Park City Real Estate Blog

With Park City Home Values Surging, Is it Still Affordable to Buy Right Now?

 November 2020

 

Park City Housing inventory is at an all-time low. Realtor.com just reported that there are 39% fewer homes for sale today than there were last year. At the same time, buyer demand remains strong. In a recent newsletter, research analyst Ivy Zelman explained:

“Although the headwind of severe supply constraints in most markets has contributed to slight moderation in seasonally-adjusted and year-over-year new pending contract growth for two consecutive months (albeit still growing strongly), the underlying strength of buyer demand, particularly for this time of year, remains apparent.”

Whenever there’s a shortage in the supply of an item that’s

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Park City Real Estate Market Update November 2020

In Park City and across the country, is the urban exodus away from compact city centers into more suburban, even rural, areas as many find working from home removes the restriction to have home close to work. 

What do Park City agents see coming in the next three to six months?

Multiple offers on many listings are driving prices higher. We are setting new all-time high sales prices in some markets, even when the individual properties are not that special or different. Buyers are driving the market.

  • Buyers coming to Park City from larger and higher priced cities (NYC, San Francisco) are not daunted by PC prices which are often lower than what they are used to.  The report below compares
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Powder Mountain New Development In Partnership With Summit Sotheby's

Breaking News: Summit Powder Mountain in Eden, Utah

A luxury Ski Resort just 60 miles North Of Salt Lake City has been a local secret ski destination for years, "A Hidden Secret". Summit Powder Mountain, a 10,000-acre ski development in Eden, Utah, has partnered with Summit Sotheby's International Realty to represent the real estate development slated for 2,300 residences. On the plans are a 1,500 hotel rooms, retail and event space boasting the best in adventure, architecture and community at one of the top ski resorts in the country: Powder Mountain. Investors include billionaire Richard Branson and Ken Howery, co-founder of PayPal. Netflix Chief Executive and Co-founder Reed

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Some Highlights

  • According to CoreLogic, homeowners across the country are gaining significant Equity
  • Over the past year, the average homeowner gained $9,800 in equity, growing their overall net worth.
  • If you’re ready to sell your house and begin looking for your dream home, let’s connect to plan how your equity can make that possible.

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This home is a must see as the perfect year-round residence or family get-away for the upcoming holidays and ski season!

From the moment you enter this natural beauty to the time you make it yours, you’ll marvel at the many ways the earth’s natural materials have been introduced in this purely rustic, yet incredibly lavish home! Massive wood beams and posts abound; stunning and shining reclaimed wooden floors everywhere; a tongue-and-groove ceiling, reminiscent of old world artisan craftsmanship; ancient stone nuances, soaring windows throughout that beckon strong natural light as well as the starry, darker hues of night, all work beautifully together to energize, comfort and serve you well! All you have to do is move in to this fully furnished

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Housing Market Positioned to Bring Back the Economy

Housing Market Positioned to Bring Back the Economy | Kathryn Vallee

In Park City, it has been since March 9, 2020 since the stay-at-home orders and social distancing measures began. As for the United States, it has been 8-12 weeks since the first stay-at-home orders were announced for many states amid the coronavirus pandemic. For several weeks now,  I have had many conversations about the Park City and the real estate market in general. There is apprehension about the future and  "The American economy" and "The world economy".

All eyes look toward the future.

 

Many states are beginning to reopen, the question becomes "Is The Housing Market Positioned To Bring Back The

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What The Experts Have To Say About "The Coming Housing Market"

May 14, 2020

Lawrence Yun, NAR’s chief economist, said. “Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the stability that comes with these locked-in monthly payments into future years.”

The National Association of Realtor conducted a survey between May 3 - 4, 2020, asking members in the latest Economic Pulse Flash Survey; how the coronavirus outbreak has impacted the residential and commercial real estate markets. Here are the highlights of the survey:

  • Five percent of Realtors said their clients are shifting neighborhood preferences from urban areas to suburban areas due to COVID-19.
  • About one in eight Realtors – 13% – said buyers
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Park City April 2020 Real Estate Market Report: 

Weekly Trends Report Ending May 2, 2020 to May 9, 2020

We started to see the impact of COVID19 on the real estate market for both Summit and Wasatch counties as the first quarter of 2020 drew to a close, President Trump declared the Covid-19 pandemic a national emergency on Friday, February 29, 2020; the first time such a declaration has been issued over an infectious disease outbreak since the H1N1 influenza pandemic of 2009.

Is the Park City Housing Market In Trouble?

For those who remember 2008, it’s logical to ask that question. Today, we face a very different challenge: an external health crisis that has caused a pause in much of the economy and a major shutdown of many parts of the

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BREAKING NEWS:

Summit County, Utah 

The following requirements have just been issued by Summit County effective May 1, 2020.

Real Estate Activities

Summit County continues to ban open houses and therefore no property showings should take place in Summit County without an appointment.

• Realtors, clients, or other related real estate services are to travel in separate vehicles to any real estate related service or transaction.

• Real estate offices will be managed so that it can only be open to the agents/employees or clientele of an agent that are a part of that office. Office occupancy will be limited and managed so that no more than (ten) 10 individuals will be in the office at any one time. Any client meetings in offices and

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Park City Home Prices In A Post-COVID Market

Where is the real estate market headed when comparing pre-COVID19 market to post COVID19 market?

Before COVID19 Park City was in a strong real estate market facing a serious inventory shortage. The Park City Multiple listing statistics illustrate how quickly new inventory was absorbed.  When we look at the number of under contract properties for April through the week of April 20th we see that the number has decreased. 

Here’s what he found for the entire Multiple listing service to include Park City and Wasatch County residential real estate. For April 20, 2020 there were 1483 properties for sale, this is the lowest number going back to November 2019. 

  • February: 284 new listings, 209 under
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