The total sum of all sold transactions in Park City from the first six months of 2016 suggests steady, but measured growth. The total volume of sales, roughly $800,200,000, is up 12% from the same time last year. This increase in sales volume can be attributed to a 20% increase in Single Family homes during the first six months of this calendar year.
Sales volume is up: The number of closed properties in Park City showed a recovery from a slight downturn in the first quarter of this calendar year. Looking year-over-year, closed sales have remained fairly flat the last four years with the number of closed transactions at the second quarter benchmark remaining right around 400.
Sales are steady and have been for the last four years: Listing inventory in Park City, while still a bit constrained, has remained level for the last 12 months. There are currently 1,186 listings as of July 1 of 2016 compared to 1,170 from the same time last year, suggesting a stabilized inventory level.
Listing inventory has remained steady at around 1,000 active listings for the past 2 years: The current absorption rate, which is the rate at which available homes are sold in a specific market during a time period, suggests a much higher demand for anything under $660,000 for condos and anything under $1.6 million for family homes. Condos under $660,000 have an absorption rate of 4.6 months; whereas, condos over $660,000 have an absorption rate of 15.4 months. As the absorption rate is calculated by looking at the ration between available homes and monthly sales, these indicators suggest the importance of accurately pricing with the help of a seasoned professional. Overall, the absorption rate is gradually decreasing.
The absorption rate is decreasing, suggesting the importance of accurate pricing and strong buyer demand at the right price point: Prices are increasing both in and around Park City at a steady clip. Since January of 2012, the median price of single family homes in Park City has increased at an average of 7.2% per calendar year. The rolling median is up 12% from 2015, with the average price of single family homes increasing at a rate of 12.8%, suggesting a bullish local market. Prices are increasing, but a gradual rate.
The Condominium Market is also doing well and here are some tips to help you prepare your condo for the Park City market.
Decide when to sell your condo - time of year, current competition in your building and similar buildings, your personal goals and the state of the overall real estate market will affect the sale of your condo.
Prepare your condo for sale - declutter, stage every room for optimal use, and clean every inch. Optimize your storage by decluttering parking space(s) and lockers too.
Pricing your condo - important factors include views, ceiling height, layout, location in the building and the size of the condo. Supply & Demand in your building and similar buildings will affect price as well as recent renovations, maintenance fees, developer upgrades, parking, outdoor space, amenities, reputation of building and the ratio of renters to owners.
Marketing - your agent will market your condo with high resolution photos, brochures, flyers, videos, 3D tours, host open houses and be at every showing.
Our team is here to help market OR find your next home or condominium in the Park City area. Let us put our 18+ years of service to work for you.
Click here to view our Berkshire Hathaway Living Mountain Real Estate Guide
Click here to view our Berkshire Hathaway Local Neighborhood Guide
Visit our website for more information or give us a call to discuss Park City real estate.
Last week I addressed our Park City market concerning Single Family Homes…this week I will give you some interesting stats on the Park City Condominium market.
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