Welcome to the Park City Real Estate Market Update for December 2016.
Park City Area Overview
In the Park City real estate market, conditions continue to favor sellers over buyers, even as fewer houses become available compared to this time last year. December 2016 found a decrease in the number of active listings for single-family homes, according to information from Park City MLS.
The 125 new listings in December 2016 represented a 7.8 percent increase over December 2015. Active listings increased 3 percent to 880 over the same period. Actual sales of single-family homes also increased over the same period. The Park City MLS reports that in December 2016, a total of 82 single family homes were sold in the Park City area. This represents a 1 percent increase over sales in December 2015.
Prices in the Park City real estate market continued to climb during that year-long period. The median price of a single-family home in the Park City area increased 9 percent between December 2015 and December 2016, to $678,500. Average home prices rose 10 percent during that period to $1,218,728. The dollar volume of sales during the year increased 11 percent. In total, $99,935,657 worth of homes were sold in December 2016.
Homes spend an average of 154 days on the market in Park City, which is a decrease from December 2015. 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.
It is still a strong seller’s market. Properties are selling, but buyers are still looking for a good price. If you list too high, buyers will pass you by so seller beware. Buyers, you can take advantage of those properties that have been on the market longer. Find out if there have been any offers, and see why they fell through. The more information you know the better choices you can make.
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.
We have provided Infographics for ease to view what is happening in the Park City Market.