2020 was a challenging year for the economy as businesses were impacted by the COVID-19 pandemic. But one year later, we can see how the Park City economy is bouncing back even as the pandemic goes on.
Record-breaking year in real estate
An area that has been doing exceptionally well is real estate. While the market stalled at the start of the pandemic, sales took off when lockdowns were lifted, breaking records over the past year. Things are certainly looking up in the industry as the trend is predicted to continue this year.
Although inventory is currently low, it is still a little higher than it was at the same time last year. In addition, sales in the first quarter have gone up 50% compared to the previous year. Mark Jacobsen, president of the Park City Board of REALTORS, states that sales may break records once again this year if there is enough supply of properties.
Moreover, developments are moving outward from the hub of Park City towards Heber and Jordanelle. The trend shaped by the pandemic has seen a stream of new arrivals from other parts of Utah as well as from California, Texas, Florida, Nevada, Illinois, New York, and Arizona.
With stricter lockdowns enforced in other parts of the country, the mountain town has been an ideal spot for more affluent families to relocate to. Its abundance of outdoor spaces that allows for a more relaxed environment has attracted transplants coming from densely populated urban areas and has increased the demand for luxury real estate in Park City.
Recovering tourism and restaurant industries
Real estate is not the only area that is rebounding from the pandemic. Park City tourism is also gradually recovering as restrictions continue to loosen up. Although it’s not bouncing back as dramatically as real estate, tourism is doing better than expected, all things considered.
One of the things that have been driving people into the city is tighter restrictions in other parts of the country. Visitors from these areas are flocking into Park City to get a much-needed dose of the outdoors. With public health and safety measures in place around the city, they feel assured that they’ll enjoy a safe trip.
But while the outdoor industry is flourishing, restaurants have been struggling more over the past year. Some businesses continue to do well, but others are pressured to find creative ways to adapt to the situation and stay afloat.
The rate of unemployment in Park City has gone down, but it is still higher than average. Despite visitors continuing to come in, arrivals remain lower than before. On top of that, the rise in demand and prices of real estate is increasing the shortage of affordable housing. Finding a middle ground between economic health and public health safety has been a challenge, but one that the city is ready to face.
Want to know more about real estate in Park City? Contact our expert team at Team Schlopy today. Call us at (435) 640-5660 or email email@example.com.