We’ve passed Labor Day and are transitioning from our summer selling season into our winter resort market.
I took a look back at the last six months and checked sales and inventory in some of Park City’s most popular neighborhoods. Are you thinking of selling a property? Check to see which areas are sellers’ markets. Thinking of buying? There are still some buyers’ markets. It was interesting to note how much of our market is neither a buyers’ nor sellers’ market, but is balanced with approximately 6 months of inventory.
Park City Home & Condo Inventory by Area
Lower Deer Valley Condominiums. There are currently 28 units on the market, which might seem like a lot, except 31 closed in the past 6 months and 8 are pending sale. That means there is a 4.3 month inventory of Lower Deer Valley condos, making it a sellers’ market. View all condos in Lower Deer Valley.
Lower Deer Valley Homes. There are currently 10 homes on the market, but only 3 closed in the past 6 months with 3 pending sale. This means there is a 10 month inventory of homes in Lower Deer Valley, making it a buyers’ market. View all homes in Lower Deer Valley.
Park Meadows Homes. Thirty-one homes are active, but 25 homes closed in the past 6 months and 4 are currently pending. This means there is a 5.8 month inventory, making it a balanced market. It is interesting to note the disparity between median sold price ($1,356,000) and median list price ($1,599,000). Perhaps sellers have become too aggressive on their pricing changing Park Meadows from a buyers’ market earlier in the year to a balanced market. View all homes in Park Meadows.
Jeremy Ranch Homes. There are 34 homes on the market, but 26 closed in the past 6 months and 5 are pending. This neighborhood has a 6.5 month inventory, making it a balanced market. View all homes in Jeremy Ranch.
Silver Springs Homes. There are currently 11 homes on the market with 5 closed in the past 6 months and 9 pending sale. This neighborhood has been one of the hottest in Park City all year long. Currently there is a 4.8 month inventory, giving buyers one of the best opportunities in this neighborhood in months; nevertheless, this neighborhood is still a sellers’ market. View all homes in Silver Springs.
Kimball Junction Homes. These homes are all located in the Blackhawk Station neighborhood. Median list price is $524,900 and median sale price is $525,000. Only 2 homes are on the market, with 5 closed in the last 6 months and 2 pending. This neighborhood is a total sellers’ market with only 2 months of inventory! View all homes in Kimball Junction.
Old Town Condominiums. With 56 active condominiums on the market, you would think buyers could have their way. Not the case, with 51 closed condos in the past 6 months and 29 currently pending! Old Town condos have a 4.21 month inventory making this neighborhood a sellers’ market. View all condos in Old Town.
Old Town Homes. There are 36 homes on the market, with 21 closed in the past 6 months and 15 pending. Old Town homes are a balanced market with a 6 month inventory. It is interesting to note that of the 36 homes currently listed for sale in Old Town, only 4 are priced under $1 million. View all homes in Old Town.
If I listed every neighborhood, this blog would be much too long. If you are curious about a neighborhood, please contact me and I’ll be happy to give you an update.