Park City Real Estate Market Update March 2023 Update

This month we highlight the new Mayflower project. Designed and conceptualized by Extell Development Company, the Mayflower Village is the home base for Utah’s newest year-round mountain resort and will include state-of-the-art ski infrastructure in addition to on-site options for dining and shopping, local services and businesses and entertainment for the whole family.

Mayflower Mountain Resort will be North America’s newest world-class alpine village to be developed since 1981, offering 4,300 acres of skiable terrain featuring 3,200 feet of vertical, a two-stage, base-to-summit gondola, 18 aerial lifts, and state-of-the-art snowmaking. The ski terrain is being designed by the SE Group which is the firm that created Deer Valley Resort’s Master Plan in the 1970s.

Mayflower Mountain Resort will open its first phase of ski terrain for the 2024/2025 ski season. There are ongoing discussions between Mayflower Mountain and Deer Valley regarding the resort’s operations. If the two combine, this will become one of the largest ski resorts in North America with over 6,000 skiable acres.

This reimagined resort village concept will feature multiple luxury and globally-branded hotels and condominiums. The Village at Mayflower Mountain Resort is starting to take shape. Only two projects have been released, Marcella single family homesites and Grand Hyatt Residences.

The Mayflower Resort is 12 minutes from downtown Park City, Utah, south of the Jordanelle Gondola, and off US-40, on the backside of Deer Valley. The Salt Lake International Airport is 40 minutes away, while the private airport in Heber City is 20 minutes from the property.

The Grand Hyatt has a total of 55 condos available for sale, with prices starting at $822,000. When the village is complete, there will be approximately 740 privately owned luxury condos and 140 single-family homes.

Single Family Homes in Park City (84060)

Park City Limits Single-Family home report shows a 26% Median sales price drop and a 60% drop in sales. Interesting to note, the Median sold price per square foot jumped 25.1% to  $1,146. While active inventory is up 41% year over year, new listings for February are down 80% year over year. (Median Days on the Market are up substantially.) There are just 55 homes on the market in Park City Limits. While this number is up it is still well below past averages.

The 2022–23 ski season has been one for the record books! Many resorts are seeing historically high snowfall totals year to date. In fact, Deer Valley and Park City are reporting their most snow to date in at least 49 years. There’s still plenty of time to book your spring trip to Utah to ski “The Greatest Snow on Earth”.

New Deer Valley Resort and Park City Mountain closing date – April 23, 2023

Snow totals from all our area resorts:
Deer Valley = 398 inches
Park City Mountain Resort = 404 inches
Alta = 573 Inches
Snowbird = 536 Inches
Solitude = 519 Inches
Brighton = 583 inches

Average Snow for Park City = 252 inches

Just Sold – 5 Bellemont, Deer Valley
Exclusively Listed and Under Contract in 8 Days!

Last List Price $7,100,000.

Contact me to learn more about the Deer Valley Market:

 Spectacular front-row mountain views of Jupiter Peak to Lady Morgan and beyond; this updated Bellemont ski home is steps Deer Valley Resort’s Silver Dollar Ski Trail, creating ease of access to the United States Best Ski Resort, nature and quintessential year-round mountain living.