Welcome to the Park City Real Estate Market Update March 2017.
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. March 2017 found an decrease in the number of active listings for single-family homes, according to information from Park City MLS.
The 80 new listings in March 2017 represented an 11 percent increase over March 2016. Active listings decreased .5 percent to 433 over the same period. Actual sales of single-family homes also increased over the same period. The PCMLS reports that in March 2017, a total of 38 single homes were sold in the Park City area. This represents a 15 percent increase over sales in March 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 76 percent between March 2016 and March 2017, to $1,850,000. Average home prices rose 25 percent during that period to $2,436,740. The dollar volume of sales during the year increased 45 percent. In total, $92,596,122 worth of homes were sold in March 2017.
Homes spend an average of 234 days on the market in Park City, which is an increase from March 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.
The prices are still on the rise and they will not be slowing down anytime soon. CNN Money reported that there is consumer confidence, and that will lead to higher prices because sellers take advantage of the buyer’s in the seller’s market. However, seller’s are also starting to look to upgrade. That means inventory to going to start to increase and help to have more competitive pricing in the current market.
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.