The latest numbers are here, and as you will see below in this Market Snapshot, the second quarter market stats are outstanding. Given that our market came to a halt with very little activity last April and May during the pandemic shutdown and sprung back to life in early June of last year, this is not surprising.
The meteoric rise in home sales and price increases that characterized our local market in the latter half of 2020 continued undeterred into the second quarter of 2021. Prices showed strong appreciation with increases in both average and median prices as well as dollar volume, as reported by the Park City Multiple Listing Service (MLS).
ACTIVE LISTING INVENTORY Residential Properties & Land - Park City MLS - as of July 16, 2021
Before August 2020, inventory had dropped below 1,800 units only five times in the past eight years (highlighted in blue), from December 2017 through April 2018. The lowest point during that five-month stretch was 1,715 in December 2017.
On Friday April 30, there were only 643 active listings in our market area. This is the lowest number of listings at the end of a month in the last eight years, and 63% lower than the previous record. Inventory has once again gone down during the week ending July 16th, which is only the second weekly drop in the past nine weeks. However, looking at the historical chart of month-to-month changes in inventory, the market is following the seasonal norm. July is the start of the summer cool-down, and we’re seeing it across the board in all property types despite the heat wave outside!
Source: Bob Bemis, PCMLS Weekly Activity Report
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12 Month Rolling Year-Over-Year | July 2019 - June 2020 vs July 2020 - June 2021
Single-Family Homes
Condominiums
Vacant Land
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With inventory at record lows, this might be the ideal time to bring your property to market. As you can see from the data, median pricing has increased dramatically in just about every sector. A strong come-to-market strategy still requires that homeowners declutter, consider professional staging, spruce up landscaping to add color, and make high-return repairs to drive greater market appeal. Sellers often can negotiate lease-backs, so if you're concerned about securing your replacement property, this strategy may make sense for you.
If you're a buyer, it's not at all uncommon for us to go digging for off market properties if we can't locate that ideal property from those currently listed. Please reach out to discuss your goals and timing, so we can formulate an appropriate strategy.
Look for the complete Market Pulse Report: 2nd QUARTER 2021 in your inbox in a couple of weeks!
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