The Gardner Report – Park City – 2020 Second Quarter

The following analysis of select neighborhoods in the Park City real estate market is provided by Windermere Real Estate Chief Economist Matthew Gardner. We hope that this information may assist you in making better-informed real estate decisions. For further information about the housing market in your area, please don’t hesitate to contact your Windermere agent. 



COVID-19 had a significant impact on employment in Utah, causing the loss of more than 144,000 jobs in March and April and raising the state’s unemployment rate to 10.4%. For comparison, peak unemployment following the Great Recession was only 8%.

That said, it appears as if Utah’s massive contraction in employment is behind us (at least for now). Employment in the state rose by 40,400 jobs in May, an increase of 2.8% in just one month, allowing the unemployment rate to drop to 8.5%.

Although it is certainly too early to say that we are out of the woods, we seem to be headed in a positive direction. That said, COVID-19 infection rates in Utah started increasing in June and may slow the economic recovery if the direction is not reversed. Regardless, I do not believe that it is likely to have a significant impact on the housing market.



❱ In the second quarter of 2020, 131 homes sold in the Park City area, a drop of 37.3% from the second quarter of 2019, and down 22.9% from the first quarter of this year.

❱ Home sales were a mixed bag, with increases in 4 neighborhoods but declines in 14. The areas that saw sales activity increase are all very small.

❱ The drop in sales came as inventory levels rose more than 300%. The most likely explanation is that concerns over COVID-19 outweighed the additional choice of available homes.

❱ Pending home sales were 15.6% lower than a year ago, but only 3.1% lower than in the first quarter. This makes me hopeful that the market will start to stabilize as we move through the balance of the year.




❱ The average home price in the Park City neighborhoods contained in this report rose 1.9% year-over-year to $1.159 million. Sale prices were 0.6% higher than in the first quarter of 2020.

❱ The most affordable neighborhoods in terms of average sale prices were Kimball, Heber North & East, Wanship, Hoytsville, Coalville, and Rockport. The most expensive were Upper Deer Valley Resort & Empire Pass, Promontory, and Thaynes Canyon.

❱ Prices rose in a majority of neighborhoods, with significant gains in the Promontory, Thaynes Canyon, Jeremy Ranch, and Lower Deer Valley Resort & Deer Crest neighborhoods. Annual sale prices dropped in seven markets, with the Canyons Village area experiencing the steepest decline.

❱ The Park City market is relatively small, but with some very expensive real estate. It will be interesting to see if COVID-19-related impacts persist or if we start to see a return to normal activity.




❱ The average time it took to sell a home in the Park City area rose three days compared to the second quarter of 2019.

❱ The amount of time it took to sell a home dropped in nine market areas and rose in nine compared to a year ago.

❱ In the second quarter of this year, it took an average of 101 days to sell a home. Homes sold fastest in Summit Park and slowest in the Canyons Village neighborhood.

❱ The greatest drop in market time was in the Tuhaye/Hideout neighborhood, where it took 91 fewer days to sell a home than during the same period a year ago.




This speedometer reflects the state of the region’s real estate market using housing inventory, price gains, home sales, interest rates, and larger economic factors.

Clearly, the Park City housing market was still reacting to the influences of COVID-19 during the second quarter. I see demand, but the pandemic is still making the direction of housing uncertain. That said, I remain hopeful that we will start to get some clarity as we move through the balance of the year. Assuming the state gets new infection rates back under control, I can see the market start to perform at its potential in the second half of the year. As such, I am leaving the needle in the same position as last quarter.




As Chief Economist for Windermere Real Estate, Matthew Gardner is responsible for analyzing and interpreting economic data and its impact on the real estate market on both a local and national level. Matthew has over 30 years of professional experience both in the U.S. and U.K.

In addition to his day-to-day responsibilities, Matthew sits on the Washington State Governors Council of Economic Advisors; chairs the Board of Trustees at the Washington Center for Real Estate Research at the University of Washington; and is an Advisory Board Member at the Runstad Center for Real Estate Studies at the University of Washington where he also lectures in real estate economics.


Originally posted in Park City Real Estate Market Update by Matthew Gardner, Chief Economist, Windermere Real Estate

Posted on August 3, 2020 at 6:07 pm
Matthew Sidford | Posted in Market Trends, Park City | Tagged , ,

The Reid Report – Park City 2019

By Jess Reid

Since the great recession, the Park City Real Estate market has continued to grow and improve every year. Overall, 2019 closed volume is up 13% over 2018 for a phenomenal $2.7B dollars. Notable influences on our market include: An ever expanding geographic area of real estate including, extensive remodeling of older properties and many new construction projects. Park City currently offers a variety of real estate options for all kinds of buyers. Generally speaking, prices have been rising dramatically and a leveling off of prices, might be very healthy in the long run.

Read on to learn more about the diverse segments of our market.


For 2019 vs. 2018, transactions are up 4% to 1,102 and sales volume is up 14% to $1.6B. Average prices vary greatly by area, but are generally up across the board over the previous year. We continue the trend, of higher priced homes ($4M and up) taking longer to sell. Here are some average single family sale prices in a few popular areas:

❱  Old Town – $2.144M

❱  Deer Valley – $4.7M

❱  Park Meadows – $2.26M

❱  Silver Springs – $1.3M


Volume is up 24% to $865M and like SF homes average prices vary dramatically. Some areas have very few condos (Silver Springs and Jeremy Ranch), while others are primarily condos (Canyons Village and Deer Valley). Empire Pass in Deer Valley, resale condominium volume and average price is slightly down. We believe this is primarily due to the new, much higher priced, projects being presold in the area.



Deer Valley continues to satisfy luxury home buyers in our market and Deer Valley Resort has many exciting new things going on! Even though sales volume is slightly down throughout Deer Valley, this is most likely a result of the exciting new projects that are sold but still under construction. There is much buzz and excitement about the remodel and update of the Snow Park Lodge this summer and other lodges after that. After many years of speculation, it appears that Deer Valley may be seriously considering building the long planned village on the Snow Park parking lots. There is also talk of a new condominium project next to a major lift in Deer Crest and the continuing negotiation to include Mayflower Resort as part of Deer Valley.


Vacant Land Sales have decreased in the greater Park City area, however, this should change with the huge new subdivisions coming on in the Jordanelle area (Sky Ridge). The primary reason for this decrease, is the lack of new lots, as Park City is very close to build out and the Snyderville Basin is also running low on building lots. The general Heber Valley area also has very few lot sales because most of the lots are controlled by developers and are being sold with homes on them.


Heber City is a much smaller market than the rest of the Park City area, but a very important one. It serves as a more affordable place to live for people to have a primary residence or a vacation home. Midway is especially popular for vacation homes. The East County, which includes communities such as Woodland, Kamas and Oakley, is another area with lower prices than Park City and is becoming a haven for more primary residences and larger horse properties. This area has more of a rural feel than any other part of our market.


New Construction projects are having a big impact on our market and will continue to in our future. Here are some prime examples:

❱  Park City Mountain Resort Village in the Park City limits. (See article on page one)

❱  Mayflower Mountain – A Billion Dollar ski area in Wasatch County overlooking the Jordanelle Reservoir. A 20 year project comprised of commercial retail, condominium hotels, ski runs and lifts and a special condo/hotel for the Military.

❱  Canyons Village is only about 40% built out with very high density approved for the master plan. Over 7 large projects are under construction with presales already.

❱  Jordanelle projects are underway with numerous condominium projects and a 450 lot subdivision (Sky Ridge).



Golf & Resort Communities are also another positive influence on our real estate market. They are a unique blend of golf courses and activities for the whole family from bowling to fly fishing to hiking and camping areas to gun clubs. All of these communities have multiple club houses that cater to all age groups and some of them have numerous Golf Courses as well. Here are some of the prominent Golf Resort communities:

❱  Red Ledges

❱  Victory Ranch

❱  Promontory

❱  Tuhaye


We live here because it is hard to beat 300 days of sunshine & 350+ inches of snow fall each year. There are over 500 miles of maintained trails and thousands of acres of open space to preserve beautiful vistas and prevent over development. Our High School ranks in the top 2% nationally. Our Ski Resorts are rated some of the best in the World, year after year. We are only 45 minutes to an international airport and an easy commute to
a major metropolitan area, including “the Silicon Slopes,” a tech power house. The laid back vibes of our mountain town combined with pristine living and endless adventures right at our door step, make us happy to call Park City home.

All data was collected from Park City Multiple Listing Service, Inc. / Park City Board of Realtors 2019 Report.

At Windermere Utah, we are proud to keep you up-to-date on the latest news, events, and listings. Be sure to keep checking back in here at the blog, and don’t forget to follow us on social media.

Posted on March 6, 2020 at 5:38 pm
Matthew Sidford | Posted in Market Trends, Park City | Tagged , , , , ,

Three New Developments Coming to Park City

During the winter months, Park City is bustling with outdoor recreation and wildlife, and is a paragon of healthy living and luxury. So, when it comes to new developments in the area, you already know the standards are set very, very high.

With three new projects well under way, we’d like to take a moment to walk you through some of these exciting locales on the off chance your might not have heard about them. Without further ado, let’s pumped for the newcomers on the scene!


The Mayflower Rendering Courtesy of Extell Development

The Mayflower

If you haven’t heard of The Mayflower (the resort, not the English ship from the 1600s) The Park Record has been covering this development since 2019. Utah Business also had some thorough insights as things continue moving forward, and are some of our favorite juicy details about this development:

“Most notably, a brand-new resort will transform the hills overlooking the Jordanelle reservoir. On the opposite side of the same mountain that hosts Deer Valley, the Mayflower resort will cover nearly 6,000 acres—almost three times the size of Deer Valley—and contain the world’s largest ski beach. (What’s a ski beach, you ask? An oxymoron, etymologically-speaking. But they’ll have the biggest.)

“Mayflower “could have up to 1,560 residential units, 800 hotel rooms, 95,000 square feet of workforce housing, and 250,000 square feet of commercial space,” per Salt Lake Tribune reportage, though the project has its share of controversy. On the plus side, it functions as a recreational military facility, with 100 rooms reserved for military members to use at a discount.”

There is a touch of controversy surrounding this project – mostly due to it’s location in the foothills of Jordanelle – so if you’re interesting in reading up on that, feel free to check out either of the articles we sited above.

StRegis_FireplaceSunset-mobileSt. Regis Fireplace // Courtesy of Deer Valley Resort

The St. Regis (Expansion)

As described by Marriot, The St. Regis at Deer Valley strives to “create an atmosphere of exquisite, immersive experiences — with obsessive attention paid to every detail and desire — that transport you to a world of extravagant discretion. Our mountainside resort hotel in Park City, Utah redefines luxury with subtle sophistication and thoughtful accommodations.”

The fact that it is expanding means that there will be more of this fantastic resort community to love. CPE (Commercial Property Executive) published an article that details the cost of the St. Regis expansion, as well as some of the added features.

Sonnenblick-Eichner Co. has arranged $60 million in financing for St. Regis Deer Valley, a AAA Five Diamond year-round destination resort in the Deer Valley ski area in Park City, Utah…

“…Deer Valley was purchased last August, before it was a St. Regis, by affiliates of KSL Capital Partners and Henry Crown & Co.

“Those two entities had just weeks prior finished combining Intrawest Resorts Holdings Inc., Mammoth Resorts and Squaw Valley Ski Holdings into one company, which owns 12 four-season mountain resorts with 6 millions skier visits and 20,000 skiable acres, along with “significant land available” for future development.”

We are waiting with baited breath to see the unveiling of what promises to be a sumptuous addition to an already stunning resort.

The Pendry

Much like the Mayflower, The Pendry is a complete new-comer on the Park City scene. With a budget of $165 million, this resort promises “152 guestrooms and suites―condos too. Restaurants, spa, and a fitness center round out the package.” There isn’t much more to know just yet about what the aesthetic will be, and there haven’t yet been any renderings released to the public, so only time will tell which features will become favorites among the guests.

At Windermere Utah, we are proud to keep you up-to-date on the latest news, events, and listings. Be sure to keep checking back in here at the blog, and don’t forget to follow us on social media.

Posted on February 22, 2020 at 12:39 am
Matthew Sidford | Posted in Park City |

An Exclusive Peek Inside 7518 Sage Meadow Drive

As we frequently mention, Windermere Utah is really, really good at selling luxury real estate. So, when an opportunity comes along for an open house in one of these bad boys, we want to make sure you know about it in time to get a first-hand look at life in the lap of luxury. Potential buyers and seekers of aesthetic perfection, it is our utmost joy to present to you today…

7518 Sage Meadow Dr

7518 Sage Meadow Dr Windermere Real Estate Utah

When you’re buying a home listed for 2.8 million dollars, you expect everything to be pristine and have undeniable functionality. This 5 bedroom, 6 bathroom beauty will not disappoint in any respect.

7518 Sage Meadow Dr Windermere Real Estate Utah

This fresh, modern, new construction is located in Promontory Sunset Ridge. The main level includes an expansive kitchen and great room, complete with a fireplace. All of that beautiful space opens to a gorgeous outdoor entertaining patio with a large gas outdoor firepit and unobstructed views of Deer Valley and Vail’s Park City Ski Runs.

7518 Sage Meadow Dr Windermere Real Estate Utah

From the main level you can descend to the lower level family room which includes everything from a wet bar, to a separate media room, to a bunk room suite and tons of extra storage. It is all prewired for and ready for the smart home provider of your choice.

The two master suites on the main level along with a third bedroom suite are absolutely divine. Park right inside into the impressive three car garage and enter into the main level to a beautiful dropping off point with lockers for all your outdoor gear.

7518 Sage Meadow Dr Windermere Real Estate Utah

With the unique beautiful outdoor metal retailing walls, real stone and cedar siding, you can enjoy life to the fullest no matter the time of year, in a home that truly stands out. Warm drinks by the fire in the winter? Perfectly chilled cocktails overlooking the spring wildlife in the warmer weather? It’s up to you, and it all sounds amazing.

7518 Sage Meadow Dr Windermere Real Estate Utah

Think of how many sunsets you and your loved ones would be able to enjoy from this perfectly elegant living area. Boundless views, a gorgeous fire, and style in spades!

7518 Sage Meadow Dr Windermere Real Estate Utah

All bathroom flooring and the lower level has in floor radiant heating. The main and upper levels have forced air and central A/C. The ensuites this home offers will make each and every guest feel like they’re the kings and queens in their own private oasis.

This bathroom needs no description. The style and radiance speaks for itself.

So who is selling this gorgeous home?

Patty Horie Windermere Real Estate Utah
Patty Horie — Windermere Real Estate UtahAgent

This incredibly talented realtor is who you’ll want to talk to in order to get more information about this home. Her bio states:

I have been a Realtor in Park City, Summit County and surrounding areas since 2005 and have lived in the area since 2000. Being a director on the board of the Wasatch Back MLS keeps me on the pulse of new technology and at the forefront of the industry.  Since 2013, I have served as the Chairman of the Park City Board of Realtors Professional Development Committee. Being a recipient of the Park City Professional Achievement Award every year since 2007 and along with being awarded the 2017 Park City Meritorious Service Award is a testimony of my hard work and dedication to my clients and the business of Real Estate. I understand a home purchase or sale is a significant event in my clients’ lives and that it is my duty to work hard and smart to make it as stress free and smooth as possible.


Looking for more pictures and information? We’ve got you covered; take a look here.

At Windermere Utah, we are proud to keep you up-to-date on the latest news, events, and listings. Be sure to keep checking back in here at the blog, and don’t forget to follow us on social media.

Posted on January 28, 2020 at 9:56 pm
Matthew Sidford | Posted in Park City, Uncategorized | Tagged , , ,

New Park City Resort Opening in 3 Days

If you’ve been anticipating this year’s ski season, and are up-to-date on the happenings in Park City, you’re probably aware of the newest resort that’s just days away from opening. But if you’re not au courant, fear not. It’s our pleasure to introduce you to Woodward: a world-class, year-round action sports resort that’s changing the game of all-season recreation.

Woodward may be a tenderfoot on the Park City resort scene, but its offerings are nothing short of thrilling. The grand opening is taking place on December 14th, and with both internal and external facilities, visitors and guests have their choice of drop-in sessions, all-access passes, day sessions, lift tickets, lessons, summer day camps, monthly memberships and special events. As stated on the Woodward website, “there is always a way to play for kids, and kids at heart.”

Rendering of Woodward Park City campus on Rasmussen Rd

In a press release regarding the start of ski season, Park City Magazine gave us this tantalizing description of everything to look forward to:

On tap for the new 125-acre Woodward Park City, tubing, skiing, snowboarding, BMX, cheer, trampolines, ramps, parkour, digital media, and more. The campus’s model is a progressive one, which caters to all levels of athletes. For example, terrain park newbies can get a taste of the action on the Start Park and eventually work their way up to a 22-foot halfpipe. And for those who lament Gorgoza’s passing, there will be 10 (or more) tubing lanes. A 66,000-square-foot indoor facility with all the full-throttle accoutrements of action sports (think trampolines, foam pits, spring floor, skateboard/BMX-like concrete park features …) accompanies the extensive, outdoor amenities. Daily lift tickets to Woodward will cost $50; and a month-long, all-access membership is $100.
Woodward Park City’s Grand Opening on December 14, from 9 a.m. to 4 p.m., includes an open house, along with experiential activity tours, lift-served skiing and snowboarding, tubing, athlete demos, and a celebrity deejay guest performance. Participation in activities carries a $20 entry fee (benefiting local environmental nonprofits). 
At Windermere Utah, we are proud to keep you up-to-date on the latest news, events, and listings. Be sure to keep checking back in here at the blog, and don’t forget to follow us on social media.


Posted on December 11, 2019 at 12:30 am
Matthew Sidford | Posted in Park City | Tagged , , , ,

Welcoming Ski Season 2019: A Guide to the Slopes of Utah

Ski season in Utah is an experience unlike any other. The planners of the 2002 Winter Olympics knew it, and we at Windermere Utah know it, too. And, when it comes to choosing where you want to go for your winter adventures, avid skiers, mountain enthusiasts, and snowboarders aren’t without options. We put together this helpful guide for you to use while planning your next Utah winter escape.

Salt Lake City – Packed with culture and access to easy international travel, enjoying Salt Lake’s host of resort areas means you really can have it all.


Known for it’s fantastic off-piste terrain, Snowbird offers you premier powder, and an apres experience that you can savor well into the evening hours. Snowbird also has an extra long season, and accommodates all levels, so whether you’re looking to take the kids on their first bunny slope, or are in the mood for some pro-level heli skiing, Snowbird is a fabulous choice. Be sure to check out their website to find their list of events.


Latin for “elevated,” Alta’s steep slopes and varied terrain let you explore all that the mountain has to offer. Recently voted as having some of the best extreme terrain, you’ll find three things in Alta: fresh powder, incredible vistas and pure adrenaline. As the first ski area of Utah to install a lift (1938) Alta is rife with historic significance and keeps you close to Salt Lake’s downtown district, so even while you’re off the slopes, the adventures don’t stop. Take a look at their website here.

Windermere Utah Ski Guide


From mid-November to early April, the slopes of Brighton welcome guests with ample powder and short lift lines. Known for being well-rounded in all areas – terrain and hospitality – this resort area has been a SLC staple since the 1930’s. While resort areas like Alta are known for being ski-only, Brighton attracts many snowboarders and backcountry enthusiasts. You can renew and purchase your Brighton passes online at their website.


If you’re looking for premier powder but don’t want the crowds, Solitude is aptly named for exactly what it offers. 77 named runs give skiers of every level the variety you want, and with tons of lodging options in a village-like setting, everything you need is right on hand. For the full Solitude experience, be sure to check out their most well-known trails: Dynamite, Honeycomb Canyon, and Challenger. You can learn more about Solitude on their website.

Layton – Tucked along the Wasatch Front, Layton has three fantastic ski resorts that keep you close to home while on the slopes.


Best-in-class advanced piste terrain is calling, as well as endless adventures off the beaten path, and you’ll find it all at Snowbasin! This is one of the sites that hosted the 2002 Winter Olympics, so if you’re in the mood for some history and luxury treatment, you’ll want to check out all of the amenities Snowbasin Resort offers. 

Windermere Utah Ski Guide

Powder Mountain

Slackcountry, off-piste, and tree skiing – for the winter enthusiast, anything and everything can be found on Powder Mountain.  Because Powder Mountain also takes great strides towards preserving its natural surroundings, ticket sales are limited. This means that your experience is not only so much more exclusive, but it also means shorter lift lines, and lighter crowds on your favorite runs. Take advantage of this incredible resort by checking out their website.

Nordic Valley Resort

For the winter sportsman on a budget, Nordic Valley offers you a value that can’t be beat. It’s also incredibly community oriented, with after school programs and nightly specials that ensure easy and affordable access to incredible slopes for participants of all ages and levels. Take a look at their season pass page to get great offers on what you love to do most.

Park City – The place where mountain lifestyle meets luxury accommodations. The only time you’ll lift a finger is to raise the lift rail. 

Park City Mountain Resort

For the first time visitor, as well as the regulars, you can expect great things from Park City’s Mountain Resort. Their elevated learning areas, enhanced snowmaking and grooming, and reimagined on-mountain dining experiences are all new for the 2019-20 winter season.

And if for some reason you’re looking for some added fun in the Mountain Resort region, just a day trip away (about a 30 minute drive), there’s the added attraction of a naturally-heated geothermal crater. So there is tons to explore, and even more to love. Check everything they have to offer here.

Windermere Utah Ski Guide

Deer Valley

Last, but certainly not least on our list, is the immaculate Deer Valley Resort. Ski in/ski out takes on a life of its own in this luxurious mountain setting. Their daytime restaurants has garnered attention from the most selective wintersport lovers, and their lift infrastructure gives you a streamlined experience. While it is classified as “skier only,” the resort itself offers amenities and views beyond belief. Take a look for yourself, here.

We hope this list is helpful to you, and we’d love to know – is there anything we missed? If you’ve got a favorite winter getaway, tell us about it in the comments! We wish you a healthy, active and enjoyable ski season. Keep checking back here at the blog for the latest Windermere Utah content, and don’t forget to like and follow on Facebook and Instagram.


Posted on November 8, 2019 at 7:16 pm
Matthew Sidford | Posted in Community, Park City | Tagged , , , , , , , , , , ,

A Luxurious Look Inside 65 Silver Strike Trail

A home shopper will see lots of properties on their way to finding “the one.” There are homes that are too small, homes that are too big, and there are homes that are just right – at least as Goldilocks saw it. But every so often, there’s a home that enters the market that is so exceptional, so luxurious, that words almost do not do it justice. It lives in a class of its own, and cannot be overstated or over-sold. 65 Silver Strike Trail is that home. It’s our pleasure to make an introduction.

Just this morning, agents from across Park City made their way to this home… for breakfast! At Windermere Utah, luxury properties aren’t just put on the market and left to drift. That’s what makes our strategy so unique, and makes us the top choice for luxury sales. In a team effort, and with the collaboration of many the powerful marketing systems included in Luxury Portfolio International, luxury properties are wooed by both agents and potential buyers.

The Premiere Breakfast (which is what took place today) is an open house for agents to see the property, and talk about the listing. Agents are shown around the entire property, and they learn about the homes distinguishing features. This is not something that’s done for every luxury listing. The property has to offer something really unique to make the cut, and this effort is taken so that agents across the area can see it, and work together in the buyer’s interest to make sure it makes it into the hearts of the right buyers. 

And honestly, who wouldn’t be impressed? The Belles at Empire Pass offers amazing panoramic views and easy ski access to Deer Valley Resort from the Silver Strike Express and the Northside Express chairlifts. Ski from/to either Blue Bell or Banner and Silver Buck Ski Trails. With over $600,000 in upgrades and custom-made furniture this unique mountain home is a must see. Upgrades include custom furniture throughout curated by LA-based designer Beth Ann Shepherd of Dressed Design, $128,000 in upgraded audio/visual and security systems, custom paint and stain throughout, custom wallpaper hand-selected for each space, upgraded lighting throughout, custom Bromic heaters on both upper and lower decks, custom ironwork on stairwells.

Interested in learning more? Check out this property’s website! You can also feel free to reach out to listing agent Matthew Sidford. And, if you’ve got a property that you’re looking to sell with the power of Windermere’s exclusive connections and resources, don’t hesitate to contact our office.


Posted on September 26, 2019 at 11:25 pm
Matthew Sidford | Posted in Featured Homes, Park City | Tagged , , , ,