The market statistics for the second quarter of 2021 demonstrate the continued strength of real estate in Park City and the Wasatch Back. Sale prices and overall homes sales continued their upward trajectory that began in the second half of 2020, and inventories remained at historically low levels.
Some key statistics for the 2nd Quarter of 2021:
- Inventory remained low. New listings for residential and land totaled 1,010.
- Pending sales were up considerably, with Park City Multiple Listing Service (PCMLS) members signing 1,029 purchase contracts in Q2-2021. This was nearly a third more than the 774 pending transactions in Q2-2020.
- There were a few more homes coming to market in 2021 than during 2020. However, they were absorbed almost immediately, resulting in a substantial drop in inventory.
- Closed sales were nearly double the second quarter of 2020, with 850 contracts settled versus 443.
- With pending sales much higher than new listings, available inventory dwindled. 747 properties were active at the end of the second quarter, compared to 651 at the end of the first quarter. While the increase was beneficial, the active inventory was still less than half the previous record low of 1,715 in December 2017.
Mortage Rates are Steady & Low
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