Total Park City Market: Single-Family Homes
Median Sales Price: $3,125,000
Average Sales Price: $4,395,749
Sold Properties: 48 Homes Sold
Properties Under Contract: 61 Homes Under Contract
New Listings: 74 New Homes Listed
Total Park City Market: Condo/Townhome
Median Sales Price: $1,300,000
Average Sales Price: $1,780,308
Sold Properties: 35 Units Sold
Properties Under Contract: 41 Units Under Contract
New Listings: 66 New Units Listed
Top Level Takeaways
- Promontory’s impact in August and what triggered the action.
- “Land Banking” makes a comeback.
- Condo/townhome market and what’s causing the clog.
- Shifting into a buyer’s market.
August 2026 Market Trends
Traditionally, August tends to be one of our stronger months as we close out the summer selling season. As we get into September and October, it naturally starts to slow down, and I fully anticipate the seasonality of “shoulder season” to be felt as buyers and sellers anxiously await some level of economic certainty. What I think is interesting to look at is what happened in August that helped to bolster some of these numbers, and it is no surprise, but Promontory bears some responsibility.
Promontory announced an increase in the initiation fee for a golf membership to be on level with Marcella Jordanelle Ridge at $500,000 to take effect in September. However, if you purchased the property and went through membership approval before the beginning of September, you would be grandfathered in at the old rate – a $200,000 savings – and with the old rules (there were some minor changes in membership, particularly with family structure and who has benefits). This led to a pretty strong push within a community that is already quite active in our market. Promontory made up 37.5% of the single-family home sales in August and 28% of the homes that went under contract in the total Park City market for the month. Given the buyer profile for Promontory tends not to be interest rate sensitive and with the rallies in the stock market overall, those buyers were well positioned to act quickly.
Land is one of the areas I typically don’t discuss because it is a small portion of our market, but land sales have been on the rise this summer, we typically average around 8 to 10 vacant lot sales in a month during the summer months, but August featured 9 sales and another 22 that went under contract, which is the highest for under contracts in a single month we have seen since February 2022 when construction loans were at the absolute cheapest from a terms perspective. When people talk about real estate as the best hedge against inflation, they typically mean raw land, with “land banking” popular because carry costs are low and land value tends to rise with inflation without the depreciation of a structure. The primary driver behind this, though, appears to be Promontory’s changes to its membership: 8 of the 9 sales and 19 of the 22 pended lots were in Promontory. I am willing to bet that this was a case of both land banking and a move spurred by the changes to membership within the gates of Promontory.
Condo/townhome product has been generally slow this summer, except for a few pockets like the luxury product in Empire Pass of Deer Valley and the new Deer Valley East Village. Condo/townhome have their own constraints like HOA fees, increasing insurance premiums, and potential assessments. When paired with a high interest rate environment, it can certainly scare off buyers. Additionally, there are new lending guidelines put down by Fannie Mae and Freddie Mac that require more underwriting and documentation from HOAs – which only adds to the constraints and deserves its own blog (ask Nancy about the recent sale of her condo in Pinebrook Pointe!).
General guidelines suggest that 6 to 8 months of inventory is a balanced market, with anything below that a seller’s market and anything above that a buyer’s market. From the numbers, it is fair to say that most of Park City falls into the category of a buyer’s market; however, the general guidelines do not consider slower sales velocity, which I believe puts more of the Park City market into the buyer’s category. Buyers have quite a bit of leverage, and typically if a property is on the market for more than 21 days, that leverage increases significantly. Sellers are on a condensed timeline right now, with the goal to get the price right or reposition within the first 14 days to maximize return both monetarily and timewise. Nobody knows when the market will turn; you only know when the bottom was hit on the way back up. I think buyers have a great opportunity right now to get into some fantastic properties with minimal competition.
If there are any specific neighborhoods you would like to review, or any data points to discuss, please do not hesitate to reach out!