Park City Real Estate Market Report

Posted by Derrik Carlson on Thursday, June 25th, 2020 at 6:20pm

Derrik Carlson's Market Updates for Park City & Deer Valley Real Estate Trends - 2020

This Park City market trend report has been continually updated throughout COVID-19.  Dates reflect 12/31/2019 to 7/1/2020.

Park City Market Update & Trends for 2020Key points for Park City Real Estate Trend:

  • Pending listings are up 30% this past week vs the same time last year.  
  • This past week we were down 3 new listings vs 2019. 
  • Closed properties have caught up with the pending listings.  In 2019 there were 39 closings in the week of 6/7 through 6/23.  In that same timeframe this year, there were 41 closings. 
  • Park City was noted as one of the towns where people are going to escape the big city. 
  • Personally, June has been the busiest I've ever been with buyers in town - July looks to be very promising as well.  The most popular properties appear to be single-family homes from $1,500,000 to $3,000,000 that will be used as second homes or primary residences. 
  • Golf properties in the Park City Area seem to be incredibly popular right now. 
  • The luxury market is extremely active!  The number of under $6,000,000+ homes under contract more than doubled in June. 

Park City Ski Resorts - Open Date for Summer 2020

Deer Valley Open for 2020:  Lift-served activities are open from 10 a.m. to 5 p.m., daily through September 7, then Saturdays and Sundays only through September 20, 2020.

Park City Mountain will open for summer operations on July 2: 

  • Alpine Slide Mountain Coaster,
    Payday Lift: Scenic Rides and Hiking, Alpine Slide Access
    Crescent Lift: Bike Haul, Scenic Rides and Hiking Jupiter
    Grab ‘n Go DiningLegacy Sports: Retail Sales and Bike Rental + Canyons Golf.

Park City Real Estate Trends During COVID in Graphs:

Graphs of Park City Real Estate | New Under Contracts, New Listings, & # of Sold Per Week

 

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

Search Park City Luxury Homes for Sale

Luxury real estate update on June 1st Update for May 2020

Update 6/1/2020: The market up to $3,000,000 is functioning normally for this time of year.  Properties over $3,000,000 are lagging with out of state buyers not coming to Park City quite yet.  June & July will be busy months as potential buyers are able to vacation in Park City.  We are now seeing some closings from sellers that were eager to sell at the height of coronavirus and I suspect they have sellers remorse.  Riches tend to follow the bold buyers in Park City.  Sellers and buyers are still high on the future of Park City real estate.  

Price Range Active Pend 12 Mo Sold Sales/Mo Mo. of Supply
$1m to $2m 172 56 346 28.8 6.0
$2m to $3m 81 29 146 12.2 6.7
$3m to $4m 66 26 66 5.5 12.0
$4m to $5m 51 7 21 1.8 29.1
$5m to $6m 27 0 7 0.6 46.3
$6m+ 48 5 21 1.8 27.4

Luxury Update: Completed July 1st, for June 2020

Update 7/1/2020: The Park City luxury real estate market is coming out of the COVID downturn with force.  New pending sales have increased in every pricepoint and are dramatic in percentages of increase, aside from the $2,000,000 to $3,000,000 price range.  With new listings coming on the market the months of supply is relatively the same for all categories. 

Price Range Active Pend 12 Mo Sold Sales/Mo Mo. of Supply
$1m to $2m 173 81 342 28.5 6.1
$2m to $3m 85 58 147 12.3 6.9
$3m to $4m 75 29 68 5.7 13.2
$4m to $5m 51 12 23 1.9 26.6
$5m to $6m 28 3 7 0.6 48.0
$6m+ 51 11 21 1.8 29.1


Park City Real Estate Trends During COVID-19

July 1st Update for June 2020

Wearing a mask while showing Park City real estate during COVIDThe Park City real estate market has been affected by the Coronavirus but we are starting to return to normal.  If it weren't for people wearing masks, life would feel 95% normal with a typical shoulder season between the ski resorts closing for the seasons and waiting for the muddy trails to dry up.  We are in unique times where real estate occupations such as Realtors, builders, inspectors, and title companies were deemed essential and people have continued to buy and sell property in the Park City area.  What wasn't deemed essential was keeping the ski resorts open and potential buyers traveling to Park City.  Approximately half of the properties in Park City, Utah are second homes - when fifty-percent of buyers are taken away you would expect sales to almost completely dry up within forty-five days.  That has not happened and our new under contract numbers for the past four weeks have been right in line with 2019.  

As you can see in the charts and data below, by week 13 of the Coronavirus / COVID-19 new under contracts had dropped by forty to sixty percent of what they were in 2019.  Now, it feels like everyone has had enough of being locked down and the pending sales for 2020 are falling right back in line where they would be typically.  

A Bit of My Perspective: 

I've been on the phone talking to as many people as possible that were once interested in buying real estate in Park City.  What I've come to realize is that the Coronavirus has amplified life goals to help people finally decide to purchase a vacation property, pull up their roots and move here, or go in another direction - there are very few people on the fence.  It has been incredible to hear how different this experience has been in different areas of the country.  People that live in the populated areas of New York, Califonia, New Jersey, and Illinois areas are anxious to move to a slower and possibly safer way of life.  If Park City can catch just a fraction of buyers moving out of these areas I suspect prices will remain strong and possibly even push up for primary residence type properties.  It's yet to be seen how luxury real estate will react to the economic slowdown/shutoff.  Smaller properties that are used as investment properties could be affected the most if there are issues with the ski resorts opening up to full capacity.  

Update 6/1/2020: How's the Luxury Market Functioning During COVID-19?

I was curious how our luxury market is functioning, considering many of the buyers for luxury properties are trapped out of state and not yet flying.  Personally, my June and July are shaping up quite nicely for buyers coming into town in the $2,000,000 range to $3,000,000.   June and July will be telling for the $3,000,000+ market and the direction it's going. 

Below is a quick look at the market over $1,000,000 in Park City, Utah.  The data below reviews the timeline from June 1st, 2019 until June 1st, 2020. 

Price Range Active Pending Sold Past 12 mo Sales/Mo Months of Supply
$1m to $2m 172 56 346 28.8 6.0
$2m to $3m 81 29 146 12.2 6.7
$3m to $4m 66 26 66 5.5 12.0
$4m to $5m 51 7 21 1.8 29.1
$5m to $6m 27 0 7 0.6 46.3
$6m+ 48 5* 21 1.8 27.4

*The five properties that are pending over $6,000,000 are all new construction.  

Where is the market heading?

The conversations I've had lead me to believe that there is a strong appetite for Park City properties from $1,000,000 to $3,500,000.  In Park City, buyers don't have to buy, sellers don't have to sell, but everyone wants to be here - that's the truth!  About half of the properties that have been purchased in Park City over the past decade have been 100% cash transaction so many of our sellers don't have a debt obligation to unload if the economy doesn't bounce back quickly.  Many of my clients are small business owners, CEO's, hedge fund managers, or retirees they have strong assets so they won't need to liquidate their property to stay alive - we live in a unique semi-protected bubble here.  I think we're going to have to wait this out a bit longer to see how the economy restarts to get a good feeling on the overall feeling of the long term direction of Park City real estate values. 

Park City Real Estate Data During Coronavirus:

Below are charts and graphs that compare the same timelines of 2019 to COVID-19 2020.  When the stock market was falling there were real estate "experts" telling real estate agents to buckle down for a big downturn and slowdown of the real estate market in America - now they are saying to get ready for a mini-boom with buyers ready to make huge changes in their life.  The past four weeks of pending sales are telling on how people feel about Park City real estate.  Let's get into the data of the Park City Real Estate Market Report. 

New Listings By Week:

The number of transactions bottomed out in weeks 15 and 16.  Since week 17, late April, we have seen the market become more active with new listings.  Hope has been high that we'll make it out of this bumped and bruised rather than scarred.  The upward trend reversed in week 19 as new listings dropped by 20% but week 20 more than made up for the difference by nearly doubling the previous week.  Week 20 is the highest number of new listings in this timeframe of 2019 and 2020.  The market is starting to react to relaxing coronavirus restrictions.  

 

Update 5/28/2020:  

  • We had a decrease of 15 new listings compared to this time last year, 104 in 2019  down to 89 in 2020.   
  • Pending listings were up four by properties, 54 to 48.  This statistic is incredibly surprising to me since many out of state buyers still can't make it to Park City to view real estate for sale. 
  • Lastly, new sales are down 33 properties because of the lockdown.  We went from 52 in 2019 to 19 in 2020, down 33, but with the pending listings being in line with last year we should be over the worst of the lockdown.  

Update 6/4/2020: 

  • There were 54 new listings compared to 65 in 2019 - Down 11 New Listings. 
  • Pending sales were 55 this week compared to 35 in 2019 - Up 20 for Pended Listings.
  • Closings are still down because of the lockdown - this week we had 17 closings compared to 61 last year.  Closings are down by 44 - OUCH! 

Update 6/17/2020: 

  • Updated Graphs Above
  • You would think New Listings would be up more with how many sellers pulled their homes off of the market but they still seem to be in line with last year.  
  • New Under Contracts are substantially higher in the past few weeks.  I've been fortunate enough to add a few new pending sales. 
  • We're starting to see the 2020 sales be more in line with 2019. 
  • Since April 20th, 2020 has outpaced 2019 under contracts by 98 total properties. 

Update 6/25/2020: 

  • Under contracts are higher than they were in 2019 a trend we have seen for the past four weeks and seven of the previous eight weeks.  The overall dollar volume is up 30% from the same time last year.  This could be that the buyers of Park City are looking to move to Park City full time or second homes more than condominiums. 
  • New Listings for this week vs the same week last year are very similar.  Total inventory, which includes all property types, is slightly down this week at 2,030 properties.  The most recent peak was in October 2019 with 2,057 properties. 
  • The Park City Board of Realtors has been able to track the number of showings by our lockbox openings.  Showings are up this past week as well.  

New Pending (In Escrow) & Sold Properties:

In weeks 13-15, March 2020, the number of pending sales was dramatically less than in 2019.  Since week 15 we have seen an upward trend in pending listings where 2020 has outpaced 2019 three of the last four weeks.  The most recent week had one fewer pending sale than in 2019 - this could possibly be the best leading indicator of the direction of the Park City real estate market.  

By Mid June the total Inventory is up 12% at 2,030 listings (all types), the highest it’s been since October ’19 (2,057).

Properties sold in the Park City MLS are trailing pending sales by thirty to forty-five days.  Realtors are busy but I'm never too busy to help.  Please contact me if you are interested in previewing Park City real estate. 

Data for Pending Property Sales on the Park City MLS for 2019 vs 2020 During the Same Timeframe. 

Wk Pend 2019 Pend 2020   Δ   Sold 2019 Sold 2020   Δ
1 25 24 -1   15 10 -5
2 22 42 20   23 60 37
3 33 47 14   32 38 6
4 40 59 19   21 33 12
5 81 44 -37   38 29 -9
6 64 34 -30   24 36 12
7 46 35 -11   35 32 -3
8 55 49 -6   27 39 12
9 44 42 -2   59 32 -27
10 47 49 2   32 37 5
11 53 42 -11   40 27 -13
12 48 30 -18   32 29 -3
13 40 20 -20   38 26 -12
14 48 21 -27   38 44 6
15 46 19 -27   43 30 -13
16 51 27 -24   49 28 -21
17 34 35 1   40 19 -21
18 37 41 4   51 18 -33
19 42 44 2   31 21 -10
20 56 55 -1   51 21 -30
21 54 61 7   52 19 -33
22 35 56 21   61 19 -42
23 34 61 27   33 30 -3
24 45 82 37   46 35 -11
  1080 1019 -61   911 712 -199


Timeline of Coronavirus: Data for this report was collected at Noon on Wednesday, June 25, and may not reflect all transactions for the latest measured week. PCMLS participants have five business days in which to report status changes, so the deadline for changes through Sunday, May 17 to be reported would be Friday, May 22. The numbers for earlier weeks may change from previous reports as late changes are entered into the MLS despite the five business day requirement. **Comments are the personal observations of Derrik Carlson and do not reflect the opinions of the Park City Board of Realtors. 

Timeline of COVID and Park City Real Estate

This has been a less than exciting ride if you remember all the way back to late December 2019 - it seems just a few days ago but at the same time, an eternity. 

Week Park City Real Estate & COVID Timeline
Week 1: The World first starts to hear about COVID
Week 2: 1/11 - First Death in China
Week 3: 1/20 - First Confirmed Case Outside of China
Week 4:
Week 5: 1/30 - WHO Declares Global Emergency
Week 6: 2/5 - Cruise Ship Quarantined in Japan
Week 7: 2/12 - Virus Named Coronavirus
Week 8: 2/2324 - Italy & Iran break out
Week 9: 2/29 - First USA Death
Week 10: 3/6 - First Utah Case Confirmed
Week 11: 3/13 - USA Declares National Emergency
Week 12: 3/18 - Open Door & Redfin Suspend iBuying
Week 13: 3/25 - Park City Issues Stay at Home Order
Week 14: 3/31 - Wasatch County Issues Stay at Home
Week 15: Stay Safe - Stay Home Continues
Week 16:
Week 17:
Week 18: 5/1 - Park City Soft Re-Opening Begins
Week 19: Move Into Orange Stabilization Phase
Week 20: Parts of Utah Lower to Yellow Phase
Week 21: Summit & Wasatch Reopen Partially
Week 22: New COVID Cases in Summit = 10 | The World Starts to Riot/Protest
Week 23: New COVID Cases in Summit = 19
Week 24: New COVID Cases in Summit = 15
Week 25: New COVID Cases in Summit = 16


     Total Active Residential Listings in Park City = 1,225 as of 6/19/2020

 

* Originally posted on Thursday, May 21, 2020.  This page has been continually updated and the most recent update was 6/25/2020. 

 

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