Meet with your Park City area's real estate experts, Ron Wilstein, Dean DeLeone, and Jeremy Wilstein, for this month's Park City Real Estate Market Talk Webinar. This episode will bring you up to date on the our calendar of summer activities and current listing and sales statistics. We have a roundtable portion that is all about how to negotiate a purchase OR a sale in this record-breaking market. Please leave your comments and questions in the comments section below, send an email to us at Info@TheWilsteinTeam.com, or call our office at 435-487-0151.

Meet with your Park City area's real estate expert, Ron Wilstein for this month's Park City Real Estate Market Talk Webinar. This episode will bring you up to date on Summit County's vaccination efforts, current listing and sales statistics, and details on our red hot market. The spotlight this month goes to three things you need to know about selling your property in this current market. Please leave your comments and questions in the comments section below, send an email to us at Info@TheWilsteinTeam.com, or call our office at 435-487-0151.

Join your Park City real estate experts at The Wilstein Team for March 2021's Park City Market Talk Webinar. We'll inform you about current statistics for listings, sales, and prices. Get your local Park City area updates, too.

Call our team at 435-487-0151 with your questions, or send an email to us at Info@TheWilsteinTeam.com.

Join your Park City real estate experts at The Wilstein Team for February 2021's Park City Market Talk Webinar round table. We'll inform you about current statistics for listings, sales, and prices. Get your local Park City area updates, too.

Call our team at 435-487-0151 with your questions, or send an email to us at Info@TheWilsteinTeam.com.

For almost two years the Park City real estate market has been acting peculiarly. We’ve been reporting in our monthly webinars, podcasts, websites, and newsletters, two consistent market patterns related to homes, condos and vacant land sales in Park City. (1) The number of sales has been dropping, year-over-year, as buyers have been resisting the high asking prices by sellers. (2) The prices of closed homes, condos, and vacant land sales have continued to rise, year-over-year.

In our monthly summaries, we have stated the obvious. Price your property fairly, and it will sell (in 113 days on average, for homes), and usually at a record high price compared to a year ago. Over-price it, and it will remain on the market for 243 days on average (for homes) without selling.

Real estate markets typically don’t behave this way; sooner or later something has to give. Well, we’re finally seeing the anticipated change.

PRICES ARE STARTING TO DROP

Prices are starting to drop, particularly within the Park City limits. Sellers are finally adjusting their asking prices to attract more buyers and it’s working. The number of sales of both homes and condos is climbing from a year ago.

The number of lot sales within the city limits is so small, due to the lack of available inventory, we do not see the change there yet. With only 17 lot sales during the past 12 months, three or four fewer sales compared to a year ago will look like a large percentage decline and may be misleading if viewed in isolation. 

When home and condo prices are high, buyers turn to purchasing land as an affordable alternative. Once asking prices adjust downward, resulting in more home and condominium sales, a decline in land sales will follow.

THE NUMBER OF SALES IS REBOUNDING

With list price reductions becoming more common, the number of sales is increasing. The fair market price range (“sweet spot”) brings buyers and sellers together, resulting in sales.

STILL PLENTY OF OVER-PRICED LISTINGS

Don’t get me wrong; this doesn’t mean that we no longer have over-priced properties listed for sale. The ratio has been 2 to 1 (two over-priced listings fore every one correctly priced property), but there appears to be a heightened awareness in more sellers that buyers are simply saying “no” to over-priced properties. Motivated sellers are correcting their asking prices and selling their properties.

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This is an article written by Ron Wilstein in our December 2019 newsletter, the Park City LINK. Click here to learn more about the Park City real estate market and how The Wilstein Team can help you with your Park City real estate buying and selling needs.

Articles in this Park City LINK issue:

A Critical Transition for Park City Real Estate

Baby Boomers Impact Park City’s Market

What is Mayflower Mountain Resort?

Real Estate Stats and What They Mean

Woodward Park City Sports Park

Five Ways to Successfully View Real Estate During the Ski Season

Mayflower Mountain Resort will be Park City's newest ski resort. The plans for this development, located between Deer Valley and the Jordanelle Reservoir, accessible by Highway 40, have long been in the works.

The long-held belief was that Mayflower would eventually serve as another base area for Deer Valley, but as of today, there is no agreement between Mayflower’s developer, Extell Development Company, and Deer Valley’s owner, Alterra Mountain Company, allowing the two resorts to operate as one.

The two ownership entities recently signed a 199-year lease, which, at a minimum, enables skiers to access terrain at Deer Valley the same way they always have from U.S. 40, and enables a connection between the two resorts should the parties come to a future agreement.

There are 35 new construction developments in Park City. Located anywhere from the top of Deer Valley to the flatlands of Silver Creek Estates, prices start at $275,000 and climb up to $8.5 million. What impact is all this new construction having on the Park City real estate market?

Here are the facts . . .

• Single Family Home Sales. In Park City, 10% of home sales are new homes. Fifteen percent of home sales are new homes in the Snyderville Basin.

If you're thinking about buying a new construction property, follow these simple steps . . . 

1. Decide what's important to you for the property you want to buy. 

2. Review our Park City New Construction Buying Guide to see which properties match what you're looking for. 

3. Get all your questions answered to help narrow down your search and ultimately find the right property. 

What's most important to you?