April 2024 represented an interesting period for the performance of Park City real estate. The month recorded the highest quantity of residential transactions in 9 months and equaled the greatest productivity since June, 2022. The average sale price of just over $2,500,000 surpassed any month year-to-date and offered the highest total dollar volume in 24 months.
As is typical of spring, the high-dollar properties evolved from ski county to golf communities led by a $14,800,000 sale in Promontory followed by an $11,000,000 transaction in Glenwild. These 8-figure transactions grew the year-to-date figure by 50%, exactly keeping pace with ultra-luxury activity over the same period a year ago.
Data marketwide similarly tracks to the same period in 2023. Through four months the total number of residential transactions stands at 34% of last year’s total, while average and median price are nearly identical.
This is qualified good news as the velocity of transactions typically increases throughout the second half of the year. A “just right” winter that allowed consumers to easily access the region while offering typically high quality Utah snow conditions has created momentum toward a robust year. The supply of actively listed residential properties has held steady over the last 6 months with very little variance despite seasonal considerations. We expect the supply of listings to loosen in the coming months; potentially substantially; giving consumers ample choices heading into the busy summer season.
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