ParkCity 2018 Real Estate Report with Rick Klein
Rick Klein, a private mortgage banker with Wells Fargo here in Park City, Utah provides the Park City Board of Realtors with the best housing data for the entire Summit County area. Rick is a well respected mortgage banker in Park City, so if you need a loan I highly recommend him. He can be reached at 801-558-5626 (Mobile) or contact him now for a free consultation.
Let's take a look back at the 2018 housing data for Park City single family homes with Rick Klein. The first graph shows the Demand: Pending Sales shows the seasonality for the Park City Market.
What's the Best Time To Sell In Park City?
Check out the dip in December. Sellers need to consider that the buyers in the market during the winter are truly motivated purchasers and are looking to buy now! Since many sellers wait until spring to list their home, homes that are on the market during the down season give sellers an advantage to negotiate. The Pending homes sales measures the housing contract activity, and is based on the number of contracts signed for existing single-family homes, condos, and townhomes. It takes about a month to 45 days before a home will show as sold in the Park City multiple listing service. This does not take into account "new construction" sales data.
Park City Existing Sales Data There are two ways to look at the graph. Number one: You can look at the graph and say that Park City is down 7 percent from pended sales from last year. Or...if you go back six years to look at pended sales you will see how stable the Park City real estate market is. I say "It's stable". Park City is a STABLE MARKET or Healthy Real Estate Market since 2013.
Park City Closed Sales
Look at the number of number of units sold and volume for single family homes vs condos. Looking at the single family homes and condos we have less transactions but at a higher cost for buyers.
In Park City the sales data when analyzed from the past six years indicates that we have more inventory now.
It is taking longer to sell a property in the Greater Park City Area. The absorption rate as of December 2018 was 7.9 months for single family homes and condos.
Absorption Rate By Area/Price
How many months is it taking to sale in a specific area of Park City and the surrounding area?
For example, in Park City proper it will take approximately 8.7 months to sell a condo or 6.7 months if priced under $885,000 or 9.4 months if priced above $885,000. This is one of my favorite charts to show sellers when pricing a property. In some areas like Heber City fro example, the absorption rate is very high for existing home sales. This data does not take into consideration all the new construction that is happening in Heber City. Buyers are wanting new construction.
So the demand is down, inventory is up, and median prices continue to increase.
National Association of Realtors
Lawrence Yung, National Association of Realtors economist comments on the National Housing market. Take a look at the national pended sales data.
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