State of the Park City Real Estate Market | Week Ending October 18th 2020

The state of the Park City real estate market continues to be strong. Despite the fact that we have entered our shoulder season, where historically speaking real estate activity slows down as we await the opening of the ski resorts, the market in October, up to the week ending October 18th, continues to outperform last years level. New listings though down for the week ending October 18th, were 28% higher than last year this time but not enough to absorb the current demand as pended sales were 67% higher than this time last year, while closings continued strong at 31% higher than this time last year. 

There has never been a better time to list a property in the Wasatch Back. Well priced, expertly staged properties will be viewed as compelling values by buyers as our prices continue to rise. There is a high probability of multiple buyers waiting to make offers on a well priced home as prices in our market are also well below many other similar mountain towns.

Even during shoulder season, as evident by the low inventory levels and high demand, there are currently more buyers than sellers in our market. Many local buyers are upgrading or downsizing due to low interest rates and the activity in the market which is creating opportunities previously unavailable to them. Out of state buyers are coming to the Wasatch Back in droves because of our great economy, safe communities, great schools and our active lifestyle. How can you blame home owners for not wanting to leave this beautiful community we call home?

From our bottom in mid-April we have seen the market rebound into May, then zig-zag against last year’s number until our breakout the last week in June. Since then, we have seen fourteen solid weeks of sustained numbers higher than last year. As would be expected given that we have now entered our shoulder season, new listings for the week ending October 18th dropped from 95 to 67.  However, despite this drop the number of new listings were 28% higher than this time last year.  Given the high demand as demonstrated in the pended sales below, the number of homes going under contract continues to outpace the number of new listings hitting the market. 

As a result of pent up demand, pended sales in Park City have consistently outperformed last years numbers for fourteen consecutive weeks. That trend continued for the week ending October 18th, despite the fact that we are in shoulder season, with pended sales up 67% in comparison to the same time last year.   A few of my favorite pended sales during the month of October include an 8 bedroom, 10 bathroom, 15,824 sq ft ski-in ski-out Colony at White Pine Canyon Home completed in 2019 offered at $16.3 million, a 5 bedroom, 7 bathroom contemporary residence in April Mountain offered at $7.5 million, and an Upwall designed contemporary gem in Upper Bear Hollow with endless views offered at $6.5 million, to name a few. 

Closed sales this past week (63) once again outpaced the same week last year (48) by 31%. As with pended contracts, the gap over last year continues on a steady pace. Given that pended contracts have exceeded solds every week since the end of April, we can expect to see continued strength in our closing numbers. 

It goes without saying that 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 call our beautiful town "HOME" and honored to help our clients make it their home too! October has been a busy month for us.

 If you are looking to sell your home we'd love to chat about innovative marketing ideas to get your home sold quickly and at top dollar. If you are a buyer who has  been sitting on the sidelines and ready to navigate our fast paced and highly segmented market, give us a call at 760 238 0438 for a free consultation!