Park City Real Estate Today-How Has COVID-19 Impacted the Real Estate Market

Many people are wondering how the COVID-19 pandemic has impacted the real estate market in Park City. Some are Sellers wanting to know if it’s a good time to list, some are buyers wondering if now is the time to finally make the purchase of their dreams. I want you to know that I am committed to being of service to my clients and prospects in any way needed by providing experience, expertise and tools to assist in navigating the Park City real estate market during this challenging time. That is what I will do. What I won’t do is speculate. 

Based on the premise of facts, navigation and no speculation, here is what I know:

Since the pandemic impacted Park City in mid-March, I personally have closed 3 properties; put a property under contract representing a buyer; and am entering a multiple offer situation on one of my listings. I have several buyers still in the hunt to purchase, taking advantage of low interest rates and the basic need for a home. I have several clients who left their primary residences in a big city and escaped to the mountains to self-quarantine in their second homes in Park City. 

Overall, my personal business volume is down and so is the Park City market in general. But the market is not dead. And why is the Park City real estate market not dead? Because real estate is one of the three basic human needs. Food, shelter and clothing. Despite what is happening in the world, people need a place to live. And where do they want to live? In the mountains and rural areas. I’m not speculating. Searches for property in the mountains and rural areas on Sotheby’s International Realty website have skyrocketed. 

The chart above shows the Park City real estate market comparing March of 2019 to March of 2020, for single family homes in the 84060-zip code. As you can see, our active listings and new inventory is down quite a bit. Sellers, there is less competition right now. That is a fact. The buyers that are present are more serious about a purchase. There will be fewer showings but each showing will be more meaningful, even if it is a virtual showing.  Sellers and Buyers, take a look at the % of ask received. 97.7%. That means sellers received 97.7% of list price. Sure, there are buyers out there who may want to put in a low offer because of the state of the world, but the fact is, the market is showing that sellers are still getting close to list price. Sellers, now is not the time to test the market and price too high from the start. 

The chart above is also for single family homes in Park City zip code 84060. This is a snapshot of the March 2020 market. I am very interested to see what happens in the coming months. But you must keep in mind, if it weren’t for COVID-19, the ski lifts would have just closed this past Sunday, 4/12/20. We would normally be in our slow shoulder season for the rest of the month of April and first part of May. Sales would start to normally increase starting mid-May.

I am able to keep you posted on Park City real estate market information. Please let me know if there is a particular neighborhood you would like information for. I have the ability to provide market information in specific neighborhoods.

The bottom line is, the Park City real estate market has slowed but is not dead. Sellers have less competition, buyers need a place to live and interest rates are excellent. I am happy to help you navigate the Park City real estate market to help you make the best choices possible.