Welcome to the Park City Real Estate Market Update for January 2017.
Park City Area 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. January 2017 found an increase in the number of active listings for single-family homes, according to information from Park City MLS.
The 72 new listings in January 2017 represented a 12.5 percent increase over January 2016. Active listings increased 5.5 percent to 442 over the same period. Actual sales of single-family homes also increased over the same period. The Park City MLS reports that in January 2017 a total of 32 single homes were sold in the Park City area. This represents a 33.3 percent increase over sales in January 2016.
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 13.2 percent between January 2016 and January 2017, to $1,002,000. Average home prices fell 24.2 percent during that period to $1,878,314. The dollar volume of sales during the year increased 1.1 percent. In total, $60,106,032 worth of homes were sold in January 2017.
Homes spend an average of 163 days on the market in Park City, which is the same as in January 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.
163 days on the Market may seem to be a lot but compared to the last ten years, this is the lowest Average Days on the Market we have seen. Park City increases to be a very hot market. However the Sellers need to understand that if you price high, your place will sit there for a long time. When there was a decrease in median price of home that tells us Buyers will offer what they think it is worth and not the asking price.
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.