Home Sales & Prices
The total number of homes sold in the last 12 months was 958 compared to 491 the prior 12 months. Within the Park City city limits, number of sales of homes went from 157 to 354, a 125% incline. Homes sold in the Snyderville Basin experienced a 81% increase; from 334 to 604.
The comparison of median sold prices shows us that home prices went up about 39% within Park City city limits and 35% in the Snyderville Basin. Median prices in town went from $2,010,000 to $2,800,000 in the city limits, and from $1,293,750 to $1,750,000 in the Snyderville Basin. That means there was an combined rise in median price of about 38% in the area.
Condo Sales & Prices
The total number of condos sold had an increase from 686 sales between July 2019 and June 2020 to 1,229 between July 2020 and June 2021. Condominium sales within the city limits increased from 305 to 583 (+91%), and in Snyderville Basin they jumped from 381 to 646 (+70%).
Median prices of condos had an average increase of $319,500, or 52% in town and an decrease of 13% (about $90,000) in the Basin. That makes for an combined 22% uptick between Park City and the Snyderville Basin condominium median sold prices.
Land Sales & Prices
Vacant land sales in Park City city limits experienced another increase -- 205%, or 41 more sales. The period of July 2019 to June 2020 saw 20 sales, while the more recent 12-month period saw 61. Lot sales increased in Snyderville Basin, too, going from 100 to 350, which is +250%, or 250 more sales.
Over all, median lot prices dropped 18% in city limits, and had a 29% increase in the Snyderville Basin. This roughly translates to an increase in median lot price in the Snyderville Basin of $145,000 while in-town prices dipped by an average of $267,500.
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 82 days. Meanwhile, the current inventory of properties for sale in Park City is staying on the market an average of less than four months before selling. So what’s going on?
The silver bar on this graph shows that homes that are selling are taking an average of 82 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 103. That is less than four 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 nine 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.