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Park City MLS - Activity Report

Through Sunday, July 5, 2020

 

We're working to provide you up-to-date information in this ever changing landscape we've found ourselves in. The below is a weekly snapshot of market activity of Park City real estate.

Data provided by the Park City Board of Realtors

 

This week’s statistics show Listings starting to gain momentum helping to ease the inventory shortage which has been pervasive since the beginning of the year. Pending Sales showed gains but they have moderated slightly this week.
 
The most notable change is that all these pended sales from the last 10 weeks have finally crossed the finish line as Sold/Closes sales showed solid gains from the prior year. As these pending sales work their way through escrow and close, the Year over Year totals will erase the deficit we’ve seen in 2020 over the next few weeks.

 
 
 

New Listings

From our bottom in Weeks 15 and 16 we saw the market get more active in Weeks
17 and 18 and continuing through Week 20 when it started bouncing between 60 and 100 new listings each week. But lately the graphs have been running generally in the same direction until this past week when New Listings continued upward tallying nearly 20% higher than last year.

 
 
 

Pending Listings

Pending contracts continued reporting at higher levels than last year for the eleventh consecutive week. Pendings (homes going under contract) are perhaps the best leading indicator of market demand from the buyer side. And our buy-side is booming. After a bottom in weeks 13-15, in the eleven weeks since total Pendings in 2020 total 703 compared to 498 in 2019, a 41% increase in pending volume. Expect sales numbers below to start catching up and setting records.

 
 
 

Closed Sales

Closings this past week (62) well surpassed 2019 (39) by almost 60%. As with New Listings, Closings are following last year’s upward trajectory. As we noted before, closings should continue tracking upward to match pendings from 4 to 6 weeks earlier. Expect that trend to continue and to increase velocity.

 
 
Rich Fine
Associate Broker
rich@fineproperty.com
435-640-2124
www.FineProperty.com
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