Home Sales & Prices
The total number of homes sold in the last 12 months was 514 compared to 568 the prior 12 months. Within the Park City city limits, homes decreased by 23 sales, or 13%, with 155 homes sold in the last year compared to 178 sales the year before. Homes sold in the Snyderville Basin were down by 8%, or 31 sales, from 390 to 359.
The comparison of median sold prices shows us that home prices increased 14% within Park City city limits, and went up 23% in the Snyderville Basin. Median prices in town went from $1,875,000 to $2,145,000, and from $1,025,000 to $1,260,000 in the Snyderville Basin. That means there was an average uptick of approximately 18.5% for our areas.
Condo Sales & Prices
The total number of condos sold dropped from 635 sales between February 2017 and January 2018 to 401 between February 2018 and January 2019. Condominium sales within the city limits were down by 7%, or 23 sales, while condo sales in the Snyderville Basin fell by 18 sales, which is an 6% decrease from the previous year.
Median prices of condos had an increase of $160,000 or 22% in town and an increase of 16% (about $178,000) in the Basin. That makes for an average 19% increase between Park City and the Snyderville Basin condominium median sold prices.
Land Sales & Prices
When the total vacant land sales in Park City city limits and Snyderville Basin are averaged, the last 12 months compared to the prior 12 months shows a decrease of 9%. But, when we break it down, there was an increase in sales in the city limits, from 25 to 28; a 12% increase. Lot sales in Snyderville Basin decreased 12% or 19 fewer sales.
Overall, median lot prices showed an increase of 14% -- 19% in city limits, and 9% in the Snyderville Basin. This roughly translates to an increase of median lot price in Park City of $152,000 and about $41,500 in Snyderville Basin.
Average Time on the Market of Closed Home Sales vs. Active Home Listings
When properties are priced correctly, based upon recent comparable sales, they sell in 114 days, on average. Meanwhile, the current inventory of properties for sale in Park City is staying on the market an average of almost eight months without selling. So what’s going on?
The silver bar on this graph shows that homes that are selling are taking an average of 114 days to sell. The red bar shows the cumulative days on the market for listed homes that have not sold. The average number of days on the market without selling is 243. That is about eight months on the market without selling.
Many factors impact why one property sells over another. They include location, views, the age, and condition of a property, upgrades, and so forth, but the number one factor is price. After more than 30 years of selling real estate in Park City, I have learned that there is a buyer for every property, at a certain price.
If you’re thinking of selling your property, realize that selling a home is a hassle. You must keep your home clean and in "ready to show" condition at a moment's notice. Nobody wants to be inconvenienced for eight months or more, especially with no sale to show for all the effort. When you decide to list your property, choose a price that will result in a sale within a reasonable time.