Park City Housing Market Update – September 2020
Brendan Trieb here, Choose Park City’s Director of Business Ops and statistician. I’m not even sure what to say right now, so we are keeping this months market update short and sweet, both in the interest of time, and for the fact that sales are just completely off the charts, and that’s pretty much all you need to know.
Our brokerage’s new pending sales volume is averaging anywhere from 2x to 3.5x higher than the same period last summer. In the week of August 10th 2020, Summit Sotheby’s pended $191,488,657 in volume, which is more than the closed sales of the brokerage for the entire first YEAR that it was open. Sotheby’s isn’t the only one, top performing agents and brokerages in town are continuing to set new records, and then oftentimes surpassing those new benchmarks the following week.
In the last two months, the Park City MLS has seen a list price volume of $1,527,537,678 worth of properties under contract. Yes, you read that right, just over 1.5 BILLION dollars. In the same time period, a list price volume of $954,042,023 in sales has closed. Year over year for the last two months, Park City single family home sales volume has more than doubled, increasing by 126%. The sales price for those same properties is also up, by 33% compared to this time last year.
Condo sales are also no slouch, and if you ask any property manger in town, you will know that the demand for rentals and short term rental eligible properties has been staggering this summer, with no sign of slowing down. Park City condo sales volume year-over-year for the last two months is up by 38%, while the average sale price is up by 19%.
Multiple offers almost seem like the norm these days, and if the property has 3+ bedrooms and is under 1.5 million, it is as good as sold. Now more than ever, communication with other agents to be ahead of the curve with upcoming inventory is extremely important, as there is a large number of sales being completed before the home even makes it to market. Writing clean offers with realistic timelines is key, as is having a reliable network of vendors who can perform in a timely fashion to meet those deadlines.
In conclusion, it’s not easy to be a buyer right now, but you can still purchase property and find value if you’re diligent, well connected, and fully prepared before beginning to shop or write offers. I’m not sure there has ever been a better time to be a seller, as demand is off the charts, and homes are continuing to be sold faster than they are listed. If you’ve thought about selling or downsizing, this could be the perfect moment to cash in on your investment.