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%
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
At the end of the fourth quarter of 2019, the overall year-over-year real estate statistics for Utah's Summit and Wasatch Counties continued to show strong appreciation with increases in both average and median sale price as well as dollar volume as reported by the Park City Board of REALTORS® Multiple Listing Service. The Park City market in general continues to show great stability in single family homes. The number of homes sold increased 4% with the median sale price rising 12% year over year. During the same period in 2018, the median sale price gained 7% indicating a sustained period of steady, consistent growth.
The strongest single-family price gains appeared in the fast growing Jordanelle area to the southeast of the Park City metro area,
NOW UNDER CONSTRUCTION IN THE SNOW PARK VILLAGE AT DEER VALLEY® RESORT
The Elegant Snow Park Residences at the St. Regis Deer Valley is located in the heart of the #1 ranked Deer Valley Ski Resort®. Since 2009, The St. Regis Deer Valley has brought the world class, highly acclaimed luxury hotel brand and amenities to Park City, Utah. Now, a select offering of 9 brand new, luxury Residences will enjoy the convenient Snow Park location, select private on-site amenities, and all the extraordinary benefits and services of the St. Regis Deer Valley.
ST. REGIS BRAND
What sets St. Regis apart is its rich heritage. From its creation in 1904 by John Jacob Astor, St. Regis was founded upon the tenants of tradition, innovation and luxury. Uncompromising
East West Resorts has recently begun to release information on their upcoming new project in Deer Valley. Located next to Empire Residences in the Village at Empire Pass, Argent will feature an amenity rich building, with beautiful views, and direct ski access to the Silver Strike chairlift. Comprised of 28 residences, Argent's two, three and four bedroom family size homes range from 1,488 to 3,771 square feet. They capture stunning panoramas from Mt Baldy to the glistening Uinta Range with the night-lights of Main Street twinkling below.
The affluent Buyer Market has made a monumental shift away from buildings without amenities & services, and toward buildings that provide a lifestyle that extends well beyond just the Residence. Families that are
The 4th of July Parade on Park City's historic Main Street is one of the premier events of the year. We highly recommend getting to Main Street extra early to reserve a space for seating. Bring a blanket, pop-up chairs, etc. You can even bring a cooler for drinks and snacks.
We invite your family to be our guests at our Sotheby's Main Street office located at 625 Main Street to celebrate the 4th of July. Our doors will open at 10 AM, with the Parade starting at 11 AM. We'll have light breakfast, coffee and beverages served. If you would like to attend, please let me know so I can place your name on the list. As one of the best locations for the Parade, our office will only be able to welcome guests that have RSVP'd. So please let us know if you can
Wow, another report of statistical real estate data showing some impressive numbers. It has continued to be a very busy selling season in the greater Park City area, and we just don't see any signs of a significant slowdown anytime soon. At the end of the first Quarter of 2019, in comparing year over year, we again see a slight decline in unit sales but an increase in price.
The entire Park City MLS, if we include all residential, fractional and commercial properties, saw 2,864 properties sell, compared to 2,686 for the prior 12 months. That is only a difference of 6% and is still a staggering amount of sales activity for this small (but growing) resort community. Even more impressive is the sheer volume of just over $2.5 Billion in closed sales.
It's that time of year again, when the ski resorts in Park City close, but we are still getting amazing snow in the higher elevations. One option to enjoy the powder is to head over for a ski day at Brighton or Snowbird. Brighton typically stays open through the third week of April, while Snowbird will run as long as there is snow - for 2019 they will probably go into June. Driving to either Brighton or Snowbird is less than an hour from Park City and is a real treat since our PC resorts have been closed for a couple weeks.
EASILY RENT SNOWMOBILES AT DANIELS SUMMIT
Another really fun way to enjoy the last few snow storms is to head over to Daniels Summit for a day of snowmobiling. Daniels Summit is only about 35 minutes from Park City, and with
The 2018 year-end housing statistics for Summit & Wasatch Counties, as reported by the Park City Board of REALTORS®, revealed a diverse and mixed market. While there was a 7% decrease in the number of home sales, the Wasatch Back saw a 7% increase in median price.
Looking at the entire Park City MLS, for all product types, we have enjoyed a trend of upward momentum in units sales since the low in 2009. With eight years of increased activity, we now finally see a slight decline for the year end results of 2018. The 2001 through 2005 increase of activity was a much more dramatic increase in sales, and probably too much too fast. The last eight years we have had a steady increase, and possibly a healthier outcome for the real estate market.
A spectacular luxury ski-in, lift-out resort, Pendry Park City will be the newest addition to Canyons Village at Park City Resort – one of the largest ski areas in the United States. This new development features three modern styled, amenity rich buildings planned to begin construction in early summer 2019.
Canyons Village has been evolving over the last couple years with major changes focused on hospitality and guest services. As part of a larger upper village master plan, Pendry Park City will be at the heart of the expanding base Village. With ski runs and lift access right out the door, this location is bound to become the social hub of Canyons Village. It will be conveniently located only 35 minutes from Salt Lake City International Airport.
