Who would have guessed the novel coronavirus would bring an influx of buyers to the mountains of Park City? Well, that’s exactly what happened this summer, when city dwellers from throughout the nation headed for the beauty and safety of the Wasatch Back and ended up purchasing real estate in droves. And, while the trend continues, inventory is low.
Buyers and their agents were thrilled with the 125 new listings posted last week on the Park City MLS (Sept. 20th) – the largest increase in listings of the year! However, inventory levels have dropped even lower as “under contracts” are being immediately absorbed. And, there’s been a significant increase in under contracts in 2020 vs 2019 as consumer demand far exceeds supply.
There has never been a better time to list a property in the Wasatch Back!
Well-priced properties are being viewed as having a compelling value by buyers as prices continue to rise. Many local buyers are taking advantage of the low interest rates and high buyer demand to free up their equity in other areas while re-adjusting their real estate positioning to either move up to their dream home or downsize to a maintenance-free condominium. What’s more, friends and families are seeking multi-dwellings or larger parcels of land to develop legacy properties.
If you’re thinking about listing your home, call me for a complimentary market analysis. I can provide you with a listing strategy to sell your home for the highest price in the fastest time.