Park City Real Estate is Contagious, Thanks to COVID-19

In the video below, Ron Wilstein shares his Seven-Phase Analysis of the COVID-19 outbreak and recovery and its impact on Park City Real Estate. His 24-Month Time Line will assist property owners, and investors make informed decisions going forward. In Ron's Future Outlook for Park City Real Estate section, he describes the current condition of the four major categories of Park City real estate: Primary Homes, Secondary Homes, Rental Properties, and Vacant Land. 

Four Major Property Categories

1. Primary Home sales have come back stronger than ever, following the market's shut down after the initial outbreak. The number of sales has increased significantly, along with prices. 
2. Secondary Home sales are strong, with many non-residents choosing to make Deer Valley and Park City their home during the pandemic. Our abundant outdoor lifestyle has proven to be an attractive, safe environment for many to call home these days. 
3. Rental Property sales were the last to recover after the outbreak. Uncertainty about Park City Mountain and Deer Valley opening for the 2020-21 snow season initially stalled the market, but that's history now. Primary-users and investors are stumbling over themselves to buy. Even with the possibility of reduced rental income for the upcoming season, investors are buying now as prices are rapidly increasing. 
4. Vacant Land with large acreage, particularly in surrounding areas outside of Park City, are being bought up like crazy. Again, many are seeking space from others. Land is a limited commodity; once it is gone, it’s gone.

Park City's Real Estate Boom, or Bubble?  

Many are choosing to make Park City their home during this pandemic. This has led to a booming real estate market with buyers scrambling to purchase properties from a very limited inventory of homes, condos, and vacant land for sale. In the Round Table video below, Dean, Doug, Jeremy, and Ron describe today's chaotic real estate market and how buyers and sellers are making real estate decisions through COVID-19.