Park City and Deer Valley Area 3rd Quarter 2015 Market Update.
Every Park City and Deer Valley neighborhood performs differently, and within those neighborhoods, certain property types are selling at a faster rate than others. This is a snapshot of the broader Park City and Deer Valley real estate market. If you’re curious about a specific Park City or Deer Valley area, please contact Quinn Eichner @ 435-640-1854 or use the Contact Us form to request additional information.
How is Park City real estate selling so far this year compared to the first three quarters of previous years?
The number of pending sales has risen over the same time in 2014. Popular, new projects surrounding the Jordanelle, Newpark, and Deer Valley have helped push that number up.
The number of closed sales through the first three quarters tell a similar story to the number of pending transactions during the same time.
Is there more real estate for sale now than in the past few years? Overall inventory- the number of active real estate listings- in the Park City Area has remained pretty steady this year, but we’re still in a downward trend. *This is a market condition that especially varies in different neighborhoods. Some areas have seen an increase in inventory, with somewhat sluggish sales in certain price points- others are selling rapidly and very little stays on the market.
How many months of supply of homes, condos and land do we currently have on the market? At our current pace, it would take 6.1 months to sell the inventory on the market. The highest number of months of inventory we saw during the downturn was almost 50 months. The average absorption rate since 2010 has been 11.2 months.
Prices? Again, every Park City neighborhood is performing at a different pace. In general though, both median and average prices in the Park City area have risen year over year.
Whether you're curious about your property's value, or you're considering a real estate purchase in our area, please rely on local, Park City and Deer Valley knowledge and not the random guess from a national website. Park City and Deer Valley's real estate markets are always changing- every area is different from the next. Also the effect of both Vail's presence and what we're sure will be huge marketing efforts on values remains to be seen. I'll be watching the market activity carefully and will be hoping for a great snow year!
Questions? Contact Quinn Eichner, Realtor, Summit Sothebys International Realty- 435.640.1854