If you’ve been following our updates all year, there are no surprises in the 4th Quarter data. Records were smashed all around as people discovered they could truly work from home, and the kids could home school from anywhere; why not Park City and the Wasatch Back? License plates from all over the country became the norm just after Memorial Day, and the market never slowed. While some now claim there is an inventory shortage, which is true, the reality is the market is just coming off a demand surge like we have never witnessed before. Our market added more inventory in 2020 than 2019. However, it was absorbed at a record setting pace, as you will see from the statistics below. 

 

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Realtor.com is reporting year end stats that closely track with what was seen here in the Wasatch Back. National inventory declined by 39.6% over the last year and fell below 700,000 for the first time in our records.

The supply of housing has also been disrupted. While more people want to buy homes, fewer want to sell them. The supply curve has shifted, and the inventory of homes for sale has fallen to an all-time low. Folks who had been considering downsizing are now holding on to their current homes because they need them for workspace or to house their adult children returning from school or urban apartments.

Rather than selling, many homeowners are investing in upgrades, increasing demand for remodelers, and driving up sales at home improvement centers.

 

ACTIVE LISTING INVENTORY

Residential Properties & Land – Park City MLS

The dramatic surge in demand, coupled with the significant lack of inventory, is pushing prices higher and higher, with more competitive offers, shorter days on market, and record setting median sale prices. Although our year-end report is just starting to be compiled, preliminary numbers are already jumping out. Within Park City limits, median sale price for a single-family home jumped 26% year over year from $1.98 million to $2.5 million. In Snyderville Basin, the increase was 23% to $1.57 million.
 
Days on market for listings going under contract in the past 30 days was 111. A year ago, it was 134 days. That is a drop of 17% and climbing.
 
Buyers in today’s climate need to be armed with cash or a solid mortgage pre-approval from a reputable local lender or private bank, and they need strong representation. Let us be on your team during these competitive times. 

 

 

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12 Month Rolling Year-Over-Year  |  Dec – Jan 2019  vs  Dec – Jan 2020

 

Single-Family Homes

 

Condominiums

 

Vacant Land

 

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SUNDANCE “Virtual” FILM FESTIVAL

January 28th – February 3rd

71 Features  |  50 Shorts  |  4 Indie Series  |  14 New Frontier Projects

According to organizers, 47% of the feature films in the lineup are directed by one or more women. Among those works is Robin Wright’s directorial debut, “Land,” in which she also stars, and “Passing,” directed by Rebecca Hall and starring Ruth Negga and Tessa Thompson. Other projects with notable names include Questlove’s documentary, “Summer of Soul,” and “Prisoners of the Ghostland,” with Nicholas Cage.

Download the Full Program Guide  |  Purchase Tickets  |  Sundance Help Page

Before you dive in, take a few moments to watch the video above to learn about your ticketing options, browse the program, and get set up.

 

PLAN AHEAD WHENVISITING DEER VALLEY

This year at Deer Valley, enjoy grab-and-go dining options and a free mobile app providing access to Deer Valley skiing. Click below to find out what else Deer Valley has in store for you this season.

Read full Ski Utah article here.

 

 

 

ANY WEATHER NERDSOUT THERE?

It’s been a bit of a dry winter. However, it appears Utah may be turning the corner on the prevailing high-pressure system that has been looming over us all season. If you’re a weather nerd like us, you might enjoy checking out two of our favorite local weather blogs:

Wasatch Weather Weenies 
“Mountain Meteorology and Snow Snobbery”

Powder Buoy
“The best Utah powder forecaster bobbing in the Pacific Ocean 3,000 miles away?”
– Skimag.com

 

 

 

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Look for the complete
Market Pulse Report: 2020 Year End Review
in your inbox in a couple of weeks!

 

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Now, more than ever, having proper representation is almost mandatory in your real estate transactions. We are prepared to guide you expertly as you navigate buying or selling in this marketplace. In either situation, you will need to be deeply informed and prepared to maximize the outcome. We are analyzing the statistics weekly, masterminding within our brokerage and our community to make sure we have all the tools and guidance you need, and are prepared to assist and advise. Please reach out with any and all questions. While there has likely never been a better time to sell, a proper come-to-market strategy is essential in these conditions. Let us lead the way.