Chairman, Statistics Committee Park City / Deer Valley
The Park City real estate market is showing signs of stabilization; a return to Pre-COVID market activity. Single Family home transactions year-over-year are up a bit. Condo sales are down somewhat. Vacant Land activity is very strong, with prices stable.
- • Gated communities, such as Promontory, show continued robust sales.
- • Homes priced below median sell much more rapidly than a house priced above median.
- • Median prices in city limits are stable, compared to other areas.
- Click here to go to my Park City Real Estate Statistics page
" My wife and I have moved every 24 months for 20 years. We know how to buy and sell property, and one of our secrets is to work with the top producer in the area. I tracked Carol down while we were living in Zurich. I could tell from the first call that she listened well. She showed us properties that were exactly like what we had requested. Carol ensured that we included some key provisions in the purchase contract that other less fortunate owners forgot to include when they bought. I only recommend people who have earned my respect, trust, and who deliver outstanding service. "
Chris Thompson
" Of all the individuals who have supported our six real estate transactions over the past 17 years (including in Manhattan), Carol and her exceptional level of professionalism have vastly surpassed our expectations. In every one of the dozen-plus homes we visited, Carol was greeted by the sellers’ agent with friendliness and relief. More than once, the agent mentioned how easy and efficient Carol was to work with. In a field rife with competition and potentially charged situations, her network of satisfied counterparts is seemingly endless, underscoring a strongly positive reputation that borders on being a local institution in herself. Carol pairs the tireless resourcefulness of an expert saleswoman with the natural authenticity of someone who builds community. "
Ann and Jonathon Evans
Questions and Answers
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More Q&A
Was the Park City Real Estate market hit like the rest of the country? Has it recovered?
Park City and Deer Valley real estate has held up relatively well compared to other mountain resort towns and the American real estate market in general. Unlike Las Vegas, South Florida, Phoenix, and parts of California, the market here was not decimated, but fell between 20% and 35% from its highs in 2006-2007. As of 2018, valuations have in most areas fully recovered to the previous levels, and activity is robust.
Why are property pricing reports so far off for the Park City and Deer Valley area?
Utah is one of 7 states in the US which are “non-disclosure” states. This means that there exists no public record of any prices paid for real estate. Unlike other states, where the values are filed with the county or city where the property is located, the sole records which exist in Utah are those in the local MLS system, assuming the home sold through the MLS. Since one of the biggest reporting services, Zillow, does not belong to our MLS, it is estimating prices based on the public assessed valuations by the county, but it has no real “price sold” data.
What are the closing costs a buyer can expect on properties in the Park City and Deer Valley area?
Utah is one of the least expensive states for fees on real estate transactions. A buyer paying cash will have to pay half the fee owed to the title company which generally comes to about $200 for the buyer. Unless there is some other negotiated fee, or in a few cases, a transfer fee owed by a buyer in a couple of developments and neighborhoods, the total closing costs for a buyer is normally limited to that $200. Of course for properties that will have a mortgage, loan fees will be part of settlement costs for the buyer. In Utah, the seller pays the Realtor fees and the Title Insurance fees, unless otherwise negotiated by both parties.
What are property taxes in Summit County?
Property taxes generally run just under 1% of actual value of a property. If the home will be the primary residence of the owner, or will be used for a long-term rental for some other occupants, there is a 40% discount from this amount, and this is regulated by the Utah Homestead Exemption Regulation.
What is the average discount from the final listed price of a property a buyer can expect to pay?
4%-5% is a typical discount from the last listed price in our market.
What benefits does an owner of property receive from in effect becoming a tax payer?
Most owners enjoy the many options of reduced ski passes, membership in Park City’s Racquet Club, reduced fees for the municipal golf course, and even though it doesn’t have anything to do with being a tax payer, locals also often have access to special restaurant and spa deals in the off season.
