What’s happening in Park City’s housing market?
Park City, Utah, draws new residents annually because of the high quality of life it offers. Residents, especially families with smaller children, appreciate the community vibe, outdoor recreation opportunities, and excellent city services. The population even saw an increase of more than 3% based on the last census.
If you’re scanning Park City property listings, here are a few things you should expect with the local housing market. For more information, don’t hesitate to get in touch with Team Schlopy.
The housing market so far
Park City’s housing market started 2023 somewhat competitively. The average sale price in the city in February 2023 clocked in at $2.15 million, with the average price per square foot at $836.
Park City property listings, since the year started, received an average of two offers. And as a whole, these homes for sale spent about 55 days or about two months on the market. That is a significantly longer period than January last year, when it only took an average of 15 days for a home to sell. The first month of 2023 also saw a total of 27 homes sold, which is down by 43.8% year on year.
Buyers who are exploring real estate options in Park City will be pleased to know that they have some room to negotiate. About 16.2% of Park City property listings saw their list prices reduced. Still, the majority of homes for sale (95.7%) were sold for their original asking prices while only 3.7% managed to sell above list price.
Key trends to watch
- People are moving in and out. There was a flurry of relocation activity in the Park City metro area from November 2022 to January 2023. Within the same period, about 31% of homebuyers also opted to move out to Las Vegas, St. George, and Houston. Only 0.62% of homebuyers moved to Park City from other metros. Most of them came from Washington, followed by Los Angeles and San Francisco. Some attribute all of this activity to remote workers seeking greener pastures elsewhere.
- There is still a shortage of affordable housing. Most people who work in Park City’s ski resorts and lodgings are still priced out of the market. In 2022, only 15% of Park City’s workforce resided within the city.
It remains to be seen whether people moving out of Park City will help stabilize the market, but for now, there’s potential for new residential development. Crandall Capital, a local real estate development company, is slated to break ground this summer for their new project, Studio Crossing. Upon completion, Studio Crossing is expected to add over 190 affordable housing units, as well as 50 multi-generational condos and townhomes, to the local inventory.
The best time to buy a home in Park City
Winter is usually the cheapest time to buy a home, with sellers putting up their inventory after Thanksgiving to New Year, assuming people are less likely to make purchases. But if you are 100% ready, anytime is a good time to buy a home in Park City.
Let Team Schlopy help. Contact the team today at (435) 640-5660 or http://email@example.com.