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.
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%
2,507 last year compared to 2,157 this year - Down by 14%
Number Under Contract
1,427 last year compared to 1,438 this year - Up by 1%
1,220 last year compared to 1,101 this year - Down by 10%
$986,210 last year compared to $935,694 this year - Down by 5%
$639,540 last year compared to $607,500 this year - Down by 5%
Percent of List Price
96% last year compared to 95% this year - Down by 1%
It is amazing to see new pending sales now at a point where we have surpassed the numbers from last year.
Reviewing the numbers above, we can see the inventory is down, but the amount of new contracts accepted is up. More buyers are competing for fewer properties. It is amazing to see new pending sales now at a point where we have surpassed the numbers from last year. So far, closed sales are down for the year, but with the number of pending contracts, we expect that number to catch up to last year. With the high amount of high-end properties recently closed and under contract, we would have expected both the average and median prices to be higher. If we look only at residential properties (homes and condos) for the MLS, the average price went from $1,099,171 to $1,070,978 - down by 3%. The median price for residential properties went from $712,500 to $720,000 - up by 1%. There are some noteworthy homes, condos, and land currently pending sale. Below is a link to properties under contract, priced over $3.5M. Spoiler alert, there are 50! The link below is a live link, which will pull an updated list in real-time.
2020 has been a crazy year so far, and we have noticed a few trends in the real estate market. A few significant things are going on that seem to be influencing buyer motivations.
First, many people have put off buying a dream home for the family. Possibly with the stock market so productive, it may have been tough to decide to pull money out. With the pandemic and the turbulent stock market, many people have decided why wait any longer. Why not buy that dream home now and not lose out on precious family time.
Second, the work at home lifestyle driven by the pandemic has proven that many people can work from anywhere. There is no need to commute to the city and gather in a small office. With this "new-normal" working opportunity, people seek to reside in a community that offers an outdoor, healthy, recreation focused lifestyle.
And third, they want to escape the high population cities and avoid communities where the virus can quickly spread through crowded streets, subways, trains, buses, etc. Seen as a refuge, the open-air environment and outdoor focused mountain towns in the West have all been reporting an increased level of interest.
While we cannot predict the months to come, it has been interesting to see these trends unfold. If you have questions or would like to discuss the market in more detail, please give us a call.
Sean Matyja - Realtor® / Associate Broker
Mobile: (435) 901-2158 | Email: email@example.com