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Savvy Park City Homeowners Take Advantage of Historically Low Inventory Levels & Soaring Post Pandemic Demand

Posted by Negar Chevre on Wednesday, December 23rd, 2020 at 12:40pm.

Savvy Park City Homeowners Take Advantage of Historically Low Inventory Levels

Source Park City Board of Realtors

Historically speaking, inventory levels for both residences and land across the Greater Park City Real Estate Market (Areas 1 to 23) have hovered around 2100 units through the ski season of  January - April ; peaking in the summer months of August to September to around 2300 units.  This year however, that trend was broken as inventory levels continued to fall, dropping to below 1800 units only five time in the past eight years and to 955 the lowest number of listings in the past 8 years; over 47% lower than the previous record. 

Source: Park City Board of Realtors 

The direction of our inventory over the last four months has been steeply downward (red line in top graph depicts 2020 inventory numbers) and with the approaching holiday season, we can only expect the number of available listings to continue to drop before the usual seasonal recovery starting in mid January February. 

Demand on the other hand has continued to outpace supply as luxury 2nd home and primary residence buyers from feeder our markets such as California, New York, Texas, Florida and Boston to name a few have flooded our market seeking to enjoy the outdoor life style / open space, proximity to an international airport and the tax benefits of living in the State of Utah.  According to the Park City Board of Realtors, demand has outpaced supply by 35%-45% post-Covid.   Savvy Park City Homeowners are taking advantage of the historically low inventory levels and soaring post pandemic demand.  Well maintained homes that are properly staged and showcased using compelling photography and videography have sold either off market, or within days of hitting the MLS with multiple offers and in many cases above asking price.  

Soaring Demand for Park City Contemporary Homes for Sale

What does it mean if you are a homeowner in Park City?  It goes without saying that we experiencing a Seller's Market and now is the time to capitalize on the unprecedented demand by working with an experience and reputable real estate consultant with a well established network of  lifestyle buyers, strong connections to the top producers in our local real estate community and the ability to tell the story of your house with top notch photography and videography that creates a deep connection with our luxury buyers. 

If you are a buyer looking to take advantage of the few opportunities available in our current market, you'll need an agent that can find off market opportunities through close connections with other agents and homeowners in town as pent up demand means multiple offers even if these properties hit the market. 

Curious about the market value of your home? Call us for a private & free consultation. 

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