Mile Post: boom times continue

The Park City real estate boom.
Tanzi Propst / Park Record

Now is a good time to sell a home in the Park City area. A lot of people see it as a good time to buy one as well.

Park City’s real estate market continued to thrive in 2021, a continuation of a record wave that began in the months following the coronavirus pandemic and people started flocking here to access outdoor recreation and amenities. big spaces.

According to second quarter statistics released by the Park City Board of Realtors, the number of single-family home sales increased 65% between April and June in Summit and Wasatch counties compared to the same period in 2020, while condo sales increased 76%. The median selling price for single-family homes climbed to $ 1.44 million on the Wasatch Back, a peak of 58%, while that figure reached $ 717,600 for condos, an increase of 9%.

Activity has been particularly strong in Park City proper and in the Jordanelle area, but almost every area tracked by the Board of Realtors has seen an increase in sales – both single-family homes and condos – and prices. higher sales.

Jamie Johnson, CEO of the Board of Realtors, said the trend of people coming to Park City to overcome the pandemic still appears to be in play.

“I think it still is,” she said. “I think there’s the component of so many other states that aren’t as progressive as Utah has been in reopening schools, reopening the community, and so we’re seeing people who might want to move away from areas that they are where their children cannot return to school, or their families are not able to reintegrate into the community.

A lingering question many Parkites have is whether buyers who have moved here during the pandemic plan to stay after the crisis is over.

For Johnson, it’s still too early to tell. But it is possible that after a few winters of snow shoveling, some will decide to return to where they came from.

“There is still so much uncertainty in our country and the direction of the pandemic and what will happen,” Johnson said. “I don’t think there can be an appeal on this at the moment. I personally think that people came here for the way of life and for the beauty of our state and our region, but I could see in a few years that there was this exodus to their country of origin. because if they were from Southern California, it wasn’t Southern California. (But) there are too many factors to answer this question, honestly.

Whether the newcomers are taking hold or not, Johnson sees plenty of reason to believe that the Park City real estate market will continue at a pace similar to the current pace. This is true even though the industry nationwide, which has surged since last spring, slows down over the next two years.

Perhaps the only snag in the market is a tight inventory, which, according to the chairman-elect of the board of directors of realtors, Rene Wood, is likely to be an “ongoing problem for a while” even in times of year. places like Heber Valley where most of the houses in the area are being built. But stockouts are unlikely to reverse sales trends seen since last spring.

“Over many years, we can see statistics showing that our market doesn’t fluctuate like the rest of the country,” Johnson said. “Even during the 2008 downturn, (Park City) did not dive the same as the rest of the country. So I don’t know if I see these major spinoffs in the coming years. I think we will continue to be that place that people want to live and that people want to have a second home.

Beyond the horizon

While Heber Valley and Kamas Valley may not have the appeal and notoriety of Park City, people are finding that they have a lot to offer potential buyers. These areas continue to be two of the areas in the region experiencing significant growth.

According to second quarter data from the Board of Realtors, sales of single-family homes increased 26% in Heber Valley and 50% in Kamas Valley. They saw the median selling price increase by 40% and 45%, respectively.

René Wood, chairman-elect of the Board of Realtors, said buyers who can’t afford a spot in Park City or the Snyderville Basin see the areas as attractive alternatives. They have their own amenities and perks and are always a short drive from ski resorts.

“Heber Valley has always been where people come in, they look at Park City and can’t afford Park City… so they come from the hill here,” said Wood. “But our prices have increased dramatically.”

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About Gloria Turner

Gloria Turner

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