Park City real estate market still strong, despite low inventory
As real estate market powers on, buyers wait for the perfect home
The real estate in the greater Park City area is strong. “We’re a bit shy on inventory,” says Park City Board of Realtors (PCBOR) President Todd Anderson. “The buyers want the right home, so there’s a bit of paralysis in the market. Second-home owners don’t have to buy right now, so they’re being patient.”
While buyers are taking more time to find just the right property, other types of property are selling quickly.
“People want new construction now,” adds Anderson. “They want something they don’t have to fix up. Some are buying pre-construction, before there’s even a hole in the ground,” he says, referencing some of the construction at Canyons Village. The areas on S.R. 248 in Wasatch County are selling very quickly too. One builder said that he couldn’t build them fast enough. “There’re just not many lots left in Park City to build on,” says Anderson, “so people are looking outside of town. The new Mayflower development in Deer Valley has a lot of potential.” Workforce housing is a challenge as always, with many opting to buy and remodel.
Half of real estate sales are cash sales too, which means mortgage companies have to be much more competitive and inventive to capture clients. “They’re fighting tooth and nail for every sale,” says Sheila Hall, the 2019 incoming PCBOR president. “Some segments are selling; some are not. Anything under $2 million is going quickly. Buyers don’t make sacrifices, they’re holding and waiting for the right house.” Some buyers are looking to Midway, Heber City and the Kamas Valley as well, attracted by upgraded schools and an easy commute to Park City.
Claire Seton and her husband know the value of finding a local Realtor. Moving from the Bay Area, they were attracted by the quality of life and spending time outdoors biking and skiing. Claire, as the ecommerce manager for Patagonia, wanted an outdoor life, and says, “We stumbled upon our Realtor (Hall) last Labor Day. I wanted to move in the summer so I can ease into the winter. We are trying to be very particular. We have a little time to buy, so we’re not diving in head first. It’s hard to beat Park City.”