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. November 2018 found an increase in the number of active listings for single-family homes, according to information from Park City MLS.
The 55 new listings in November 2018 represented a 33 percent decrease over November 2017. Active listings increased 7 percent to 485 over the same period. Actual sales of single-family homes also increased over the same period. The Park City MLS reports that in November 2018, a total of 43 single homes were sold in the Park City area. This represents a 10% percent increase over sales in November 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 13 percent between November 2017 and November 2018, to $1,675,000. Average home prices rose 23 percent during that period to $1,940,797. The dollar volume of sales during the year
Homes spent an average of 138 days on the market in Park City, which is an increase from November 2017. Generally, high prices, limited availability, and slow sales of those homes that come up for sale make the Park City real estate market a favorable environment for buyers.
From the reports we hear about the caution in the market, this caution will present more negotiation power to the buyer but in the end, the seller will still have more leverage because of limited inventory.
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.