Home Sales & Prices
The total number of homes sold in the last 12 months was 877 compared to 545 the prior 12 months. Within the Park City city limits, number of sales of homes went from 180 to 329, a 83% incline. Homes sold in the Snyderville Basin experienced a 50% increase; from 365 to 548.
The comparison of median sold prices shows us that home prices went up about 38% within Park City city limits and 31% in the Snyderville Basin. Median prices in town went from $1,937,500 to $2,682,500, and from $1,250,000 to $1,632,500 in the Snyderville Basin. That means there was an combined rise in median price of about 35% in the area.
Condo Sales & Prices
The total number of condos sold had an increase from 755 sales between April 2019 and March 2020 to 1,046 between April 2020 and March 2021. Condominium sales within the city limits increased from 342 to 508 (+49%), and in Snyderville Basin they jumped from 413 to 538 (+30%).
Median prices of condos had an increase of $327,500, or 42% in town and an decrease of 16% (about $108,960) in the Basin. That makes for an combined 15% 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 -- 170%, or 34 more sales. The period of April 2019 to March 2020 saw 20 sales, while the more recent 12-month period saw 54. Lot sales increased in Snyderville Basin, too, going from 107 to 307, which is +187%, or 200 more sales.
Over all, median lot prices jumped 26% in city limits, and had a 32% increase in the Snyderville Basin. This roughly translates to an increase in median lot price in the Snyderville Basin of $154,000 while in-town prices popped by an average of $280,000.
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 91 days. Meanwhile, the current inventory of properties for sale in Park City is staying on the market an average of just over 5 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 91 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 158. That is about 5 1/4 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.