When's the Best Time to Buy a Home in Park City?

Buying Considerations - 8 Minute Read

7/8/2023(Updated 7/11/2023)

Seasonality absolutely drives the Park City market trends though the affects vary widely across community and property type. Our unique mixture of seasonal based tourism and relatively large full-time residents give the market unique dynamics from the majority of US locales. The typical season rhythm see the plentiful inventory during spring with increasing price pressures with limited inventory and weaker demand during the winter. Park City, by contrast, pulses with energy during the winter ski season and super fun summers while slowing way down during the spring "mud season" and fall shoulder season.

The house hunting pace and urgency varies between Park City full-time residents and second home owners. Primary home owners look to move during the late spring and summer months while the kids are between schools. Our second home owners often get to know Park City while vacationing here for skiing or the beat the summer heat. Slope Style Realty has successfully worked with many clients that we met while they were on vacation in a lift line, on a bike trail, providing directions, or standing in line for a Sundance movie. The buying process for buyers that visit a week at a time often spans years with each visit honing in on the right place until – bang – everything lines up and the perfect place appears while they are in town. So the right time to buy is always when you found a place you love.

Let's dive into examining how the seasons affects the Park City property market. This information will help you find the best deal, the dream ski condo, adventure basecamp, or extended family head quarters.

The Park City Property Market

The Park City property market is divided into five distinct sub-markets. Each sub-market has a unique seasonal rhythm. You can learn more about each sub-market by reading the articles linked in each description.

• Old Town for a place with great nightlife, ski access including ski in/out, walkability to restaurants, bars, galleries, and shops, and easy access to Main St events like the Art Festival, Park Silly Market, and Sundance, Old Town Park City Utah is the place to be!
• Ski Properties offer convenient access to skiing, either through ski-in/out accommodations or by being within walking distance of ski runs. Park City's two intown resorts are Deer Valley and Park City Mountain Resort. Both of these areas offer a range of properties that provide easy access to the slopes, making them highly sought-after by ski enthusiasts and investors alike.
• Golf Community are neighborhoods that feature one or more golf courses around which the community is built.
• Primary Residence are located in neighborhoods that feature single family residences in the Park City school district, easy access to Salt Lake City, allow for long-term rentals, and boast lots of families with school aged children.
• Second Homes in Park City are homes people use less than half the year and may generate income through rentals while away from the area. These homeowners typically enjoy the skiing and summer outdoor activities during their vacations and may reduce the cost of ownerhip with rental income while away from the area.

The objectives may be distinct while the Park City market areas often cater to more than one objective. For example, Glenwild owners consist of a mixture of primary residents and second home owner with a strong interest in golf. Old Town contains ski in/out homes along with homes for people who simply enjoy the exciting, urban Old Town environment. The Slope Style Realty team has first hand experience living and enjoying all that Park City has to offer and one of our agents will be thrilled to help you find the home that meets your Park City property objective.

Types of Properties

Park City is unique among ski resort towns in the US with a considerable full-time resident community. Full time resident prefer to live in single family houses and townhomes while investors and second home owners gravitate towards resort area condos. As shown in the 'Listing by Type – All Listings' chart, condos make up slightly less than half of all properties transacted and single family homes consist of a third of the properties. There are many townhouse complexes sprinkled throughout the area at 23% of all properties.

When is the Best Time to Buy?

The best time to buy a home in Park City is shown in the following table. Summer and ski season will provide the best selection for most market segments. The best deals are found when the days on market peaks, which varies by market segment and occurs around September or ski season.

Objective	Best Selection	Best Deal
Old Town	Summer	September
Ski	Summer	Aug & Sept
Golf	Summer	Ski Season
Primary	Summer	Fall & Winter
Second	Summer & Ski Season	Ski Season

Seasonality Considerations

Property inventory levels fluctuate differently across the seasons based on the property type. The 'New Listings by Unit Type - All Listings' chart is a radar chart displays the months around the exterior with the distance from the center depicting the number of new listings. As is typical for the US market, single family homes show strong activity starting in May and remaining strong through the summer. Condos experience a surge in late spring and during ski season while townhome activity remains fairly consistent throughout the year. These trends are for the entire Park City market and each sub-market experiences their own nuances to the larger trends.

Now let's look at some important consideration when buying a home during different seasons.

Buying a House in Winter (Ski Season)

Winter is a bustling time in Park City as people arrive seeking winter-time adventure and enjoy the Sundance Film Festival. The property market activity is most active in Old Town and Ski Resorts. Buyers for condos and investment properties will have the best selection and condo sellers will have the amped up buyers – especially if its a great powder year like 2023.

The snow can present serious challenges for inspectors and home buyers of single family homes. The trecherous winter conditions will prevent perspective buyers from getting a good feel for the yard. Inspectors will have difficulty determining the condition of the roof, siding, and foundation. A savvy agent will ensure beautiful summer pictures are displayed showing off the landscaped yard during the warmer months.

Buying a House in Spring (Mud Season)

Late spring is when the single family home market heats up as families look to move while the children are out of school. Houses in good shape and priced appropriately move quickly during this time. Work with your agent to be prepared to move aggressively on your favorite single family homes because the good ones go quickly. See 10 Steps for Buying a Park City Home for how to be ready to win your dream home.

April and early May are referred to as the "Mud Season" in Park City because the snow melts, the ski resorts close, and the trails are a mess. The locals close their shops and head south to Moab and points beyond for some warmth and trail excitement. The market tends to slow during mud season though it may be possible to find a deal.

Buying a House in Summer (Fun Season)

Summer is a strong season for all property types and sub-markets. People travel to Park City in the summer to escape the heat in Florida, Texas, Arizona, New Mexico, and other hot/humid states. Our average high for August is 81° with an average low of 48° – pretty amazing weather. The market will be strong through out the area so be prepared to make a good offer for the right opportunity. The days on market will reach a max in August and heading into September so there will certainly be opportuntities for getting a good deal.

Buying a House in Fall (Quiet Season)

The days on market for properties reaches a max for most market segments in September; after which, owners pull their properties from the market and wait for ski season or after the next school year. So don't wait too long if searching for a deal because the market will vaporize come October.

Late fall may see the arrival of early snow and begin to cause the problems associated with winter. Fall is also a time when businesses take a break and retool for the coming ski season. Everything slows down including Main St. traffic. Fall is a fun time to be in Park City because golfing, mountain biking, and hiking are still viable while the crowds are definitely diminshed.

Park City Market Statistical Insights

When are the Most Homes Available?

In aggregate, the most homes will be available during the summer as shown in the '# New Listings & Inventory – All Listings.' This chart show the average number of properties coming to market each month in blue and the total number of active listings in the green bars. The number of new listings peak in June resulting from the surge in single family homes and a strong condo market.

The Park City market really decelerates in fall then starts to build into the ski season. The chart shows new listings steadily declining through the summer and the number of active listings dropping precipitously in October.

Winter's ski season is quite active in Park City though this chart does a good job hiding the fact. The activity is more confined to Old Town and the ski resorts. Open houses and new listings are plentiful during these months, and though some areas present challenges an agent equipped with snow tires, all-wheel drive, and experience can get you to almost any property.

When is the Best Time for A Deal?

The best time for a deal is September for most market sectors in Park City.

The 'New Listings & DOM – All Listings' shows the aggregate market number of new listings in blue and the average days on market in the green bars. You can't miss the spike in days on market for September. The dip in October is expected given the previous discussion and the low point in June is likely a surprise. The June low is due to the quick inventory turnover as the market reaches peak activity. The good values get snapped up and the houses deemed less a good value begin to collect on the market.

Closing Thoughts on the Time to Buy a Home?

Carefully considering your Park City property ownership goals while understanding the season effects on the property market are key to concluding a transation meeting all of your aspirations. Each season brings changes to the market that are both positive and negative when pursuing a property that will affect inventory, competition, and prices. The most important factor, of course, is finding a home that will meet your needs and your will enjoy.

About the Numbers

The statistics presented in the article were drawn from the Park City Multiple Listing Service from the four years preceeding Covid, which hit the area in March 2020. The trends during this time were consistent across years and I view them as 'typical.' The Covid years were drastically different than the preceeding ten years and the number were greatly skewed. We are planning an article on how Covid changed the market so stay tuned from that.

Slope Style Realty – Park City Buyer's Agents of Choice

At Slope Style Realty, we have decades of experience helping clients in all Park City segments year round. Our team consists of professionals who not only have extensive knowledge of the real estate market but also have personal experience living, working, and enjoying Old Town. We are passionate about helping our clients find the perfect family home and are committed to providing exceptional service throughout the buying and selling process. Whether you're looking for a house, condo, townhouse, or land in the Old Town Park City or one of our other amazing areas, we have the expertise to help you achieve your real estate goals. Please contact us today so we can get your housing search started.