Welcome to the Park City Real Estate Market Update May 2017.
Park City Area Overview
In the Park City real estate market, conditions continue to favor both buyers and sellers, even as fewer houses become available compared to this time last year. May 2017 found a decrease in the number of active listings for single-family homes, according to information from Park City MLS.
The 110 new listings in May 2017 represented a 5.77 percent increase over May 2016. Active listings decreased 3.23 percent to 420 over the same period. Actual sales of single-family homes also decreased over the same period. The Park City MLS reports that in May 2017, a total of 48 single homes were sold in the Park City area. This represents a 29 percent decrease in sales in May 2016.
Prices in the Park City real estate market continued to fall during that year-long period. The median price of a single-family home in the Park City area decreased 7 percent between May 2017 and May 2016, to $1,100,000. Average home prices fell 24 percent during that period to $1,625,014. The dollar volume of sales during the year decreased 54 percent. In total, $51,457,924 worth of homes were sold in May 2017.
Homes spent an average of 80 days on the market in Park City, which is an increase from May 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.