Welcome to December’s Park City Market Update.
Let’s take a look at residential real estate activity in Park City UT during the month of November. The number of active listings was down 10% from 1 year earlier, and down 6% from the previous month. This smaller inventory means that buyers who waited to buy may have a smaller selection to choose from.
As you can see, the median listing price for the month was just under 1.4 million dollars. Compared to last year the average number of days that units spent on the market before being sold was up 20%. This higher number of days may signal a slow down in the local inventory turn over rate. The median sale price was just over 580,000 dollars. The number of units sold decreased 19% year over year and decreased 20% month over month. Fewer sales could indicate an opportunity for buyers to negotiate better terms.
Thanks for watching. We hope you use this information to make smart informed decisions in your up coming real estate transactions.