UTAH

Out-of-staters moving to Park City and putting up big numbers buying homes

Aug 10, 2020, 6:48 PM
Out-of-staters moving to Park City and putting up big numbers buying homes...
Park City Mountain Resort is making preparations for a socially distanced ski season this year. (Photo: Getty Images)
(Photo: Getty Images)

PARK CITY—  A real estate agent says there is a big shift in Park City Real Estate. Lots of people from out-of-state are buying homes and aiming to become permanent residents, a symptom of the pandemic. 

Joe Davis, KSL Reporter and Real Estate Expert with Berkshire Hathaway Home Services and Park City Resort Property says “it’s a seller’s market, for sure… weird things were starting to happen with COVID, it was probably more of a balanced market.”  But now Davis says the pace has picked up so much “that most homes in Park City [have] a full price offer within days of being released, often with several backup offers.”

Full price ain’t cheap.  Davis says the luxury home market in Park City really begins at $1.5 million.  “But the average price is probably 3… maybe 4.”  And it goes into the tens of millions.  

Davis says there are still people from “vacation driving distance” purchasing, but also people looking for virus elbow room from out-of-state.  “We’re seeing a bunch from Illinois, a ton of people from Texas: Houston, Dallas, Austin… and we do have a lot of people coming from New York.”

PARK CITY LISTINGS AND SALES WAY UP IN JULY

Home inventory is strong.  Davis quotes a statistic showing the 326 jump. “Residential listings are around 459 compared to 364 last year at the same time [of year,] so that’s a 26% increase.  [But] the market is still down 34% for the year, so this business is has been over the last few weeks.” He says the last 15 weeks business is up almost 60%… and July’s volume reached $1.54 billion which up 45% from July 2019.  Davis thinks the biggest takeaway is that “sales in July total half the entire volume sold from January through June.”

IS THE VIRUS DRIVING PEOPLE TO PARK CITY? 

Despite Summit County being a hotbed in Utah early in the pandemic, Davis is seeing that people are coming here to live.  He says he’s meeting people in the street that say they’re in town visiting, and that they are thinking about moving here.  He feels the days of people mostly buying second homes in Park City for vacations is gone.  “We have people coming [here] who have sold what they have on the East Coast, put everything they have in a car, shown up at a hotel, and then they call us and say, ‘I need to find a house.”  He says the work-from-home symptom of the virus has woken people up. “All of a sudden people are realizing, I can work from home, or I’m going to demand to work from home… Now all of a sudden [what would be their second home] has become their primary.” 

 

Related Links:

Vail Resorts CEO talks about social distancing for ski season at Park City Mountain

Utah Symphony cancels annual Deer Valley Music Festival in Park City

Park City bans fireworks ‘effective immediately’

Utah

Hatch courthouse...
Kira Hoffelmeyer

Utah’s longest serving senator, Orrin Hatch, dies at 88

Orrin Hatch, Utah's longest serving senator, has died at age 88.
4 months ago
Pictured here are items seized from one of four drug busts authorities in Carbon County conducted o...
Mark Jones

Carbon County authorities make significant drug busts

Authorities in Carbon County, with a search warrant, have conducted four drug busts over the past three weeks.
4 months ago
...
Mark Jones

Soap box derby set for Saturday in Daybreak

Daybreak will host the second annual Soap Box Derby on Saturday from noon to 3 p.m.
4 months ago
State street traffic sign...
Samantha Herrera

State Street traffic restrictions starting soon

State Street traffic restrictions are slated to start soon and continue into August. Work will impact areas downtown and near the Capitol.
4 months ago
Garth Brooks Salt Lake...
Simone Seikaly

Garth Brooks sells out second Salt Lake concert in 45 minutes

It was the second time in less than a year that Garth Brooks sold that many tickets for a Salt Lake City concert so quickly.
4 months ago
A Smith's recycling bin...
Devin Oldroyd

Recycle single-use plastic at your local Smith’s

In honor of Earth Month, Smith's Food & Drug is encouraging its customers to recycle thin-filter plastic materials at their local stores.
4 months ago

Sponsored Articles

Prescription opioid...
Know Your Script

Prescription opioid misuse | How to protect your family from the opioid epidemic

Studies have shown that prescription opioid misuse has increased since COVID-19. So what do you need to know about these opioids?
...

Tax Tuesday: The Most Common Mistakes People Make When Filing Their Taxes

Fortunately, for most average earners, they will not end up owing overpayments received for the Child Tax Credit in 2021.
...

Tax Tuesday: How will last year’s child tax credits affect you?

Fortunately, for most average earners, they will not end up owing overpayments received for the Child Tax Credit in 2021.
...

Tax Tuesday: Key Information Before the Filing Deadline

Businesses can receive a credit of up to $5,000 per employee in 2020 and up to $21,000 per employee in 2021.
national heart month...
Intermountain Healthcare

National Heart Month: 5 Lifestyle Changes to Make Today to Keep You Heart Healthy

Heart disease is the leading cause of death for both men and women. One person dies every 36 seconds in the United States from cardiovascular disease
Joseph Smith Memorial Building...
Temple Square

The Joseph Smith Memorial Building is an icon of Salt Lake City | Why hosting an event at this beautiful location will make you a hero this year

Here's why hosting an event at the iconic Joseph Smith Memorial Building in downtown Salt Lake City will make you a hero this year.
Out-of-staters moving to Park City and putting up big numbers buying homes