Park City Homes For Sale – What the Inventory is Telling Us
As of this morning, there were 335 single family homes for sale in Park City. Twenty percent of those homes are located in Promontory, while just 2 (0.59%) of those homes are located in the Prospector neighborhood. Here’s a more detailed breakdown:
– There are 48 homes for sale in Old Town (14%), but only 4 homes priced below $1 million.
– There are 20 homes for sale at Glenwild, but only two for sale in Silver Creek, right next door.
– There are 15 homes for sale in Jeremy Ranch, but only 6 for sale priced under $1million.
– There are 12 homes for sale in the Trailside area, but only 5 for sale priced under $1 million.
– There are 18 homes for sale in The Colony at White Pine Canyon. The lowest priced home there is $5.9 million. The lowest priced single family home in the Canyons area is $995,000.
– There is only one single family home for sale in Park City that is priced under $500,000.
Turning to condominiums, as of this morning, there were 348 condominiums for sale in Park City. Only two 2-bedroom condominiums in Old Town were priced under $500,000. One of those went under contract in between the time I pulled the statistics this morning and when I sat down to write this blog this afternoon.
– There are 35 condominiums for sale in Lower Deer Valley. Twenty-eight have pended or sold in the past 6 months. Twenty-one are priced under $1 million. [Hint-this is a good neighborhood for buyers].
What do these numbers mean?
- Our market is very segmented. You need the guidance of a real estate professional to price your property to sell and to understand your negotiating position if you are a buyer. There are neighborhoods where buyers have great leverage and others where buyers have little leverage.
- The average days on market for pending single family homes and condominiums are lower than for active properties. This tells us that properties priced right will sell quickly while properties priced too high won’t sell at all. Even though Park Meadows has a very low inventory, almost every home currently for sale there has been on the market for over 3.5 months.
- The inventory in Park City is becoming more expensive. Lower priced homes are more rare, but must still be priced in accordance with the market. For example, there is a home priced at $795,000 in Jeremy Ranch that has been on the market for 539 days.
If you’ve been thinking about a home in Park City, now’s the time. I have access to all of these available properties so give me a call at 435-901-0659 for assistance.