Welcome to the Park City Real Estate Market Update June 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. June 2017 found an increase in the number of active listings for single-family homes, according to information from Park City MLS.
The 232 new listings in June 2017 represented a 3 percent decrease over June 2016 (239). Active listings increased 3 percent to 490 over the same period (476). Actual sales of single-family homes also increased over the same period. The Park City MLS reports that in June 2017, a total of 95 single homes were sold in the Park City area. This represents a 14 percent increase over sales in June 2016.
Prices in the Park City real estate market continued to climb during that year-long period. The median price of a single-family home in the Park City area increased 17 percent between June 2016 and June 2017, to $1,075,000. Average home prices rose 25 percent during that period to $1,296,675. The dollar volume of sales during the year increased 22 percent. In total, $97,297,900 worth of homes were sold in June 2017.
Homes spent an average of 83 days on the market in Park City, which is a decrease from June 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.