Home Sales & Prices
The total number of homes sold in the last 12 months was 815 compared to 552 the prior 12 months. Within the Park City city limits, number of sales of homes went from 183 to 294, a 61% incline. Homes sold in the Snyderville Basin experienced a 41% increase; from 369 to 521.
The comparison of median sold prices shows us that home prices went up about 27% within Park City city limits and a similar 29% in the Snyderville Basin. Median prices in town went from $1,975,000 to $2,500,000, and from $1,265,000 to $1,638,000 in the Snyderville Basin. That means there was an combined rise in median price of about 28% in the area.
Condo Sales & Prices
The total number of condos sold had an increase from 746 sales between January 2019 and December 2019 to 936 between January 2020 and December 2020. Condominium sales within the city limits increased from 353 to 430 (+22%), and in Snyderville Basin they jumped from 393 to 506 (+29%).
Median prices of condos had an increase of $177,000, or 23% in town and an decrease of 9% (about $61,500) in the Basin. That makes for an combined 7% 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 -- 126%, or 24 more sales. The period of January 2019 to December 2019 saw 19 sales, while the more recent 12-month period saw 43. Lot sales increased in Snyderville Basin, too, going from 98 to 245, which is +146%, or 147 more sales.
Overall, median lot prices showed a 9% rise in city limits, and a 15% increase in the Snyderville Basin. This roughly translates to an increase in median lot price in Park City of $100,000 and and a $77,500 jump 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 94 days. Meanwhile, the current inventory of properties for sale in Park City is staying on the market an average of five and one-half months before being removed from our inventory. So what’s going on?
The silver bar on this graph shows that homes that are selling are taking an average of 94 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 166. That is 5.5 months on the market without selling.
Many factors impact why one property sells over another. They include location, views, age, and condition of a property, upgrades, and so forth, but the number one factor is the 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.