The Park City real estate market is on fire.
Sales exploded with the onset of the COVID-19 pandemic, making 2020 the best year on record even as the economy as a whole entered a sharp downturn.
Park City Board of REALTORS President Mark Jacobsen told KPCW that the 2020 trends are continuing this year.
Inventory is shallow, with just 100 homes for sale. Usually, about 500 listings are available this time of the year.
“In the last 24 hours we had 12 new listings and 38 under-contracts,” he said. “But we’re still seeing for every listing coming out, we’re seeing at least a pending if not one and a half. Our inventory’s so low.”
Executive Director Jamie Johnson said even with low inventory, the pending sales for 2021 so far are higher than last year.
“Inventory is actually a little higher in numbers or how many new listings we had compared to this time last year,” Johnson said. “It’s just that pendings are higher, so they’re going off the market quicker.”