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. Quarter 4 2018 found an increase in the number of active listings for single-family homes, according to information from Park City MLS.
The 233 new listings in Quarter 4 2018 represented a 25% percent increase over Quarter 4 2017. Active Average Monthly listings increased 8 percent to 486 over the same period. Actual sales of single-family homes also decreased over the same period. The Park City MLS reports that in Quarter 4 2018, a total of 155 single homes were sold in the Park City area. This represents a 5 percent decrease over sales in Quarter 4 2017.
Prices in the Park City real estate market continued to climb during that year-long period. The median average monthly price of a single-family home in the Park City area increased 11 percent between Quarter 4 2017 and Quarter 4 2018, to $1,464,030. Average home prices rose 5 percent during that period to $1,938,487. The average monthly dollar volume of sales during the year increased 4 percent. In total, $245,765,724 worth of homes were sold in Quarter 4 2018.
Homes spent an average of 133 days on the market in Park City, which is an increase from Quarter 4 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.