There has never been an better time to buy and sell real estate in Park City.
When discussing the consistent and vibrant real estate market, Park City Board of Realtor and Realtor of the Year, Carol Agle explains, “Right now, the listing inventory is the lowest it has ever been in the recorded history of Park City Board of Realtors.” While there has not been a commensurate appreciation in regard to price across the board, there are significant pockets of interest in and around Summit County.
In addition to being named Realtor of the Year in Park City, the Wall Street Journal named Agle one of the Top 100 Agents in the United States. Her ability to understand the market and help clients find opportunities that best meet their needs contributes to the unique services offered by the Park City Board of Realtors.
Both Carol Agle and Michelle Eastman from Summit Sotheby’s acknowledge the niche of real estate that is selling well—the Historic district. With the revitalization of Main Street, there is a tremendous variety of mixed use including high-end retail and homes. “The Old Town/Historic district
is ideal for vacation home buyers,” says Sean Matyja. With convenient access to recreation like skiing and biking, Old Town remains one of the most popular areas of town. Along with the Historic district, also known as Main Street (where one house sells almost every five days), the Park Meadows district remains of steady interest. However, with the big changes in the Bonanza Park district, there is significant revitalization in that area, too.
Over the last three quarters, 50 percent of sales have gone to second homeowners. Many people are buying family gathering spots in addition to ski getaways, with many second-home buyers choosing to live in Park City, but not slope side. Even with recreational value in mind, multi- generational properties for families require the typical five bedrooms with open comfortable living space in great rooms and kitchens.
Elaborating on the multi- generational home buyers, Matyja notes, “As kids grow older, move on and have their own kids, Park City is an attractive place to bring the extended family back together each year.” For families looking for easy ski access, Park City provides the possibility to fly in and be skiing the same day.
The majority of buyers are coming from California and the southeast. Eastman explained that buyers are coming to Park City for the outdoor lifestyle—both summer and winter. The International Mountain Biking Association recently awarded Park City the only GOLD standard trail system award, making summers and year-round living an even bigger draw.
What makes Park City such a popular destination is its small- town community coupled with rich culture. One second-home owner, Morgan Rose, explains, “Park City keeps growing in all of the best ways. The pool of talent is amazing. We have artists, musicians, writers, and gifted thinkers. I’m always impressed by the diversity at dinner parties.”
Another rather significant change to the home buying market is the age demographic. Now, instead of attracting the forty to sixty year- old crowds, thirty-fifty year-olds are moving in for the outdoor adventure. There is no other ski town as unique as Park City that works as both a vacation or second home, while still being an ideal location to live full time.
Parkcityrealtors.com is your resource for all your real estate needs in and around Park City and Utah. Local realtors will help you price your home, make connections, and assist you in finding the perfect property.