The first half of 2025 was an explosive period for Park City real estate. The growing prestige of the region drew an outsized quantity of ultra-premium sales in the first six months of the year driving every statistical measure through the roof.
While the total number of residential transactions is virtually identical to the same period last year, the total transactions volume has leapt from $1.3 billion to over $1.7b. Correspondingly, the average price surged from $2,300,000 to over $3,000,000 driven by an astounding 53% of all sales above $2,000,000.
Most notably, 19 transactions above $10,000,000 nearly eclipses the 12-month record of 21 established in 2023.
The delivery of numerous elite development projects has contributed to this staggering outperformance at the apex of the market. Founder’s Place from East West Partners and the Grand Hyatt within Deer Valley East from Extell are but the tip of the iceberg sensational makeover reshaping Deer Valley.
Additionally, near-record sales of $17,450,000 and $26,600,000 in Colony combined with a series of remarkable sales in Promontory and throughout Empire Pass have elevated the market’s performance.
Like many resort markets, listing inventory has swollen to the highest levels since pre-2020. This supply has not triggered a negative impact on prices however as sellers remain patient and resilient, largely based upon modest carry costs in the form of 3% – 4% mortgages from preceding years. Nevertheless, consumers are being greeted with a larger number of choices allowing for a deliberate decision-making process.
Typically, a market in which supply and demand remain effectively balanced would signal equilibrium for pricing. However, the enormous prestige of the region as an appeal to ultra-high net worth consumers seems poised to continue delivering exceptional results through 2025.
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