The Impact Of Coronavirus on Park City Housing Market: Three Tips For Sellers

Posted by Kathryn Vallee on Friday, March 13th, 2020 at 3:40pm.

Quick Summary:

"Park City Fourth Quarter Real Estate Market"

Park City Real Estate for the fourth quarter of 2019 continued to show strong appreciation with increases in both average and median sale price as well as dollar volume as re-ported by the Park City Board of REALTORS® Multiple Listing Service.

The greater 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.

Condominium sales exploded in fourth quarter increasing 24% in units sold (966 vs 777 sold in 2018) with a solid median price gain of 7%. Vacant land sales did not fare as well with sales down 25% due to a shrinking inventory of available lots. Median prices for vacant lots were steady gaining just 2% over last year.

Coronavirus 

The impact on the Park City, Utah real estate market is yet to be seen. But, since the Coronavirus (COVID-19) we are bombarded with news and it's effect on the global economy. No doubt this will impact all of us.  

Whether you’re buying or selling a home, finding an educated real estate professional whom you can trust. Remember that buying or selling a house is one of the biggest financial decisions you will make. When maneuvering through a new market like the one we are about to witness, hire a trusted-seasoned agent. Hire an experienced agent that successfully negotiated transaction in 2008 and 2009. If you want an expert, don’t be afraid to set the bar high.  

 

Selling Tip 1

If Selling a home: It's time to start to register every person who is coming into your home. I believe this should be standard practice going forward. To include open houses. 

Selling Tip 2

Take the extra precaution to wipe everything down after a showing. The CDC recommends everyday preventive actions, including disinfecting areas that are frequently touched ie: surfaces such as doorknobs and counters. 

Selling Tip 3

Hire a full-time agent with a robust marketing plan and with transaction support to make sure home sales don’t miss a beat. Communication is key to ensure you understand the process and have you questions carefully answered without adding any stress to the mix.

Did you know? 

We offer far more than just a pretty Park City real estate website! We can provide you COMPLETE market evaluations for your home, take you on a VIRTUAL walkthrough of any property, and even offer assistance with special circumstances (divorce, estates & probate, 1031 tax exchanges, trusts and other more complicated real estate transactions) where needed. We have the experience to make your real estate vision a reality. Call us today for a consultation. We are happy to assist you!

 

How Much is Your Home Worth??

Whether you are thinking of selling now or some point in the future, you can ALWAYS check your homes value with us! We prepare a professional market analysis with no cost or obligation to any home or condo owner in the Park City area. Automated Valuation tools are notoriously innaccurate in our area. Let us provide you with the information you need!

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