Prices here basically doubled in the last two years. For example, a $400K three bedroom home on 1/4 acre went to $800. A $1.5m super nice house of 5000 + square ft. went to 3mill. Building lots in Park City tripled and are north of $800k- old town tripled as well, with minors shacks going for a cool mill and any shack that you can hit with a rock from a ski run double that and much more.
Trouble is, no buyers. I expect eventually some prices will come down, but Utards are slow to lower prices, so I expect some very long times on market. The last market flatline we had lasted from about 1996 to 2003 when things were bid up in advance of the Olympics. Things ran out of steam about 2000 and there were some real bargains around in 01-02- one acre Aerie lots (that hilltop you can see from almost anywhere on the mountain, distinguished by the house with the triangle copper roof) were going for as little as 150K, down from a ballpark average of 200k for much of the late 90's. Now they're up into the 800's.
People ask whatever enters their mind. Trouble is, as I said, no buyers.
Ted Ligity's mom and dad have been realtors in this town for over thirty years. They send out letters gently encouraging people to be realistic, but I guess people feel that they only have to make one "sale of a lifetime" so they go for it.