Park City Investor
Historic Interest Rates

Park City Real Estate Market Update


Almost every day we get the million dollar question on where our market is headed. Believe us, we wish we knew more! 

Here is our take on the current market. 


Where is our Housing Market headed?

Inventory of homes and land for sale jumped significantly in May to its highest level in almost two years. Both Single-Family and Condo sales rates are steady while pending contracts are slowing. The market remains strong, with sale prices dropping only slightly, and still up strongly year-over-year.
Is it still a good time to buy or invest?
Interest rates have gone up, but they are still low compared to the historical average. According to economists we hopefully won’t see interest rates surpass 8 percent but only time will tell. Real estate has always been the best investment if someone can hold it. We are seeing the first condos and townhomes become available for reservation at Mayflower Resort, the first new ski resort in North America in over a decade. In addition to that, we hopefully find out soon whether Utah will be hosting the Olympic Winter Games again. Call us at 435.640.6966 to hear more about investment opportunities.
Is it still a good time to sell?

Of course! While the market is adjusting, home values are still significantly higher than two years ago –50 percent or more in some neighborhoods. Properties may not fly off the shelf anymore, but we need to get used to the fact that the market is slowly returning to pre-pandemic inventory levels and days on the market. Buyers are still out there but have lost the urgency to buy just “any” property. During the pandemic, inventory was so low, and the urgency to get out of metropolitan areas was high. Now that inventory is increasing, buyers want to find the property that fits their needs. We are still far from what we called “low inventory” before the pandemic began. Our current inventory includes many “To-be builts” that won’t be completed for another year or two. So, actual move-in ready inventory remains low.

As we move into fall, inventory is typically lower. Owners take their properties off to enjoy family time or rent them out over the winter. If your property is listed for the winter months, it may be your time to sell. In this shifting market, it is essential to price your property correctly from the get-go. Testing the waters is no longer the best idea. The longer your property sits, the more negotiating power you give buyers.

Do you have any questions about the Park City Real Estate market?  Don’t hesitate to reach out to us:

Drew Via & Annett Blankenship  I 435.640.6966