Welcome to the Park City Real Estate Market Update October 2018
Park City Area Overview
In the Park City real estate market, conditions continue to favor both buyers and sellers, even as more houses become available compared to this time last year. October 2018 found an increase in the number of active listings for single-family homes, according to information from Park City MLS.
The 86 new listings in October 2018 represented a 43 percent increase over October 2017. Active listings increased 4 percent to 480 over the same period. Actual sales of single-family homes also increased over the same period. The Park City MLS reports that in October 2018, a total of 63 single homes were sold in the Park City area. This represents a 5 percent increase over sales in October 2017.
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 increased 13 percent between October 2017 and October 2018, to $1,535,000. Average home prices fell 3 percent during that period to $1,869,897. The dollar volume of sales during the year increased 1 percent. In total, $103,175,805 worth of homes were sold in October 2018.
Homes spent an average of 148 days on the market in Park City, which is a increase from October 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.
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.