Here is a quick snapshot of the 1st Quarter 2020 Market Statistics for the Greater Park City area. Look for the in-depth MARKET PULSE REPORT in your inbox in a couple of weeks! Our world here changed dramatically when the ski resorts abruptly closed on March 14 due to concerns regarding the COVID-19 virus.
According to the National Association of REALTORS®, “while existing-home sales dipped nationwide in March as the COVID-19 pandemic sparked stay-at-home restrictions across the country, they’re not far off from the numbers a year ago, and home prices continue to rise. ‘Unfortunately, we knew home sales would wane in March due to the coronavirus outbreak,’ says Lawrence Yun, NAR’s chief economist. ‘More temporary interruptions to home sales should be expected in the next couple of months, though home prices will still likely rise.’ Home prices remain strong, even early in the pandemic. The median existing-home price for all housing types nationally in March was up 8% from a year ago. Home prices rose in every region of the U.S. last month.”
Along the Wasatch Back, the numbers show a similar trend. For the week ending April 4th, there were 35 closed sales compared to 27 closed sales the week prior, an increase of almost 30%. One year ago, there were 38 closed listings in the same week – nearly the same as last year. New contract volume (12 contracts) during the same week was down 25% from the week before and down 70% from the same week a year earlier (46 contracts). So, while prices don’t appear to be dropping, we can expect a more reserved buyer market during this unique time. Given that the last two weeks of March are typically big “pended sales” weeks for us, the slowdown was to be expected.
If you would like to be kept up to date as we move towards the Stabilization phase of the COVID-19 recovery, please reach out – market activity is being tracked weekly and those reports can be easily shared.