Park City Housing Market Update – May 2022 

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

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

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

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.


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 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.   


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 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 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

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

Summer Camp Sign Ups

It’s that time of year – when parents begin that mad scramble for summer camp slots, so we’re put together our annual compilation of available camps throughout Summit and Wasatch counties, along with a few worth noting in the Salt Lake Valley. Some summer camp schedules are pending from providers, but many will be opening for registration in the next few weeks, so mapping out your strategy to provide the most stupendous summer for your kiddos is imperative!

All Summer Long

Photo Credit: Basin Recreation

Basin Recreation Summer Blast Day Camp
(Starts at Trailside Park and Ends at Ecker Hill daily)
(435) 655-0999

Basin Recreation typically offers a full-summer option with their Summer Blast Day Camp, beginning the first full week of June (this year, that would be June 6) but their information has not yet been posted. Each year, the Summer Blast Camp separates groups into ages 6-7, 8-9, and 10-12, and features themed weeks filled with games, arts and crafts, weekly visits from the Kimball Art Center and EATS, plus sports and swimming. Last year, registration opened in mid-April, so look for information to come out soon on the Basin Recreation website by clicking here, check out their Facebook page here, or call the Field House at 435-655-0999.  

Photo Credit: Park City Recreation

Park City Recreation Summer Day Camp
1354 Park Avenue (City Park)
Park City, UT  84060
435-615-5401 (435-615-5440 when camp is in session)

Park City Recreation operates a full-day, full-summer program out of their camp headquarters in City Park. As of last summer, the program gives priority registration to residents and workers within the 84060 zip code, and parents have until March 1 to provide proof of residency or employment by emailing [email protected], or dropping documentation off at the PC MARC. Starting on March 15 at 6 a.m., full-summer and daily registration opens online and in-person for campers who have fulfilled the priority registration requirements or was a full-summer camper in 2021. Registration for full-summer, daily and add-on activities opens to the public on April 1. Camp is held daily from 8 a.m. – 6 p.m. and includes arts and crafts, sports, and games. Add-on activities include four-day golf lessons, swimming lessons, and skateboarding. Park City Recreation also offers a Counselor in Training (CIT) program for teens ages 13-15. The program focuses on leadership and job skills while working side-by-side with Summer Day Camp staff and campers. Applications for CIT are due on Monday, May 2nd, and can be found here. For additional info, call 435-615-5401, visit their Facebook page here, or visit them online by clicking here.

Photo Credit: Deer Valley Resort

Deer Valley Resort Summer Adventure Camp
2250 Deer Valley Drive South (Snow Park Lodge)
Park City, UT  84060

While registration information for the 2022 iteration of Deer Valley Resort’s Summer Adventure Camp has not yet been posted, in years past, this much-loved-among-locals camp has been headquartered out of Snow Park Lodge and featured hiking, mountain biking, and SUP, along with games, puzzles, arts & crafts, and field trips. As a state-licensed center, infants as young as two months were welcome, with options available for kids up to 12 years of age. Last year’s camp began the first full week of June (which would be the week of June 6 for this year), and offered five categories of campers: Mountaineers (ages 7-12), Explorers (ages 5-6), Trekkers (ages 3-4), Grasshoppers/Little Ramblers/Ramblers (ages 12 months-2 years) and Sunflowers (ages 2-11 months). Stay up-to-speed by bookmarking their website here, or checking out their Facebook page regularly.

Photo Credit: YMCA of Northern Utah

YMCA’s Park City Summer Day Camp
4501 UT-224
Park City, UT  84098

YMCA’s Park City Summer Day Camp registration opened on February 14 and offers a reignited daily excursion focus, which includes weekly swimming and trips to the organization’s Camp Roger in the Uinta Mountains above Kamas, where archery, hiking and other outdoor pursuits will be on the agenda. Headquartered out of Park City Community Church (behind Park City Nursery on S.R. 224), the YMCA day camp is open to ages 5-12, and runs from 7:30 a.m. – 5:30 p.m. Some of this year’s weekly themes that begin on June 6 include “Young Scientists,” “Color Runs Wild,” Super Hero Week,” “Game Show Mania,” “Great Outdoors,” and “Fear Factor.” Click here to learn more, or call 801-839-3379.

Recreation & Enrichment

Photo Credit: Woodward Park City

Woodward Park City
3863 Kilby Road
Park City, UT  84098

Woodward Park City offers indoor and outdoor weeklong camps throughout the summer for kids ages 7-17 in sports specialties that include mountain bike, skateboard, scooter, BMX, multi-sport, parkour and cheer. Each session also includes access to all Woodward state-of-the-art facilities (mountain parks, action sports parks and indoor action sports hub), professional coaching, lunch, positive relationship building, arts and crafts, and recreational games and activities. Camps are available by-the-week from June 6 through August 8, from 9 a.m. – 4:30 p.m. daily. Reservations are open now, and they’re offering $200 off one week of camp if booked by March 31. Visit the Woodward website here for more details and to register.  

Photo Credit: Young Riders

Young Riders Camps
(Locations throughout Park City)

Founded in 1996, the Young Riders Youth Cycling program offers once a week and weeklong camps from 9 a.m. – 12 p.m. beginning June 6, and provides opportunities for riders ages 5 – 14. Nineteen weeklong camps are available throughout the summer for every level of rider, including Pee Wee (ages 5 – 7), Beginner Youth (ages 7 – 9), Beginner Junior (ages 10 – 13), Intermediate (ages 9 – 13) and Advanced (ages 10 – 14). Their Once a Week programs differ from the Young Riders weeklong camps in that classes meet once per week throughout the summer, with participants signing up for a specific class depending on their age and ability level (they will ride and progress with the same kids and the same coaches over a ten-week period, with rides programmed to gradually challenge participants as summer progresses). Registration opens on Wednesday, March 23 at 7 a.m., and camps are limited to 10 riders, so they fill up quickly. Be sure to bookmark the registration page to get your kids ready to roll!

Photo Credit: Summit Community Gardens

Summit Community Gardens
4056 Shadow Mountain Drive (off Old Ranch Road)
Park City, UT  84098
[email protected]
Summit Community Gardens’ enriching summer camps offer an immersed-in-nature experience featured a different gardening theme each week, with hands-on activities involving partner organizations like EATS and Recycle Utah. This year’s themes include “Art in the Garden,” “Build your own Garden,” “Chopped w/EATS,” “Week in the life of a farmer,” and “Cycle the Cycles w/Recycle Utah.” Butterfly Members are able to register beginning on March 2, while all others can sign up starting March 16. To learn more, and receive an alert when camp registration opens, click here.

Photo Credit: Summit Land Conservancy

Summit Land Conservancy Outdoor Explorers and Little Explorers Camp
1650 Park Avenue, Ste. 200
Park City, UT  84060

This year’s Summit Land Conservancy Outdoor Explorers Summer Camps feature seven week-long camps for kids who love to be outside! Camps are for kids ages 7 – 12 years old, run from 10 a.m. – 3 p.m. daily, and run from June through August. Each week features “Mountain Bike Monday,” “Trail Trekking Tuesday,” “Water Adventure Wednesday,” “Treasure Hunt Thursday” and “Farmer Friday.” General registration opens on March 31 at 12 p.m.  For more information, contact Caitlin at 435-640-9884 or [email protected].

Photo Credit: Swaner Preserve & EcoCenter

Swaner Preserve & EcoCenter
1258 Center Drive
Park City, UT  84098

Swaner Preserve & EcoCenter offers popular weeklong camps beginning June 14, and include both half-day and full-day options. Because camps sell out quickly, they offer early registration on March 18 at 9 a.m. for Sandhill Society members and March 21 for Swaner Family-level members, with general registration opening on March 23. Camps are offered as half day options for kids in grades kindergarten through 6th, or full-day options for kids in 1st through 6th grade, with a Counselors in Training program for kids in grades 7 & 8. Some of the weekly themes include ”EcoExplorers,” “Down to a Science,” Predator Power,” and “Watershed Explorers,”  Click here to check them out in advance of the registration date. They’re also hiring camp counselors right now, so click here to learn more about how kids entering grades 9-12 next fall can apply.

Photo Credit: PC Codes

PC Codes
Shepherd of the Mountains Lutheran Church (base of Canyons Resort, though unaffiliated with the church)
4051 UT-224
Park City, UT 84098
[email protected]

Entering its 4th year of offering technology summer camps to kids ages 8-14, PC Codes endeavors to provide engaging, hands-on, creative and fun learning opportunities for students. Each summer camp involves students learning about a concept in computer science, practicing that concept, and then working with other campers to create and display and end-of-week capstone project. Every coding ability from beginner to expert is accommodated, with the goal of allowing all campers to feel challenged while having fun. Morning and afternoon half-day camps are available, with the option to have students stay for lunch to create an all-day experience. Camps run for five days each and begin on June 13, with themes that include, “Battle Bots,” “Learn to Code with Minecraft,” “Legos in Motion,” “Video Game Design,” and Lego Engineering.” Register by clicking here, or reach out at [email protected] for more info.

Artistic Endeavors

Kimball Art Center
1401 Kearns Boulevard
Park City, UT  84060

Each year, the Kimball Art Center offers summer camps taught by professional, practicing artists with teaching experience, featuring a curriculum vetted to inspire, educate and foster an appreciation for art in all of its forms. No camps have been listed for this summer, as yet, but you can visit their website by clicking here to check for updated information or visit their Facebook page here.

Photo Credit: Egyptian Youtheatre

Egyptian Theatre Youtheatre
Mary G. Steiner Egyptian Theatre
328 Main Street
Park City, UT 84060
435-296-SING (7464)
[email protected]

Each summer, Park City’s Historic Mary G. Steiner Egyptian Theatre hosts summer camps for students have included themes in the past like “Improv Puppetry,” “Bilingual Film Camp,” and “Podcast Radio Drama Camp.” The daylong camps offer students of varying ages the chance to stretch their creative skills in a peer-supportive environment, taking advantage of the Egyptian’s studios on upper Main Street. While 2022 camp information has not yet been posted, keep an eye on their website or Instagram page for announcements.

Park City School District
(Various locations around Park City)

Park City School District offers a full summer of courses through their Leisure Learning department, with opportunities ranging from arts and crafts to coding and babysitter training. The full catalog and class details usually go online at the end of March and can be found by clicking here, or by emailing Jane Toly at [email protected].

Natural History Museum of Utah
301 Wakara Way
Salt Lake City, UT  84108

Natural History Museum of Utah’s (NHMU) weekly camps are for students in grades kindergarten through 6th, and opened for registration to Copper Club Members on Feb. 28, while Museum Members at the Family level and above can register on March 3, and all others on March 8. Held at the impressive NHMU facility on the University of Utah campus in Salt Lake City, camps run every week between June 6 and August 8 (except for the week of July 4 & 25 due to holidays), and include days at nearby locations (past partners include Red Butte Garden, This is the Place, Utah’s Hogle Zoo and Tracy Aviary). To get a sneak peak of this year’s camps as soon as they’re published, register for NHMU emails by clicking here.

Utah’s Hogle Zoo
2600 Sunnyside Avenue (840 South)
Salt Lake City, UT. 84108

Utah’s Hogle Zoo presents weekly onsite and virtual summer camp options for kids entering grades 1st through 8th, with past themes including “Ecosystems of the Globe,” “Animals on the Move,” and “Curious Creatures and Fearsome Features.” Registration info will be available soon, but you can check out the dates and camps by clicking here.

Sleepaway (Near By)

Photo Credit: YMCA of Northern Utah

For many local kids, their first overnight camp experience happens close to home through the YMCA’s Camp Roger (on Mirror Lake Highway just past Kamas) and the Girl Scouts’ Camp Cloud Rim (above the Montage in upper Deer Valley). Camp Roger offers week-long camps throughout the summer for ages 6-15, featuring mountain biking, hiking, archery, arts and crafts, and horseback riding beginning June 5. This year’s themes include, “Disney,” “Mission Impossible,” “Under the Sea,” and “Neon Lights.” Camp Cloud Rim offers an idyllic, lakeside setting at 9,200 feet, where girls entering grades 1-12 can experience week-long, themed camps, such as “Flashlights and Fairy Tales,” “Teddy Bear Tag-a-long,” “Moonlight Mania,” and “Boats and Brunches.” Cloud Rim offers 3-day “mini” versions of camps for younger girls to get them used to being away from home in a camp setting. Registration is now open for both camps, and can be found here for Camp Roger, or here for Camp Cloud Rim.

Diverse and enriching summer camp options are one of the many reasons to Choose Park City for your Park City Real Estate investment. Be sure to connect with Christine today at 435-640-4238 to explore future adventures of your own! 

Getting Kids into the Volunteer Spirit!

Cultivating altruism in our children can start at any age, and with so many deserving nonprofits serving the Wasatch Back and Salt Lake Valley, opportunities suitable for kids of all ages abound. And while many in-person volunteer opportunities have a minimum age requirement of 14-to-16 years old, there are other ways for kids of all ages to give back, including those listed below!

Operation Hope Holiday Cheer for Local Families

Photo credit: CCPC

The Christian Center of Park City (CCPC) helps to provide a happy holiday each year for families in Summit and Wasatch counties through their Operation Hope event. In Summit County, Operation Hope takes the form of a toy store for families to “shop” for gifts for their kids, while in Summit County, $75 gift cards are given to parents to use for gifts. Families in need register in advance, and 2,000 children in Wasatch and Summit counties were served through the program last year. For the Park City toy store, donations needed include new toys, books and winter clothing, which kids can help gather items by visiting their neighbors or putting up flyers in centralized neighborhood locations inviting friends, fellow residents and family members to drop off items or gift cards at your house or business. These items can then be dropped off at CCPCs offices in Park City or at Center Stage in Heber City during the week up until December 8th to give them plenty of time to distribute to the families. For more information, click here.

Kids can also gather the makings of Birthday Boxes for kids in-need throughout the year, which include a boxed cake mix, frosting, small container of sprinkles, cupcake liners/papers, party paper plates, balloons and party favors. The boxes can be dropped off at either CCPC in Park City or Center Stage in Heber City.

Creating Food/Snack Bags for Fellow Students

For many students, breakfast and lunch at school are the only nutritious meals they receive each day. That’s why the Wasatch Community Foundation in Heber City is creating 1,600 food bags to provide to 800 children in Wasatch County to assist with food scarcity over the Christmas Break. Volunteers of all ages can help assemble the bags on Dec. 10 and 11 by signing up here.

Photo credit: Intermountain Health Care

Intermountain Park City and Heber Valley Hospital Volunteers

Kids ages 14 and older can volunteer at the Park City or Heber City hospital locations, with duties including delivering flowers and letters to patients, greeting and directing patients and visitors, and serving as liaison in the Emergency Room and Same Day Surgery waiting rooms. Volunteers much commit to working two hours per week for a minimum of six months, ad must comply with health requirements for vaccinations and immunizations. Click on the links above for each location to learn more.

Welcome Kits for Refugees

Utah has long been a safe haven for refugees from other countries, with an estimated 60,000 displaced individuals currently residing here, including nearly 800 recently welcomed from Afghanistan who were granted “humanitarian parole” due to threats to their safety. Kids can collect items and package Baby Kits for Refugees through Lifting Hands International, with each essentials kit comprised of baby wipes, a baby bottle, baby spoons and a thermometer (a baby toy or blanket is also welcomed). To donate to the Heber City location, click here, or call Jamie at 480-516-3237. Other types of kits needed include cooking/utensil kits, cleaning kits, winter kids and women’s hygiene kits.

Photo credit: The Road Home

Helping the Homeless

In the Salt Lake Valley, the Road Home, which provides emergency shelter and other services, has in-person volunteer opportunities for kids ages 12 and older, including helping to serve meals, and at the warehouse sorting donations and organizing clothing. For more information and to sign up to volunteer, click here.

Primary Children’s Volunteers

Volunteers ages 16 and older can help at Primary Children’s Hospital in areas like the Gift Shop, Information Desk, Kids Crew and Children’s Outpatient Rehabilitation Services. Volunteers must commit to one 3-hour shift per week, pass a background check and be current on immunizations (among other requirements), and can learn more by clicking here, or by calling Volunteer Services at 801-662-6560.

The community dedication to volunteerism and charity is 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 ways locals and visitors engage in charitable endeavors.

Reduce and Reuse Outgrown Winter Gear

Based on the rate at which our kids grow out of ski gear, many parents choose to sign up for ski shop rental programs where boots and skis or boards are traded in each year for a bigger size. But for families that have invested in gear, including coats, gloves, etc., finding an outlet for upcycling those items can be challenging, which creates a great opportunity for kids of any age to collect the items from friends and neighbors to give to families in our community who might not be able to afford new snow gear for their children this year.

While most of our schools hold coat drives or have bins in their entryways to accept winter gear around this time each year, I’ve pulled together a few additional places where coats and ski items can be taken directly.

Photo credit: CCPC

The Christian Center of Park City (CCPC) accepts gently used items for resale at their stores in Park City and Heber, with specific drop-off hours and locations listed here. Clothing and recreation/sports equipment are included in their list of Top 5 Donation Needs, along with a list of unacceptable donations. Many locals (and, oftentimes visitors who’ve forgotten some items) rely on the CCPC’s stores to score deals and steals, and the money raised funds their critical programs, including food, mental health, and seasonal worker supports.

St. Mary’s Catholic Church in Old Town also accepts items for resale at its St. Lawrence Thrift Store in Heber, with drop-off times on Monday-Saturday from 10 a.m.-4 p.m.

Photo credit: Youth Sports Alliance

According to Heather Sims, Youth Programs Director for Youth Sports Alliance (YSA), which runs the Get Out and Play programs at each school, YSA will accept gently used ski jackets, pants, goggles and mittens. These donations will ensure students who are unable to afford warm and appropriate outerwear for the organization’s amazing programs that introduce hundreds of local students to winter sports will be able to participate. She further noted, however, that YSA has stopped taking helmets this year, and they are unable to accept skis/boards or boots due to both storage and liability issues. Donations of soft goods can be dropped off at CCPC (1283 Deer Valley Drive), Monday-Friday from 9 a.m. – 3 p.m, and on Saturdays from 10 a.m. – 2 p.m. Items will be distributed to YSA scholarship recipients during Operation Hope later this month. Donations of new items made through YSA’s Amazon Wish List will be delivered directly to their offices.

The Park City High School PTO has set up a donation portal for contributions to the Park City Learning Center (PCLC) at Park City High School, but they are seeking new items to provide students with the appropriate winter attire for their Adventure PE and PCLC Wellness Programs. If you have items that you purchased but never got around to wearing, or if you’re out and about and find a great deal on outwear that will provide students who don’t have the appropriate gear to participate in outdoor programs, this is the opportunity for you! They are accepting items up until Winter Break on Dec. 17, with more info available by clicking here.

In Wasatch County, donations are currently being accepted for the Heber Valley 5th Annual Community Clothing & Toy Exchange, with a drop-off day scheduled for Dec. 3 from 10 a.m. – 7 p.m. at the Wasatch County Rec Center (345 W. 600 S, #500, Heber City). Donations can also be dropped off in advance at the Wasatch County Health Department, located at 55 South 500 East in Heber City. Community members are then invited in to pick up items they need the following day.

If you’re in Salt Lake, The Road Home shelter accepts gently-used items to help provide warm clothing for individuals seeking emergency shelter and housing assistance, while the Crossroads Urban Center Thrift Store accepts clothing and household essentials, which are then provided at no cost through a voucher program for low-income families. Deseret Industries (the “DI”) accepts donations of used clothing and sporting equipment for resale in their retail locations, with proceeds going to programs that provide job training, career, and technical education, and community grants to underserved populations.

When it comes to giving back to our neighbors, few communities measure up to the Greater Park City area, which is 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 more about the area.

Park City Housing Market Update – October 2021

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 Future of Learning for Park City School District

Since arriving in Park City 19 years ago, I’ve witnessed exponential growth and have seen the many ways it has affected our school environments. As Parkites, we’ve long been told (and do believe) that Park City School District (PCSD) is No. 1 in the state, but with aging buildings and crowded classrooms, the District has decided it’s time to reevaluate our learning spaces and what they should like to best serve our students today and in the future.

That decision led to The Future of Learning master planning project, encompassing years of community meetings, building evaluations and long-range planning to determine things such as: What grades should be in which buildings, which buildings can be renovated and which should be torn down, and the actual classroom learning environments that best serve the education of our nearly 5,000 students.

Like all investments, executing the recommendations within the Future of Learning comes with a cost, which is being put in front of all voters within the Park City School District boundaries (zip codes 84060, 84068, and 84098) on this November’s ballot. In Utah, the primary mechanism for funding school capital projects is through bond initiatives. While other entities – power, parks, water, sewer, etc. – can impose impact fees to lessen the impact of growth brought by new construction, school districts are legally prohibited from doing so, which means bond initiatives must be presented to voters to spread the cost of school district projects across taxpayers via property tax increases.

The specific goals of the Future of Learning project funded by the proposed bond, according to PCSD’s site, include:

Comprehensive 4-Year High School Experience – Community and faculty feedback overwhelmingly support providing a comprehensive 4-year high school experience.

Career and Technical Education (CTE) Enhancements – Community members expressed strong interest in bolstering CTE offerings and building on the success of PCCAPS in the renovation at both the high school and middle school. The District has seen that 95% of CTE students graduate from high school, which is 10% higher than the national average.

Full Middle School Experience – Community feedback supported the 8th grade students attending a middle school model at Ecker Hill Middle School.

Strengthen Community Services – The community and District leaders are strongly committed to providing early learning opportunities to all students in recognition of the importance of early learning to student success, social equity and closing the achievement gap. Neighborhood elementary schools will have early learning opportunities incorporated with wraparound community services at key locations in the District.

I encourage you to visit the school district’s FAQs page by clicking here. It breaks down the bond process and answers complex questions to help voters further understand the impact of the election. More information can also be found here, including upcoming community informational meeting dates. As the educational and emotional outcomes of our students become increasingly critical, re-envisioning the spaces where they spend so much of their developmental time has never been more crucial.  

A supported and educated community is 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.