I’m going to segue into talking about condos in Park City. We have an amazing winter reason hopefully that we’re going to get to this year and would love to give you all the knowledge that you need to purchase or sell your property in Park City. I’m going to focus on in town.
What is available
Right now, there are 353 condos for sale. Out of those 353, 34 of them are under the purchase price of $300,000, and there’s another 77 in between the $300,000 and $600,000 price point. Out of the 111 total condos that are for sale, I’m going to focus on two bedrooms or more in the old town, Park City area. 48 of them have two bedrooms.
21 of them are strictly in the downtown, Park City area. Out of the 21, six of them have some sort of ski access, whether that is walking across the street, whether that’s walking to the Cabriolet in Canyons. But six of them have somewhat ski access.
Then in the old town area, 10 are close to either skiing or Main Street. That really limits your purchasing to be under 600,000 with those great amenities. Out of the total 10 that are in town, average price between $387,000, now, reminder, I’m talking about two plus bedrooms or more, to $575,000. Now, it’s a very small window. I mean, we’re talking about $150,000 difference in between. But that’s generally the entry purchase price coming into old town, Park City.
Average rentals, I would love to have a whole other session on that because they’re all across the board. You can have between $14,000 a year all the way up to 40,000 plus a year in rental revenue. But that’s a totally different conversation because it depends on the location, how much the owner uses it, is it a true investment.
If you want to purchase in the Park City area, entry price, 387,000 for two bedrooms, probably one bath, I would have to double check. But give me a call and I will let you know.
What does the market look like
Talking about the 353 condos that are under 600, 351 properties sold last year. If you do the math, that’s basically equivalent to what we have on the market right now, which is the absorption rate of being 12 months. That does not keep into account how many new listings get posted or how many properties sell. Keep that in mind. It’s about 12 months possibly that you may be on the market.
Now, things to consider when purchasing or selling your property. Being under $600,000, your average purchase price or sold price is 450,000. The average day on market is about 77 days. Not too bad compared to some of the other areas in the country. 77 days is really good.
The number of condos. The total amount of condos that get listed, the mass amount, so on average about 33 a month. The highest months are going to be in January, in March, or in November. You’re thinking, oh, well that sounds pretty smart. So, I’m going to list it in January at the end of the season when I can get potential buyers in the market and get sold hopefully within the 77 days. In March was also a high amount of listings posted and in November. Trying to get it on the opposite side in November before the season starts.
When to take action
But the really interesting thing is, is when people are purchasing the properties. The highest number of properties that were purchased were in September, October, and April. When you look at when to list your property, January, March, and November, maybe those aren’t the best months. I mean, March sounds like a pretty good time because you had some of the top sold properties in April. But the other two months, January and November, maybe not the most ideal time to list. My recommendation is to list in September and October, or even before that, so August, September, October, to get your property on the market and ready to go for the new season.
If you have any additional questions, contact us any time. You can reach us at TeamSchlopy.com or give me a call. You can reach me at 435-640-8717.