Welcome to the Park City Real Estate Market Update November 2017.
Park City Area Overview
In the Park City real estate market, conditions continue to favor sellers over buyers, even as more houses become available compared to this time last year. November 2017 found an increase in the number of active listings for single-family homes, according to information from Park City MLS.
The 82 new listings in November 2017 represented a 52 percent increase over November 2016. Active listings decreased 7 percent to 445 over the same period. Actual sales of single-family homes also decreased over the same period. The Park City MLS reports that in November 2017, a total of 42 single homes were sold in the Park City area. This represents a 12.5 percent decrease over sales in November 2017.
Prices in the Park City real estate market began to fall during that year-long period. The median price of a single-family home in the Park City area increased 9.44 percent between November 2016 and November 2017, to $1,347,500. Average home prices fell 7.5 percent during that period to $1,582,464. The dollar volume of sales during the year decreased 18 percent. In total, $60,387,989 worth of homes were sold in November 2017.
Homes spent an average of 85 days on the market in Park City, which is a decrease from November 2016. Generally, high prices, limited availability, and quick sales of those homes that come up for sale make the Park City real estate market a favorable environment for sellers.
A year ago looking at single family homes in all of Park City there were 14 months of inventory. That’s what we call absorption rate. Today, there’s only nine months worth of inventory. So obviously very low inventory. Park City had record sales from 2011 to 2017. The month of February and May were record sales for single-family homes. This all leads to being a seller’s market and in the mind of the seller, they think that they can really overprice their home right now because of the lack of inventory. What’s happening is the buyers are pulling back and not going forward because they feel that the sellers are too aggressive in their pricing. It will be interesting to see what happens for the rest of the year.
Team Schlopy Real Estate provides expert real estate services to residential buyers and sellers in Park City and surrounding communities. Contact us today for more information on Park City real estate and for professional assistance navigating this sometimes complex home market.