Welcome to the Park City Real Estate Market Update June 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. June 2018 found a decrease in the number of active listings for single-family homes, according to information from Park City MLS.
The 129 new listings in June 2018 represented a 19.88 percent decrease over June 2017. Active listings decreased 7 percent to 467 over the same period. Actual sales of single-family homes also decreased over the same period. The Park City MLS reports that in June 2018, a total of 66 single homes were sold in the Park City area. This represents a 7 percent decrease over sales in June 2017.
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 38 percent between June 2017 and June 2018, to $1,580,000. Average home prices rose 20 percent during that period to $1,959,908. The dollar volume of sales during the year increased 1 percent. In total, $98,466,940 worth of homes were sold in June 2018.
Homes spent an average of 107 days on the market in Park City, which is an increase from June 2017. 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.