Park City MLS - Activity Report

Through Sunday, October 25, 2020

 

We're working to provide you up-to-date information in this ever changing landscape we've found ourselves in. The below is a weekly snapshot of market activity of Park City real estate.

Data provided by the Park City Board of Realtors

 

Despite the best listing week of the year, inventory levels dropped even lower as Pending Sales immediately absorbed the influx of new listings.

There has only been a 4% increase in listings taken in 2020 vs. 2019. While there has been a 38% increase in Pending Sales as consumer demand far exceeds supply.

There has never been a better time to list a property in the Wasatch Back. Well priced, expertly staged properties will be viewed as compelling values by buyers as our prices continue to rise. Prices in our market are also well below many other similar mountain town markets. There is a high probability there will be multiple buyer’s waiting to make offers on the home.

Currently there are more buyers than sellers in our market. Many local buyers are upgrading or downsizing due to low interest rates and the activity in the market which is creating opportunities previously unavailable to them. Out of state buyers are coming to the WB in droves because of our great economy, safe communities, great schools and our active lifestyle.

You can’t blame home owners for not wanting to leave this beautiful community we call home!

New Listings

A surprising uptick in new listings show there have been 200 more listings. Year to Date in 2020 than in 2019. New Listings have exceeded 2019 numbers in 16 of the past 17 weeks. Although we have had 200 more listings than last year, inventory is still critically low.

Pending Listings

Pending Listings have exceeded 2019 numbers in 25 of the past 27 weeks. YTD nearly 1,000 more homes have Pended than last year. This 7% increase in new listings are being immediately absorbed by strong consumer demand as Pending Sales are up 47%. Listing inventory is at the lowest levels in 8 years. Listings that are priced well, expertly maintained and updated are selling at a premium as demand out paces demand. Pended transactions are closing at a record pace as consumers vie for the best listings.

Closed Sales

Sold Listings have exceeded 2019 numbers in 19 of the past 21 weeks. YTD nearly 300 more homes have sold than last year. With the sheer number of transactions Buyers and Sellers have their equity available to downsize or upsize to fit their family’s needs. Buyer’s we are seeing enter the market continue to come from crowded cities looking for larger homes, open spaces, and healthy lifestyles which the Wasatch Back offers in our diverse communities.