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Utah continues to attract an influx of buyers as the pandemic-triggered urban exodus carries on. While escaping urban lifestyle is perhaps the main goal of these buyers, it s not their only consideration. Some of the factors that make Park City so enviable include:

• Economic growth
• Low unemployment rate
• Low state and local taxes
• New state-of-the-art international airport
• Diverse neighborhoods
• Great schools
• Healthy lifestyles
• Abundant outdoor activities
• National parks

According to the Park City Board of Realtors Q2 2021 stats, the unprecedented market activity in Summit and Wasatch Counties continues to accelerate. There’s been an extraordinary increase in the number and prices of properties sold in nearly all areas of our market. For example, the number of single-family homes sold in the greater Park City area increased 40% over last year. Land sales have more than doubled, and condominium sales have increased by 41%, year-over-year. Well-priced, well-maintained properties are being quickly absorbed, with many receiving multiple offers. These market conditions may remind some of the housing boom that ultimately triggered the Global Financial Crisis in 2007. However, today’s market is vastly different from that of the Great Recession for the following reasons:

• Strong pent-up demand as a result of the pandemic
• Low interest rates (borrowing costs remain near all-time lows)
• High credit standards for mortgage originations
• A sizable millennial population moving into peak home buying years
• Reduction in forbearances due to Covid-19 stimulus programs for homeowners
• Strong equity positions for many homeowners
• Low inventory following a decade of under investment
• New construction
• Rapidly improving overall economic conditions
• Global safety in US investments

Now, more than ever before, it is imperative to hire an experienced, local realtor. If you’re thinking about buying or selling in the Park City area, call me for guidance on navigating our complex market. I promise to deliver the highest result for your real estate goals.

Let’s talk soon,

Cathy