PARK CITY REAL ESTATE MARKET SNAPSHOT : WEEK ENDING AUGUST 2ND 2020

The state of the greater Park City Real Estate market continues to be very strong post Covid. Summit County guidelines remain in the "Yellow" phase with most restaurants and businesses open with strict guidelines (including mandatory masks throughout Summit County) and the ski resorts open for outdoor summer activities with restrictions.  Most buyers I have been working with for the past ten weeks are individuals who know our area well, have rented here before and are finally ready to pull the trigger in order to enjoy the myriad of outdoor activities and thousands of miles of trails and outdoor space our beautiful town has to offer.  Given the high demand and relatively limited inventory levels, it is an excellent time to be a seller, but as a buyer, you may need to be a little more patient than usual to find the right property and then quick to act with a strong offer when things become available. With interest rates at a 56 year low at less than 3%, borrowing costs are at a historic low. Average list to sales prices ratio's remain at a high of 97% and most local agents are reporting a high demand for townhomes and single family residences.  

Pended sales (homes going under contract) continued reporting at higher levels than last year for the fifteenth consecutive week. Pended sales are perhaps the best leading indicator of market demand from the buyer side, and our buy-side is strong and getting stronger, with almost twice as many contracts reported than a year ago.  After a bottom in mid-April, in the fifteen weeks since total Pended Sales in 2020 total 1148 compared to 724 in 2019, a 59% increase in pending volume. Sales volume in July reached $1.549 billion up 45% from 2019. Sales in July totaled almost HALF of the entire volume sold from January thru June. Median Sales Prices were up 6.5% year over year. Expect Closed Sales numbers below to start catching up and setting records. 

New listings are increasing, but they are being absorbed by the market as consumer demand remains strong. Residential new listings in the past 5 weeks totaled 459 compared to 364 in the same period last year, an increase of 26%. However, they are still down 34% year over year which is keeping prices stable in our market. Median days on market year of year are down 27%. It’s a Seller’s Market!

In six of the last seven weeks, closing totals exceeded those of the same week a year earlier. In the past seven weeks we closed 407 transactions, up from 326 the year before, 25% higher. Closed Transactions continue to climb following Pended transactions as consumers confidence in Park City and the Wasatch Back remains strong.

Some notable closed sales in the past two weeks includes, a contemporary Enclave at Sun Canyon Single Family Residence at one with nature listed at $4.999 Million a Montage Deer Valley Penthouse listed at $9.47 Million and a ski-in ski-out Colony at White Pine Canyon ski home listed at $8.4 million. 

The great migration from big cities to small mountain towns is evident in Park City based on the above statistics.  We are eternally grateful to have made Park City our home and honored to help our clients make it their home too!  Call us for a consultation!