The single-family home real estate market in Park City, while healthy in most areas, continues on an erratic and sometimes confusing trek. In a year that started slowly, yet remained positive. February and March outpacing the previous month both in town and in the basin. The Park City real estate market showed promise in the spring, as we entered prime selling months of the single-family home. . However, as you will see below, thing slowed as we moved in to the summer months, mainly in the city limits. September showed the market is much like one of our exciting mountain trails. Ups and downs, twists and turns, anticipation and excitement.
The Park City real estate market is composed of many micro-markets that punctuate the need for local real estate knowledge. Much as you use a Park City trail map to lead you on your next favorite hike, we want to help you find your way through the Park City real estate landscape. Let Team Schlopy guide you through the process much like we have so many people, just like you.
As we enter the fourth quarter of the 2013 real estate market, or the start of the ski season as we call it, we look back to see that real estate activity can be seasonal in a resort town. We also see a direct correlation to current activity and value of a home in a certain area.
GREATER PARK CITY, UTAH
2013 SINGLE-FAMILY HOMES
AREAS 1 -9
AREAS 10 – 22
AVERAGE PRICE PER SQUARE FOOT
Areas 1 through 9 enjoyed not only more sales during the month of September, but also thanks to two recent sales over $7,000,000, homes within the city limits saw a gigantic increase in the average price per square foot. However, please keep in mind that five of the six highest-priced homes sold within the city limits had to reduce their price before attracting a buyer.
The Snyderville Basin enjoyed a great summer with 52 homes sold in the month of August. However, low inventories continue to hamper the area as outlined in an earlier Team Schlopy blog post. Lower inventories could result in more sales if Sellers price their homes properly. However, lower inventories could also be the cause of the sharp drop in the number of homes sold in the month of September.
With inventories up in Deer Valley, and down in other Park City areas, with yet another change in the season, and now with the Government shutdown one thing is certain; the Park City real estate market should continue on an interesting pace. You need a local real estate team behind you. Call Team Schlopy at 435-640-5660 for more information.
Team Schlopy is ready to help you navigate the micro climates of the Park City real estate market.