While Park City has long been a popular destination for primary and second homeowners, it is PC’s neighbors to the south in Wasatch County who have seen an unprecedented level of growth in both population and housing options. Most unexpectedly, The New York Times recently listed Heber City as 5th among all metro areas for the biggest change in net in-migration (people moving in from other areas). While folks have been moving from Park City to the Heber Valley for years in search of less expensive housing options, wealthier homeowners have also staked their claim in a community where nearly every home boasts a view of majestic Mount Timpanogos, and the historically rural lifestyle is still accessible for many.
A sister city to Trubschachen, Switzerland, Midway City is a picturesque hamlet within Wasatch County that takes pride in the Swiss heritage reflected in many of its buildings. For many, Midway represents a tonier area of the Heber Valley, but you’ll also find generations-old farms and ranches dotted throughout the community. Midway residents enjoy proximity to the Homestead Crater hot spring, Wasatch Mountain State Park, golf courses and the famed Ice Castles in the winter.
A few developments are currently being built in Midway, including Remund Farms, a neighborhood of new mountain and country homes located on 50-acres that were formerly the farm of the Remund family. This planned community features 175 miles of trails, parks, 30 acres of open space, a children’s discovery barn, neighborhood pool, clubhouse and fitness center, three spring-fed ponds and streams, gardens and playgrounds. Homes feature SmartHome climate control and security systems, high-performance dual-page low-E glass windows, water conserving toilets, faucets and shower heads, and energy-efficient LED lighting, among other green technology. Prices start at $765,000, with more floor plan information available here. Phases 1 and 2 have sold out, but the reservation period for Phase 3A will be May 17-23, with construction starting September of this year. Visit their site here for more information on future phases.
Also located in Midway, The Reserve encompasses 83 acres and features 48 custom estate homesites surrounded by 30 acres of open space. Amenities include walking trails, waterfalls, a sports court and pool, with panoramic views of Snake Creek Canyon, Deer Creek Reservoir and Mount Timpanogos. Currently, seven homesites are still available – click here for more info.
Nearby, Saint Prex, located on Swiss Alpine Road (down the street from the Zermatt Resort), features two acres of open space and a trail system, and offers homes starting at $850,000.
Developments within Heber City offer the convenience of nearby dining and shopping, along with easy access to Highway 40 for those commuting to the Wasatch Front. Heber City includes a few more moderately-priced options, such as Stone Creek, located near Red Ledges at 830 North 1310 East and featuring 32 homes starting at $676,000, and Christensen Farms, conveniently located in the heart of Heber at 2400 Wild Mare Way, with custom-homes on large lots starting at $850,000.
The OG of luxury private communities in the Heber Valley is Red Ledges, located on 2,000 acres with 300 homes completed and 100 more in process. Boasting a private Jack Nicklaus Signature golf course and exclusive Deer Valley Resort ski access, Red Ledges is a four-season community providing club activities that include golf, tennis, horseback riding, swimming, fitness classes, hiking, biking, boating and fishing. The community features custom luxury mountain homes, cabins and cottages, and the opportunity to either buy an existing home, or build with the help of Red Ledges Homebuilding (RLHB). Homesites start as low as $195,000, and available properties starting at $1,575,000 for a cottage, or $1,900,000 for a home.
Whether it’s Park City real estate, or home buying opportunities in surrounding communities, the ability to match buyers with their ideal properties is 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!
With March often comes the first preemptive pangs of Spring. These brief respites from mid-winter snow and cold are just enough to get a taste of spring skiing and après t-shirt weather, only for snow and mid-winter conditions to quickly return. Based on annual averages March is the snowiest month each season, and while the jury is still out on this season (fingers crossed for some BIG spring storms!) there is no mistaking that March in the real estate world is as busy as ever. Just the other week our Summit Sotheby’s Park City offices placed over $114,000,000 in real estate under contract, while another $75,000,000 in transactions closed. Despite record low inventory, we’re still finding ways to get deals done. A powerful and connected network, proactive prospecting, and localized marketing are the lynchpins to servicing our clients in such a competitive market.
And believe me, it’s not just Park City. The Salt Lake market has been even hotter with massive buyer demand and just not enough listings to go around. Nearly everything is selling in multiple offers, with 15-20 offers becoming borderline routine in coveted areas of the valley. The Heber Valley housing market – where we will focus attention today – has also been very active, so much so that many of the areas new developments are pausing sales so that they can catch up to the construction demand. Enough with the intro, let’s dive into this month’s numbers.
Park City Real Estate
In order to get to our primary focus in this month’s update which is looking at stats in the Heber Valley housing market, I will keep the Park City portion of the update fairly general and brief. Lumping together single family homes and condos, it’s no surprise that active inventory continues to decrease, down 19% from January, and decreasing a whopping 62% from February 2020. New contracts in February were down 11% from January – not surprising due to a steadily decreasing inventory – but more than doubled up 132% from February 2020. This is due in large part to the fact that pretty much everything being listed (and even homes not listed) is going under contract as soon as it is listed. Average sales prices continue upwards with a 28% increase from January, and a 56% increase from February 2020 to a current average sold price of $2,200,000. More details below.
Median sold price increased 16.1% from January 2021 and decreased by 17.1% from February 2020 to a current price of $612,450
Median number of days on the market for February improved to a more “normal” sellers market at 28 days, surprisingly up from 11 DOM in February 2020, and up from 1 day on market in January 2021
Active inventory decreased 29.3% from January 2021, and is down 62.7% from February 2020, finishing the month of February 2021 with only 106 Park City condos and homes on the market, only 2 of which are single family homes
Median sold price dropped 12.9% from January 2021, and is down 5.1% from February 2020 to a current median sold price of $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 even at the higher prices, with February 2021 registering 114 actives, down 8.1% from January 2021, and decreased by 49.3% from February 2020 a year ago
Heber Valley Real Estate
Drawing many parallels to the Park City real estate market over the last year, the Heber Valley area (including Heber, Midway, and surrounding areas) has also seen large increases in average price with large decreases in homes for sale. In May of 2020, active inventory for single family homes at at 156 units, well within the average range for spring time inventory over the previous 5-6 years. June 2020 began the slide into a steadily decreasing amount of inventory, to what is currently only 34 actively listed single family homes in the entire area.
While inventory has drastically decreased, median sales prices for single family homes have drastically increased. From $459,000 in April 2020, to a $1,071,601 median sales price in February 2021, the Heber Valley housing market has seen a massive shift. While the area is still considered an “affordable” alternative to Park City, there is no doubt the pricing accessibility is shifting dramatically. The same can be said for new construction developments in the area, of which there are many. As construction costs increase, so do the prices of new home builds. Some developers are even halting sales and adding monthly sales limits, as opposed to ordinarily trying to hit sales goals, so that they have an opportunity to catch up on construction for new builds that are already under contract. More details on this months pricing below.
Median sold price is unchanged from January 2021, and is up 51.0% from February 2020 to a current median sold price of $2,295,000
Median number of days on market for February 2021 are 53 which is down 37.1% from 84 days on market in January 2021, and down by 9.5% from February 2020
Active inventory bumped up slightly month over month, with February 2021 registering 20 actives, up 11.1% from January 2021, however still down by a margin of 51.2% from February 2020 a year ago
Choose Park City Real Estate Sales for February 2021
We put 5 properties under contract and have $7,800,000 in pending sales
3 transaction were finalized and we closed $6,400,000 in sales volume
3 of our buyers had their offers accepted despite competing against multiple offers
2 properties went under contract before coming to market, making a total of 6 pre-market sales that we have been a part of so far in 2021
We have 27 properties and over $39 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 and Heber Valley 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.
As Park City and the surrounding areas continue to gain more full-time and part-time residents, many buyers are looking beyond PC’s sprawl to find their own version of Nirvana in newly-minted, planned resort communities due north in Weber and Morgan counties – including Powder Mountain homes.
Located in Eden, Utah, approximately one hour north of Salt Lake, and boasting 8,464 skiable acres, Summit Powder Mountain is a master-planned, environmentally-friendly ski community at Powder Mountain Resort, one of Utah’s last “local” ski areas, where ticket prices are half of those at larger resorts and lift lines are nonexistent. Summit Powder Mountain is the brainchild of the creators of the Summit Series – an invitation-only event series for entrepreneurs and creative-types, where Jeff Bezos and Bill Clinton have presented. When Summit purchased the resort in 2013, they unveiled a master plan intended to protect the mountain from overdevelopment, while preserving its history, ecosystem, and authentic character. In 2016, they broke ground on Summit Powder Mountain homes, featuring a future Village core, interconnected trail system, 500 residences, hotels, shops and event spaces, all thoughtfully and sustainably mapped out to provide a year-round community where innovation meets environmental conservation.
Summit Powder Mountain offers a variety of real estate options delineated by neighborhoods with individual attributes that should appeal to a full spectrum of buyers.
Beginning at the highest elevation, the Overlook Neighborhood offers ski-in/ski-out homesites at 9,000 feet, with premier views of the Wasatch and Uintah mountain ranges. Located within walking distance from the Village core, more than 30 miles of trails adjoin the neighborhood, which is surrounded on all sides by ski slope views and an abundance of wildflowers in the summer.
The Horizon Neighborhood is comprised of a clustering of heritage modern cabins designed by Nova Scotian award-winning architect, Brian Mackay-Lyons. Offered in four distinct models, the cabins pay homage to community, ecology and creativity in their elegant simplicity. The Horizon neighborhood amenities are designed to foster social engagement, including a community kitchen, gym, fire pit and ski lockers at the Pioneer Cabin.
Located adjacent to the future Village, Copper Crest West is comprised of ski-in/ski-out heritage modern townhomes featuring authentically-rustic reclaimed wood siding and metal roofs to reinforce the natural setting in which they’re situated.
Another option for buyers seeking the increasingly-scarce wide-open spaces of the Intermountain West is the private residential community of Sanctuary Ranch, where homesites of 40+ acres each featuring geothermal energy are located just 12 minutes from the world-class Snowbasin Resort. Sanctuary Ranch encompasses 527 acres of preserved wildlife habitat enveloped by 12,000 acres of open space, providing year-round recreation, from water and wheeled sports in the summer sports via the owners-only High Altitude Recreation Club, to Nordic and alpine skiing in the winter. The environmentally-friendly luxury residences, designed by James Carroll, include whole- and deeded monthly-ownership options, with zero waste water systems and zero-scaped yards.
Also located mere minutes from Snowbasin in Morgan County is Wasatch Peaks Ranch. Situated on more than 12,000 acres of pristine alpine terrain, Wasatch Peaks Ranch is a private mountain resort development encompassing 11 miles of continuous ridgeline inclusive of 24 peaks, 15 bowls and cirque, and a 4,500-foot vertical rise. Ski access will be facilitated initially by two high-speed quad lifts, ultimately followed by seven additional lifts. Plans include 750 homes in a 10-15-year phased development, with access to fly-fishing, hiking, mountain biking, ATV and equestrian trails. The community also features a private wildlife preserve providing big game hunting with permits for mule deer, elk and moose.
Whether it’s Park City real estate, or home buying opportunities in surrounding communities, the ability to match buyers with their ideal properties is 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!
While the snow (thankfully!) keeps coming, it’s easy to get caught up in daydreams of warmer weather, which means planning and plotting ways to get our kiddos into the myriad of day camps available all across the Wasatch Back! Check out our annual list below, and – though some camps have not yet published their 2021 information – we encourage you to be proactive in following your faves, as many sell out quickly after registration begins!
Basin Recreation offers a full-summer option with their Summer Blast Day Camp, beginning Monday, June 7, with registration opening on Wednesdsay, April 14 at midnight. 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. For more information, visit the Basin Recreation site by clicking here, check out their Facebook page here, or call the Field House at 435-655-0999.
Park City Recreation has been running their summer-long day camp for years, and is headquartered out of the City Park building (by the Miner’s Hospital). Starting on March 15 at 9 a.m., they will once again offered early priority registration for residents living or working in the 84060 zip code, or for any full-summer campers returning from last year. Proof of residency or employment must be sent to Spencer Madanay at [email protected], or dropped by the PC MARC to his attention to qualify for early registration. Registration for full-summer camp and single days opens for all others on April 1. Camp is held daily from 8 a.m. – 6 p.m., and includes arts and crafts, sports and games. Field trips and visits to the pool are still uncertain for 2021. 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 3rd, and can be found here. For additional info, call 435-615-5401, visit their Facebook page here, or visit them online by clicking here.
Plans for Deer Valley Resort’s beloved Summer Adventure Camp are currently under review, but in years past, they 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. Stay up-to-speed by bookmarking their website here, or checking out their Facebook page regularly.
Plans for YMCA’s Park City Summer Day Camp are rolling full steam ahead, with registration already open and 10 weeks of exciting themes mapped out to begin on June 7. Headquartered out of Park City Community Church (behind Park City Nursery on S.R. 224), this YMCA day camp offers outings that leverage proximity to local Park City venues, along with trips to the Uinta Mountains to visit YMCA Camp Roger for archery and hiking. The camp is for ages 5-12, and runs from 7:30 a.m. – 5:30 p.m. Some of this year’s weekly themes include “Artspress Yourself,” “FULL STEAM Ahead,” “Super Heroes,” “Mad Scientist,” and “The Olympics.” Click here to learn more, or call 801-839-3379.
Last summer, Woodward Park City raised the summer camp stakes for kids of all ability levels, offering a fun and mostly fitness-focused array of weeklong activities. This year’s camps are open to kids ages 7-17, and include mountain biking, skateboarding, BMX, scooter, cheer, parkour and multisport, with limited prior experience required for all activities except multisport. Camps are available the weeks of June 7 through August 16, and each session includes recreational games and activities, positive relationship building, arts and crafts, and will be held rain or shine, with instruction from 10 a.m. – 4 p.m. daily, plus 8:30 a.m. early drop off and 5:30 p.m. late pick up. 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.
The Young Riders Youth Cycling program offers weeklong camps from 9 a.m. – 12 p.m. beginning June 7, and provides opportunities for riders ages 5 – 14. Nineteen 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). Registration opens on Wednesday, March 24 at 7 a.m., and camps are limited to 10 riders, so they fill up quickly. Be sure to click here to pre-register and get your kiddos ready to pedal!
The popular Summit Community Gardens’ enriching summer camps offer five-day camps fro grades 1st through 6th, featuring an immersed-in-nature experience and a different gardening theme each week, such as, “Building a Garden,” “Art in the Garden,” Chopped Garden” and “Week in the life of a Farmer.” These hands-on activities involve partner organizations EATS and Recycle Utah. Registration for members begins on March 25th at 9 a.m., while all others can register beginning April 1st at 9 a.m. To learn more, click here.
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 are scheduled for June 14-18, June 21-25, July 12-16, July 19-23, July 26-30, August 2-6 and August 9-13. Each week features “Mountain Bike Monday,” “Trail Trekking Tuesday,” “Water Adventure Wednesday,” “Treasure Hunt Thursday” and “Farmer Friday.” Summit Land Conservancy is offering a Summer Camp Lottery for those agreeing to support the organization in a number of ways throughout the year. Lottery forms must be received no later than March 15, and can be found by clicking here. General registration opens on March 31 at 12 p.m., but with the lottery option, many spots might be filled before general registration opens. For more information, contact Caitlin at 435-640-9884 or [email protected].
Swaner Preserve & EcoCenter 1258 Center Drive Park City, UT 84098 435-649-1767
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 22 for Sandhill Society members and March 24 for Swaner Family-level members, with general registration opening on March 31. Camps are offered for kids in kindergarten through 7th grade, with a Counselors in Training program for kids in grades 7 & 8. Some of the weekly themes include “Nature Sensation,” “Rhythms of Nature,” “Nitty Gritty Nature,” “Down to a Science” and “Junior Naturalist.” 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.
After more than five years, Kimball Art Center will finally move from its temporary location to a new home at the Yard (1251 Kearns Boulevard). And, while this year’s offerings are not yet published, past summer camps were 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. Visit their website by clicking here to check for updated information, or visit their Facebook page here.
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’s (NHMU) weekly camps open for registration to Copper Club Members on March 11, Museum Members at the Family level and above on March 15, and all others on March 22. Held at the impressive NHMU facility on the University of Utah campus in Salt Lake City, camps run every week between June 7 and August 9 (except for the week of July 5 & 19 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). They’re also offering a [email protected] option that provides supplies and expert facilitation in the comfort and safety of your home, which is a half-day format running Mondays – Thursdays, only. 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 801-584-1700
Utah’s Hogle Zoo presents weekly onsite and virtual summer camp options for kids entering grades 1st through 8th, with themes like “Marine Mammal Mania,” “Animal Superheroes,” “Radical Reptiles” and “We Built A Zoo – Exhibit Design.” A few camps have already sold out, but most are still available for registration, so be sure to visit their site by clicking here soon!
Highly-revered overnight camps are available close by 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 6. 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 “Adventure Takers and Art Makers,” “Hard Hats and Horse Sense” and “Into the Woods.” Registration is now open for both camps, which have a long and respected tradition of providing kids with a sleepaway outdoor experience that is super close to home!
The amazing array of summer camp options is just 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!
Snow, sweet, glorious snow. After a very dry start to this winter, it has been wonderful to see fresh flakes falling on Main Street (and of course at the ski resorts!) on a more regular basis over the last few weeks. Finally, snow banks are steadily lining the streets of Old Town, and the turns underfoot on the mountain are much softer now than they were just a few weeks ago. It seems like 2021 just started, and yet it’s already February. However, in a way, the year did just begin for housing market stats, as with each monthly update we are sourcing our information from the previous month. So really, this is our first look into what has actually transpired so far in the 2021 marketplace. Just like the snowfall picking up in the new year, it feels like home sales have been following suit. Without further ado, let’s dive into this month’s Park City housing market update.
Park City Single Family Homes
The transition from December to January in the Park City housing market – or most any market for that matter – is always an interesting one. Some home buyers and sellers are trying to push to close transactions before the year ends, whether for convenience or tax purposes, while others purposely wait until January for the exact same reason. I find some market stats to be a little bit skewed in this transition from old year to new, but still, there are some interesting numbers to take note of.
New listings are still down year over year, and also since the previous month, with a 14% decrease since January 2020, and a nearly 39% decrease from December 2020. With a very healthy buyer demand still in place, the continued decrease in new inventory will only serve to raise sale prices – which is great news for sellers – while making for less homes to go around for buyers, and the continuation of a very competitive marketplace. The number of new contracts written is about even from December 2020 to January 2021, however they have increased by nearly 65% compared to January 2020. Coupled with the decrease in listings mentioned above, this is further proof of a continued lack of inventory available for sale, and a market favoring experienced real estate traders, and veteran real estate agents. You better bring your A game.
Park City Home Inventory
A closer look at the active inventory numbers (homes available for sale at the end of a given month) confirms exactly this. Below is a graphic showing the active inventory for single family homes in Park City proper and Snyderville Basin on a monthly basis beginning in January of 2006.
Of course leading up to, and throughout the housing market crash/recession, we saw active inventory balloon as many people were selling out of necessity, but very few were looking to buy. Over a few years, the market started to correct itself, and from about January of 2013 through March of 2020, inventory was on a pretty steady, seasonally-influenced track. In June of 2020, we saw a single family inventory high of 356 properties, and then, well, the wheels came off the cart. Inventory since June of last year has plummeted, dropping consistently every month since then. Call it the Covid Effect, the big city exodus, or the Park City migration, it doesn’t matter what the name is. The fact is, that based on current levels of demand for Park City homes, there simply are not enough properties to go around. As a result, as with any marketplace that has higher demand than supply, prices go up.
Perhaps one piece of good news in all of this for Park City home buyers is that prices actually dropped this past month, both on a month to month and year over year basis. Interestingly enough, the median sales price is down by 8.5% from January 2020, and down by a surprising 31.7% from December 2020. This is particularly interesting for the fact that prices have been increasing every month since June 2020. December’s numbers may have been somewhat inflated due to some larger sales closing before the New Year, and January’s median sales price may be artificially deflated due to less inventory, and as a result some smaller single family homes selling at a lower price point. This is purely educated speculation on my part, but still, buyers should feel good that there has been some easing at least in terms of price, even if it’s only at higher price points and lasts for 30 days. February’s numbers will be an interesting indicator, and I also want to dive into other surrounding Park City housing markets like the Heber and Kamas Valleys next month, to see how high prices and low inventory have affected the generally more accessible price points.
Now that I have rambled on a bit longer than originally intended on the overall single family market year to date, we will take a closer look at the month of January, and a break down of the different price segments in the market below. This is where things get interesting and are more telling of the market and its various segments.
Median sold price increased 8.7% from December 2020 and just barely decreased by 0.8% from January 2020 to a current price of $891,500
Median number of days on the market for January were 3 (Three days?! That’s insane!!), down 60% from August 2020 at 8 DOM, and way down – 96.2% in fact – from 79 days on market in January 2020
Active inventory decreased 66.7% from December 2020 (6 homes active in December), and is down 92% from January 2020, finishing the month of January 2021 with only 2 single family Park City homes on the market
Median sales price decreased from December 2020 down 26.2%, and is down 13.3% from January 2020 to a current price of $1,585,826. This will be an interesting one to keep an eye on for next month’s update
Median number of days on the market for January 2021 are 18, unchanged from December 2020, and down by 75% from 70 days on market in January 2020
Inventory is down 38.9% from 36 active homes in December 2020, and is down a massive 84.4% from January 2020 a year ago, finishing January 2021 with 22 homes on the market
Median sold price increased 3.6% from December 2020, but is down 13.5% from January 2020 to a current median sold price of $5,100,000
Median number of days on market for January 2021 are 29 up 5.6% from 27 days on market in December 2020, and down substantially by 90.6% from 303 days in January 2020
Active inventory continues to drop even at the higher prices, with January 2021 registering 79 actives, down 12.2% from December 2020, and decreased by 50.9% from January 2020 a year ago
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.
With a New Year comes new resolutions to do better and live better, and putting 2020 to bed provides a great opportunity to renew commitments with the plentiful health and wellness resources readily available across the Wasatch Back. Studios and other businesses offering in-person classes for clients must follow local COVID-19 guidelines, so be sure to call or check their websites for particulars before signing up!
The weeklong, all-inclusive residential program at Red House Wellness seeks to provide a transformative experience through power, aerial and restorative yoga and yoga nidra; meditation and noble silence; intermittent fasting; plant-based eating; and daily journaling and inquiry. Each week has fewer than 10 participants, and includes a six-week follow-up program.
6443 N. Business Loop Road | Park City | 801-462-6593
Offering massage, guided mediation and snowshoeing meditation hikes, Mind Body Soul provides its services either onsite at their business location, or directly in their client’s home or hotel. They also offer infrared sauna, bemer therapy and wellness retreats.
2720 Rasmussen Rd., Ste. A4 | Park City | 435-800-2104
“Free your hands and the mind will follow” is the mantra at Rise Boxing, where fitness boxing is offered alongside an amateur boxer development program. The fitness classes, taught by coaches who are also fighters, combine heavy-bag work, boxing technique and body weight exercises in an hour-long workout, and no previous boxing experience is necessary. Their competitive classes are geared towards folks looking to get into the ring, but those who are new to boxing are asked to take a fitness class, first. Group events and private classes for special occasions are also available. Learn more at RiseBoxing.com.
2080 Gold Dust Lane (located inside Silver Mountain Sports Club and Spa) Park City
435-647-6486 or 310-801-0174
Park City Boxing Club offers hour-long classes and private sessions, led by retired professional and Olympic boxer, Shane Heaps. Though PCBC is located with the Prospector location of Silver Mountain Sports Club and Spa, students do not need to be members of the facility, and should start by reaching out at ParkCityBoxing.com.
8178 Gorgoza Pine Rd, Ste. F | Park City | 801-876-5062
Gracie Barra Jui-Jitsu Park City, one of a network of more than 900 locations worldwide, has recently opened in Pinebrook and offers classes for adults, kids and teens, along with self defense and private Jui-Kisu lessons. Adult classes are offered for all skill levels, while youth classes are available for kids as young as age three, and are designed to teach children self-discipline as well as providing a unique way to express themselves. The Park City location is offering a Red Shield Founders special in celebration of their grand opening, with child and adult founding members receiving a lifetime discounted rate, free gi and rashguard and free t-shirt for $170.
1154 Center Drive, #D210 | Park City | 435-359-0715
Comprised of wellness and life coaches, personal trainers and trauma yoga specialists, along with physical, yoga and behavioral therapists, PC Yoga Collective was created to provide an affordable wellness option for locals and visitors, alike. Half of all class fees are provided to the instructor, with the single drop-in rate at $15, and a 10-class pass at $150.
Tadasana Yoga offers traditional vinyasa yoga in warm (not sauna-hot) studios to help loosen muscles and cleanse the body, in addition to yoga fitness classes that incorporate HIIT/weights, aerobics and pilates. An unlimited class pass is $129 per month, with five-, 10-, 20- and 30-class punch passes also available, while a $19 one-week local client trial is an option for new clients/Utah residents only.
1912 Sidewinder Dr, Ste. 105 | Park City | 435-649-7413
Hot Flow, Vinyasa flow and Yoga Sculpt are offered at Enlighten Wellness, in addition to reiki and outdoor yoga options. Classes are held seven days a week, with a monthly unlimited pass at $120 with auto-pay that includes a mat, towel, and 30-minute personal training session. They also offer a $1,200 annual unlimited pass, and punch passes for locals.
Deciding upon your future home or getaway is about more than finding homes for sale in Park City. Reach out to Christine Grenney to learn more about Park City real estate opportunities that can help improve your overall quality of life in our unrivaled community. Call 435-640-4238, or visit Christine’s website here, and you’ll quickly see why so many people Choose Park City as the new home away from home!
There is no greater luxury in any ski town than the convenience of being able to ski to-and-from your own back door. And the opportunity to do so continues to grow with the inventory of ski-in/ski-out properties increasing within the Park City real estate market, providing new and exciting options to own a little bit of luxury in our world-class resort at every price point!
Touted as Old Town’s “last on-mountain development,” King’s Crown is located a mere 300 feet from Park City Resort’s Base Area, and is also within walking distance of Main Street. The locale provides ski-in/ski-out access via Crown’s Way – a private ski run that will be managed by Vail Resorts.
One hallmark of the King’s Crown development is its commitment to preserving the existing undeveloped hillside, with 85% of the property designated as deed-restricted open space via conservation easement. This preservation of open space will allow folks to continue hiking, biking, skiing and snow shoeing on the parcel.
King’s Crown provides a variety of Park City real estate options through condominiums with one-to-four bedrooms, gas fireplaces and large decks, in addition to townhomes with four-to-five ensuite bathrooms, heated two-car garages, private elevators and hot tubs. There are also more than two dozen custom-build homesites that feature access to the development’s amenities, including individual ski lockers, fitness center and an owners’ lounge.
Only two Empire Residences are available out of the original 19 units, all of which offer direct ski lift access at the base of Silver Strike chairlift, expansive outdoor decks with hot tubs, private entrances and amazing views to Silver Lake, Bald Mountain and the Uintas. Empire Residences owners have the opportunity to become Talisker Club members, which includes dining service, après ski and a ski beach, and outdoor terrace with a pool, and the Wildstar Kids Club activity area, among other amenities. The two available residences are a three-bedroom/four bathroom unit for $3,310,000 and a four-bedroom/five-bath penthouse for $5,150,000.
Located behind the iconic Goldener Hirsch Inn, the Residences at Goldener Hirsch expands upon the nearly 30-year tradition of the only family-owned luxury hotel in Deer Valley Resort. Named for the Hotel Goldener Hirsch in Salzburg, Austria, the inn’s embodiment of traditional European charm and luxury that has earned AAA Four Diamond award every year since 2008 will take a contemporary turn in the Residences, with architect Tom Kundig adopting a modern palette of mountain materials, including reclaimed wood siding juxtaposed with steel beams and floor-to-ceiling windows.
The modern aesthetic of the Residences at Goldener Hirsch interiors, designed by award-winning international hotel, resort and estate designer, Todd-Avery Lenahan, are possibly outshone by the rooftop patio with pool, hot tub and unparalleled views of Deer Valley’s slopes. Other services and amenities include a library lounge, valet parking, concierge, bellman, courtyard patio with fire pits, conference center, spa treatment rooms, ski-prep room, on-snow ski storage, après-ski lounge, game room and konditorei (Austrian pastry shop). Residences at Goldener Hirsch ownership opportunities include studio, two-bedroom and three-bedroom units (each with studio lock-offs), and range from $1,150,000 to $4,550,000.
Offering both residences and townhomes, Sommet Blanc is a luxury Park City real estate opportunity situated next to Empire Lodge in Empire Pass at Deer Valley Resort. Located at the base of Ruby Express, Sommet Blanc offers immediate access to ski runs that accommodate every level of skier. Families with younger skiers will love the benefit of having their residence close enough to swing back for a nap or cocoa break after a few trips through on Bucky’s Trail or Ruby’s Trail and their super fun kids zones. Experienced skiers can grab first tracks on Lady Morgan before most skiers have even made their way to this area of the mountain.
The full-service property includes an on-site restaurant and bar with its own ski beach patio, slopeside pool and hot tub patio, outdoor gathering spaces, ski locker room adjacent to an après-ski lounge and terrace, children’s activity room, fitness center and underground charging with oversized storage unites. Designed by Olson Kundig under the leadership of architect Tom Kundig, the Sommet Blanc Residences are housed in three lodge buildings and offer two-, three-, four- and five-bedroom condominiums and penthouses, while the Sommet Blanc Alpine Villas include six five-bedroom townhomes.
With ski-in/ski-out access to Park City Mountain’s Canyons Base via the luxe Frostwood Gondola, Ascent Park City is a high-end boutique hotel that is part of the Tapestry Collection by Hilton. Located adjacent to The Canyons Golf Course, Ascent Park City will offer 120 studio and one-bedroom residences ranging from 351- to 628-square feet starting in the mid-$300,000s. Designed by Sarah Sherman Samuel, the property will feature clean lines and a light and airy feel, while providing an entrée into Park City’s luxury real estate market for many buyers.
Argent at Empire Pass is a private enclave of 28 mountain- and valley-view residences, with direct access to Silver Strike lift. Argent is a family-friendly ski-in/ski-out opportunity featuring a “lodgekeeper concierge” to accommodate requests before, during and after a visit, in addition to hosting pre-ski breakfasts and apres-ski happy hours. On-site amenities include the “Main Hall” 2,500-square-foot ski lounge, fitness center, bowling alley/arcade, spa pool and fun deck, and The Nook playroom for kids.
Park City real estate offerings at Argent include two-, three- and four-bedroom residences (the penthouses are already sold), in addition to homes ranging in size from 1,627 to 4,155 square feet with floorplans ranging from two- to five- bedrooms.
Offering four- and five-bedroom ski-in townhomes, The Ridge offers proximity to Park City Resort’s Canyons Village area, and is just 30 minutes from the Salt Lake International Airport. The location also boasts easy access to summertime amenities, including golf, mountain biking and hiking.
Finding the ideal homes for sale in Park City is a challenge met daily by Christine Grenney for her clients. If you’re thinking of investing in one of Park City real estate’s luxury ski-in/ski-out offerings, call Christine at 435-640-4238, or visit her website here, and you’ll quickly see why so many people Choose Park City as the new home away from home!
Among the many challenges and disappointments 2020 brought to our ski town, the adjustments to the much-anticipated Sundance Film Festival were, perhaps, among the most impactful to both local and visiting movie-goers, as well as to local businesses counting on the bump in revenue the Festival brings.
This year’s abbreviated Festival will be held Jan. 28 – Feb. 3, 2021, and one of the major shifts is having satellite screenings happen in cities across the U.S., not just in Utah at traditional venues in Park City, Ogden, Salt Lake City and the Sundance Resort. Instead, fans from Honolulu to San Juan, Puerto Rico – and at dozens of locations in-between – will have a chance to experience the magic of Sundance at local venues through partnerships with independent cinemas and cultural organizations.
The upshot? This provides an opportunity for friends from coast-to-coast to experience new films at the exact same time without being in the same city!
In Utah, there will no longer be an opportunity for in-person screenings at The Ray Theater (the former Sports Authority in Holiday Village next to Fresh Market), which was just announced by Sundance, citing COVID restrictions. However, one of the benefits of the new, mostly virtual structure for Sundance 2021, is the accessibility of screenings via streaming.
The Festival’s updated “How to Fest” guide begins with inviting patrons to set up an account, after which they can check out the Program Guide to help build a schedule. However, even virtual tickets are limited, so get ready to log on when passes and tickets go on sale online on Jan. 7. This year’s passes are much more affordable than in years past, with a full Festival Pass at just $350 and a Day Pass at $75 (though single film tickets are the same $15 each).
An exciting development for this year, the coveted Festival talks and events will be offered at no cost and in a creative manner befitting the Sundance, including Q&As, “Sundance Dailies,” and even a new take on the after party, “Sundance Speakeasy,” scheduled nightly at 10 p.m. on Jan. 29 – Feb. 1, and promising an opportunity to “rub elbows” with emerging artists.
You can still indulge in the famous Sundance swag by visiting their site here, and supporting the nonprofit in a year when all charities could use a little extra help. Order a mug or t-shirt and hunker down at home while you comfortably and conveniently consume indie cinema. It’s not business-as-usual, but – like all things Park City – it shows how our community can temporarily shift to accommodate the pandemic, while still remaining true to its roots.
World-class events like Sundance have long been a reason people Choose Park City real estate over similar resort towns across the U.S., even in a year when those events are paused or held virtually! If you’re interested in making Park City your home, please reach out to me at 435-640-4238, and we’ll work together to make the dream of living in the mountains a reality.
When life as we know it ground to a screeching halt in March, few of us imagined it would extend well into fall. But with cases of coronavirus at all-time highs, the restrictions that have pushed many businesses to reconfigure their day-to-day operations do not appear to be lessening any time soon.
Though each state seems to be handling the pandemic in widely varying ways, Governor Herbert and the Utah Department of Health have placed our state squarely in the middle of restrictive and wide open, with businesses and service providers continuing to find creative methods for managing that middle ground while staying open and profitable.
Locally, within a few months of the onset of the pandemic, hotels began to welcome guests back, with stringent and well-stated sanitization protocols in place. The ski areas have announced their reopening plans (phew!), but live performances have not yet resumed at the beloved Egyptian Theatre or Eccles Center.
Workouts moved outside for many, but most facilities and providers also adopted policies allowing for reduced class sizes and implemented reservation systems to ensure they followed the requirements the health department put in place.
And while many businesses were able to take advantage of Park City’s minimal average summertime rainfall by moving to the outdoors to accommodate social distancing requirements, with workers wearing masks, and customers covering their faces until seated, the industry will need to pivot once again to adjust to indoor eating now that the first snow has fallen.
Park City Peaks Hotel got creative this summer by building a fence in their side “yard” to allow for expanded outdoor seating for their Versante restaurant guests. They brought in Park Silly Market vendors and entertainers, and allowed dogs to join their owners in the vast seating area. According to the hotel’s General Manager, they’ll be flexing their creativity even more this winter by enclosing their outdoor deck to provide additional seating, and providing an outdoor ice rink with tents and space heaters to keep guests engaged.
For Melvin’s Public House in Heber City, Owner Melissa Laird says they’re also crafting creative ways to maximize outdoor space, even as the cold weather sets in.
“Melvin’s Public House will have overflow outdoor dining this winter under a heated tent on the patio,” Laird explained. “Two big-screen televisions ensure you won’t miss any of the action on Sunday, and if you’re a Bills/Packers/Vikings fan, we’ll even turn off the heaters to make you feel more at home! Utah state currently mandates mask usage while entering, exiting and moving around inside the restaurant, and we are happy to supply one if you forgot yours.”
Other Parkites shared with me their concerns about moving activities indoors, with many stating they still hadn’t eaten out. Those individuals said they’ll support local restaurants in the same manner we all did when the shutdown first happened in March, through curbside pick-up and generous tips to the staff.
Whatever winter brings, I know my fellow Parkites will preserve and employ creative ways of servicing guests and doing all they can to keep their staff employed. The concern for our neighbors is just one of many reasons people Choose Park City over similar resort towns across the U.S. If you’re interested in making Park City your home, please reach out to me at 435-640-4238, and we’ll work together to make the dream of living in the mountains a reality (you can also visit my website by clicking here).
Each passing year brings new residents to Park City, whether for a few weeks, months or as permanent residents. In the wake of COVID-19, the influx of visitors and new residents seems to be greater than normal, so I’ve decided to put together the following tips for those new to town from residents who’ve been here awhile …
Be a Good Neighbor
Overwhelmingly, locals pride themselves on being neighborly, though the form that takes varies from one Parkite to another. The following list of ways to be neighborly is a great start in helping to keep Park City as friendly as the way it was when each of us happened upon this gem of a town:
Drive kindly – is it necessary to honk if it’s not an emergency?
Keep dogs leashed in on-leash areas, and pick up after your furry friend! (There are plentiful off-leash areas and that info can be found here)
Wave, or say “hi” back, when someone does it towards you
Be patient, especially with visitors who don’t know their way around yet (we were all there once)
Don’t idle your car – Park City is an “idle free” city, and the actual ordinance can be found here for clarification on the dos and donts
Being a good neighbor also extends to the local wildlife. We know a moose sighting can be unsettling the first time, but it’s typically not a reason to call local law enforcement, and you’ll get used to (and come to anticipate) seeing these majestic creatures mercilessly munching on your delicious landscaping.
Learn the Local History
One of the best ways to discover the roots of our mining town is to visit the Park City Museum, located at 528 Main Street, and featuring three floors of historical exhibits providing a glimpse into the life of a Parkite, beginning with the town’s founding in 1868. Follow their Facebook page for fascinating tidbits about Park City’s at-times scintillating history. The museum is open Wednesday through Sunday, and is following COVID-19 protocols, so be sure to call 435-649-7457, ext. 136, in advance of visiting to make a reservation.
Facebook communities provide firsthand insight into everything from parenting to finding someone to blow out your sprinklers (something you DON’T want to forget to do each fall), so check out Future Park City, Moms of Park City, Ask Park City, or sign up for your community’s Nextdoor feed.
The pandemic has been particularly hard on locally-owned businesses without the backing of a national or international corporation to help keep them afloat, so there’s been a movement since COVID hit in March to do all we can to assist area small businesses in keeping their doors open. Many are participating in the Shop in Utah campaign, funded by the CARES Act and providing incentives for patrons, such as half-off and Buy-One/Get-One offers. The Park City Chamber of Commerce | Convention & Visitor’s Bureau has also put together a list of items made locally, such as Red Bicycle Breadworks (their addictive stick bread with olive oil and sea salt is available freshly baked at 10:30 a.m. each morning in The Market, and sells out daily) and Old Town Cellars (which has a bar & lounge located at 408 Main Street where you can purchase their wines to-go, even on Sundays!).
A great way to meet new friends and support the 100+ nonprofits throughout the Summit and Wasatch counties is to volunteer. A list of nonprofits is available at Utah Nonprofits Association’s Member Directory, which offers the option to sort by city. Once the pandemic is over, offer to volunteer at your child’s school, as most schools are not permitting parent volunteers to help adhere to COVID mitigation efforts. In the meantime, you can provide support to each school’s parent organization.
Lean How to Handle Roundabouts
Few traffic developments have caused more local conversation than roundabouts, though their existence in other countries is common, and for those of us who’ve sat for what seems like days, waiting to make a left turn onto a busy street, they’re a godsend. As our roundabouts are multilane, it important to remember to yield to both lanes of traffic before merging into the roundabout and proceeding to your exit. Be sure to keep an eye out for pedestrians and bicyclists, and be sure to use your turn signal before you exit.
Know Your Local and State Government Representatives
In Wasatch and Summit counties, the cities have city councils (and a mayor), counties have county councils (and usually a County Manager), which means residents within a municipal (city) boundary are represented by both city and county officials, but those in unincorporated areas (outside of municipal boundaries) are only represented by their county elected officials. For example, folks in the Park City zip code of 84098 are not within city limits (84060 zip codes are), and cannot vote for the Park City mayor or City Council members. Utah’s Legislature is made up of Representatives and Senators, the state has just four U.S. Representatives to Congress, and – of course – just two U.S. Senators. You can learn more about the elected officials who represent you based on where you live by plugging your address into this handy online tool.
Understand the Liquor Laws
Once you’ve learned how to navigate Utah’s liquor laws, you’ll likely see they’re not so crazy and other parts of the country want to make them out to be. Yes, wine and liquor cannot be purchased in grocery or convenience stores, and the three Utah Division of Alcoholic Beverage Control (UDABC) stores in Park City (one in Wasatch County) are closed on Sundays and holidays, but you can also purchase alcohol in “package stores,” including High West Distillery, Alpine Distillery, Wasatch Brew Pub, Old Town Cellars, in the Westgate Hotel at Park City Mountain’s Canyons Village and the Food Town grocery store in Kamas. Some restaurants have certain liquor licenses that only allow guests 21 and older to enter, so call ahead before bringing your brood. And a new law passed by the legislature this past session will allow you to have wine subscriptions delivered directly to the UDABC store for you to pick up (but they still cannot be shipped directly to your residence).
Take Care of Yourself
Even though we boast 300+ days a year of sunshine, the cold weather and shortened days can still have an adverse effect for some people, so consider investing in a light therapy box, or planning a trip to Southern Utah (or other warmer locale) at least once during the winter.
It’s also important to hydrate throughout the day, since our high-desert climate is exceptionally arid in the wintertime. Keeping yourself active in the winter can also improve your mood while helping to keep you conditioned for skiing, snowshoeing, or even shoveling the driveway – check out the list of places to workout indoors here.
As evidenced by our mid-October snowfall, it’s never too early to invest in a good set of snow tires, and having a vehicle available with 4-wheel or all-wheel drive is a plus! Contract with a snow removal company, or invest in a snowblower, and review a few YouTube videos on how to drive in the snow to get ready for the season.
If there’s something you’d like to know about, but it didn’t make it on my list, feel free to reach out to me at 435-640-4238, and I’ll do what I can to help you feel more at home in your NEW home. You can also learn more about available properties and the Park City lifestyle by visiting my website here, where you’ll soon learn why so many people Choose Park City to spend their time and make new memories.