Last summer Deer Valley announced it would take over terrain envisioned for what was previously the Mayflower Mountain Resort in Wasatch County.
The move increases the resort’s skiable terrain by nearly three times and gives Deer Valley a new easily accessible base area along U.S. Highway 40 across from Jordanelle Reservoir.
Park City Multiple Listing Service committee chair Bronson Calder said real estate prices in the area have seen a jump since the Deer Valley announcement.
“Deer Valley East or what was previously referred to as Mayflower, that market has completely changed,” Calder said. “We’re seeing average prices up 30% to 40% in that area.”
Park City Board of Realtors President Jon Schumann said the Deer Valley effect is also hitting the broader Wasatch County housing market.
“Heber and Midway are becoming ski towns,” Schumann said. “Clients who are looking for ski properties are now more willing to go that direction, where they weren’t before.”
According to the Realtors’ first quarter report for 2024, the median price of a single-family home in the Heber Valley is $925,000. That’s compared to $3.7 million in Park City, $2.3 million in the Snyderville Basin and $925,000 in the Kamas Valley.
Condo sales increased 61% in Heber and 30% around Jordanelle compared to the prior year. Schumann credited new inventory becoming available.
“As you see what is coming on over there, there is a lower priced inventory coming out of the ground… it’s primarily the townhome pricing,” Schumann said. “That’s kind of where the entry-level is going to come in, is in that sub $800,000 townhome pricing.”
Listings across the Wasatch Back remain 20% to 30% lower than the historical average before the COVID-19 pandemic. But overall, Park City Realtors describe the market as stable and moderate.
