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Park City real estate MLS Data

A no "fluff" & fact based analysis on the COVID-19 affect on Park City Real Estate. Consistently updated with new data to keep track of what we are seeing week by week. 

Locals as well as vacationers to the Park City area are all wondering how the current pandemic is having an affect on the real estate market as a whole. Since the Park City market generally differs from metro markets in how it reacts to national and worldly events we thought it would be best to highlight all of the current data in one place to easily reference as new information comes out. Since we are a vacation destination area, the demographics of property owners both primary & secondary residents alike respond differently than markets close to us like in Salt Lake City.

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As one of the fastest growing areas in the state of Utah, real estate surrounding the Jordanelle Reservoir in between Park City & Heber City is seeing explosive growth over the coming years. As real estate in Park City has been mostly built out this location offers the next best thing in proximity to the ski resorts with great access to Deer Valley Resort and the new Mayflower Resort off of Highway 40. Access to this location will also become easier in 2020 as UDOT completes the connection road between Highway 248 and Highway 40 by weaving it's way through the SkyRidge development on the north side of Jordanelle Reservoir. 

Options to own property in this area are seemingly endless as density can be found on all sites of the reservoir with a

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As the world faces a sudden pandemic and drastic economic changes across the globe we are frequently being asked about how this will affect real estate within the Park City area. We are in a unique situation in that our market is significantly different than larger metro markets as we hold a significant amount of vacation property and rental property throughout the area which changes the dynamics we will see compared to a majority of the country. For instance, almost 2/3 of the transactions in the Park City market are cash purchases and not financed transactions. Wealth levels for property owners in the area are significantly different than even the Salt Lake City real estate market so the responses will be quite different from one another. 

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As we enter the 2019 season it is important to understand how the real estate market in Park City changed from 2018 compared to the previous year. We have seen a very healthy and active market for a number of years now but has 2018 proved to be the same as previous years? LEt's take a look at some of the interesting numbers below to take a look at where we stand after another full year of data to review. 

As you can see in the chart above we saw a slowdown in transaction volume in 2018 compared to 2017 with sales slipping 7% from the previous year. The exception to this would be the high demand for vacant land at the moment from many buyers deciding to purchase land and build instead of buying existing homes or condos. We've seen land prices appreciate

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As the most popular tourist attraction in the Park City area, real estate sitting right on Main Street in Old Town next to the stores and shopping in the area is difficult to come by. With limited space for property and very few loft style units available, the choices can be sparse for those buyers looking to be in the middle of the action and want something larger than a small condo unit. Thankfully, there are now multiple opportunities to own some price space right on the most desirable street in the city. 

1. Sky Silver

Situated on the corner of Main Street and Heber Avenue, Sky Silver is the transformation of the old Silver Queen Hotel. The location is unbeatable compared to almost any other location on Main Street due to it's central

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