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Wasatch Back housing market slowly returning to pre-COVID levels, Realtors say

Downtown Park City can be seen from the Quit'N Time run at Park City Mountain.
Parker Malatesta
Downtown Park City can be seen from the Quit'N Time run at Park City Mountain.

As interest rates start to cool, local Realtors say home sales and listings are gradually returning to pre-pandemic levels.

Park City Board of Realtors President Jon Schuman said conditions in the local real estate market are starting to stabilize after volatile years following the COVID-19 pandemic.

“The newer stuff is selling much more rapidly than the older inventory,” Schuman said. “For example, a lot of the stuff over at Mayflower is just flying off the shelves. Anything that appears to be newer is much more attractive to buyers. Nobody wants a project.”

Schuman said overall sales prices have fallen slightly across the entire market, but they vary widely by neighborhood.

“The whole MLS area is still pretty tight,” he said. “We’re at 878 listings… that’s going into Heber and Oakley and Kamas, and that’s single-family residences. That’s not that many properties to sell.”

Multiple Listing Service (MLS) president Bronson Calder said inventory is still far below what the market had to offer before the pandemic.

“In the pre-COVID, we were ranging anywhere from 1,200 to 1,500 listings at any given time,” Calder said. “There’s a lot more demand now than there was at the pre-COVID time. There’s just more warm bodies, more people here looking and buying, and so although inventory is up, there’s still quite a bit of demand, and we’re absorbing a lot of that inventory.”

See the Board of Realtors’ full breakdown of Q4 home sales in the Wasatch Back here.