Everyone knew that the 3rd quarter statistics would be extremely telling, and they did not disappoint. The latest stats revealed the most active 3rd quarter in over 15 years! In short, the "urban exodus" fueled the strongest seller's market seen in the Wasatch Back. The lowest interest rates in over 50 years have also added additional impetus, and inventory levels are now at an 8-year low as more people look to move to our wonderful mountain communities.
As the pandemic stretches on, there is heightened awareness that both "work from home" and "home schooling" in a variety of forms can be in harmony, given the right property choice. And outdoor gathering spaces have never been as important to consumers. So for homeowners who are thinking of selling, this is an outstanding market for a property with the right amenities.
ACTIVE LISTING INVENTORY Residential Properties & Land - Park City MLS
PENDING LISTINGS
Residential Properties & Land - Park City MLS
Pending contracts hit parity with 2019 the week of April 26. They tracked in unison for five weeks. Then pent up buyer demand exploded. For the eleventh week in a row, more than 100 contracts were written per week. The last week in September nearly TRIPLED last year’s number (124 vs. 47). Pendings (homes going under contract) are perhaps the best leading indicator of market demand from the buyer side. In the five months since the end of April, pending units have totaled 2,127. Compared to 2019, that is an 82% increase in pending units year over year.
If you have any thoughts of selling, there couldn't be a better time if you are willing to prepare and price your home for today's market. Today's buyers are demanding certain features for COVID living, namely multiple home offices and flex spaces for home schooling. Buyers are eagerly seeking homes with these specific amenities, but they are in short supply with inventory levels lower than we've seen in many years.
Please reach out if you would like a current market analysis of your home. Your equity position may be stronger than you realize, and your property needs may have shifted as well.
While the quick snapshot below of the 3rd Quarter 2020 Market Statistics gives a brief overview of activity, the more in-depth Market Pulse Report will be in your inbox in a couple of weeks. It dives deeper into the "why" behind the statistics.
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COVID-19 LEADS TO INCREASE IN LUXURY SALES Buyers are looking for the privacy and outdoor access that Park City has in spades.
Following a downturn at the start of the pandemic, since June, housing (particularly luxury, private housing) has gone up drastically in Park City and the surrounding area.
SALT LAKE CITY ON ZILLOW'S "HOTTEST" LIST AS
AMERICANS MOVING MORE THAN EVER BEFORE Where American's are Moving and Why
Data shows that the pandemic has led to more Americans moving than ever before, with more people looking for local amenities and open space over access to jobs and downtowns.
6 HOME UPGRADES BUYERS WANT IN THE COVID-19 ERA Consider these upgrades that buyers are seeking during COVID to bring your property to market.
Outdoor spaces, home offices/classrooms, home gyms, and good delineation of space are some of the increasingly big selling points during the current pandemic. Learn more about the top six upgrades buyers want in the era of COVID-19.
12 Month Rolling Year-Over-Year Aug 2018 - Sept 2019 vs Aug 2019 - Sept 2020
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As temperatures continue to drop along with the foliage, anticipation for the upcoming ski season is deepened. This ski season will no doubt be different than past seasons, so if you have any questions on how to navigate the options, feel free to give me a call. Also, my newsletter on What to Expect in This Year's Ski Season is coming out in November to help you understand your options.
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