Park City April 2020 Real Estate Market Report

Posted by Kathryn Vallee on Tuesday, May 12th, 2020 at 1:44am.

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 country. 

According to Lawrence Yun, Chief Economist at NAR, home prices are forecasted to rise. Results from the Existing Home Sales Report note that home sales declined in March due to the coronavirus, but prices are still strong. The Home prices in Park City remain strong, home sellers have equity and are in no hurry to reduce their price.

Looking Back

New listings began their precipitous drop the week before, from a peak of 79 in the week ending March 8 to just 28 by the week ending April 14. Pending sales followed a similar trajectory, peaking at 49 and dropping to 15 in the same period. Closings, which lag Active and Pending by weeks, held fairly steady throughout the quarter but will now be expected to drop as fewer contracts are in the pipeline awaiting closure.

Single Family Homes: Park City Area and Snyderville Basin Area

Condominiums and Townhomes: Park City Area and Snyderville Basin Area

Lack Of Inventory

One of the causes of the housing crash in 2008 was an oversupply of homes for sale. Today, we don’t have enough homes on the market for the number of people who want to buy them. Across the country, we have less than 6 months of inventory, an undersupply of homes available for interested buyers. Park City is no different. We have lack of sales due to low inventory.

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