Every few months, a real estate statistic gets ripped out of context and turned into a headline that terrifies homeowners and confuses buyers. This is one of those months.

Here's what you need to know about the Park City condo market in Q1 2026 — and why the story is far more nuanced, and far more interesting, than what you might have read.

The headline

Park City condo sales declined dramatically in Q1 2026. Volume dropped 54% compared to the same quarter last year. The number of transactions fell from 80 to 40. Scary on the surface.

The context

The decline is almost entirely attributable to one submarket: Deer Crest, specifically the Founders Place development.

In Q1 2025, Deer Crest logged 29 condo transactions. That number was artificially inflated by a wave of new Founders Place inventory hitting the market simultaneously — a one-time event that does not represent baseline demand.

In Q1 2026, Deer Crest logged just 4 transactions. Not because buyers disappeared. Because the inventory was absorbed. The Founders Place wave passed.

The Park City Board of REALTORS® put it plainly in their official quarterly report: "This is not a crisis — it's supply depletion."

The number that actually matters

While the quarterly comparison looks alarming, the rolling 12-month data — which smooths out seasonal noise and one-time events — tells a completely different story:

• Park City condo volume over the trailing 12 months: UP 12%
• Median condo price over the trailing 12 months: UP 17%, now at $2.25 million
• The highest condo sale in Q1 2026: $17,800,000 — the St. Regis Deer Crest penthouse in February
• Active condo and townhome listings: UP 23.6% year-over-year, giving buyers more options

 

Fewer transactions. Higher prices. More inventory. That is not a collapsing market. That is a market that is recalibrating after an unusual one-time event — and one that continues to reward premium product with premium prices.

What this means if you're buying

This is genuinely one of the better moments to be a condo buyer in Park City in recent years. You have 23.6% more active inventory than you did a year ago. You have more negotiating room — the market-wide list-price-received ratio is 96.6%, meaning deals are closing about 3.4% under ask on average.

Meanwhile, a pipeline of extraordinary new development — the Four Seasons at Deer Valley East Village, Waldorf Astoria, Cormont, Marcella Landing — is under construction and will reset the pricing ceiling at the top of the market when it delivers. Buying now, before those comps print, is a legitimate strategy.

What this means if you're selling

The data rewards correctly priced product. The rolling 12-month median is up 17%. The sellers who are getting those prices are the ones who listed accurately from day one.

The listings that are sitting — and there are some — are the ones that chased a number the market won't support. In a market with 7.6 months of supply, overpriced listings don't just sit longer. They stigmatize.

The good news: if you price correctly, buyers are still here. They're just more deliberate than they were in 2021 and 2022. They do their homework. They negotiate. And when they find the right property at the right price, they move.

The bottom line

Park City's condo market is not in distress. It absorbed a large wave of new inventory, that inventory sold, and now the market is returning to its natural supply-constrained equilibrium. The fundamentals — resort access, geographic scarcity, Utah's growth story, the Deer Valley expansion — remain fully intact.

If you have questions about what this means for your specific property or search, I'm happy to walk through the numbers with you directly.

Michael Diamond | Park City Brokers | Coldwell Banker | theparkcitybrokers.com