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 November 2019 through October 2020, compared to the previous year, November 2018 through October 2019, depicted with silver bars. The total number of homes sold, including those within the Park City city limits and in the Snyderville Basin, jumped 32%, or 173 more sales in the 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 jumped from 655 in the prior period to 817 in the last 12 months. Lot sales also went up -- from 118 to 231 sales.Home Sales & Prices
The total number of homes sold in the last 12 months was 714 compared to 541 the prior 12 months. Within the Park City city limits, number of sales of homes went from 186 to 259, a 39% incline. Homes sold in the Snyderville Basin experienced a 28% increase; from 355 to 455.
The comparison of median sold prices shows us that home prices went up about 28% within Park City city limits and rose 19% in the Snyderville Basin. Median prices in town went from $1,937,500 to $2,482,500, and from $1,250,000 to $1,487,500 in the Snyderville Basin. That means there was an combined rise in median price of about 25% in the area.
Condo Sales & Prices
The total number of condos sold had an increase from 655 sales between November 2018 and October 2019 to 817 between November 2019 and October 2020. Condominium sales within the city limits increased from 328 to 376 (+15%), and in Snyderville Basin they jumped from 327 to 441 (+35%).
Median prices of condos had a increase of $146,000, or 19% in town and an increase of 21% (about $120,000) in the Basin. That makes for an combined 20% up tick between Park City and the Snyderville Basin condominium median sold prices.
Land Sales & Prices
Vacant land sales in Park City city limits experienced an increase we haven't seen in years -- 124%, or 21 more sales. The period of November 2018 to October 2019 saw 17 sales, while the more recent 12-month period saw 38. Lot sales increased in Snyderville Basin, too, going from 101 to 193, which is +91%, or 92 more sales.
Overall, median lot prices showed a 23% rise in city limits, and a 6% increase in the Snyderville Basin. This roughly translates to an increase in median lot price in Park City of $255,000 and and a $30,000 jump 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 104 days. Meanwhile, the current inventory of properties for sale in Park City is staying on the market an average of less than five and one-half 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 104 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 162. That is 5.4 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.
