Whether you are a Buyer or a Seller in the Park City Real Estate market, the price point that you are buying or selling in can have dramatic impacts on how easy or hard the process is.
The Park City Real Estate Market has seen its strongest 12 month period for sales since 2006. Inventories are low and prices in many areas are above their historic peaks. With that said it does not mean that there are no deals to be found or that the property you list for sale will be gone in a matter of days. There are many factors that make up the ultimate value of a home or condominium in Park City and of course location is the most important; the age, shape, layout, views and design also contribute to the value. Once all of the of the value factors of a home are considered, the ultimate price has an impact on what competitive part of the market you are buying or selling in.
Under Contract in less than a week $549,000
A look at the past year’s sales, current under contracts, and active inventory in the Park City Real Estate Market homes and condominiums provides a lot of insight to the competition levels at different price points.
The Park City MLS recorded 844 condominium sales over the past 12 months and there are 395 currently listed for sale which gives us about 5.5 months of inventory at the past 12 months sales rate. This absorption rate though is dramatically different depending on the price range you are searching. For condominiums under $500K, that supply drops to months and increases to 20 months for condominiums listed for sale at over $1 million.
On the Market amid heavy competition $8 million – Courtesy KW Keller Williams Park City
Single family homes in the Park City real estate market show similarities: the current 388 homes listed for sale would be gone in 8.4 months at the past 12 month’s sales rate, but when broken down into price points a different storyline appears. The inventory of homes priced under $1M would last only 3.7 months at the current absorption rate while homes priced over $2M have an inventory that would last nearly 2 years (23.2 months) at the sales rate of the past 12 months.
Lower priced homes and condominiums are more competitive on the Buying side while higher priced homes and condos have more competition when it comes to Selling. To truly understand the implications of this we need to delve further into specifics of a Buyer or Sellers’ individual property types, subdivision, state of repair and of course location.
For a professional assessment and action plan for your Park City Real Estate needs contact a realty professional with the YouInParkCity.com Group of KW Park City Keller Williams Real Estate.
