Healthy Economic Conditions in Utah Help Boost the Park City Real Estate Market
July 29, 2020
I feel very fortunate to live in a state and community that continues to thrive despite the national economic downturn. My heart goes out to the service and travel industry across the country and world. However, healthy economic conditions in Utah are helping to boost the Park City real estate market.
As you can see in the Freddie Mac slide above, Utah’s unemployment rate is low compared to many other states and since the publication of this slide, the unemployment rate has improved to 5.1% as of the end of June, 2020. The reality in Park City- some restaurants who are fortunate enough to have large outdoor seating capacity are setting revenue records, while other restaurants have chosen not to open or are going out of business. Other areas of success include servicing the outdoor industry as folks flock to any adventure in the open air.
To say the healthy economic conditions in Utah are boosting the Park City and Salt Lake City real estate market is an understatement. The slide below verifies the rampant activity in the real estate market. I am personally closing more real estate deals this summer than I ever have in my 12 year real estate career.
Clearly this Freddie Mac slide tells the story of the robust real estate activity in Salt Lake City and the same holds true just a 30 minute drive up into the bucolic mountain town of Park City. Multiple offers are the norm in many micro markets. Properties in need of a remodel that have been sitting on the market for months are now selling quickly. Inventory is getting gobbled up. The market that has been a little slower to sell are homes that are not ski in ski out for over $5 million dollars.
I am confident about the health Park City real estate market. Utah’s economy continues to flourish, creating a hearty environment for real estate appreciation. Even with an economic downturn nationally, purchasing Park City real estate for the long term will reap the benefits of healthy living, room to roam, family gatherings and financial growth. Please reach out to me if you would like real estate data for a specific neighborhood.