Home Sales & Prices
The total number of homes sold in the last 12 months was 509 compared to 539 the prior 12 months. Within the Park City city limits, homes decreased by 10 sales, or 5%, with 162 homes sold in the last year compared to 171 sales the year before. Homes sold in the Snyderville Basin also experienced a decrease; from 368 to 347
The comparison of median sold prices shows us that home prices increased 13% within Park City city limits and went up 10% in the Snyderville Basin. Median prices in town went from $1,875,000 to $2,093,950, and from $1,181,870 to $1,299,000 in the Snyderville Basin. That means there was an average uptick of approximately 11.5% for our areas.
Condo Sales & Prices
The total number of condos sold dropped from 646 sales between August 2017 and July 2018 to 568 between August 2018 and July 2019. Condominium sales within the city limits were down by 19%, or 67 sales, while condo sales in the Snyderville Basin fell by 11 sales, which is an 4% decrease from the previous year.
Median prices of condos had an decrease of $18,500 or 2% in town and an increase of 6% (about $29,000) in the Basin. That makes for an average 2% increase between Park City and the Snyderville Basin condominium median sold prices.
Land Sales & Prices
Vacant land sales in Park City city limits had a significant drop of 30%. The period of August 2017 to July 2018 saw 30 sales, while the more recent 12-month period saw 21. Lot sales also went down in Snyderville Basin, going from 144 to 108, which is -25% or 36 fewer sales.
Overall, median lot prices showed an average increase of 1.5% -- a 5% decrease in city limits, and an 8% increase in the Snyderville Basin. This roughly translates to an decrease of median lot price in Park City of $49,733 and and increase of about $36,425 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 an average of 122 days. Meanwhile, the current inventory of properties for sale in Park City is staying on the market an average of 7.5 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 122 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 226. That is about 7.5 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.