Welcome to February’s Park City Market Update.
Let’s take a look at residential real estate activity in Park City UT during the month of January. The number of active listings was down 9% from 1 year earlier, and down 5% 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 1.7 million dollars. Compared to last year the average number of days that units spent on the market before being sold was down 30%. This lower number of days may signal a positive trend in the local inventory turn over rate. The median sale price was just over 650,000 dollars. The number of units sold decreased 23% year over year and decreased 40% 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.