When properties are priced correctly, based upon recent comparable sales, they sell in 113 days, on average. Meanwhile, the current inventory of properties for sale in Park City is staying on the market an average of almost six months without selling. So what’s going on?
The silver bar shows that homes that are selling are taking an average of 114 days to sell. The red bar on this graph shows the cumulative days on the market for properties that are listed or relisted (either with the same Realtor or a different one), after not selling during their initial and, in some instances, subsequent listing periods. When you add up the total days on the market of properties that have not sold, considering multiple listing time frames, when applicable, the average number of days on the market without selling climbs to 243. That is about eight 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.