Home Sales & Prices
The total number of homes sold in the last 12 months was 745 compared to 721 the prior 12 months. Within the Park City city limits, number of sales of homes went from 261 to 243, a 7% drop. Homes sold in the Snyderville Basin experienced a 9% increase; from 460 to 502.
The comparison of median sold prices shows us that home prices went up about 19% within Park City city limits and 31% in the Snyderville Basin. Median prices in town went from $2,482,500 to $2,962,500 in the city limits, and from $1,481,000 to $1,940,875 in the Snyderville Basin. That means there was an combined rise in median price of about 24% in the area.
Condo Sales & Prices
The total number of condos sold had an increase from 827 sales between November 2019 and October 2020 to 1,172 between November 2020 and October 2021. Condominium sales within the city limits increased from 380 to 547 (+44%), and in Snyderville Basin they jumped from 447 to 625 (+40%).
Median prices of condos had an average increase of $325,000, or 35% in town and an decrease of 9% (about $63,000) in the Basin. That makes for an combined 16% 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 -- 16%, or 6 more sales. The period of November 2019 to October 2020 saw 38 sales, while the more recent 12-month period saw 44. Lot sales increased in Snyderville Basin, too, going from 195 to 295, which is +51%, or 100 more sales.
Over all, median lot prices went up 3% in city limits, and had a 46% increase in the Snyderville Basin. This roughly translates to an increase in median lot price in the Snyderville Basin of $245,000 while in-town prices climbed by an average of $47,188.
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 61 days. Meanwhile, the current inventory of properties for sale in Park City is staying on the market an average of three and one-half 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 61 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 105. That is three and one-half 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.