Summit Mountain Realty - Annual Report

CONTENTS

SMR Introduction

Year-End Report

Golf Communities

Ski Communities

Summit Mountain Realty is a team of experts in premier resort real estate, equipped with industry-leading tools to provide valuable insight for navigating the Summit County’s communities. Our collaborative relationship with local developers and knowledge of the area has made us uniquely qualified to deliver optimum results.

Offering a distinct level of insight and expertise, every member of our team has a storied career in the creation, positioning, marketing, and selling of properties in premier resort communities. Because of this rich history, we support our clients in every interaction through a unique perspective that leads to optimal outcomes.

PARK CITY YEAR END REPORT | 2022

Park City real estate experienced an interesting and somewhat insulated journey during 2022. The first half of the year was marked by a continuation of the surging demand experienced over the last several years that has defined this and other elite resort communities. The second half experienced a return of rationality to the consumer but not an erosion of values beyond a very few.

Ultimately, 1170 residential transaction represents the fewest for the region in over a decade. While saturated demand underlies this slow down, limited supply remains the greatest constraining factor.

They year began with historically tight supply only to loosen just enough midyear for consumers reclaim just enough leverage to make informed purchasing decisions. The spring influx of supply, typical for this and all resort markets, did not backfill as well priced listings were absorbed by opportunistic buyers throughout spring and fall. Heading into the new year, the count of residential listings stands at just 344, or just under 3 months supply. While this is a dramatic increase relative to the beginning of 2022, it still represents market conditions that favor the seller.

As is typical of a changing market, asking prices lagged the changing market dynamics giving rise to extended days on market and a greater span between ask and selling prices. Days on market grew from 36 to 53 between H1 and H2 while discount rate grew from 2% to 6.5%.

Nevertheless, property values have largely held in the absence of any perceptible distress and exceptionally high utility among property owners. Year over year, median price increased by 22% to $1,525,000 while average price grew by 14%. Notably, elite real estate captured an ever-growing portion of all sales. While total residential transactions dropped by nearly 50% from 2021, properties trading above $1,000,000 were down only half that amount. In fact, sales greater than $1,000,000 accounted for 71% of all residential transactions. In 2021, this amount was 71%.

Market leading transactions were distributed throughout the community including $39,600,000 in Colony, $16,850,000 in Deer Crest and $16,000,000 in Old Town. In total, 10 transactions eclipsed $10,000,000 the most ever in a year excluding 2021.

The outlook for 2023 is decidedly mixed. Despite headwinds in the housing sector, there remains steady demand and capacity to purchase. Very high usage and exceptionally little distress, whether mortgage carry burden or other forms of liquidity, equate to mostly stable pricing. Look for the typical surge in new listings at the end of ski season which could lead to prices drifting slightly lower as longer sales cycles equate to increased days on market.

GOLF

14 DAYS ON MARKET YOY

973 NEW LISTINGS YOY

772 CLOSED SALES YOY

SNYDERVILLE BASIN

MEDIAN SOLD PRICE FIVE YEAR DATA

MEDIAN SOLD PRICE PER SQ.FT. FIVE YEAR DATA

Stats below are pulled from the Park City MLS and cover the communities that fall in the greater Park City region. This includes Promontory and Glenwild.

GOLF

7 DAYS ON MARKET YOY

489 NEW LISTINGS YOY 354 CLOSED SALES YOY

MEDIAN SOLD PRICE FIVE YEAR DATA

MEDIAN SOLD PRICE PER SQ.FT. FIVE YEAR DATA

Stats below are pulled from the Park City MLS and cover the communities that fall in the greater Park City region. This includes Tuhaye

Stats below are pulled from the Park City MLS and cover the communities that fall in the greater Park City region.

MEDIAN SOLD PRICE

FIVE YEAR DATA

SKI

MEDIAN SOLD PRICE PER SQ.FT.

FIVE YEAR DATA

SKI

MARCELLA At Mayflower Mountain Resort

Situated on a hillside adjoining Deer Valley Resort® and offering direct ski access into Deer Valley Resort®, Marcella offers a recreation-rich selection of luxury ski-in/ski-out homesites at North America’s newest mountain offering, Mayflower Resort. With striking area views of the Jordanelle Reservoir and Utah’s mountain ranges, Marcella will be a place to escape the ordinary and relax while still enjoying the finest recreational offerings and area amenities.

151

SINGLE FAMILY ESTATE LOTS

$2.36M

BASE PRICE FOR ESTATE LOTS