The number of properties sold in the area have dropped almost 30%, from 2,790 in 2021 to 1,962 in 2022, but the average sold price increased almost 10%, from over $1.7 million in 2021 to over $1.9 million in 2022, according to the Park City multiple listings service.
"In addition to that, people are deciding to live full time in Park City," he said. "That dynamic has made the luxury market in Utah stronger, and we've avoided some of the challenges that luxury markets in other places have seen." "They're operating more on a perception that it's not a good time to transact. The uncertainty in the market, with interest rates, the effects on the equity markets, and then the simultaneousand the challenges in the banking system have a lot of people in the luxury segment just on pause, waiting to see if it's a good time to buy or not."
"Demand has been remarkable," The St. Regis said in a news release earlier this month, when it announced plans to begin construction. Eleven of the 12 residences were placed under contract, even though they didn't go on the market until late 2022, when the national economy and housing prices began to shift.
The fire garden is photographed at The St. Regis Deer Valley at Deer Valley Resort in Park City on March 23. But it's not just Deer Valley's world class reputation that contributed to Snow Park's quick success, Zaccaro told the Deseret News. He said it's also likely because of a phenomenon that has helped certain types of luxury homes sell faster than others during the downturn.