Home Sales & Prices
The total number of homes sold in the last 12 months was 649 compared to 530 the prior 12 months. Within the Park City city limits, number of sales of homes went from 184 to 221, a 20% incline. Homes sold in the Snyderville Basin experienced a 24% increase; from 346 to 428.
The comparison of median sold prices shows us that home prices went up about 16% within Park City city limits and rose 15% in the Snyderville Basin. Median prices in town went from $1,977,500 to $2,30,000, and from $1,250,000 to $1,436,500 in the Snyderville Basin. That means there was an combined rise in median price of about 16% in the area.
Condo Sales & Prices
The total number of condos sold had an increase from 647 sales between October 2018 and September 2019 to 716 between October 2019 and September 2020. Condominium sales within the city limits increased from 327 to 345 (+6%), and in Snyderville Basin they jumped from 320 to 411 (+28%).
Median prices of condos had a increase of $82,000, or 11% in town and an increase of 25% (about $141,000) in the Basin. That makes for an combined 17% up tick between Park City and the Snyderville Basin condominium median sold prices.
Land Sales & Prices
Vacant land sales in Park City city limits experienced an increase we haven't seen in years -- 60%, or 12 more sales. The period of October 2018 to September 2019 saw 20 sales, while the more recent 12-month period saw 32. Lot sales increased in Snyderville Basin, too, going from 100 to 158, which is +58%, or 58 more sales.
Overall, median lot prices showed a 12% rise in city limits, and a 4% increase in the Snyderville Basin. This roughly translates to an increase in median lot price in Park City of $125,000 and and a $21,000 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 108 days. Meanwhile, the current inventory of properties for sale in Park City is staying on the market an average of just over six 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 108 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 188. That is 6.25 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.