Welcome to the Park City Real Estate Market Update May 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. May 2018 found a decrease in the number of active listings for single-family homes, according to information from Park City MLS.
The 122 new listings in May 2018 represented a 12 percent increase over May 2017. Active listings decreased 3 percent compared to the same period. Actual sales of single-family homes also increased over the same period. The Park City MLS reports that in May 2018, a total of 65 single homes were sold in the Park City area. This represents a 35 percent increase over sales in May 2017.
Prices in the Park City real estate market continue to climb during that year-long period. The median price of a single-family home in the Park City area increased 27 percent between May 2017 and May 2018 to $1,400,000 Average home prices rose 45 percent during that period to $1,789,799. The dollar volume of sales during the year increased 87 percent. In total, $199,086,151 worth of homes were sold in May 2018.
Homes spent an average of 114 days on the market in Park City, which is an increase from May 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.