November Newsletter

As the cooler months settle into Park City, there’s so much to get excited about! From the thrill of Utah ski resort openings to cozy Thanksgiving dining spots, there’s something for everyone. Mark your calendar for November’s must-see local events, and don’t miss our insider peek into the new Velvære development. Plus, explore real estate tips and browse our featured listings to find your perfect mountain retreat. Here’s to a fantastic Thanksgiving filled with warmth, adventure, and maybe even a little snow!

Q3 Monthly Market Report 2024 Quarterly Statistics   3rd Quarter 2024 Provided by the Park City Board of Realtors and the PCMLS Single Family & Condo/Townhomes   October 2024-The Park City real estate market continued to experience steady growth during the third quarter of 2024. In the primary market, which included Summit and Wasatch counties, single family sales volume increased 21% year over year as average and median sale prices grew at a respectable 3% to 5% across the region. Condominium sales were also strong as 12% more sales units were reported with the median price up 7%.   The inventory of available single family and condominium homes continues to rise. As of September 30, there were 1,144 homes (both types) for sale, up 9% year over year, and up 30% since January. The steady inventory level has reduced the worry of some buyers fearful of missing out on the fewer available housing options. New listings and contracts written on existing housing have remained at parity across the region from mid-summer through early fall. The increase in new construction, particularly in the Heber Valley, has also added to the variety of homes available to buyers.   Total sales volume for single-family homes in Summit and Wasatch counties for the full year ending 9/30/24 were up 21% from the same period a year earlier. Prices rose at a modest rate with the median home sale price in the PCMLS primary market area increased 5% to $1.7 million for the year through the third quarter of 2024.   Condominium sales mirrored those of single family homes. Sales unit were up 12% year over year and the median sale price rose 7% to $1.12 million. For the full market report please visit:

PARKCITYRELATORS.COM

What’s new at Park City Ski Resorts for the ’24/’25 Season   Deer Valley Resort   As part of the Expanded Excellence initiative, Deer Valley will offer access into its expanded terrain for the 2024–25 ski season. Skiers will now have access to three new chairlifts, over 300 new skiable acres, several new ski runs and 500 additional skier parking spots originating from the Deer Valley East Village, currently under development. This new resort gateway will offer skiers an alternative arrival option to Deer Valley via U.S. Route 40, helping to reduce traffic throughout Park City. The terrain will seamlessly integrate into the existing Deer Valley terrain, with direct access to Sultan Express. Keetley Express is expected to open in December 2024, conditions permitting. It will be Deer Valley’s first six-person chairlift with a bubble, connecting Deer Valley East Village to the existing Deer Valley footprint, dropping skiers off near the bottom terminal of the Sultan Express chairlift on Bald Mountain. The additional two chairlifts, Hoodoo Express and Aurora, will service new beginner-level ski trails and provide return access to the new Deer Valley East Village.   Park City Mountain Resort   The new infrastructure will accelerate the opening of popular runs in the early season, including Chicane and Another World, increasing guests’ access to more terrain in the popular Tombstone Express zone.   2024-25 SKI RESORT OPENING DATES. The countdown to ski season in Utah is on! Several ski resorts have already announced their opening dates. Here’s a quick look at when you can hit the slopes again. Learn More Here

PARK CITY THANKSGIVING IDEAS . There are several restaurants in and around Park City offering nothing but the best for your holiday experience. Eat Out & Recipes NOVEMBER EVENTS IN PARK CITY. Enjoy the vibrant community atmosphere and discover something new to do this November. Learn More Here

VELVAERE. Velvære is a ski-in/ski-out community connected to Deer Valley Resort® with two best-in-class amenity centers focused on wellness, personal performance, and year-round adventure. Capped at 115 residences, our 35 estate lots, 68 paired residences, and 12 cabins are interlaced with private and Deer Valley ski runs, 50 miles of hiking and biking trails, and a Deer Valley chair lift.   READ MORE HERE

KEEPING CURRENT MATTERS PLANNING TO SELL YOUR HOUSE IN 2025? START PREPPING NOW   If your goal is to sell your house in 2025, now’s the time to start prepping. Even though it might seem like there’s plenty of time between now and the new year, you should get a head start on any updates or repairs you want to make now.   CONTINUE READING

HOUSING & ECONOMIC UPDATE HAVE WE REACHED A BALANCED MARKET?   On October 23, the 30-year mortgage rate was up over three-quarters of a point since early September but down half a point from May. Rates rose due to a strong jobs report, firm inflation, reduced recession risk, election uncertainty, and potential higher deficits, creating a “perfect storm” for rising borrowing rates.   WATCH VIDEO HERE

FOR SALE $1,850,000   2450 Lower Lando Ln   4 bed 4 bath 4,483 SqFt Sports court, quiet neighborhood

Beautiful two-story home in Park City School District! Features include a spacious living room, flex space, 4 bedrooms, and a game/workout room. Enjoy mountain views from the large deck with a sunshade and hot tub, plus a private sports court and RV/boat parking. Style, function, and prime location—this home has it all!

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8894 EMPIRE CLUB DR 101, PARK CITY $4,995,000 3 BEDS 3F+1H BATHS 2,324 SQFT COALVILLE $3,995,000 5 BEDS 2F+1H BATHS 5,416 SQFT 2060 SOLAMERE DRIVE, PARK CITY $3,795,000 4 BEDS 1 BATH 3,849 SQFT 166 MAIN STREET, PARK CITY $5,100,000 3 BEDS 2F+1H BATHS 1,839 SQFT 254 WHITE PINE CANYON RD, PARK CITY $50,000,000 13 BEDS 7F+6H BATHS 23,303 SQFT 256 WHITE PINE CANYON ROAD, PARK CITY $32,000,000 7 BEDS 8F+3H BATHS 14,595 SQFT