A Market like never before
Residential real estate inventory in Utah is now half of what it was in 2019. The buyer profile has also dramatically changed. The work-from-home and distance learning lifestyle has allowed families more flexibility to live where they choose. For many, the lure of vacation destination towns has always been attractive, but now finally achievable. Out-of-state buyers from larger city markets have been influencing Park City market prices by what they are willing to pay, rather than more traditional methods of pricing being determined by analysis of recently sold comparable properties. The average and median home prices have been rising at a rapid pace.
Looking at the total amount of properties for…