Park City Board of Realtors: 3Q sales reach nearly $1.6B

Park City Board of Realtors Executive Director Jennifer Armandi and board president Gretchen Hudgens have details on the third-quarter report, which included almost $1.6 billion in sales. The report notes sales were up 2% year-over-year, although the number of transactions fell 7%. Hudgens says higher-priced, larger homes continue to drive the market. Armandi says buyers are taking more time amid economic uncertainty, mortgage rate increases and insurance challenges. The report also shows single-family sales rose 10% with transactions roughly flat. Condominium transactions fell 28% and sales volume declined 34%. Hudgens cites rising HOA costs and weaker investor confidence amid uncertain snow and rental conditions. She describes the condo market as an opportunity for buyers as some sellers become more realistic. Both women expressed concern about expensive Main Street commercial leases, vacant storefronts and talked about the challenge of balancing property-owner costs with preserving Park City’s local and legacy business character. Armandi also talked about her plan to leave the Board of Realtors after a year on the job. Hudgens says it's hoped a new director will be in place by early 2027.