April 2020: Real Estate Market Update Pre-Pandemic

Posted by Kathryn Vallee on Sunday, April 12th, 2020 at 8:52am.

April 2020: Real Estate Market Update Pre-Pandemic

Summit County, Utah

Park City Board of REALTORS® Multiple Listing Service, reported a strong end to our last quarter in 2019, the overall year-over-year housing statistics for Summit and Wasatch Counties continued to show strong appreciation with increases in both average and median sale price as well as dollar volume. Pre COVID19, 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. The strongest single-family price gains appeared in the fast growing Jordanelle area to the southeast of the Park City metro area, south of State Rd 32, and in the Tuhaye/Hideout area on the east side of the Jordanelle Reservoir.

The Park City 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%.

COVID19 - Pandemic "HIT"

SAFETY FIRST!

Park City real estate is still functioning the midst of the COVID19 health crisis, but with limitations. The transactions have slowed...but we are still in business. Which is Fantastic news! There will always be buyers and sellers in the real estate market place. So we need to shift our approach when buying or selling. We have shifted to working virtually with showing requests using 3-D home tours, videos, and face-time. We utilize social media platforms such as Facebook live for open homes and breaking news. The virtual technology will be the game changer going forward as many buyers, sellers, and agent adapt to the new way of doing business. Looking forward into what the real estate market might look like, China’s real estate market is now back to pre-pandemic statistics. The current real estate slow down has “COVID19”…this is not a housing crisis.

Let’s hear what Stephanie Anton with "Luxury Real Estate Portfolio" has to say!

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!

FIND OUT NOW

Leave a Comment

Format example: you@domain.com
Format example: yourwebsitename.com