I’m keeping a close watch on the Park City real estate market to provide you with the most current information in this ever changing landscape. Below, please find a weekly snapshot of market activity. Data provided by the Park City Board of Realtors
This week is a mixed bag of good news, bad news, as we move into our Summer Season.
Pended sales are off the charts as Buyers compete for the best available properties. We have now surpassed 2019 pended sales after 10 consecutive weeks of increases.
Listings this week are nearly equal to 2019 but the Year-to-Date totals are well behind last year. With 15% less inventory, median prices have increased by 9% in our market. Classic supply vs demand, the List-to-Sold Price Ratio has increased to 97% as a result.
Closed sales are improving and with a few more days of reporting in July may finally exceed 2019 weekly totals. Closed sales should be increasing as fast as pended with a 4-6 week lag time.
There was a spike in Cancelled sales in June, doubling those in May. This may be due to Buyers opting to cancel contracts on one home only to make an offer on a newly listed home that was not available 30 days prior. The good news is that demand is still outpacing supply, keeping prices stable. We anticipate many of these failed sales to go back under contract within the next 30 days.
We also saw a spike in Listings being withdrawn from the market in June, further exacerbating the lack of inventory. Many Sellers have elected to keep their properties rather than list as they realize Park City and the Wasatch Back offer the best lifestyle as social unrest from COVID continues to increase in larger metro areas.
From our bottom in Weeks 15 and 16 we saw the market get more active in Weeks
17 and 18 and continuing through Week 20 when it started bouncing between 60 and 100 new listings each week. But lately the graphs look a pair of synchronized swimmers mirroring each other as they rise and fall in the chart. If history is any measure, we are as “normal” as we could
expect. Total Inventory is steady, ending June at 2,014 listings (all types), the highest it’s been since October ’19 (2,057).
Pending contracts continued reporting at higher levels than last year for the tenth consecutive week. Pendings (homes going under contract) are perhaps the best leading indicator of market demand from the buyer side. And our buy-side is booming. After a bottom in weeks 13-15, in the ten weeks since total Pendings in 2020 total 620 compared to 435 in 2019, a 43% increase in pending volume. Expect sales numbers below to start catching up and setting records.
Closings this past week (42) barely missed surpassing 2019 (44). As with New Listings, Closings are following last year’s upward trajectory. Our “just missed” tally could change by next week as we still have a couple of days for agents to report closings without penalty. As we noted above, Closings should continue tracking upward to match Pendings from 4 to 6 weeks earlier. Expect that trend to continue and to increase velocity.