Welcome to the Park City Real Estate Market Update July 2017.
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. July 2017 found an increase in the number of active listings for single-family homes, according to information from Park City MLS.
The 161 new listings in July 2017 represented a 21 percent decrease over July 2016. Active listings decreased 2 percent to 492 over the same period. Actual sales of single-family homes also increased over the same period. The Park City MLS reports that in July 2017, a total of 97 single homes were sold in the Park City area. This represents a 45 percent increase over sales in July 2016.
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 36 percent between July 2016 and July 2017, to $950,000. Average home prices fell 21 percent during that period to $1,368,370. The dollar volume of sales during the year increased 9 percent. In total, $85,285,182 worth of homes were sold in July 2017.
Homes spent an average of 85 days on the market in Park City, which is a decrease from July 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.
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.