I have been talking to a lot of people, and everybody’s asking, is the market softening? Yeah, there’s a lot of things that are going around in politics and stuff, but let me give you some Park City stats that will allow you to determine how our market is going.
Listings have been bouncing up and down across the board, so you can get a couple of months that are at 150 new listings, couple of months that are 180 new listings, and that’s been up and down throughout the year, without any rhyme or reason. So this month we’re at probably the lowest. This is the first time that we’ve gone under 150 new listings, you know, here in September.
But in July, just to do a breakdown so you can see kind of where the market’s going, and how it actually reflects back and forth from single family homes to condos. So, in July, there were a total of 93 single family homes listed. Since then, single-family homes have decreased month over month, since July.
So now we are at 42 new listings for single family homes in Park City. Now, on the other hand, if you’re looking at the condo market, in July, we started at 61 condos for sale, and we have had a month over month increase. So we have listed a total of 96 condos for September. So, as you can see, single family homes, going down in listings, and condos are going up in listings. According to the Park City MLS, sold properties were strong in July and August, probably the tops of the year, with approximately 100 properties sold each month.
What it looks like in September
There’s a substantial dips in closings for September. So, we had a total of only 67 closings in September, which is a year trend, you know, year after year. So for the last three years, this statistic has been the same. It might seem that we’re dipping, but we’re really not. A lot of that is affected by back to school time, and also Labor Day, you know, getting the kids in place.
In Snyderville Basin, we are showing a sales price of approximately $1.5 million for our single-family homes.
And then in, in town, so Park City proper, we are seeing a top trend of three million dollars, in, let’s see, in the month of August, but since then, we have dipped, so now the average single-family home prices is 1.9 million.
Now, taking a look at condo sales, the trend has been the same, approximately for sale pricing, just like single-dfamily homes, so it’s been kind of going up and down month over month. In condo sales, in Park City proper, it’s approximately average, $1.2 million, and in Snyderville Basin, it’s approximately 700,000.
So, to wrap this all up, and to answer your question, is the market softening? No, the market isn’t softening. This is a normal trend that we have year after year, and we’re transitioning, like I said, from a single family market to more of a condo market, so for all of you single family owners out there, that are like, oh my gosh, this is not the time for me to list, my answer to that question is no.
This is an amazing time to list. You’re gonna have a lot less competition, and the key to that, to selling your property in this market, is to make sure that it is priced accordingly. Average days on market for condos and also single-family homes right now, is approximately 90 days, so just keep that in consideration when your agent is going to be marketing your home. Thank you for joining me for my market update, and I will see you next time. Thanks.