Best Time to Buy/Sell Second Homes in Park City
Real Estate Analysis - 7 Minute Read
7/5/2023(Updated 7/8/2023)
Park City is a favorite location for people to have a second home given it's convenient SLC access, mild summer weather, awesome alpine and cross-country skiing, family friendly atmosphere, the arts and music scene, and all ever expanding array of outdoor activities. We have extensive experience helping clients from California, Texas, Florida, New York, and other states to find the perfect property to serve as a base for their winter and summer vacations. Couples looking for an easy to manage condo, a family looking for a townhouse to host their outdoor adventures, and grand parents looking for a large single family home in a safe, gated community with tons of ammenities to host the extended family – Park City has a community and a property perfectly suited for your second home objectives.
Second home property areas encompass many of the same communities as in Ski Property, Golf Residences, and Old Town. Collectively, however, the second home market presents unique makeup and market dynamics.
When is the Best Time?
The best time to buy and sell a second home in Park City is during ski season and the summer months. Ski resort properties will experience stronger activity during ski season. Single family second homes will see increased activity levels during the summer.
Park City Second Home Communities
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. The reasons for wanting a second home vary widely from proximity to a specific ski resort, a community's rich amenities, easy access to Old Town for Sundance Film Festival and the Park City Kimball Arts Festival, a low maintenance place to crash, or even a property with expansive mountain views. The areas where people purchase their second homes range from gated golf community to resort base condos. Slope Style realty has vast experience buying and selling in each of the second home communities and we enjoy helping you gain the knowledge to make the right choice.
Using short-term rental income to offset the expense of a second home is a common goal in Park City. Understanding city and county rental property regulations, HOA rules and restrictions, and second home ownerhsip percentages are important for ensuring a property will meet your financial objectives. Properties located in Old Town and ski resort bases typically allow nightly/short-term rentals. Golf centric communities and neighborhoods located outside resort areas require minimum rental periods of 30 days or longer. Communities centered around golf courses may require a club membership which can add a recurring long-term expense to your second home. A savvy agent will keey highlight the transfer fees associated with a property, for some communities require up to a 2% transfer fee to paid based on the sales price!
You can view all of the Park City real estate areas at our Areas page that contains an interactive map.
Types of Properties
The second home communities present an approximately equal split of single family, condominiums, and townhomes. The pie chart below titled "Listing by Type - 2nd Home Community" shows the breakdown of listings by property type in aggragate for the areas listed above. The condominiums and townhomes will be primarily located at ski resorts while the golf communities will feature single family homes. Old Town is half condos, a third single family homes, and the remaining ~20% are townhomes. Deer Valley is an expansive area covering the entire ski mountain and contains an somewhat equal mix of the three property types with slightly more condominiums.
Second Home Listing Seasonality
The second home property market is most active during the ski season and summer months. As shown by the blue line in the chart "# New Listings & Inventory - 2nd Home Listings" the number of new listings contains two peaks: Dec-Jan during ski season and the start of summer in June. The number of active listings, as shown by the green bars, peaks in Jan-Feb and June-Sept as shown by the green bars.
Property Type Availability
The "New Listings by Unit Type – 2nd Home Listings" radar plot illustrates the basis for the peaks in new listings hitting the market in the winter and summer months. The green area represents condominiums and shows strong peaks in Nov-Jan and May-June. The single family houses shown in blue quickly increase into May and remains strong through August. Townhomes, as is typical in Park City, consistently come to market through the year. This chart is certainly the most interesting for this series and is the result of the Second Home market combining areas from more discreet markets.
When to Sell
The Second Home market presents solid selling opportunities during ski season and summer as shown in the "# New Listings & Pended – 2nd Home Listings" chart. The green bars indicate the number of properties placed under contract during each month. As an owner, you will have the most buyers looking for your home when people flock to Park City. The slow times are going to be our "shoulder seasons" that occur before and after ski season. Just after ski season is called the "mud season" by locals and you will find the restaurants and bars closed as all the local head to Moab and points further south to enjoy the early season hiking and mountain biking. The time before ski season is actually quite pleasant and picturesque and a good time to hit the links and jump on the trails before the snow arrives.
When to Buy
The summer months offer the widest selection of second homes with the most inventory available in August and September. Examining the "New Listings & DOM – 2nd Home Listings" chart can provide some valuable insights if you are in search of a deal. Surprisingly, the days on market dips in May and June while the number of new listings are rapidly increasing. This late mud season months can be great time to pick up the perfect single family house. If you want a deal, visit Park City late summer just before everyone gives up and pulls their home from the market when sellers are desparate for a buyer.
Slope Style Realty – Second Home Experts
At Slope Style Realty, we have decades of experience helping clients buy and sell second homes in Park City. Our team consists of professionals who have extensive knowledge of the Park City real estate market's varied communities. 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 Park City, we have the expertise to help you achieve your real estate goals. Please contact us today so we can help you meet your Park City real estate goals.
Andy Krumel – andy@slopestylerealty.com
Andy is a former naval aviator and Silicon Valley entrepreneur, having spent over 15 years delivering groundbreaking mobile and SAAS products. Andy brings his technical experience and innovative approaches to Slope Style Realty and KW Park City Keller Williams as a licensed Realtor.
