Let's compare the total number of sales of homes, condominiums and vacant land by looking at the past 12 months and comparing it with the year before. The red bars show the sales data for May 2018 through April 2019, compared to the previous year, May 2017 through April 2018, depicted with silver bars. The total number of homes sold, including those within the Park City city limits and in the Snyderville Basin, took a downturn of 2%, or 12 sales last year, compared to the previous 12-month period. The total number of condominiums sold in the Park City city limits and the Snyderville Basin went down by 45 sales from the prior year. Lot sales also dropped, from 176 to 152 sales.Home Sales & Prices
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The total number of homes sold in the last 12 months was 527 compared to 539 the prior 12 months. Within the Park City city limits, homes decreased by 12 sales, or 7%, with 158 homes sold in the last year compared to 170 sales the year before. Homes sold in the Snyderville Basin were unchanged; 369 homes were sold in both periods.The comparison of median sold prices shows us that home prices increased 14% within Park City city limits, and went up 21% in the Snyderville Basin. Median prices in town went from $1,900,000 to $2,175,000, and from $1,040,000 to $1,260,000 in the Snyderville Basin. That means there was an average uptick of approximately 17.5% for our areas.
Condo Sales & Prices
The total number of condos sold dropped from 641 sales between May 2017 and April 2018 to 596 between May 2018 and April 2019. Condominium sales within the city limits were down by 7%, or 24 sales, while condo sales in the Snyderville Basin fell by 21 sales, which is an 7% decrease from the previous year.
Median prices of condos had an increase of $97,000 or 13% in town and an increase of 11% (about $54,500) in the Basin. That makes for an average 12% increase between Park City and the Snyderville Basin condominium median sold prices.
Land Sales & Prices
Vacant land sales in Park City city limits remained stead at 26 for both of the last two 12-month periods. Lot sales in Snyderville Basin decreased 16% or 24 fewer sales.
Overall, median lot prices showed an average increase of 5% -- 6% in city limits, and 4% in the Snyderville Basin. This roughly translates to an increase of median lot price in Park City of $57,500 and about $19,000 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 125 days. Meanwhile, the current inventory of properties for sale in Park City is staying on the market an average of 8 2/3 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 125 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 260. That is about 8.67 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.
