April Park City Newsletter

April Park City Newsletter

April Park City Newsletter

Hi friends!  Spring is finally on the horizon!
While we've had a couple of huge snowstorms blow through these last 2 weeks, warm spring weather is on the way next week (hooray!!).

Most of the ski resorts are still projecting to be open until late April giving us these last few weeks of beautiful, pristine ski days.  But, if your ski appetite isn't satiated by then, Snowbird and Brighton are projected to stay open until mid/late May!

We've got some fun spring events coming up in the area this month, including the PCMR Pond SkimBilly Idol & Steve Stevens at the Eccles Theater, and the 2023 Wasatch Mountain Film Festival - a week-long outdoor adventure and environmental awareness documentary film festival.

Read more below about where the local real estate market stands as we enter our first shoulder season of 2023, and keep your fingers crossed for a smooth and easy melt in the coming weeks!

(Check out my guide to making the most out of your Spring ski trip to Park City)

March Market Update

This market stats snapshot for March captures Park City limits, the Jordanelle area, and Snyderville basin for SFH and Condos.  The percentage changes are vs this time last year.

In March we saw a general trend towards a slightly hotter market - with number of new listings decreasing and months supply of inventory decreasing to 4.7 months, representing a seller's market (we won't see a true buyer's market until we hit more than 7 months of inventory).

However, we are not anywhere near how hot the market was 1-2 years ago.  The number of unsold (cancelled, expired, or withdrawn) listings is up 117% vs a year ago and percent of listings closed above list price is 18% so far in 2023, vs 30% in 2022 and 20% in 2021.

But don't be mistaken - the Park City market is strong!  Percent of list price received is still 98% and average sales price is up 9.5% vs last year!  Because of low inventory, it's a great time to sell, but a data-driven and logical pricing strategy (as well as a solid marketing strategy) is crucial during this time. (Reach out to me if you'd like to learn about my approach!)

With the huge influx of tourism brought in from this year's epic snowfall, huge new developments like the Mayflower ski resort, and the Winter Olympics potentially coming in 2030 (fingers crossed!) our Park City market continues to grow and property values are sure to appreciate over then next decade and beyond.
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National Real Estate News
CNN:  "The 30-year fixed-rate mortgage averaged 6.28% in the week ending April 6, down from 6.32% the week before. A year ago, the 30-year fixed-rate was 4.72%.  'Mortgage rates continue to trend down entering the traditional spring homebuying season,' said Sam Khater, Freddie Mac’s chief economist. 'Unfortunately, those in the market to buy are facing a number of challenges, not the least of which is the low inventory of homes for sale, especially for aspiring first-time homebuyers.'"
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Wall Street Journal:  L.A.’s $100 Million Megamansions Are Getting Mega Price Cuts - Sellers are slashing prices for the area’s ultra-luxury properties amid a broader slowdown, citing an impending new mansion tax and proposed restrictions on new construction.
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CNBC:  U.S. housing market overvalued?  While most investors remain skeptical of the impact of climate risks on their portfolios, a recent study warned the U.S. housing market could be overvalued by around $200 billion due to unpriced flood risks.
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Local Development Spotlight
Victory Ranch
Victory Ranch is a 6700 acre community nestled in the beautiful hills of Kamas, Utah.  Set to far-reaching vistas of the Upper Provo River, Uinta Mountains and Rees Jones-designed golf course, The Victory Ranch Residence Club cabins come brimming with expansive outdoor living spaces, dedicated bunk rooms for the kids, premium finishes and furnishings, and a modern-meets-rustic mountain aesthetic—all at the threshold of Victory Ranch’s amenities and year-round activities.
Available Victory Ranch properties start at $2.9m.
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What to do in Park City
Brunch at the High West Distillery
If you've been to Park City, you've probably seen - if not had a cocktail at - the High West Saloon in Old Town.  But did you know that High West's Distillery is located just 25 minutes outside of Park City in Wanship, UT?  A great way to experience the story and products from High West is to visit for their lavish brunch followed by the distillery tour.
The brunch is no doubt one of the best in town, featuring a buffet of delicious breakfast creations, a fancy meat station, fresh fruits, desserts, and more.  Also notable is the drip coffee!  My husband John is still raving about how good their coffee is!

The design of the Refectory (the dining room) is a contemporary cabin style with rich, rustic elements, and the property makes you feel like you've been transported to a ranch much more that 25 minutes away from the bustle of Park City.

We recommend that you get there 15 minutes before any reservations because you'll park at the bottom parking lot and take their shuttles up to the distillery.  If you're lucky, your shuttle driver will give you an in-depth history of the surrounding properties.  Keep an eye out for deer, elk, and even a rare bobcat crossing the road.

High West Refectory Bruch Reservations
As always, please reach out to me if there's any info I can provide that hasn't been covered here.  Wishing you and your families a beautiful spring season full of light, warmth, and possibilities.

Janine Finley
[email protected]

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