels, townhomes, and single family homesites dotting the slopes, a skier’s beach, and several luxury amenities such as a children’s center, ski school, lodge, ski club, spa and conference facility. The master plan will unfold over the next 15 – 25-years. Infrastructure has been in process for the past couple of years with vertical construction on their employee housing well underway. It’s expected that all for-sale properties will offer nightly rental capabilities, with details expected to unfold later this spring. Billed as “the first new resort in Utah in 15 years,” Mayflower has yet to announce the ski area operator, though we are hopeful Deer Valley® Resort will be selected.  Please let us know if you want to be on our VIP list to be on the inside track as sales details become available later this spring or early summer. Click here to express your interest.

SkyRidge

SkyRidge is a sizeable new subdivision with just under 500 homesites located on 670 acres, with over 50% dedicated as open space. The community cascades along the western shoreline of Jordanelle offering both homesites and speculative homes from a variety of builders. This community flanks the new Jordanelle Parkway which provides connectivity from the Mayflower interchange on Hwy 40 to Hwy 248 on the north end of the lake.

Amenities will include a public Clubhouse with indoor and outdoor gathering areas, a Golf Academy which includes a three-hole short course with par-3, par-4 and par-5 holes with multiple tee boxes and greens, operated by PGA professionals. There’s also a planned 34 stall equestrian center with dedicated trails that will also be public. Private amenities to the HOA will include infinity pool with cabanas, lounge, and fitness studio. Trail connectivity is currently available via a paved trail along the Parkway, and the developers are working with Mountain Trials Foundation to plan and link the non-motorized trails that will meander through the community to their existing 400-mile network.

SkyRidge currently offers a shuttle service for property owners to Deer Valley® Resort. SkyRidge is immediately adjacent one of two new “portals” to Deer Valley as part of the Mayflower Resort, which are pedestrian tunnels below Hwy 40 that connect to the base of the Deer Crest gondola and the new Mayflower Resort to the south. It is envisioned that there will be a future shuttle service connecting the Jordanelle communities to the base area via the portal, so property owners leave their cars at home and shuttle to skiing. Present offerings include homesites ranging in size from ¼ to just over ½ acre priced from the $700,000’s and numerous 4- and 5-bedroom spec homes priced from just under $3M.

Mayflower Lakeside

Phase I of this community twin-home just north of the Jordanelle State Park’s Hailstone area was completed about a decade ago. Phase II is now under construction by the same developer, Burbridge Investment Group, offering both townhomes and stacked flat condominiums. The townhomes are in twin-home configurations with 4 & 5 bedroom plans available, each with 2 car garage and ranging from 2,800 – 5040 sq ft. and priced from $1,794,000. Pricing details have not yet been released on the stacked flat configurations, but we anticipate a late spring launch and numbers starting close to $1,000,000. Again, reach out to be on our early release interest list.

Heber Side

Benloch Ranch

Benloch Ranch is a new 2,500+ acre community now being developed on the south end of Jordanelle. The current phases offer new sustainably produced, prefabricated homes with a unique modern style. Planned amenities include a commercial center with grocery and retail, shuttle service to nearby Deer Valley® Resort, a kid’s camp and beginner ski/sledding hill, skeet shooting, skating pond, storage facilities, 20+ miles of multi-use trails, a skating pond and yurt & backcountry camping. Current home plans range from 3-bedroom 4 bath home with 2,100 sq ft, and a two-car garage with base pricing at $1.54M to their largest plan, which is a 5 bedroom, 6 bath configuration which is just over 5,000 sq. ft priced at just over $2.7M.

Jordanelle Ridge

Jordanelle Ridge is a Holmes Homes community now under construction offering triplex townhomes on the south end of the Jordanelle off Route 32, overlooking the Heber Valley and Mt. Timpanogos. This location also offers views of the Provo River which is highly regarded as one of the premier blue-ribbon fly-fishing spots in the state. The triplexes offer 3 bedrooms, 2.5 baths and 2 car garages, with sizing from 2.433 – 2,722 sq. ft. Current pricing has not yet been released; however, they are being marketed as “more affordable”, so it is likely they’ll land below the $1,000,000 threshold. Next release is slated for July.

The information here is accurate as of March 7, 2022. Projects not mentioned are either sold out or are of an age that resales are coming on the market. Please contact Christine at 435-640-4238 for the most up-to-date availability and pricing. The real estate offerings around the Jordanelle will be as dynamic as the iconic Wasatch mountains and you can count on Choose Park City to be in the know on any and all offerings in the pipeline.

Park City Housing Market Update – March 2022

Posted by Christine Grenney & filed under Great reasons to buy real estate in Park City, Home Buying in Park City, Home Selling in Park City, Park City Real Estate Updates.

Fresh snow blanketing the ski runs in The Colony at Park City Resort

After a bit of a hiatus in January and February, winter has returned to Park City over the last week, with fresh snow blanketing town and sunny, bluebird days following the storms. Perhaps another “Miracle March” (or even April) is in order for more snow and moisture for the rivers and reservoirs? Time will tell.

Make no mistake, despite minimal new snow over the last 8 weeks, town is as busy as ever with some local property management companies reporting their first time ever having every unit in their portfolio fully booked for the first week of March. In addition, while January was not a slow month in the market, the pace and number of buyers in town has definitely picked up as we went through February and entered March. The increased interest is substantiated by our Summit Sotheby’s Park City office sales numbers, which in the first week of March were just over $68,000,000 in new pending contracts, and just over $105,000,000 in closed transactions.

This month we break down the current numbers as observed in February, a review of some notable numbers for the broader market and its performance in 2021, and a look back at some key metrics for our team in the past year. Let’s dive in!

Park City Real Estate 2021 Review

In a recent recap meeting of the 4th Quarter of the Park City market, we were able to look at the year-over-year stats from the end of 2020, and how the market has continued to evolve. Below are a handful of observations and key statistics that stood out to us from the past year, though there are many notable metrics depending on your specific location and price point. If you’re curious about your current neighborhood, or an area where you are considering a purchase, reach out to us directly for a more customized analysis.

  • The median price for a single family home in the Park City limits (zip 84060) rose by 32% year-over-year to $3,300,000
  • The neighborhoods of Thaynes and Prospector saw massive jumps in YoY median price increases with jumps of 71% to $2,300,000 and 87% to $2,400,000 respectively
  • Across the board in PC, Snyderville Basin, Heber, and Wanship/Hoytsville, the number of homes sold dropped, while the average prices all increased by double digit figures, which tells us that buyer demand remains very strong
  • Promontory led all areas in the number of single family homes sold YoY with 113, and the sold volume with $412,000,000 in sales closed
  • Growth in areas outside of Park City remains very robust with the average single family home price in Heber increasing by a whopping 46%, and the number of land sales in the Jordanelle increasing by 37% with an average price increase of 77% YoY; both Heber and Jordanelle remain sought after locations with a ton of future growth and development in the pipeline
  • Raw land availability is very limited in the Park City limits with only 40 parcels selling (down 7%) while the median sale price jumped up by 57%
  • The median price for a condo in the Park City limits increased by 36% YoY from $956,000 to $1,300,000

Overall as a general trend, actively listed inventory on the Park City MLS remains at or around record lows, while the number of sales have decreased and overall prices have increased. This indicates that there is still strong buyer demand and that there is a lack of inventory, not a weakening market.

Utah as a whole is roughly 50,000 housing units short of satisfying the current buyer demand, and with only 15,000-17,000 units forecasted to be completed annually, a high level of demand with increasing prices is currently projected to be the norm, instead of the exception. Add in *forecasted population increases from 2020 to 2060 of 40% for Summit County, 132% for Wasatch County, and 41% for Salt Lake County and we could be looking back in 10 or 20 years wishing we had bought more real estate in 2022.

*According to the University of Utah’s Gardner Policy Institute

Choose Park City Year in Review

We feel that pictures are worth a thousand words, and thanks to our incredibly skilled in-house marketing team, you can review both our analytical and more fun team numbers from 2021 below.

Park City Real Estate Market Stats for March

It’s no secret and is a common talking point that inventory is low. However, the common mistake is that there are no homes to buy, and that isn’t true. The market simply requires added layers of skillset and networking to source a property that suits your needs. Many homes aren’t hitting the market, so having an agent that can find opportunities before they are broadcast to the public is key, as is having a pre-defined, specific set of criteria. Simply put, if you don’t know what you’re looking for, it’s a lot tougher to find it.

An interesting observation as of the day I’m writing this (3/10/22) for the greater Heber Valley, Jordanelle, Kamas Valley, Snyderville Basin, and Park City limits, there are currently 237 active residential listings. Of those there are only 123 available units, as the remainder are either under construction or pending construction. So in reality, 49% of current inventory isn’t even usable at this time, further exacerbating the competition for existing homes and condos.

Active residential inventory in Park City and the Snyderville Basin for the month of February ticked up slightly by 8.4% from the previous month, while still being down by 57.7% from February of 2021 – and we all thought the market was tight then!

Active single family and condo inventory displayed by month in the greater Park City area (84060 & 84098); courtesy of PCBOR

Park City Homes and Condos Below $1,000,000

  • Median sales price increased 14.2% from January 2022 and decreased just slightly by 1.2% from February 2021 to a current price of $605,000.
  • Median number of days on the market for February decreased again to just 3 (!!!) days, down from 4 DOM in January 2022, and 35 DOM in February 2021 – the market under $1,000,000, especially for units with multiple bedrooms, remains extremely competitive
  • Active inventory stayed about even from January 2022 bumping up 3.7%, but is still down a massive 78.9% from February 2021

Park City Homes and Condos Between $1,000,000 and $3,000,000

  • Median sales price ticked up again by 6.5% from January 2022, and is up 15.1% from February 2021 to a current price of $1,850,000 – in September 2021 it was $1,565,000 which equates to a 18% increase in just 6 months!
  • Median number of days on the market for February 2022 is up to 6 day on market from the previous period of 4 DOM in January 2022, though it is still down by 50% from February 2021
  • Inventory in this segment saw a nice bump with an increase of 21.4% from January 2022 to 51 active listings, though year-over-year from February 2021 inventory is still down by 49%

Park City Homes and Condos Above $3,000,000

  • Median sales price is up 1.9% from January 2022, and is up 12.8% from February 2021 ($3,700,000) to a current median sold price of $4,175,000
  • Median number of days on market for February 2022 are 7 which is down 81% from 37 days on market in January 2022, and down by 36.4% from 11 days in February 2021 – we have seen a substantial uptick in high end buyers in town over the last month, and this data confirms that
  • Active inventory is up slightly by 4.2% with February 2022 registering 75 active listings, and is decreased by 41.9% from February 2021
Single family home sales at all price points in February 2022 in the greater Park City area (84060 & 84098); courtesy of PCBOR
Multi-unit/stacked condo sales at all price points in February 2022 in the greater Park City area (84060 & 84098); courtesy of PCBOR

Choose Park City Real Estate Sales for January and February 2022

  • We put 11 properties under contract for our clients for a total of nearly $17,000,000 in pending sales
  • 6 transactions closed for just over $9,500,000 in sales volume
  • 2 of our buyers had their offers accepted despite competing against multiple offers
  • 2 buyers went under contract on properties not publicly listed on the MLS

Thanks for reading this months market update, and as always, reach out to us if you have questions on how these numbers will affect you and your situation. Whether you are a possible Park Meadows home buyer, potential Deer Valley home seller, or an interested property investor, we can put the stats and our Park City housing market knowledge to work for you no matter what your needs and interests are. Everyone’s situations are different, so knowing how to apply the data is integral to making wise real estate decisions.

-Brendan Trieb, Choose Park City

Park City Housing Market Update – October 2021

Posted by Christine Grenney & filed under Great reasons to buy real estate in Park City, Home Buying in Park City, Home Selling in Park City, Homeowner Info, Park City Real Estate Updates.

Park City’s iconic Town Lift and ski bridge to Main Street blanketed in a fresh layer of snow.

As I sit here writing this update and looking out the office window, Park City is coated in a brilliantly white blanket of fresh snowfall and it’s signature deep blue skies. If I didn’t know better, I’d say it looks more like mid-December than mid-October, the only difference being that the lifts aren’t spinning and the resort parking lots are mostly empty. Just a few days ago we were experiencing incredible Fall weather with Aspen groves displaying their most vibrant foliage in perhaps decades before the temperature cooled off and Autumn rain showers turned to winter-like snowfall.

Despite the shift in weather, the Park City real estate market is not cooling off. While there are noticeably less people in town, sales activity remains robust while inventory remains historically low. Last week our Park City Summit Sotheby’s offices pended nearly $75,000,000 in sales volume while closing just shy of $100,000,000 in volume in the same span. These are very robust numbers, especially considering that this is traditionally a relatively slower time in the market.

While the phrase “perception is reality” may be an applicable phrase to daily life and making the best out of ones circumstances, we would shy away from utilizing this moniker in relation to the Park City housing market. Different agents, buyers, and sellers will all have different experiences based on the types of property, the price point, and the location that they are trading in. Seeking advice from agents that consistently work in your location, price bracket, and property type is imperative, and combining that “boots on the ground” perspective along with what the market data and statistics are telling us is more important than ever. Factual numbers keep us all grounded in the reality of the marketplace, and help prevent false narratives from being spun and perspectives from being unintentionally skewed. We’ll look at some market data first, then shift to our personal perspective and experience. Think of it like reading the headline news first, followed by the opinion piece.

Park City Real Estate Market Stats

While the monthly supply of all available inventory on the Wasatch Front (greater Salt Lake Valley) has been steadily increasing from February through August, the Wasatch Back including Park City has seen less of a gain. After seeing a slight uptick in April and May with new listings coming to market in the springtime, inventory has continued to drop, with Park City proper registering less than one months supply of inventory. A sellers market is generally regarded as 0-3 months of inventory, so anything below a month is extremely strong for sellers and means there is very limited inventory for buyers. Average days on market also ticked up slightly in the spring, but has been in an overall decline since then.

Active single family and condo inventory displayed by month in the greater Park City area (84060 & 84098); courtesy of PCBOR

Park City Homes and Condos Below $1,000,000

  • Median sold price decreased 10.7% from August 2021 and decreased by 15.1% from September 2020 to a current price of $541,500. This would be an interesting number to break down by number of bedrooms and single family vs. condo, as my suspicion is these numbers are being skewed by progressively more units selling over the $1,000,000 mark. The overall pricing trend is still on the increase.
  • Median number of days on the market for September decreased again to just 7 days, down from 18 DOM in August 2021, and 20 DOM in September 2020. We continue to hear of new inventory in this price bracket receiving offers before buyers have even seen the property which would add to a further decline in days on market.
  • Active inventory decreased 33.3% from August 2021, and is down a whopping 83.2% from September 2020. For September 2021 there were only 46 active condos and homes on the market under $1,000,000, of which there is currently only 1 single family home.

Park City Homes and Condos Between $1,000,000 and $3,000,000

  • Median sales price ticked down slightly from August 2021 by 1.7%, and is down 5.7% from September 2021 to a current price of $1,565,000
  • Median number of days on the market for September 2021 almost doubled from the previous period, up to 17 DOM from only 9 DOM in August 2021, and down by 39.3% from 28 days on market in September 2020
  • Inventory is down 27.5% from 91 active listings in August 2021, and is down 61.2% from September 2020 a year ago, finishing September 2021 with 66 homes and condos on the market. There are currently 33 single family homes for sale, only 4 of which are located in the 84060 area code.

Park City Homes and Condos Above $3,000,000

  • Median sold price is up 5.0% from August 2021, and is up 6.4% from September 2020 to a current median sold price of $4,750,000. Just for reference, that number in February 2021 was $3,700,000.
  • Median number of days on market for February 2021 are 11 which is down 70.3% from 37 days on market in January 2021, and down substantially by 94.8% from 213 days in February 2020
  • Active inventory continues to drop across the board, with September 2021 registering 81 actives, down 12.9% from August 2021, and decreased by 52.9% from September 2020 a year ago
Single family home sales at all price points in September 2021 in the greater Park City area (84060 & 84098); courtesy of PCBOR
Multi-unit/stacked condo sales at all price points in September 2021 in the greater Park City area (84060 & 84098); courtesy of PCBOR

Our Observations of the Park City Real Estate Market

The autumn season in Park City always seems to bring with it a slowing in the general pace of town. Less visitors to town, less traffic and out of state plates, and just a more relaxed vibe throughout. With that in mind, there is also generally a slowing in the pace of real estate sales. We have observed that there does seem to be less buyers actively looking to purchase at the moment, though a number of these folks are simply hitting pause until after the holidays.

As inventory has decreased from earlier this summer, fewer options for buyers has lead to listings remaining competitive with multiple offers still relatively common. Good quality homes that are well priced remain in short supply and very competitive. The demand for condos under $1,000,000 remains very robust with a unit near Old Town recently receiving 26 offers, while another nearby had 10 offers. Single family homes within the Park City school district, especially in neighborhoods like Silver Springs, Ranch Place, and Park Meadows also remain highly sought after.

As a buyer, being prequalified or even pre-underwritten with a lender is essential, along with the willingness to be competitive with strong offer terms and timelines in addition to the offer price. It’s okay to be patient and wait to find the right thing, but if a property that is more than 80% of what you’re looking for hits the market, it would be wise to not overthink it.

For sellers the market remains strong, and the lack of competition (pending property type and location) at this time of year may be an incentive to list now as we can never be sure what the future holds. As always, listing with an agent who has a proven success rate and metrics to back it up is imperative. While we have seen more price reductions over the last few months, this is less of an indicator of a softening market, and much more about sellers over pricing their properties and being surprised when it hasn’t sold in a few weeks. Despite the strength of the market, relative value is still a major consideration of most buyers, and it is still possible to overprice your home.

Choose Park City Real Estate Sales for September 2021

  • We put 9 properties under contract for our clients for a total of $15,797,200 in pending sales
  • 10 sets of clients has their transactions finalized and we closed just over $19,000,000 in sales volume
  • 3 of our buyers had their offers accepted despite competing against multiple offers
  • 2 transactions went under contract before coming to market, making a total of 23 pre-market sales that we have been a part of so far in 2021
  • We have 74 transaction sides and over $113 million in sales volume pending and closed year to date in 2021

Thanks for reading this months market update, and as always, reach out to us if you have questions on how these numbers will affect you and your situation. Whether you are a possible Park Meadows home buyer, potential Deer Valley home seller, or an interested property investor, we can put the stats and our Park City housing market knowledge to work for you no matter what your needs and interests are. Everyone’s situations are different, so knowing how to apply the data is integral to making wise real estate decisions.

-Brendan Trieb, Choose Park City

The Summit Sotheby’s International Realty Luxury Listing Difference

Posted by Christine Grenney & filed under Home Selling in Park City, Homeowner Info, Park City Real Estate Updates.

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