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Park City Shutdown

On March 14, 2020, Deer Valley and Park City Mountain resorts closed almost a month before their scheduled April 12th closing because of the coronavirus. This action followed the discovery that a doorman at the Spur Bar and Grill on Main Street in Park City, who had not recently traveled and had not knowingly been in contact with an infected person, tested positive with COVID-19, signifying the first community-spread case in Utah.

The next day, March 15th, Summit County and the Health Department announced sweeping, month-long restrictions on the operations of businesses and churches to slow the transmission of COVID-19. Dining at restaurants, bars and hotels was banned. Curbside and drive-through pick-up was permitted, but third-party delivery services like Uber Eats and Grubhub were not allowed. Entertainment venues (movie theaters and music clubs) were shut down, as were recreational facilities and spas. Churches and communal spaces in lodging properties (pools, locker rooms, and gyms) were also closed. Park City residents were advised to stay at home, while non-residents and guests were told not to come to Utah. Park City, for the most part, has been shut down since March 15th, with no deaths to-date. Go to coronavirus.utah.gov/case-counts for current statistics.

COVID-19 Impact on Park City Real Estate

Most properties that were under contract when the coronavirus hit Park City stayed on track and closed as planned. Buyers saw COVID-19 as a temporary condition, and their desire to own and enjoy Park City properties were long-term. Many buyers and sellers, not yet under contract, paused and waited to see what impact the pandemic would have on Park City real estate.

Read on to see how buyers and sellers responded to COVID-19 during the first six weeks of the outbreak. For more details on how the coronavirus is impacting Park City’s real estate market, watch our April 2020 Park City Market Talk webinar.

What are Buyers Doing?

During the first couple of weeks of national coverage of the outbreak, buyers stopped looking at properties, as they were preoccupied with learning about the virus and watching its impact on the national economy. Since then, we have seen many buyers return to their plans to purchase Park City properties.

Many buyers have written offers without seeing the properties in person. Realtors are showing properties virtually through facetime videos, Zoom conferences, and other substitutes for being here in person. Many are flying in from out-of-state to confirm their buying decisions in person. Some are expecting price reductions due to the pandemic. Others are waiting on the sidelines until they feel comfortable enough to buy.

What are Sellers Doing?

Most sellers are holding firm on their asking prices, as the supply has shrunk with other sellers pulling their properties off the market or postponing listing them. The age-old balance between supply and demand is keeping prices firm in Park City. While there are fewer buyers ready to purchase right now, there are also fewer properties available for purchase.

Hear from Four Experts

Our real estate team recorded a discussion on these and other COVID-19 market topics in their recent Round Table video podcast. Ron Wilstein, Doug Almstedt, Doug DeLeone, and Jeremy Wilstein share their observations of what they see in the marketplace. Learn what they agree on and where they disagree. Later this month (May), they will begin recording weekly podcasts to keep you informed of our quickly changing market during this pandemic and beyond.