2023 ANNUAL REPORT
CONTENTS 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 | 2023 Park City real estate exits 2023 in substantially better condition than it entered based upon nearly every quantifiable metric. To have equaled the previous year’s total number of transactions while achieving modest growth in average and median price amid a year in which interest rates spiked compromising affordability and leverage and historic snowfall rendered many roads impassable for much of winter, is short of incredible. Our region experienced a monumental amount of snow throughout the entire winter; an impact that is incredible stimulus for winter sales activity until it hits a tipping point at which travel becomes impossible and, in many cases, the homes become unseeable. Nevertheless, the region welcomed an identical number of residential transactions to the prior year. While both years underperformed historic averages, they reflect a resolve that underlies the incredible demand that it foundational to Park City.
The luxury market that increasingly defines Park City real estate, outperformed other market segments that may be more negatively impacted by rising interest rates. Nearly 3 out of every 4 residential sales closed at a number above $1 million, the greatest share of any year on record including the frothiest moments of 2020 and 2021. A record number of closings occurred above $2 million and pinnacle of the market at $10 million as well.
Correspondingly, median price surged by 3% and average price surged by 9% respectively. Average price outpacing median is another indicator that premiere homes outperformed the market in general and that consumers remain willing to pay top dollar for the best product within any given sector. Properties with elements of deferred maintenance or functional obsolescence had a more difficult time finding buyers, even at compelling values resulting in fewer overall transactions and giving greater weight to those at the high end.
The outset of 2024 finds the supply of available listings greatly diminished from the same time a year ago. 2023 began with over 700 active listings but quickly fell below 500 as snow pummeled the region. Today, inventory is just over 500 units, about 4 months of supply at current absorption. With the Federal Reserve signaling rates cuts on the horizon, buyers that have been sidelined can start to return to the market. This may, in turn, unlock some supply from would-be sellers that have been waiting for better conditions to redeploy their funds. With this outlook, a return to historic averages for transaction quantity seems realistic while values continue on their current trajectory. Wishing you the best for 2024.
GOLF 14
YOY DAYS ON MARKET
973 NEW LISTINGS
YOY
772
YOY
CLOSED SALES
SNYDERVILLE BASIN 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.
MEDIAN SOLD PRICE
FIVE YEAR DATA
MEDIAN SOLD PRICE PER SQ.FT.
FIVE YEAR DATA
GOLF 7
YOY DAYS ON MARKET
489 NEW LISTINGS
YOY
354
YOY
CLOSED SALES
JORDANELLE Stats below are pulled from the Park City MLS and cover the communities that fall in the greater Park City region. This includes Tuhaye
MEDIAN SOLD PRICE
FIVE YEAR DATA
MEDIAN SOLD PRICE PER SQ.FT.
FIVE YEAR DATA
PARK CITY/DEER VALLEY Stats below are pulled from the Park City MLS and cover the communities that fall in the greater Park City region.
10
YOY DAYS ON MARKET
593 NEW LISTINGS
YOY
402
YOY
CLOSED SALES
SKI
MEDIAN SOLD PRICE
FIVE YEAR DATA
MEDIAN SOLD PRICE PER SQ.FT.
FIVE YEAR DATA
MARCELLA CLUB Marcella Club, a partnership between two distinct master-planned communities in the Park City area, features an unparallel compilation of recreational amenities across the Wasatch Back granting owners membership into one of the most exclusive clubs in Utah.
MARCELLA At Deer Valley
Direct access to Deer Valley Resort’s® 2,000+ acres and an additional 4,300 acres of skiable terrain, a new village and portal featuring a state-of-the-art skier services housing everything from ski school to rentals, retail options, and a diverse array of dining establishments.
MARCELLA Jordanelle Ridge Offers private homesites set around a 36-hole golf facility, designed by Tiger Woods. Marcella at Jordanelle Ridge offerings set to be released mid-2024.
Information provided by Summit Sotheby’s International Realty
VELVÆRE This 60-acre community features homes and homesites with direct skiin/ski-out access to the expanded Deer Valley Resort®. Enjoy year-round mountain adventure and recreation through a private onsite ski-lift, extensive ski terrain, discoveryfocused outdoor spaces, an integrative wellness center, and family adventure center all woven around 115 private residences.
REAL ESTATE OFFERINGS
35 ESTATE HOMESITES Curated Custom 5+ Bedrooms Lots from .29-3.3 acres 6,000-8,500 SF $12M & up
68 PAIRED HOMES 3-5 Bedrooms 3,000-5,600 SF $5.5M & up
12 CABINS 3 Bedrooms 2,000-2,300 SF $4.5M & up
Information provided by Summit Sotheby’s International Realty
FOUNDERS PLACE A new, private, ski-in, skiout, luxury condominium community aligned with the original vision of Deer Valley Resort’s founders. Located in the private Deer Crest Neighborhood. The current offering the first phase of Founders Place, featuring 32 residences that range from two to four bedrooms, plus seven penthouse suites all capturing warm southern sunshine. The next offering will include two to fourbedroom residences and penthouses, these 19 slopeside residences.
REAL ESTATE OFFERINGS
THE EDGAR - SOLD OUT 32 Residences 2-4 Bedrooms Starting in the $2M
THE HELEN - SECOND PHASE 19 Slopeside Condos 2-4 Bedrooms 2 Residence’s Remain
THE POLLY Our state-of-the-art amenity building, The Polly, is all about family. To Polly, there is nothing more important than making family and friends feel right at home. And then showing them one heck of a good time, alpine style.
Information provided by Christies International
GRAND HYATT HOTEL Nestled at the base of the Wasatch Mountains in the heart of the Extell Mountain Village is the Grand Hyatt. This ski-in ski-out luxury resort will offer superior service and exclusive amenities ideal for travelers and adventure seekers alike. A knowledgeable concierge staff will connect guests to iconic experiences that capture the spirit of the locale.
L AND RESIDENCES RESIDENCES 55 luxury condominiums 1-4 Bedrooms ski$2.3M - $6.9M
HOTEL 387 rooms 60,000 sq.ft. of. event space
AMENITIES Outdoor year-round heated pool & hot tub, ski valet underground parking fitness center assortment of dining options. Information provided by Summit Sotheby’s International Realty
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