October Park City Newsletter
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Hi friends! This fall season has been a truly spectacular one and I hope you are enjoying it as much as I have been. The fall colors all around the Wasatch back have really been showing off this year! If you haven't yet, this weekend may be your last opportunity for a beautiful fall hike on the Bloods Lake trailhead (or the countless other beautiful hikes around town).
Also this weekend is the annual Park City Shot Ski where 1,360 participants will beat the record set by Breckenridge last December (over 2,400ft of skis), and proceeds will go towards the Park City Sunrise Rotary grant program.
If you can believe it, the PCMR and Deer Valley opening dates are right around the corner with PCMR set to open on November 17th and Deer Valley planning to open on December 2nd (pray for snow!!). By the way, Deer Valley just placed 2nd in Conde Nast Traveler's 2023 Readers' Choice Awards! I expect the resort's popularity will continue to explode as Deer Valley's Mayflower Mountain expansion was just confirmed, which will more than double the resort's terrain.
The holiday festivities have begun and the Halloween fun returns on Main Street this year with the annual Trick-or-Treating at the participating merchants (Main Street will be closed 2pm-6:30pm). If you want to skip the halloween events and are looking for a fun new experience in town, I would highly recommend checking out the new Kemo Sabe location at the top of Main Street. It is a creative and interactive experience if you're looking for a one-of-a-kind, western-style hat. My husband, John, surprised me with one for our anniversary and it was such a fun experience! They also make for great Christmas gifts (more Christmas ideas to come in my Park City Gift Guide next month)!
With the close of September we are also at the end of Q3, so this month we'll take a more holistic look at the status of the Park City real estate market. As we can see with the September stats above, median price and # of closed sales increased over August stats, but days on market are up and inventory, new listings, and median sold price per sqft are all down... but that's not really telling us the whole story! The general health of the market remains relatively very strong. Sale prices are at almost-all-time highs and closed sales and inventory numbers are at almost pre-COVID levels. Median days on market and months supply of inventory both remain relatively quite low, and percent of list price received remains high at 97% - all pointing to the strength of the Park City real estate market.
Ever since the dramatic spikes in the market during COVID, the general conversation amongst the Realtor community has consistently been, "When will we get back to normal?" Well, for the first time since the beginning of COVID, we are starting to see signs of reaching a "new normal," where median price is still high due to general market demand, and pending sales are getting closer to pre-COVID levels (as you can see in the graph below).
Another strong sign of the market finding its "new normal" is what we're seeing in the inventory levels - the number of new listings added per month - have been increasing all through the summer to a 3-year high in August. This number dipped a bit in September, but this is part of the expected year-end slow down. As you can see in the graph below, inventory levels plummeted during COVID and have been gradually rising since then, indicating a return to a strong, stable, and "normal" market.
The general hype about the Park City market (and Park City in general) also continues to spread with the news of the Deer Valley expansion into Mayflower Mountain, the ongoing growth of new developments all over the Wasatch back, and the high likelihood of the Winter Olympics coming to the area in 2030 or 2034. We're also expecting another great snowfall year with multiple outlets predicting an El Nino weather pattern this winter.
Of course we must also keep an eye on other macroeconomic factors like interest rates, employment rates, and inflation rates. Unrest in the Middle East and the upcoming 2024 election year also lend a measure of unpredictability into the market, but the Park City real estate market so far seems to be resilient and insulated against these factors.
Fortune: The housing market is about to have its slowest year since the real estate bubble burst in 2008, according to National Association of Realtors
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CNBC: The 30-year fixed mortgage rate just hit 8% for the first time since 2000 as Treasury yields soar.
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Make a Custom Western Hat at Kemo Sabe
Heralding from Aspen, CO, Kemo Sabe is a Western-wear store specializing in custom and one-of-a-kind pieces. Every customer who comes into Kemo Sabe works one-on-one with their styling experts to choose the perfect hat and personalize it with many unique add-on options, like ribbons, leather hat belts, feathers, beads, clips, and even a brand that is burned into the hat.
Every hat from Kemo Sabe is thereby one of a kind and unique to you. If you are wanting to buy a hat as a gift, I would recommend measuring a hat that the recipient already has, purchasing the plain hat, and then returning to the store if possible for customization. It really is a very fun experience and you'll walk away with a special piece that will last a lifetime (and you'll look so cool wearing it around town)!
Find out more
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 lovely autumn season full of beautiful fall colors, all the coziness, and great memories made with loved ones.
- Janine
818-395-7022
[email protected]
www.janinefinley.com
From Navigating the Local Market to Unpacking HOA Rules
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Q3 has come to a close, and all signs are pointing to a strong, stabilized "new normal" here in the Park City real estate market.
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Inspections and repairs are on the rise again!
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List with Janine today and she'll get you the best deal on your home!
