Home Sales & Prices
The total number of homes sold in the last 12 months was 524 compared to 550 the prior 12 months. Within the Park City city limits, homes decreased by 19 sales, or 1%, with 157 homes sold in the last year compared to 176 sales the year before. Homes sold in the Snyderville Basin had a slight decrease; from 374 to 367.
The comparison of median sold prices shows us that home prices increased 8% within Park City city limits, and went up 14% in the Snyderville Basin. Median prices in town went from $1,947,500 to $2,100,000, and from $1,095,000 to $1,250,000 in the Snyderville Basin. That means there was an average uptick of approximately 11% for our areas.
Condo Sales & Prices
The total number of condos sold dropped from 658 sales between June 2017 and May 2018 to 589 between June 2018 and May 2019. Condominium sales within the city limits were down by 1%, or 37 sales, while condo sales in the Snyderville Basin fell by 32 sales, which is an 10% decrease from the previous year.
Median prices of condos had an increase of $75,600 or 10% in town and an increase of 8% (about $40,000) in the Basin. That makes for an average 9% increase between Park City and the Snyderville Basin condominium median sold prices.
Land Sales & Prices
Vacant land sales in Park City city limits had a significant drop of 32%. The period of June 2017 to May 2018 saw 31 sales, while the more recent 12-month period saw 21. Lot sales also went down in Snyderville Basin, going from 152 to 119, which is -22% or 33 fewer sales.
Overall, median lot prices showed an average increase of 15% -- 26% in city limits, and 4% in the Snyderville Basin. This roughly translates to an increase of median lot price in Park City of $215,000 and about $20,000 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 121 days. Meanwhile, the current inventory of properties for sale in Park City is staying on the market an average of 8 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 121 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 244. That is about 8 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 eight 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.