Home Sales & Prices
The total number of homes sold in the last 12 months was 486 compared to 518 the prior 12 months. Within the Park City city limits, number of sales of homes dropped by 9 sales, or 5%, with 157 homes sold in the last year compared to 166 sales the year before. Homes sold in the Snyderville Basin experienced a 7% decrease; from 352 to 329.
The comparison of median sold prices shows us that home prices remained essentially steady within Park City city limits and rose 4% in the Snyderville Basin. Median prices in town went from $2,005,000 to $2,010,000, and from $1,250,000 to $1,3000,000 in the Snyderville Basin. That means there was an average rise of about 2% in the area.
Condo Sales & Prices
The total number of condos sold had an increase from 581 sales between July 2018 and June 2019 to 686 between July 2019 and June 2020. Condominium sales within the city limits increased from 300 to 305, and in Snyderville Basin they went up from 281 to 381.
Median prices of condos had a decrease of $6,000 or 1% in town and an increase of 26% (about $145,250) in the Basin. That makes for an average 10% up tick between Park City and the Snyderville Basin condominium median sold prices.
Land Sales & Prices
Vacant land sales in Park City city experienced a slight drop. The period of July 2018 and June 2019 saw 22 sales, while the more recent 12-month period saw 20. Lot sales went down in Snyderville Basin, going from 120 to 100, which is -17% or 22 fewer sales.
Overall, median lot prices showed a remarkable 41% rise in city limits, and an increase of 2% in the Snyderville Basin. This roughly translates to an increase in median lot price in Park City of $425,000 and and a $11,000 hike 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 109 days. Meanwhile, the current inventory of properties for sale in Park City is staying on the market an average of just over seven 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 109 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 214. That is just over 7 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.