Welcome to the Park City Real Estate Market Update for October 2016.
We have provided Infographics for ease to view what is happening in the Park City Market.
Park City 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. October 2016 found an increase in the number of active listings for single-family homes, according to information from Park City MLS.
The 34 new listings in October 2016 represented a 45 percent decrease over October 2015. Active listings increased 8 percent over the same period. Actual sales of single-family homes decreased over the same period. The Park City MLS reports that in October 2016, a total of 46 single homes were sold in the Park City area. This represents a 2 percent decrease over sales in October 2015.
Prices in the Park City real estate market began to fall during that year-long period. The median price of a single-family home in the Park City area decreased 25 percent between October 2015 and October 2016, to $972,500. Average home prices fell 18 percent during that period to $1,506,383. The dollar volume of sales during the year decreased 20 percent. In total, $69,293,625 worth of homes were sold in October 2016.
Homes spend an average of 156 days on the market in Park City, which is an increase from October 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 | Coldwell Banker Residential Brokerage 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.