801-382-7310

Let’s Talk


White2Asset 1



The Wasatch Building Pulse Q2 2025

Oak-n-Crete’s quarterly market snapshot for Park City, Snyderville, Summit County, Heber, Kamas, and the Wasatch Bench.

Key Metrics

Bar graph comparing building permits in Summit and Wasatch counties, alongside median sale prices for Park City and Heber, highlighting key metrics for the Wasatch housing market in Q2 2025.
Bar chart comparing building permits and median sale prices in Summit and Wasatch counties, highlighting total permits for Summit YTD, Wasatch 2023, and estimated Wasatch 2024, alongside median sale prices in Park City and Heber.

Residential building permits

Summit Co. YTD (Jan 1–Apr 17):
290 total permits
74 new single-family homes

▲ 4%

Wasatch Co. 2023

700 permits → 2024 pace tracking slightly higher

▲ 6%*

New-construction listings on the market

Summit Co.: 116 active new-build listings; median list price $1.6 M; average time to offer 78 days

▲ inventory, ▼ DOM

All resale listings

average DOM
Park City zip 84098: 66 days

▲ 20 days

Vacant lots for sale

Summit Co.: 350 land parcels on MLS; median list $1.6 M

▲ 12%

Median sale price (all property types)

Park City: $3.40 M
Heber: $704 K

▲ strong luxury segment

Typical new-build price window

$900 K – $7 M (90% of listings), outliers to $20 M+

Population growth chart for Summit County and Wasatch County (2020-2024) alongside bar graph showing average days on market for new builds in Summit and resale properties in Park City, highlighting real estate trends.
Graph illustrating population growth in Summit County and Wasatch County from 2020 to 2024, alongside a bar chart showing average days on market for new builds in Summit County and resale properties in Park City.
Population growth (2020-24)

Summit Co. +1.8% → 43,109
Wasatch Co. +8.8% → 37,858

▲ steady
30-yr fixed mortgage rate

Utah – 7.00% (Bankrate, 25 Jun 2025)

▼ 0.15 ppt Q/Q
Annual visitors (Park City area)

Roughly 3M recreation visitors each year; tourism drives $2.2 B in local spending

*Wasatch County’s official January-April detail posts in July; provisional count uses state permitting dashboard extrapolation.
Aerial view of luxury homes in Park City, Utah, surrounded by trees and mountains, showcasing the upscale residential landscape relevant to the local real estate market analysis.

Prospective Builders – Five Things
To Watch

1

Deer Valley East Village Expansion

Phase Two earth-work and a two-stage gondola are underway; seven more lifts are scheduled to open by winter 2025-26, adding 2,000+ ski-in/ski-out units over the next five years.

2

Sundance Exit

The festival will relocate after the 2026 event, removing an estimated $132M in annual economic impact and 24 K out-of-state visitors; officials are scrambling for replacement events.

3

Utah HB88 (ADU Reform)

2025 legislature requires most Wasatch-Front cities to allow detached ADUs, easing density rules on parking and lot size. Though Summit/Wasatch are exempt today, the bill suggests statewide momentum toward higher-yield lots.

4

Snow Park Base-area Approval

Park City Planning Commission green-lights a 1,971-stall underground garage and transit hub, clearing the path for Deer Valley’s long-stalled base-village build-out.

5

Interest Rate Relief

Utah 30-yr rates dropped below 7% for the first time since November, spurring a 9% month-over-month jump in mortgage applications, according to local lenders’ weekly reports.

Sundance Film Festival marquee at the Egyptian Theatre, Park City, with crowds gathered outside, highlighting the festival's cultural significance and economic impact.

Life After Sundance: Will a $132 Million Hole Cool the Construction Boom?

When Sundance leaves Park City in 2027, the town stands to lose more than red-carpet celebrities. The festival’s 2024 economic study pegged its contribution at $132M GDP, 1,730 jobs and $14M in tax revenue. Roughly a third of the 73,000 attendees rent short-term lodging at premium winter rates.

Short-Term Shock

Luxury-rental owners face a 10-day vacancy that once fetched $1,500-$3,000 per night. For spec builders targeting nightly-rental investors, that missing revenue stream trims projected IRRs by 1-2 percentage points. Lenders already report tighter underwriting for projects whose pro formas leaned on festival pricing.

Why the Sky Isn’t Falling

The ski season now stretches Thanksgiving to May; Deer Valley’s mega-expansion and Vail’s Epic Pass partnership support record skier visits even without Sundance traffic.

Remote-work buyers still prize the Wasatch Back’s 30-minute commute to SLC International. Net-migration into Summit and Wasatch counties continues to outpace statewide averages.

Utah’s tourism office is courting a “Mountain Futures” tech summit to fill the January slot, promising 15 K high-spend visitors if funding is secured. (RFP pending, Summit County Council minutes, 6 Jun 2025).

Takeaways for Builders

  1. Diversify product: pivot some inventory from nightly rental condos to primary residence townhomes that meet ADU-ready guidelines in HB88.
  2. Watch hotel keys: East Village plans eight destination hotels; an oversupply of high-end rooms could soften STR rates further after 2026.
  3. Leverage shoulder-season perks: market net-zero or high-performance homes that cut holding costs for owners no longer banking on 10-day cash surges.

About the Data

  • Oak-n-Crete compiles this dashboard each quarter using:
  • County building-department permit logs (Summit & Wasatch)
  • Redfin MLS analytics for inventory, pricing & days-on-market
  • U.S. Census QuickFacts & CO-EST tables for population trends
  • Bankrate for Utah mortgage-rate averages
  • Park Record & Salt Lake Tribune for local economic news

Do you have a metric you’d like to track next quarter?
Let us know at build@oakncrete.com