Editor's note: Real estate expert Dennis Hanlon talks about Park City, Utah real estate during the 3rd quarter of 2020 in this Q&A with Haute Residence.
How did the third quarter of 2020 real estate perform in Park City?
From the start of the pandemic lockdown in March, we saw a drop in sales numbers through April and then the numbers started to increase in May. In June, the real estate market in Park City exploded and has shown no sign of slowing down.
Photo Credit: Summit Sotheby's International Realty
How has your market been doing so far this year compared to this time last year?
The Park City Board reports that new contracts written are about TRIPLE the number from the same period last year. I am astounded at both the number of new contracts, but Olson the price point. I have never seen as many contracts written with price over $10 million.
Photo Credit: Courtesy of Dennis Hanlon
Do you expect a more or less active 4th quarter for this year than previous years?
Active listings are at an 8 year low, 2807 compared to 2667 for the same time last year. While we are taking new listings at a higher number than last year, new contracts written are far outpacing new listings. This is creating an even higher demand and multiple offers are the norm. Typically we see a slowdown in November and December, holiday months, but I do not anticipate that to occur this year.
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