Welcome to the Park City Real Estate Market Update August 2018
Park City Area Overview
In the Park City real estate market, conditions continue to favor sellers over buyers, even as fewer houses become available compared to this time last year. August 2018 found a decrease in the number of active listings for single-family homes, according to information from Park City MLS.
The 104 new listings in August 2018 represented a 17 percent increase over August 2017. Active listings decreased .2 percent to 503 over the same period. Actual sales of single-family homes also decreased over the same period. The Park City MLS reports that in August 2018, a total of 56 single homes were sold in the Park City area. This represents a 10 percent decrease over sales in August 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 decreased 7 percent between August 2017 and August 2018, to $1,375,000. Average home prices rose 7 percent during that period to $2,134,264. The dollar volume of sales during the year decreased 2 percent. In total, $120,156,261 worth of homes were sold in August 2018.
Homes spent an average of 118 days on the market in Park City, which is an increase from August 2017. Generally, high prices, limited availability, and slow sales of those homes that come up for sale make the Park City real estate market a favorable environment for sellers and buyers.
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.