Welcome to the Park City Real Estate Market Update for November 2016.
Park City Area Overview
In the Park City real estate market for November 2016, conditions continue to favor sellers over buyers, even as more houses become available compared to this time last year. November 2016 found an increase in the number of active listings for single-family homes, according to information from Park City MLS.
The 116 new listings in November 2016 represented a 14% percent increase over November 2015. Active listings increased 5 percent to 42 over the same period. Actual sales of single-family homes also increased over the same period. The PC MLS reports that in November 2016, a total of 89 single homes were sold in the Park City area. This represents a 40 percent increase over sales in November 2016.
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 12 percent between November 2015 and November 2016, to $652,500. Average home prices rose 9 percent during that period to $1,201,964. The dollar volume of sales during the year increased 25% percent. In total, $106,974,783 worth of homes were sold in November 2016.
Homes spend an average of 122 days on the market in Park City, which is a decrease from November 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.
In these conditions, there is a disadvantage for the seller and the buyer. Sellers begin to overprice their homes. When there is an offer and the home is appraised, the appraisal comes by under the offered price. The buyers will say to lower the price to the appraised priced but the Sellers say no. Buyers walk away and then sellers are stuck with an overpriced home. I know that this happens but it is starting to happen more often than usual. So always price your home correctly.
We have provided Infographics for ease to view what is happening in the Park City Market.
Team Schlopy 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.