Utah is living up to its tourism tagline of having the "Greatest Snow On Earth," and there is plenty of it to go around. Here are some current (April 6th, 2023) snow totals from a handful of the amazing resorts in our backyard. 617" at Park City, 596" at Deer Valley, 809" at Snowbird, 877" at Alta, and 500" at Brighton. There is a chart below with numbers from March 31st, 2023. The amount of snow that's fallen in the past week, WOW! The numbers are truly staggering. While I am ready for some spring skiing, this year's version of spring skiing is pretty good!

In addition to fantastic snow, real estate has been pretty good too! In this newsletter, you will find a few informative pieces offering a glimpse into our current real estate market. 

Lastly, THANK YOU for continuing to trust our team for all your real estate needs! Your business has helped us achieve the #1 team for the 3rd consecutive year. we’re incredibly humbled and thankful.

Jacquelyn Harris Grayson
435-640-0783
jacquelyn@deervalleyrealestate.com

Thank You! Because of YOU...
CMFH Awarded #1 Team in the Nation
___________
For the 3rd consecutive year in a row, Chin MacQuoid Fleming Harris has been awarded the #1 Team in the Nation, Berkshire Hathaway HomeServices, medium size team among more than 50,000 sales associates in the BHHS global network. Thank you, we couldn't have done it without you!

Our team’s extensive experience and intimate knowledge of Park City and Deer Valley are your keys to buying and selling success. We’re here for you every step of the way.

Mayflower Mountain Resort Update
From the Developer - April 4th, 2023
___________

Utah Breaks 40-Year Snow Record
Records keep piling up across Utah this winter
___________
The record-breaking snowfall milestone officially happened at Utah’s Brighton Resort, located 30 miles southeast of Downtown Salt Lake City. The 703-inch season of snowfall was recorded on Thursday and is the earliest time this achievement has happened since Utah began record keeping of snowfall in 1943, according to data shared with Travel + Leisure. 

Expect the record to keep rising — we still have nine more days until snowpack reaches its typical peak, and there are plenty more storms in the forecast.

Utah Ski Season Extended
Spring Skiing Anyone? Ski Resort Closing Dates
___________
Ski resorts have received massive amounts of powder this year, and some ski resorts are taking advantage of that by staying open for several more weeks. All ski resorts in Utah will be open through the beginning of April, and some resorts will even be open through May.

Utah has received record snowfall this year, and spring skiing and snowboarding are in the plans for many people, as ski resorts extend their seasons. Here’s everything you need to know; season dates.

Thinking of Selling?
We're Here To Answer Your Questions
___________
Getting ready to sell your house or at least thinking about it? Either way, there is no time like the present to get going on those projects that, at the very least, could result in a thorough spring cleaning! We know how much there is to consider, do and plan for when it comes to selling your home, so ahead of our glorious summer season – always one of the best times to list your home! — we’re here to answer some of your most burning questions and point you in the right direction as you begin your home-selling journey.  

  • Do I need to update my home? And what’s the best bang for my buck?
  • Is it worth making big-ticket repairs?
  • I’m not looking to remodel my house, but I do want to make it irresistible! What are some inexpensive options to make my house appealing to buyers?
  • If I do all of the above, will I recover the costs?
  • When is the best time to put my home on the market?
  • Who are the buyers in a so-called “sellers’ market?”
  • What six things don’t I know about listing my home?
  • Is it true that Park City is “built out,” and what does that really mean?
  • I want my best friends and adult children to move to Park City. How can we make that happen?
  • Why do I need the Chin|MacQuoid|Fleming|Harris team in my life?

Current Market Statistics
___________

Luxury Housing Market Plummets
but this 'luxury suburb' is bucking the trend
___________
Photo courtesy of Scott G Winterton - Article by deseret.com

After flourishing during the pandemic housing frenzy, the U.S. luxury housing market has plummeted dramatically as economic tides shift amid stubborn record inflation, higher interest rates and a volatile stock market.

Sales of luxury homes sank nearly 45% year over year during the three-month period ending Jan. 31, 2023, according to a March 10 Redfin report. That slump outpaced the record 37.5% drop in sales of non-luxury homes. Redfin defines luxury homes as those estimated to be in the top 5% based on market value.

‘Luxury Suburb’ of Utah
But certain areas — and certain luxury home types — are at least to some degree bucking the national downturn.

That includes Utah’s “luxury suburb,” in the Park City area — a resort town that exploded in popularity after the 2002 Winter Olympics and attracts celebrities each year for the Sundance Film Festival.

While not immune to economic headwinds, Park City has seen a dip in home sales, but not to the same extent as other upscale markets across the nation. The number of properties sold in the area have dropped almost 30%, from 2,790 in 2021 to 1,962 in 2022, but the average sold price increased almost 10%, from over $1.7 million in 2021 to over $1.9 million in 2022, according to the Park City multiple listings service.
Make Your Move With Us!
At Chin, MacQuoid, Fleming, Harris, we pride ourselves on being the most knowledgeable resource on Deer Valley and Park City real estate. Buyers and sellers across price ranges have trusted us for more than 25 years for our unmatched local market knowledge.