Park City Real Estate - Coronavirus Influenced Market Trends - First Six Weeks

Posted by Sean Matyja on Wednesday, April 29th, 2020 at 7:23am.

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 last year to 164 this year = Down by 52%

NUMBER OF SOLDS
302 last year to 217 this year = Down by 28%

SOLD VOLUME
$320,589,800 last year to $239,913,345 this year = Down by 25%

AVERAGE SALE PRICE
$1,065,082 last year to $1,110,710 this year = Up by 4%

MEDIAN SALE PRICE
$669,000 last year to $700,000 this year = Up by 5%

PERCENT OF LIST
97% last year to 95% this year = Down by 2%

The above information is great news. Yes, we are down considerably in unit sales for these six weeks. But given this troubling time period, to see 164 new contracts and the closing of 217 properties for a volume of $240 million – that shows strong demand for our market. Even in these uncertain times, people are buying property in Park City and Deer Valley.

There is another emerging trend in the market. We are seeing families who own a vacation property or second home in Park City, that are now looking at upgrading, and making Park City their full time residence. The recent global health concerns, combined with the proven ability to work remotely, has offered many people the opportunity to make the move to Park City. For many, raising a family in an open-air mountain community is much more appealing than staying in high density populated metropolitan areas.

Curious about specific market data in your area of interest? Give us a call.

 

Sean Matyja - Realtor® / Associate Broker
Mobile: (435) 901-2158 | Email: sean@enjoyparkcity.com 

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