Park City Utah Real Estate Blog

Pending Listings By Week In Park City Utah

Facts and Observations on the Real Estate Market in Park City, Utah.

Hard to believe it's the last day of June, and we are almost at the 4th of July weekend. You would think a pandemic would cause the time to drag along; instead, the days have been rushing by. It's hard to keep track as to what day it is. The July 4th holiday is typically the unofficial start to the busy selling summer season. With activity so high already, we wanted to review statistical data for the year.

The Facts

For the entire Park City MLS, year-to-date for all product types, and all categories, comparing last year to this year.

Total Active Listings
4,782 last year compared to 4,269 this year - Down by 11%

New Listings
2,507 last year compared to 2,157 this year -

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Summit County Issues New Joint Public Health Order: Masks Required in Community Gatherings and Publicly Accessed Indoor Spaces

The Summit County Council has adopted Joint Public Health Order 2020-08, requiring “all individuals currently living within or visiting Summit County, Utah, to wear a face covering that completely covers the nose and mouth” under certain conditions. This exemption was approved by Governor Gary Herbert based on a request sent by Summit County Council Chair, Doug Clyde, Summit County Manager, Tom Fisher, and Summit County Health Director, Dr. Rich Bullough. This Order went into effect at 12:01 am on Saturday, June 27, 2020.

Joint Public Health Order 2020-08 requires mandatory face coverings in any indoor spaces that allow the

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silver star condos in park city utah

The Memorial Day weekend is now here, typically the kick-off to the Summer selling season for real estate. For 2020, the typical trends have been turned upside down due to the ongoing pandemic of Coronavirus, or COVID-19. In Park City, Utah, things got real when on March 15th, both Park City and Deer Valley ski resorts made the tough decision to shut down the season early. That was when most Parkites began to "shelter in place," and resort workers and tourists began to leave town.

These events affected all commerce, including the real estate market. We have been watching data closely and reporting on the market trends. While most real estate outlets report on a simple comparison of Q1 2020 to Q1 2019, we choose to present more detailed information.

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Old Town Park City in Summer

As expected, activity is down by significant levels. However, it is fascinating that in these six difficult weeks, we saw 164 new sales go pending, 217 closed sales, and no decline for median or average price. In just these last six weeks, buyers purchased nearly $240,000,000 of real estate in the greater Park City area.

Below is a summary review looking at real estate market trends for March 15th to April 28th – the first six weeks of living under the new Coronavirus "Stay Safe, Stay Home" directives. For the total of the Park City MLS, all areas, all property types, we see the following trends:

ACTIVE LISTINGS
2,801 last year to 2,403 this year = Down by 14%

NEW LISTINGS
525 last year to 322 this year = Down by 39%

NEW UNDER CONTRACTS
345

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Dollys bookstore in park city utah

Park City High School Class of 2020 yard signs are welcome sights on graduating students’ front years throughout our town. In light of the disruption of their senior year, this was a heartwarming way for high school staff to recognize them. Not only does this demonstrate Park City’s remarkable sense of community, but it serves as a reminder that we still have several occasions we need to find ways to celebrate, even in the midst of the coronavirus pandemic. In addition to graduations, there are birthdays, anniversaries, and Mother’s Day coming up on May 10th. While Park City store fronts are closed due to the Summit County Stay at Home order, many are still offering online shopping or shopping by phone. Some even deliver gifts. There is no excuse to

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Prospector neighborhood in Park City Utah

What effect will COVID-19 have on the Park City real estate market?

Things have dramatically changed over the last few weeks as locally, nationally, and globally we settle into our new (temporary) lifestyle with limited face-to-face social interaction. On March 13th, 2020, the President invoked, for only the second time in history, a National Emergency through the usage of the Stafford Act in response to the global COVID-19 pandemic virus. On March 14th, both Deer Valley and Park City Resorts announced their early closures, starting on the 15th, thereby eliminating four valuable weeks of the ski season. March 15th, the Summit County Health Department issued a Public Health Order prohibiting all dine-in food service, and followed up with a

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Park City Desserts

Between birthdays, graduations, anniversaries, and Mother’s Day, there are many celebrations that coronavirus has made other plans for. We’ve seen virtual parties spring up everywhere for people to connect with and toast their loved ones online. Thankfully, in Park City there are still more traditional, meaningful ways to be festive and celebrate friends and family during their milestones. While non-essential businesses’ physical locations are closed, many that were offering delivery before Summit County’s Stay at Home order went into effect are still able to do so. Support these local businesses who are operating with no-contact deliveries while ensuring these celebrations in isolation more fun and memorable

Flowers By You

Continuing to offer

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People's Health Clinic Staff

 

As a predominately tourism economy, the negative implications of the pandemic weigh heavily on Park City with ski areas and many hotels having closed a month early. Non-essential businesses are also suspended, but several restaurants have opted to remain open for curbside service and delivery. While this paints a grim picture, the pandemic outbreak is occurring at the best possible time as we enter the off season. Park City officials are hoping that summer events and tourism can still thrive this year.

The beauty of living in a close-knit town like Park City is our ability to come together in the face of a crisis. The coronavirus (COVID-19) public health issue is no exception. We may be socially distant, but the collective outpouring in

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Curbside restaurant pick up in Park City

During these uncertain times in the face of the coronavirus (COVID-1) pandemic, food is a great source of comfort. In a foodie haven like Park City, residents are grateful to still have access to delicious, local cuisine. While Summit County Health Department issued a temporary order to close restaurants and bars for dine-in offerings, they have allowed curbside pick-up and delivery. Many eateries have adapted their businesses to do just that. Not only does this provide welcome relief from cooking, but it’s an effort to sustain local businesses that are being heavily impacted in our tourism-driven town. Another option for supporting restaurants and local shops is to purchase gift cards. This provides much-needed revenue, and you can use them or give

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Nordic skiing in Round Valley

There is no question about it. Park City life has changed dramatically in response to the coronavirus (COVID-19) pandemic as it has across the globe. Our biggest attractions – Park City Mountain, Deer Valley Resort, Utah Olympic Park, and Woodward – have all closed a month before the end of the winter season. Hotels and many other businesses have also temporarily closed. Despite these unprecedented times, Parkites are feeling extra thankful to call Park City home. You couldn’t ask for a better place to socially distance as we are surrounded by the great outdoors. Locals are taking to the uncrowded, scenic trails and the roads to enjoy the fresh, mountain air. They’re back country skiing, cross country skiing, hiking, running, and snowmobiling. In a

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