Carlson's Market Updates for Park City & Deer Valley Real Estate: 2020

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Real Estate Agent with KW Park City Keller Williams Real Estate Real Estate In Park City

This Park City market trend report has been continually updated throughout COVID-19.  Dates reflect 12/31/2019 to 8/1/2020.

Author: Derrik Carlson
Park City Realtor
Original Article: RealEstateInParkCity.com/Market-Update-2020

Key points: Updated 8/1/2020

  • Park City listings pulled back during the deepest depths of COVID.  By May 2020 the real estate market was functioning very similar to 2019.  Over the past few weeks, the market has been moving very quickly in all price ranges.
  • New listings have been slow to come on the market and are down 9.5% since last year.
  • Pended listings, also known as under contract or in escrow, are up nearly 15%
  • 2020 sales are down 11% in totality but with pended listings being strong we expect that gap to narrow.
  • Park City has been noted as one of the towns where people are going to escape the big city. 
  • July was an incredibly successful month for me.  While many buyers are starting to understand the market several buyers have put in offers on their first trip & some have made offers after seeing a property on video.  I've shown 20+ different groups of buyers property this month which about three times more than normal for this time of year. 
  • When we look back at home and condo sales at the end of the year we won't be able to tell we had a COVID-19 slowdown.
  • Golf properties in the Park City Area and The Canyons Village are incredibly hot right now.  
  • The Park City luxury home market is extremely active!  There are 20 properties that were listed at $6,000,000+ under contract, nearly double from last month.  That's nearly a year's worth of sales for the upper high-end range. 

Park City Real Estate Trends During COVID in Graphs:

Below you can review three graphs of New Real Estate Listings in Park City, a chart of how many properties have gone under contract, and the number of closings. 

The blue line on the graph is 2019 while the red lines are 2020. 

Market Updates with Graphs 2019 vs 2020

 

Top Park City Realtor

Derrik Carlson RealtorContact me if you are searching for a Park City Realtor that knows and understand the ends and outs of local real estate.  My mission is to provide top quality service for individual clients and customers.  My wife and I have developed this website to provide as much information as possible when buying or selling real estate in Park City, Utah

Local Luxury Real Estate Market Update - $1,000,000 to $6,000,000 +

Search Park City Luxury Homes for Sale

Luxury Statistics for Park City Real Estate on August 1, 2020

Luxury homes and condos in the Park City market have really increased over the past thirty days.  From time to time new construction properties will not be reflected in these numbers since they were never on the Park City MLS.  For instance, I have a buyer that went under contract in the new Pendry Residences that was not reported. 

Price Range

Active

Pend

12 Mo Sold

Sales/Mo

Mo. of Supply

$1m to $2m

160

95

346

28.8

5.5

$2m to $3m

77

71

157

13.1

5.9

$3m to $4m

75

42

71

5.9

12.7

$4m to $5m

48

18

25

2.1

23.04

$5m to $6m

26

4

9

0.8

34.7

$6m+

50

18

26

2.2

23.1

(Previous graphs may be found in the historical information below)

 

Park City Real Estate Trends During COVID-19

August 1st Update for July 2020

The market feels like it is on fire right now.  Pending contracts (homes going under contract) of 2020 have outpaced last year for the fourteenth consecutive week.  New listings and homes going under contract show the direction of the market and a leading indicator of supply and demand.  We are in a seller's market with more than twice as many properties going under contract this past week when compared to 2019.  Since the worst of COVID in April pended sales are up 55% this year. 

Although sales dipped this past week we expect to see an increase from the end of the month closings.  Total closings for the past six weeks are up 23% vs last year.  Nationally home sales are expected to increase by 4.3% in 2020. 

Where is the Park City real estate market heading? 

When the East Coast (New York, New Jersey, etc) opens up I expect to see another batch of home buyers coming into town.  For the most part, people that are considering moving to Park City are trying to escape the big city or big taxes of other states.  Several clients are planning on moving to Park City for six months and one day to establish residency in Utah and have a higher quality of life.  

Mortgage rates are so incredibly low that affordability seems to be higher this year than last.  Buyers who would typically pay cash for a property are considering financing.  Out of the 137 reported closings for last month, 79 (57.66%) used financing.  The financing vs cash ratio is usually around 50%.  It appears there is a little arbitrage if you can buy a property with a rate lower than 3% and appreciation is projected at 4%.

 

Continue reading for more historical data. 

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