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%
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
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
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
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
