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 contract
- March: 572 new listings, 177 under contract
- April: 124 new listings, 45 under contract (as of April 20, 2020)
How Much Is The Park City Area Real Estate Market Increasing or Decreasing?
Looking at the months of inventory is a great way to analyze where the market might be headed. Is it shifting? Typically, price changes will lag from six to 12 months behind market statistics. A quick way to access the potential changes in a real estate market is to look at the months of inventory on the market and a price-per-square foot analysis based upon pre-COVID19 home prices and post-COVID19 home prices.
Pre-COVID19 Market Key Points:
1. The number of single family homes sold from this time last year increased 4 percent.
2. In Park City proper area, the quarterly sales stats for the period ending March 31, 2020 for single family homes show 161 days on market which decreased 11 percent from this same time as last year. The average days on market or time to get an offer for a home currently for sale in Summit and Wasatch County is 136 days. Up 4 percent from March 2019.
3. For properties priced under $772,000 we have less than a 2 months supply of inventory. This still remains a sellers market. When the price jumps over $772,500 the month of inventory increases to 10 months (a buyers market).
4. The Median price for a single family home sold in Summit and Wasatch County and pre-COVID19 was $940,828. Up 5 percent from March 2019. For Park City proper the median price for a single family home was $1,950,000 which decreased 10 percent from March 2019. In the Snderville Basin area. the median price was $1,250,000 for a single family home which decreased 1 percent.
5. Jordanelle has shown a significant increase in the number of sales. In fact, an increase of 70 percent from March 2019. There are currently 20 new developments entering the real estate market in the next two years.
