Home Sales & Prices
The total number of homes sold in the last 12 months was 518 compared to 559 the prior 12 months. Within the Park City city limits, homes decreased by 19 sales, or 11%, with 159 homes sold in the last year compared to 178 sales the year before. Homes sold in the Snyderville Basin were down 6%, or 22 sales, from 381 to 359.
The comparison of median sold prices shows us that home prices increased 10% within Park City city limits, and went up 21% in the Snyderville Basin. Median prices in town went from $1,907,750 to $2,100,000, and from $1,055,000 to $1,250,000 in the Snyderville Basin. That means there was an average uptick of approximately 15.5% for our areas.
Condo Sales & Prices
The total number of condos sold dropped from 633 sales between March 2017 and February 2018 to 604 between March 2018 and February 2019. Condominium sales within the city limits were down by 7%, or 23 sales, while condo sales in the Snyderville Basin fell by 6 sales, which is an 2% decrease from the previous year.
Median prices of condos had an increase of $130,000 or 18% in town and an increase of 18% (about $87,500) in the Basin. That makes for an average 18% increase between Park City and the Snyderville Basin condominium median sold prices.
Land Sales & Prices
When the total vacant land sales in Park City city limits and Snyderville Basin are averaged, the last 12 months compared to the prior 12 months shows a decrease of 16%. But, when we break it down, there was an increase in sales in the city limits, from 26 to 28; a 8% increase. Lot sales in Snyderville Basin decreased 20% or 32 fewer sales.
Overall, median lot prices showed an increase of 20% -- 30% in city limits, and 9% in the Snyderville Basin. This roughly translates to an increase of median lot price in Park City of $247,500 and about $40,000 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 117 days. Meanwhile, the current inventory of properties for sale in Park City is staying on the market an average of eight 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 117 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 254. 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.